Insurance news

• Texas homeowners' hail losses top $5bn for 2016

  05-07-2017 23:32
  Hailstorms that hit the Lone Star State resulted in a record of
  over $5bn in residential losses last year, the Insurance Council of
  Texas said today, citing data collected by state regulators.
  Combined with over $910mn in losses from windstorms, including
  tornadoes, the $5.9bn in losses for 2016 were more than double the
  $2.5bn recorded in the previous year.
  Hail losses alone last year easily surpassed the annual record
  set in 2015 for such events at about $1.9bn, the council...
  
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• HSBC said to eye ex-AIG boss Hancock for top job

  05-07-2017 23:32
  Banking giant HSBC has approached Peter Hancock, the former boss
  of insurance titan American International Group, as it searches for
  a successor to its outgoing CEO, according to a Bloomberg
  report.
  It would be only the second time HSBC has looked beyond its own
  ranks for a candidate to fill a top job, the news service said
  today.
  The London-based bank is also said to be considering a number of
  internal candidates to replace Stuart Gulliver who is set to...
  
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• Arch Capital closes United Guaranty Asia deal with AIG

  05-07-2017 23:32
  Arch Capital has acquired AIG's United Guaranty Insurance
  (Asia) unit and is renaming the private mortgage insurance
  operation as Arch MI Asia Limited.
  Arch bought United Guaranty from AIG for $3.4bn at the end
  of last year, creating the world's largest non-governmental
  provider of mortgage insurance.
  Arch MI Asia will focus on lenders in Hong Kong and throughout
  Asia to expand its business, the company said today, and will keep
  Tak Ming Chung as CEO of the Asian unit.
  &quot...
  
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• AIG confirms Zaffino hire naming him as COO

  05-07-2017 23:32
  AIG has unveiled Marsh boss Peter Zaffino as its new global COO
  and lieutenant to freshly landed CEO Brian Duperreault.
  The announcement confirmed The Insurance
  Insider's report earlier today revealing that Zaffino was
  moving over to be reunited with Duperreault who was once his boss
  at Marsh & McLennan Companies (MMC).
  The job places Zaffino as the point person for the day-to-day
  running of AIG's international operations, which includes US
  commercial field operations, as well as its global
  
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• US Risk buys IMS London American

  05-07-2017 20:30
  Kohlberg & Company-backed US Risk has sealed the acquisition
  of IMS London American, The Insurance
  Insider can reveal.
  The deal is thought to be one of several Dallas-based specialty
  underwriter and wholesale broker US Risk is working on in a
  build-out strategy following a significant investment from private-equity firm Kohlberg
  about a year ago.
  Terms of the latest transaction have not been disclosed, but it
  is thought that Houston-based IMS London American offers a
  medium-sized book of bus
  
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• Zaffino to leave MMC for AIG

  05-07-2017 17:52
  Marsh CEO Peter Zaffino is to leave the broker to join Brian
  Duperreault at the helm of AIG, The Insurance
  Insider can reveal.
  The details of Zaffino's role are not known at this stage,
  but he is expected to become Duperreault's effective
  deputy.
  Sources said current Marsh president John Doyle will be promoted
  to the dual role of president and CEO of Marsh.
  Since Duperreault was confirmed as AIG CEO in May, Zaffino has
  been repeatedly tipped to join his...
  
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• Irish insurers raided over price-fixing concerns

  05-07-2017 17:44
  
  Irish insurers raided by European Commission officials
  
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• Insurers told to conduct stress tests for cyber attacks

  05-07-2017 17:38
  UK financial regulator concerned about impact of co-ordinated large-scale assault
  
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• FCA boss Andrew Bailey gets £449,000 pay package

  05-07-2017 16:21
  
  Total included £65,000 performance bonus.
  
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• Regional review: Southampton and Portsmouth

  05-07-2017 16:07
  
  Sailing ahead: Insurance Age discovers if the Southampton and Portsmouth market is shipshape and asks if the area faces any stormy seas
  
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• Market moves: Who's hiring

  05-07-2017 16:06
  
  Brokers have not been very busy when it comes to market moves lately, perhaps due to the summer heat wave. 
  
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• Three bidders shortlisted in Generali Dutch arm sale: report

  05-07-2017 15:10
  Generali has selected Vivat, ASR and Reinsurance Group of
  America to proceed to the next round in the auction for its
  Netherlands operation, according to reports.
  Italian newspaper Milano Finanza broke the news
  yesterday, adding that binding offers were expected to be delivered
  next month.
  Generali hired BNP Paribas to run the process in March this
  year, as the Italian insurance giant seeks to streamline its
  operations.
  The carrier also reportedly putthree of its Latin American subsidiaries up f
  
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• PRA clamps down on 'silent' cyber risk management

  05-07-2017 15:10
  The UK Prudential Regulation Authority (PRA) has said it expects
  all firms operating under the Solvency II regime to give
  "specific consideration" to their management of
  "silent" cyber exposures.
  In a supervisory statement released today following a
  months-long consultation, the regulator said all P&C covers
  with potential silent - or "non-affirmative" - cyber
  exposure would need to introduce measures to reduce this unintended
  risk.
  It recommended adjusting premiums on such policies to refle
  
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• Howden acquires Bergé broking business

  05-07-2017 15:10
  Howden Iberia, the Spanish and Portuguese subsidiary of
  Hyperion-owned Howden Broking Group, has acquired the Spanish
  specialty broker Bergé y Asociados Correduría de Seguros.
  Madrid-headquartered Bergé y Asociados focuses on placing
  automotive, logistical and marine infrastructure risks.
  The deal has received regulatory approval, Howden said.
  Howden Iberia is the fifth-largest broker in the Spanish
  insurance market.
  José Manuel González, CEO of Howden Iberoame
  
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• Fed Nat renews $2.2bn reinsurance programme

  05-07-2017 15:10
  Florida homeowners' insurer Federated National renewed its
  $2.19bn reinsurance programme along similar lines to the 2016 cover
  for a total outlay of $180mn, according to a Securities and
  Exchange Commission filing.
  This year's cover provides $2.19bn of aggregate limit, which
  is down slightly from the $2.22bn secured last year, with the
  overall spend up from $179.5mn.
  The expenditure included $125mn on private reinsurance for its
  Florida exposure and $53.1mn payable to the Florida Hurricane
  Catas
  
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• InsurTech Futures: Stephen Catlin warns industry not to lose out

  05-07-2017 14:49
  
  Speaking at the MGAA conference Catlin highlighted urgency to embrace technology and transforming processing capabilities.
  
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• Gibraltar-based Elite stops writing new business

  05-07-2017 13:54
  
  ’Orderly run-off’ planned for Gibraltar-based Elite
  
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• Elite closes to new business and prepares for "orderly" runoff

  05-07-2017 13:49 via insuranceage.co.uk
  
  Insurer stresses policies already issued remain in force.
  
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• Elite ceases writing new business

  05-07-2017 13:37
  
  Elite Insurance will cease writing new business with immediate effect.
  
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• Broader terrorism policy offered for regional brokers

  05-07-2017 13:31
  
  Fiducia, Atrium say policy extends offerings available to regional brokers
  
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• LV= Broker joins O2 Drive panel

  05-07-2017 13:17
  
  LV= Broker adds Highway Telematics scheme
  
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• Insurers must focus on cyber risk accumulation exposure: PRA

  05-07-2017 12:58
  
  Insurers must get a grip on their cyber risk management to fully understand their cyber exposure, the industry watchdog has said.
  
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• Blog: Don’t fear the reaper

  05-07-2017 12:52 via insuranceage.co.uk
  
  ERS claims expert Matthew Gray is the last person any driver undertaking the Gumball 3000 wants to encounter during the 3,000-mile trek from Riga to Mikonos. But why?
  
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• MGAA reveals strategic direction

  05-07-2017 12:48
  
  Due diligence, Brexit, training, professionalism, and lobbying are key focuses for the Association’s future.
  
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• Zurich hires CUO from AIG

  05-07-2017 12:24
  Zurich Insurance has lured a senior AIG executive to become
  chief underwriting officer for commercial insurance.
  Sierra Signorelli has joined Zurich, according to a statement
  from the Swiss insurance giant.
  Signorelli was global head of network partner practice at AIG,
  having been chief underwriting officer for global specialty at the
  US company from July 2012 to December 2015,Signorelli will be initially based in the US, before relocating to
  Switzerland.
  At AIG, Signorelli also held senior role
  
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• Opinion: Learning the lingo

  05-07-2017 12:24
  Sprechen sie versicherungsisch? That's insurish in English,
  assurais in French and assicuraciono in Esperanto.
  If you're a newcomer to the industry and aren't yet
  fluent you are not alone.
  We elementary students will have worked out that a slip
  isn't what you wear to cover your modesty, a market can
  actually mean a company and you don't have to visit a
  hairdresser to get layers.
  But bordereaux and spread vehicles? That's GCSE level,
  surely?
  Of course, every industry has its...
  
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• Advanced market slowdown hitting premium growth: Swiss Re

  05-07-2017 12:24
  Lower growth in major developed markets has hampered primary
  non-life premium growth despite an overall increase of 2.3 percent
  last year, according to Swiss Re.
  In the reinsurer's latest Sigma report, released today, it
  attributed the slower growth to soft rates and economic conditions
  across those countries, with all advanced insurance markets posting
  lower premium growth with the exception of Oceania.
  North American premium increased by 1.0 percent compared to
  2015, while Western Europe grew
  
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• Media watchdog bans 'misleading' Confused.com adverts

  05-07-2017 12:18
  
  Confused.com has received a slap on the wrist from the Advertising Standards Authority for distributing ‘misleading’ motor insurance advertisement.
  
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• Blog: BAME women in insurance

  05-07-2017 12:00
  
  Judith Ugwumadu discusses being a Black, Asian and minority ethnic (BAME) woman in insurance and looks to the future for diversity in business.
  
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• Strategy director and marketing manager leave UK General

  05-07-2017 11:51
  
  Strategy and change director Nick Rawlings and marketing manager Ria Cusimano have left UK General.
  
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• Editor's comment: Time to reward loyalty

  05-07-2017 11:01
  
  Last summer, while holidaying in Spain, we stumbled across an inflatable Wipeout course floating a hundred metres or so off the beach. With the exuberance of youth, my nephew, nieces and son were keen to have a go and several adults, myself included, felt we were up to the challenge too.
  
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• Technology: Summer of Insurtech

  05-07-2017 11:00
  
  The insurance industry is currently being disrupted by a swathe of shiny new insurtechs that have found ways to tap into areas where traditional incumbents are falling short. Post invited the leading lights from this wave of start-ups to a picnic to hammer out what those issues are
  
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• Profits leap for Thomas Carroll

  05-07-2017 10:57
  
  Profit before tax hits £1.4m for the broker as turnover grows to £9.6m.
  
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• Regulator bans misleading Confused.com ads

  05-07-2017 10:51
  
  Advertising regulator bans misleading Confused.com ad for motor insurance 
  
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• Government will not intervene on rising motor premiums, City Minister confirms

  05-07-2017 10:47
  
  The government will not intervene to curb rising motor insurance premiums, the City Minister has confirmed.
  
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• Fiducia offers terrorism cover via regional brokers

  05-07-2017 09:38
  
  The MGA has teamed up with Lloyd’s insurer Atrium Underwriting to provide the cover.
  
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• EC officials raid Irish motor insurers

  05-07-2017 09:21
  European Commission (EC) antitrust investigators swept into the
  offices of Irish motor insurers on 4 July, as part of a probe into
  potential price fixing.
  In a statement, the EC said it is concerned that the companies
  involved may have engaged in anti-competitive practices in breach
  of EU antitrust rules that ban the formation of cartels.
  Officials from the EC competition authority were accompanied by
  officials from the Irish Competition and Consumer Protection
  Commission (CCPC).
  The EC did not
  
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