Insurance news

• Trov secures licenses in almost half of US states

  07-07-2017 23:17
  InsurTech startup Trov says it has won approval from 23 state
  regulators across America as it gears up to launch in the country
  later this year.
  The carrier, which describes itself as the world's
  "first on-demand insurance platform for single items" is
  already up and running in the UK and Australia.
  It is now targeting the US, which is the world's largest
  insurance market. The company, based about 23 miles east of San
  Francisco in Danville, appears to have global...
  
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• AmTrust shares advance on ADC deal

  07-07-2017 23:17
  Investors today responded positively to AmTrust's $400mn
  adverse development cover (ADC) agreement with
  Arch-owned reinsurer Premia.
  AmTrust shares rose almost 3.7 percent to close at $15.30 on the
  Nasdaq stock exchange.
  The insurer's decision to secure about $400mn in coverage
  above its $6.59bn of carried loss reserves as of 31 March ill
  result in a $61mn pre-tax charge against second quarter
  earnings.
  AmTrust said the deal became effective on 30 June and covered
  exposures through to 1 April 20
  
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• Neptune trims Novae stake amid sale price dissatisfaction

  07-07-2017 19:58
  Neptune Investment Management has sold the majority of its stake in
  Novae hours after it told this publication that Axis Capital's
  offer to acquire the company could have been "materially
  higher".
  Before the sale Neptune was Novae's single largest
  shareholder.
  According to a regulatory filing, the firm has opted to sell
  almost 7.0 million shares in the carrier - over two thirds of its
  total holding - at a price of 707 pence per share. The sale leaves
  Neptune with...
  
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• Ironshore opens M&A and tax hub in Frankfurt

  07-07-2017 19:58
  Liberty Mutual's Ironshore International has opened an
  office in Frankfurt to sell M&A and tax liability insurance to
  private equity and investment banking clients.
  Former lawyers Markus Messinger and Daniel Müller will lead
  the Frankfurt operation.
  "Ironshore has established the dedicated M&A presence
  in Frankfurt to better serve our German-speaking clients that
  demand a local offering with regional market expertise," said
  Rowan Bamford, global head of M&A and tax.
  Messinger, w
  
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• Ian Posgate passes away

  07-07-2017 19:58
  Ian Posgate, one of the most prominent Lloyd's underwriters
  of the second half of the 20th century and a former Council member,
  has died.
  Posgate's family said he passed away in hospital earlier
  today after a short illness.
  In the 1960s and 1970s, Posgate underwrote 20 percent of the
  Lloyd's marine market, earning him the nickname
  "Goldfinger".
  Posgate began his Lloyd's career at Frank Davey's
  syndicate in the 1950s and became a Name in 1957.
  He later joined Alexander Howden...
  
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• Insurance Island Risks - Chartered Insurance Institute's Sian Fisher

  07-07-2017 17:37 via insuranceage.co.uk
  
  The CEO of the Chartered Insurance Institute shares her top tunes
  
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• Markerstudy's Gary Humphreys on provider's strategy following capital injection

  07-07-2017 17:34 via insuranceage.co.uk
  
  Insurer set to make acquisitions and launch a pay-as-you-go solution.
  
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• Novae investors split on Axis acquisition offer

  07-07-2017 17:28
  Significant Novae shareholders appear divided on the value of Axis
  Capital's 700 pence per share acquisition offer after its
  single largest investor said the offer could be "materially
  higher".
  Speaking to The Insurance Insider,
  Neptune Investment Management UK equities head Mark Martin said the
  carrier could command an offer of between 10 percent and 20 percent
  above what is currently on the table.
  Martin said management had been "overly prudent" in
  their steps to revitalise Novae after a serie
  
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• Aon and Marsh cooperating with Irish fleet probe

  07-07-2017 17:28
  Four brokers including Aon and Marsh have been visited by the
  European Commission (EC) as part of its investigation into possible
  breaches of EU antitrust rules in Ireland.
  Officials from Brussels and the Competition and Consumer
  Protection Commission (CCPC) have become concerned that the Irish
  fleet motor market has fallen foul of anti-competitive
  behaviour.
  As reported on 5 July, EC investigators have already questioned
  a number of motor insurersas part of a probe into potential price fixing.T
  
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• AmTrust shares advance 5% on ADC deal

  07-07-2017 17:28
  Investors today responded positively to AmTrust's $400mnadverse development cover (ADC) agreement with Arch-owned reinsurer
  Premia.
  AmTrust shares were up 4.6 percent in early trading on the
  Nasdaq stock exchange at $15.44.
  Equity analysts also welcomed the insurer's decision to
  secure about $400mn in coverage above AmTrust's $6.59bn of
  carried loss reserves as of 31 March, and will result in a $61mn
  pre-tax charge against the carrier's second quarter
  earnings.
  AmTrust said the deal became effec
  
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• This Month: Prizes, picnics and personalities

  07-07-2017 15:39
  
  Taxis working the Royal Albert Hall patch this week had their hands and seats full, chauffeuring well-dressed ladies and gentlemen to the prestigious British Insurance Awards for an evening of lively entertainment as the industry celebrated its successes.
  
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• Protector Forsikring pegs Grenfell claim at £50mn

  07-07-2017 14:24
  Norwegian general insurer Protector Forsikring has issued a
  £50.0mn ($64.6mn) preliminary estimate for its gross claims
  stemming from the Grenfell tower tragedy, indicating it expects a
  total loss to the policy.
  The carrier said the figure, which was published in its second
  quarter results today, remains "highly uncertain" and
  that it would likely take years for the level of claims to
  crystallise.
  However, Protector added its share of claims from Grenfell net
  of reinsurance are expected to
  
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• Analysts cautiously welcome AmTrust ADC deal

  07-07-2017 14:24
  Equity analysts have responded positively to AmTrust's $400mnadverse development cover (ADC) agreement with Arch-owned reinsurer
  Premia.
  The agreement provides about $400mn in coverage above
  AmTrust's $6.59bn of carried loss reserves as of 31 March, and
  will result in a $61mn pre-tax charge against the carrier's
  second quarter earnings.
  AmTrust said the deal became effective on 30 June and covered
  exposures through to 1 April 2017.
  Randy Binner, analyst at FBR Capital Markets, said he had
  previo
  
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• Aegis to ramp up power outage business with Sompo Canopius hire

  07-07-2017 14:24
  Energy mutual Aegis has set its sights on significant expansion
  in the niche power outage market in the US with the hire of Marina
  Nadirova from Lloyd's (re)insurer Sompo Canopius,
  The Insurance Insider can reveal.
  It is understood that London-based Nadirova will work closely
  with Bill Cullen, the chief underwriting officer of East
  Rutherford, New Jersey-based Aegis.
  The power outage market, which covers electricity suppliers for
  instances of business interruption, is a very relationship-driven
  
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• Top brokers co-operating with Ireland motor price-fixing probe

  07-07-2017 13:49
  
  Brokers respond after EC launched Ireland motor price-fixing probe on Tuesday
  
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• GDPR ‘a shot in the arm’ for cyber insurance

  07-07-2017 13:23
  
  The incoming EU data protection regulation is likely to be a “shot in the arm” for the cyber market, resulting in a marked growth in cyber insurance revenues, according to AM Best.
  
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• Ex-Aviva employee sentenced after selling customer claims data

  07-07-2017 13:16
  
  A rogue Aviva employee has been slapped with a two year suspended sentence after selling customer claims data for a total of £4500.
  
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• Green buys marine broker Collidge

  07-07-2017 12:59
  
  Green buys specialist marine broker Collidge
  
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• Ex-Aviva employee gets two year suspended sentence for bribery offences

  07-07-2017 12:55 via insuranceage.co.uk
  
  The woman was found guilty of stealing customer information and also received a compensation order of £4,500.
  
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• Aon and Marsh offices in Ireland raided in competition investigation

  07-07-2017 12:47 via insuranceage.co.uk
  
  The two brokers were visited by the European Commission which is investigating breaches of EU competition rules.
  
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• Blog: Speed underwriting, missed flights and wrong turns

  07-07-2017 12:38 via insuranceage.co.uk
  
  What do the Mario Brothers, the singer CeeLo Green and members of Qatar’s royal family have in common?
  
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• Artificial intelligence in real workplaces

  07-07-2017 12:19
  
  Case studies of how AI is being used by companies in different industries
  
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• Towergate boss lavishes praise on staff after scooping major award

  07-07-2017 11:48
  
  Towergate boss David Ross says award is a ‘brilliant surprise’ and praises his people
  
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• Towergate boss lavishes praise on staff after scooping award

  07-07-2017 11:48
  
  Towergate boss David Ross says award is a ‘brilliant surprise’ and praises his people
  
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• Industry thwarted £25m fraudulent claims a week in 2016

  07-07-2017 11:40
  
  The insurance sector thwarted 2,400 fraudulent insurance claims valued at £25m every week in 2016, according to figures from the Association of British Insurers.
  
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• GRP-backed Green Insurance buys Collidge & Partners

  07-07-2017 11:25 via insuranceage.co.uk
  
  Broker says deal will help build GRP's regional hub in the South East.
  
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• Grenfell Tower blaze could result in claims of £50m

  07-07-2017 11:25
  
  The Grenfell Tower blaze could result in property and liability claims of £50m, the Norwegian carrier responsible for insuring the building said.
  
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• Quizzical questions: 7 July 2017

  07-07-2017 11:24 via insuranceage.co.uk
  
  Test your knowledge of the week's news with our topical quiz.
  
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• Opinion: PRA cyber consultation

  07-07-2017 11:20
  Earlier this week the Prudential Regulation Authority (PRA)published feedback to market responses to its recent
  consultation paper on cyber insurance risk.
  All in all, it's a pretty anodyne read, with a number of
  sections dedicated to definitions and various other intricacies
  (for the record, "silent" cyber risk is from now on known
  as "non-affirmative" cyber risk).
  But the paper still delivered a pretty bruising assessment of
  the (re)insurance market's approach to managing its cyber
  exposures.
  
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• AmTrust strikes ADC deal with Premia

  07-07-2017 11:20
  AmTrust Financial has entered into a reinsurance agreement with
  Premia in which the reinsurer will cover up to $1.025bn in reserve
  losses, attaching when losses exceed $5.96bn under a deal disclosed
  today.
  The transaction will result in a $61mn pretax charge against
  second-quarter earnings, AmTrust said. AmTrust said the deal became
  effective on 30 June and covers exposures through 1 April 2017.
  The agreement provides about $400mn in coverage above
  AmTrust's $6.59bn of carried loss reserves as o
  
  Read more

• £1.3bn of dishonest claims found in 2016

  07-07-2017 10:57 via insuranceage.co.uk
  
  ABI figures reveal the scale of organised fraud and warns of opportunistic motor fraud.
  
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• Munich Re faces major payout as Grenfell insurance claim becomes clear

  07-07-2017 10:48
  
   Norwegian insurer says Grenfell insurance claim will include property, liability and other potential related costs. 
  
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• Munich Re faces major payout as Grenfell claim bill becomes clear

  07-07-2017 10:48
  
      Norwegian insurer says Grenfell claim will include property, liability and other potential related costs. 
  
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• Detected insurance fraud drops - ABI

  07-07-2017 10:44
  
  Detected insurance fraud falls in terms of value and number, insurer trade body finds
  
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• June storms induce $5bn in economic pain: Aon Benfield

  07-07-2017 00:58
  Severe weather around the US last month produced at least $2bn
  in insured losses but flooding in southern China left 31 or more
  people dead and damaged or destroyed over 130,000 homes, making it
  June's costliest natural disaster worldwide, Aon Benfield's
  Impact Forecasting unit said today.
  Global economic losses from catastrophic events during June were
  expected to exceed $5bn.
  In the US, tornadoes, hailstorms and torrential rains last month
  led to wind and flood damage surpassing $3bn in econom
  
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• Axis ratings upheld but S&P outlook dips to negative

  07-07-2017 00:58
  Standard & Poor's Global Ratings cut its outlook on Axis
  Capital to negative even as it retained its A- grade on the
  (re)insurer as a counterparty and debt issuer, while AM Best held
  the carrier's financial strength rating at A+ (superior) with a
  stable outlook following its $604mn deal to buy Novae for $604mn in
  cash.
  S&P cited concerns about depleted capital for the
  Bermuda-based company, which plans to finance the deal with
  available resources and concerns about cultural clashes...
  
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• AmTrust sets reserve loss reinsurance deal with Premia

  07-07-2017 00:58
  AmTrust Financial has entered into a reinsurance agreement with
  Premia in which the reinsurer will cover up to $1.025bn in reserve
  losses, attaching when losses exceed $5.96bn under a deal disclosed
  today.
  The transaction will result in a $61mn pretax charge against
  second-quarter earnings, AmTrust said. AmTrust said the deal became
  effective on 30 June and covers exposures through 1 April.
  The agreement provides about $400mn in coverage above
  AmTrust's $6.59bn of carried loss reserves as of 31
  
  Read more

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