Insurance news

• New Paradigm offers X-gRm placement through TigerRisk

  10-07-2017 22:41
  TigerRisk is acting as intermediary for parametric electronic
  (re)insurance placements on Xchanging's X-gRm platform for
  catastrophe and windstorm software-based carrier New Paradigm
  Underwriters.
  In a statement New Paradigm said they would seek to place up to
  $100mn of capacity using the platform through Stamford,
  Connecticut-based TigerRisk Partners.
  TigerRisk currently uses the X-gRm platform to transact all of
  its reinsurance business.
  New Paradigm facilitates the transfer of peak catastroph
  
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• Marsh taps Durvasula from AmEx as new digital lead

  10-07-2017 22:41
  Marsh has hired Sastry Durvasula from American Express naming
  him chief digital officer and chief data and analytics officer, a
  newly created position.
  Durvasula will begin the dual roles at Marsh in mid-August and
  will report to John Drzik, the broker's president of global
  risk and specialities.
  The executive most recently served as AmEx's enterprise head
  of data and digital technology, rising to the post after joining
  the company in 2002. He has been based in Phoenix and helped
  develop...
  
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• TigerRisk joins R3 blockchain development start-up

  10-07-2017 19:58
  TigerRisk Partners has joined the R3 start-up developing blockchain
  and distributed ledger technology (DLT) for use in transaction
  processing, becoming the first broker-adviser to join the
  partnership.
  TigerRisk said R3 and Acord, the industry standards and research
  organisation, were developing a dedicated insurance portal for the
  system, which would "house continuously updated information on
  process efficiency" designed to improve claims handling and
  data management.
  "We believe that DLT/block
  
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• S&P cuts Allied World rating to A-

  10-07-2017 19:58
  Allied World has had its financial strength rating cut from A to
  A- by Standard & Poor's (S&P) following its $4.9bn
  acquisition last week by Fairfax Financial Holdings, putting the
  specialty insurer in line with its new parent.
  Late Friday, S&P also cut its counterparty credit and senior
  debt ratings on Allied World to BBB- from BBB+. The outlook on the
  ratings was moved to stable from negative.
  "We lowered the ratings on Allied World and aligned them
  with those...
  
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• Profile: Sam White of Pukka Insure and Action 365

  10-07-2017 17:53
  
  Entrepreneurial spirit: Action 365 and Pukka founder Sam White tells Siân Barton why a focus on people, facing challenges with energy and creating a supportive team has helped her businesses grow and succeed
  
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• XL Catlin taps AIG for global programs head

  10-07-2017 17:14
  XL Catlin has appointed Sonja Ochsenkuehn as head of global
  programs, it announced today.
  Ochsenkuehn joins from AIG, where she was most recently head of
  knowledge strategy and network guidance.
  In her new role, she will be based in New York and report to
  Philippe Gouraud, XL Catlin's global head of strategic client
  and broker management.
  XL Catlin highlighted global programs as one of the group's
  growth areas, and claimed it had doubled the number of programs it
  has managed...
  
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• RSG launches first LatAm MGU

  10-07-2017 17:14
  Chicago-based Ryan Specialty Group (RSG) has hired Pascal Alvarez
  to lead a new Latin American financial-lines focussed managing
  general underwriter (MGU), the company announced today.
  The MGU, Capital Bay Underwriting, will initially write
  directors' and officers', professional indemnity and crime
  business from a Miami, Florida base, aimed at the Latin American
  and Caribbean markets.
  Alvarez, founder of Miami and Fort Lauderdale-headquartered
  emerging markets carrier Gangkhar, will be joined by
  
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• Dublin is top destination for financial groups post-Brexit

  10-07-2017 17:04 via ft.com
  EY report puts Irish capital ahead of Frankfurt in survey of planned EU bases outside London
  
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• Fitch puts Elite on negative rating watch as it prepares for run-off

  10-07-2017 14:55
  
  The insurer announced it would close to new business as insurers describe legal expenses ATE as a difficult market.
  
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• Fitch puts Elite on negative rating watch

  10-07-2017 14:55
  
  The insurer announced it would close to new business as insurers describe legal expenses ATE as a difficult market.
  
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• Government to buy insurance against disasters in developing countries

  10-07-2017 14:01
  
  Prime Minister Theresa May has announced plans to use the expertise of the City of London’s insurance market to grow insurance markets in developing countries.
  
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• Willis Towers Watson promotes Jackson to lead GB financial lines

  10-07-2017 13:43
  Willis Towers Watson has named James Jackson as head of
  financial institutions for Great Britain (GB) within its Finex
  division, the broker said today.
  Finex is the financial, executive and professional risk unit of
  Willis's broking business.
  Jackson was previously financial institutions regional leader at
  Willis in New York.
  He takes over from Paul Search, who has moved on to become the
  division's head of client engagement and risk insight for the
  rest of the world.
  Jackson joined Willis in...
  
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• Willis Towers Watson acquires stake in Indian broker

  10-07-2017 13:43
  Willis Towers Watson has acquired a 49 percent stake in Indian
  intermediary Almondz Insurance Brokers.
  In a statement, Willis said that along with its acquisition of
  half the company, Almondz chairman Rohit Jain had been appointed
  head of India at Willis.
  Vivek Nath, Willis's head of South Asia, will also move from
  Delhi to Singapore.
  Willis has extensive back and middle office operations in India.
  The company's London market premium and claims handling
  processes are run through the country.
  Alm
  
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• Swiss Re has most reserving risk of European reinsurers: Bernstein

  10-07-2017 13:43
  Swiss Re is the worst reserved of its European reinsurance
  peers, with its reserve position on workers' compensation and
  accident and health (A&H) business a particular concern,
  Bernstein analysts have claimed.
  In a research note published today, Bernstein analyst Thomas
  Seidl said Swiss Re had greater reserving risk than European rivals
  Munich Re and Hannover Re, largely due to its A&H exposures.
  Scor was not included in the analysis.
  "We see A&H and workers' compensation business a
  
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• Opinion: Weather vs climate

  10-07-2017 13:43
  Weather-related losses helped drive the creation of the
  insurance business, and to this day carriers keep a wary eye on the
  skies, assisted by all the tools that modern technology can
  provide.
  And those observations have revealed some disturbing trends.
  According to the US National Oceanic and Atmospheric
  Administration, or NOAA, the evidence shows that Earth's air is
  heating up.
  In the first six months of this year, the average global surface
  temperature was 50.9 degrees Fahrenheit (10.5 degree
  
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• Novae bloodstock team exit to set up MGA with Castel

  10-07-2017 13:43
  Novae's bloodstock team have left to set up an MGA, becoming
  the latest EC3 underwriters to take the plunge into delegated
  authority business, the insurer confirmed today.
  David Higgins and Tara Woodward will run the MGA through the
  Castel Underwriting Agencies platform.
  Novae said it is not exiting the equine insurance market and
  will be backing the start-up with 100 percent capacity.
  The carrier said the move had been mutually agreed and was
  subject to approval by Lloyd's.
  Higgins and...
  
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• IRB Brasil kicks off $594mn IPO

  10-07-2017 13:43
  Brazilian reinsurer IRB Brasil Resseguros launched its
  long-awaited IPO on the São Paulo stock exchange on Friday (7
  July) with the publication of a prospectus for the 1.95bn reais
  ($594mn) offering.
  IRB said the offering will comprise 63,960 shares priced at
  between 27.24 reais and 33.65 reais apiece. That would value the
  offering at 1.95bn reais at the mid-point and comprise just over 20
  percent of the existing stock.
  The selling shareholders are Fundo de Garantia de
  Operaç&otild
  
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• Elesco confirms Marre's appointment as aviation head

  10-07-2017 13:43
  Dubai-based MGA Elseco has confirmed the appointment of Olivier
  Marre as its head of aviation,as first reported by The Insurance
  Insider in February.
  Marre previously headed up Allied World's aviation book,
  which has been transferred to Elseco.
  The underwriter will lead a team that includes his former Allied
  World colleague Gareth Small and ex-IGI underwriter Darren
  Shearwood....
  
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• Voyager Insurance names Carl Carter as managing director

  10-07-2017 13:28
  
  Voyager Insurance has appointed Carl Carter as managing director.
  
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• Data breaches reported by insurance companies doubles in the last year

  10-07-2017 13:06
  
  The number of data breaches reported to the Information Commissioner’s office by financial service companies has risen by 23%.
  
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• Data breaches in insurance doubled in 2016/17

  10-07-2017 12:53
  
  Law firm RPC says hackers now pay more attention to smaller financial services firms.
  
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• Das revamps commercial LEI policy

  10-07-2017 12:16
  
  The changes will see additional cover and enhancements.
  
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• Review: Looking at liability

  10-07-2017 12:03
  
  Tokio Marine HCC Management Liability
  
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• #insagepeople 10 - 16 July 2017

  10-07-2017 12:02
  
  Keep up to date with the latest people moves.
  
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• Elite closure sparks Fitch rating action

  10-07-2017 11:35
  
  Rating agency responds to Elite closure
  
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• Jackson Lee Underwriting enhances Gap motor product

  10-07-2017 11:23
  
  The addition offers to source a replacement vehicle for brokers’ customers in the event of total loss.
  
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• Elite's rating likely to be downgraded as it goes into run-off

  10-07-2017 11:15
  
  Gibraltar-based Elite Insurance's Insurer Financial Strength rating has been scored as BBB, on Rating Watch Negative.
  
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• ABI calls on government to defuse 'discount rate bombshell'

  10-07-2017 11:09
  
  The Association of British Insurers has called on the government to take action against motor claims costs as premiums reach record levels for almost all age groups.
  
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• Government launches crackdown on fake holiday sickness claims

  10-07-2017 10:59
  
  New justice secretary unveils measures to tackle fake holiday sickness claims
  
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• UK motor rates up 18.5% in Q2: Willis Towers Watson

  10-07-2017 10:34
  The average comprehensive car insurance premium has increased by
  18.5 percent year on year in the second quarter, as insurers
  responded to the slash in the Ogden discount rate and the hike in
  insurance premium tax (IPT).
  According to the latest car insurance price index by Willis
  Towers Watson (WTW) and Confused.com, the average comprehensive
  motor premium has now reached £847 ($1,096), representing an
  8.4 percent increase quarter on quarter.
  This was the highest quarterly increase in seve
  
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• May plans to use £8mn to buy cat cover for developing countries

  10-07-2017 10:34
  The UK government gave further details over the weekend of a
  plan to funnel development spending into insurance premiums.
  Speaking at the G20 summit, UK Prime Minister Theresa May said
  insurance could be used to provide rapid financing in humanitarian
  emergencies.
  In a statement on 8 July, the UK's Department for
  International Development (DfID) said £8mn ($10.3mn) had been
  set aside for a pilot scheme to help developing world countries buy
  disaster insurance, focused on drought risk.
  The
  
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• Car insurance premiums near highest ever levels

  10-07-2017 10:32
  
  Car insurance premiums rose sharply in the second quarter
  
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• Motor premiums rise to highest level since 2010

  10-07-2017 10:24
  
  The Confused.com Index, in association with Willis Towers Watson, shows impact of Brexit, IPT and the Ogden rate on the rise and warn prices could hit "record" levels.
  
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• It’s a testing time for BA passengers who lost out in IT chaos

  10-07-2017 08:00
  
  We’ve had no holiday and are £800 out of pocket, but travel insurance won’t payBA’s well-publicised IT meltdown over the May half-term resulted in our flights being cancelled, and we had to abandon our family holiday to Sweden. The airline has refunded our flight costs and agreed to pay the EU-mandated compensation – €750. However, that is less than half the cost of the holiday, which means we are still £800 out of pocket having paid accommodation, train
  
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• UK financial services groups hit by steady rise in data thefts

  10-07-2017 06:08 via ft.com
  Insurers report biggest increase in cyber attacks but breaches against banks are down
  
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• Financial services groups hit by steady rise in data thefts

  10-07-2017 06:08 via ft.com
  Insurers report biggest increase in cyber attacks but breaches against banks are down
  
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• Car insurance ‘set to be most expensive on record’

  10-07-2017 01:02 via ft.com
  Average premium rises 19% in past year
  
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