Insurance news

• JenCap extends wholesale reach buying Special Risks

  17-07-2017 23:19
  Carlyle-backed JenCap has taken another step in its drive to
  consolidate wholesale distribution of specialty insurance by
  agreeing to buy Special Risks Facilities, its fifth such
  transaction.
  Run by Jack Klebba and Randy Kaszeta, Sterling Heights,
  Michigan-based Special Risks is an MGA and contract binding
  authority and wholesale insurance brokerage firm in the Detroit
  area. It also has an office in Peoria, Arizona, near Phoenix.
  "We realized early on that JenCap was the right fit"
  when it came
  
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• TransRe promotes Rhodes to business development head

  17-07-2017 20:26
  TransRe has promoted Kyle Rhodes to the new role of global head of
  business development as the firm seeks to build more strategic
  alliances with targeted customers and brokers.
  In the new role, Rhodes will offer TransRe clients assistance in
  accessing third party capital.
  This follows TransRe agreeing a deal with Gen Re last year that
  involves it underwriting P&C treaty reinsurance for the
  Berkshire Hathaway insurance subsidiary.
  Rhodes has worked with the reinsurer for 11 years in a number.
  
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• Hamilton enters terrorism insurance market

  17-07-2017 20:26
  Hamilton at Lloyd's, the managing agency of Bermudian
  carrier Hamilton Insurance Group, has moved into the political
  violence market with the hire of Ed Roffey, The
  Insurance Insider understands.
  As part of an expansion of its London market operation, Hamilton
  has recruited Roffey from Willis Towers Watson as a terrorism and
  political violence underwriter, a spokeswoman for the carrier
  confirmed to this publication.
  Roffey has a maximum line size at Syndicate 3334 of $10mn.
  Hamilton at Lloyd's,
  
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• Major cyber attack could trigger losses of £40.5bn, says Lloyd’s

  17-07-2017 18:01
  
  Lloyd’s research has shown that an extreme cyber attack could cause losses equivalent to a catastrophic natural disaster.
  
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• Video: Portsmouth and Southampton part one

  17-07-2017 15:49
  
  We meet brokers and insurers in the area to learn more about the local market.
  
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• Kemper to book up to $38mn in Q2 cat losses

  17-07-2017 15:05
  New York-listed insurer Kemper said it expects to report pre-tax
  cat losses of between $32mn and $38mn in the second quarter.
  It said the losses were related to more than 15 storms and that
  it does not expect to recover any of the tally through its
  catastrophe reinsurance programme.
  In April the company hadwarned of first quarter pre-tax cat losses of between $60mn and
  $70mn, which was well above analysts' forecasts at the
  time.It eventually reported after-tax cat...
  
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• Covered agreement given the go ahead from Trump administration

  17-07-2017 13:29
  
  The Trump administration has announced that it will honour the covered agreement, which aims to create uniform rules dealing with insurance and reinsurance transactions between the United States and European Union.
  
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• InsurTech Futures: Industry warned of Brexit impact on InsurTech

  17-07-2017 13:02
  
  Startupbootcamp InsurTech and PwC report also shows start-ups are becoming more sophisticated, with more insurers looking to collaborate.
  
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• Major cyber attack could create $8.1bn insured loss: Lloyd's

  17-07-2017 12:51
  A major outage at several cloud service providers could trigger an
  average of $53bn of economic losses and as much as $8.1bn of
  insured losses, according to a research report published by
  Lloyd's today.
  The collaboration between Lloyd's and cyber modelling and
  analytics firm Cyence modelled the impact of two major cyber
  scenarios.
  Lloyd's CEO Inga Beale said the report had provided the
  scenarios to help insurers gain a better understanding of their
  cyber risk exposures so they could improve...
  
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• India's ICICI Lombard files for IPO

  17-07-2017 12:51
  ICICI Lombard, an Indian insurer set up as a joint venture by
  ICICI Bank and Fairfax Financial Holdings, has filed for an
  IPO.
  The capital raise will be India's first stock market
  flotation by a general insurance company.
  ICICI Bank, the country's second largest bank, and
  Toronto-listed Fairfax will together sell down a 19 percent stake
  in the carrier.
  The bank is selling 7.15 percent of the insurer, with Fairfax
  selling a 12.27 percent stake.
  ICICI Bank and Fairfax set...
  
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• Nexus acquires Equinox Global

  17-07-2017 12:06
  
  Managing general agent Nexus Group has acquired Equinox Global, a registered and approved Lloyd’s coverholder, and all other Equinox group companies.
  
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• Nexus buys trade credit MGA Equinox

  17-07-2017 11:23
  
  Current management team to stay on following the deal.
  
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• Technology firms beats rivals to win Makerstudy claims vetting deal

  17-07-2017 11:21
  
  Markerstudy claims vetting systems enhanced with latest tech deal
  
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• Technology firm beats rivals to win Markerstudy claims vetting deal

  17-07-2017 11:21
  
  Markerstudy claims vetting systems enhanced with latest tech deal
  
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• CII opens new generation programme for applications

  17-07-2017 10:43
  
  Deadline for applicants is 4 August.
  
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• Global cyber attack losses could reach $53bn – Lloyd's

  17-07-2017 10:33
  
  Global cyber attack could trigger losses of $53bn says new Lloyd’s report
  
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• SBM settles with most primary insurers over Yme loss

  17-07-2017 10:31
  A majority of insurers on the $500mn limit primary layer of SBM
  Offshore's construction all risks policy have settled with the
  Dutch-based offshore energy specialist for $247mn after a
  long-running legal battle.
  In a stock exchange announcement this morning, SBM said carriers
  providing 73.6 percent of the insurance on the Zurich-led layer had
  agreed to a cash payment. However, it added that legal action
  against the remaining insurers, including those on two excess
  layers, remained ongoing pendin
  
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• Opinion: It's just a name

  17-07-2017 10:31
  Late last week the insurance group led by former AJ Gallagher
  International CEO David Ross, which had been operating under the
  makeshift name KIRS, rebranded itself.
  Or, given that KIRS was really more like a placeholder, you
  could say it merely branded itself inbecoming Ardonagh.
  The name is apparently Celtic and represents an amalgam of the
  words for "on high" and "warrior".
  It is a nod, presumably, to Ross' own Celtic heritage, as
  well as an attempt to indicate...
  
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• Nexus agrees to acquire Equinox Global

  17-07-2017 10:31
  Expansive MGA Nexus Group has agreed to acquire Equinox Global,
  a registered and approved Lloyd's coverholder, and all other
  Equinox group companies.
  This is the second of a trio of planned acquisitions from Nexus,
  the first of which wasLloyd's coverholder and marine cargo specialist Vectura
  Underwriting , as revealed by this publication on 29 June.Last week, BP Marsh announced that it and global investment firm
  HPS Investment Partners had collectively provided £30mn
  ($39mn) in loans to fi
  
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• Guy Carpenter names North America advisory head

  17-07-2017 10:31
  Marsh & McLennan Companies (MMC)'s reinsurance arm Guy
  Carpenter has appointed Tom Hettinger to lead its capital,
  structured risk, growth and rating agency operations in the US and
  Canada.
  Hettinger will be based in Chicago and reports to the firm's
  head of global strategic advisory Rob Bentley.
  He joins from Arch Re, where he most recently served as a
  casualty underwriter with responsibility for developing the
  reinsurer's capital management and predictive modelling
  solutions.
  Prior to that
  
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• Axis receives regulatory nod for managing agency

  17-07-2017 09:38
  
  Axis Capital Holdings has received final approval from the UK’s regulators and Lloyd’s to launch its own Lloyd’s managing agent.
  
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• XL Catlin's Andrew Underwood on political risk insurance: don’t ignore your own backyard

  17-07-2017 07:00
  
  When you think about political risk, the chances are you recall what you saw on the news last night, writes XL Catlin's Andrew Underwood, regional product leader UK and Ireland for Political Risk Credit and Bond. Scenes of conflict, civil unrest, physical damage and footage of politicians making rallying statements are all over the airways, social media feeds, and of course newspapers.
  
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• Blog: Retaining and empowering staff with technology

  17-07-2017 07:00
  
  Where news is dominated by the concept of data enrichment and there is talk of a ‘technical revolution’ we find ourselves in the middle of a steadfast digital age. Lior Koskas, managing director, Digilog UK explains.
  
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• Extreme cyber attack could cause $120bn in economic damage

  17-07-2017 06:00
  Taking down a cloud provider could be more costly than natural catastrophe, warns Lloyd’s
  
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• Insurers look for cover from stormy conditions

  17-07-2017 05:02
  Market challenged by long period of falling prices and competition from new rivals
  
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