Insurance news

• US Risk picks up trucking MGA

  21-07-2017 21:00
  Expansive specialty underwriter and wholesaler US Risk has sealed a
  deal to buy trucking broker and managing general agent Strategic
  Insurance Underwriters, The Insurance
  Insider can reveal.The newly-acquired firm is based in Sarasota, Florida and provides
  liability and physical damage programmes to trucking and haulage
  firms.It is not known which carriers provide paper to Strategic Insurance
  Underwriters but the broker and MGA's website said it offers
  programmes through "top rated" insurance co
  
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• Aon sells out of Indian JV: reports

  21-07-2017 19:11
  Indian broker Global Insurance Services has reportedly bought
  Aon's entire 26 percent stake in the firm for an undisclosed
  sum.
  The broker, which was known as Aon Global Insurance Brokers
  until the London-based intermediary relinquished its stake, was
  established as a joint venture in 2001. Aon invested 6.2mn rupees
  ($962,400) for its 26 percent holding.
  In 2015, Aon announced that it intended to exit the Indian joint
  venture, citing "regulatory changes". Several media
  outlets reported at the ti
  
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• Gable policyholders receive £8.3m return payments

  21-07-2017 17:19 via insuranceage.co.uk
  The FSCS has given 28,000 return of premium payments to former policyholders of Gable Insurance.
  
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• Broker Network posts rise in revenue after "extraordinary year"

  21-07-2017 17:19
  CEO Andy Fairchild outlines the network’s strategy and talks about acquisition plans and the growth of independent brokers.
  
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• Flood Re targets broker distribution

  21-07-2017 17:17 via insuranceage.co.uk
  The organisation said in its annual report that “more work needs to be done to improve access to Flood Re backed policies through insurance brokers”.
  
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• Opinion: budget blueprint

  21-07-2017 16:35
  Republican leaders have this week attempted to revive early
  enthusiasm for potential reform by unveiling a budget blueprint to
  rein in federal spending and provide a framework for tax cuts.
  For the insurance industry, the outcome would be
  bittersweet.
  Along with a reduction in the 35 percent corporate rate, the
  reforms could include the enactment of a
  "border-adjustment" tax that some analysts say could
  impose substantial burdens on offshore (re)insurers and raise costs
  for insureds across the U
  
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• New capital standard for international insurers flawed: ABI

  21-07-2017 16:35
  The insurance industry faces a new capital shake-up after the
  international insurance standards body published the first
  incarnation of a framework designed to make capital requirements
  uniform.
  The International Association of Insurance Supervisors (IAIS)
  released version one of the new insurance capital standard (ICS)
  after an extensive consultation process which started in December
  2014. It called the latest exercise "extended field
  testing" and said it will consider feedback as it develops
  v
  
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• Darag replaces CFO Minshall

  21-07-2017 16:35
  Darag CFO Simon Minshall has left the company to be replaced by
  Michael Trotman, former CFO of retailer TM Lewin, The
  Insurance Insider understands.
  It is understood Trotman has already taken up the role at the
  European run-off specialist, as part of a planned transition by the
  Darag executive team.
  Minshall has been CFO at the legacy firm since mid-2015, when he
  left his position as deputy CFO of Endurance.
  He was one of the three executives, alongside chief liability...
  
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• InsurTech Futures: Brokers urged not to sit on the side-lines

  21-07-2017 13:45
  Experts say there is already potential for significant disruption by InsurTech in the personal lines market.
  
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• Venbrook unit joins The Hartford in logistics launch

  21-07-2017 13:41
  Venbrook Group has secured a deal with The Hartford to launch a
  third party logistics warehouse practice for brokers in the segment
  and those seeking to enter it, The Insurance
  Insider has learned.
  The collaboration with The Hartford deepens a longstanding
  relationship between the two companies, according to Venbrook
  president and CEO Jason Turner. He said the companies have worked
  closely together for over two decades.
  The deal comes barely six months intoLou Levinson's tenure as president of V
  
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• Spinnaker tackles California wildfires with Sahara MGA

  21-07-2017 13:41
  Relative newcomer Spinnaker has set its sights on California
  wildfire risks after sealing an agreement to provide capacity to
  Jamie Sahara's MGA Rivington Partners, The
  Insurance Insider can reveal.
  Through Rivington, which is acting as a program administrator, A
  rated Spinnaker will cover properties including condos and houses
  in the state that have a total insured value of up to $3mn.
  The cover will be written on an admitted basis for the carrier,
  which is licensed in 46 states across...
  
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• Hannover Re completes Argenta acquisition

  21-07-2017 13:41
  Hannover Re today confirmed it has finalised its takeover of
  Argenta Holdings.
  Argenta Holdings owns Argenta Syndicate Management and Argenta
  Private Capital, along with a pro rata share in Syndicate 2121.
  Hannover Re said the deal, agreed in March, was completed on 20
  July.
  The deal consideration was undisclosed, but Scottish newspaper
  The Herald reported in March that Hannover Repaid £142.5mn ($177.5mn) for Argenta, netting founder
  Alasdair Locke a £64mn payout.
  A statement from th
  
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• Beazley outlines European expansion plans

  21-07-2017 13:41
  Beazley is hiring underwriters in Spain, France and Germany as it
  targets growth in continental cyber insurance.
  The new staff will be employed by an EU subsidiary headquartered
  in Dublin, as the London-based company prepares for the potential
  loss of passporting rights post-Brexit.
  Beazley was granted permission from the Irish regulator earlier
  this month to turn its Dublin-based reinsurer, Beazley Re, into a
  direct insurer.
  The listed Lloyd's business already writes continental
  business throug
  
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• Beazley's H1 profit up 6% thanks to speciality lines and investment gains

  21-07-2017 13:39
  
  Lloyd's of London insurer Beazley reported a 6% rise in first-half pre-tax profit, thanks to growth in its US specialty lines business and investment gains.
  
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• This week: Planning, predictions and packing

  21-07-2017 13:38
  
  I am most definitely a planner. Being organised usually tops my list of attributes in appraisals and most of my life as a busy working mum is run by lists. In fact, the holiday I'm just about to fly off to has been two years in the planning.
  
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• Beazley seeks overseas growth to counter London slowdown

  21-07-2017 13:24
  Core property, marine, energy and aviation insurance remain under pressure
  
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• Higos makes 2016 loss but turnover grows

  21-07-2017 11:37
  MD Ian Gosden says more deals are in the pipeline with GRP backing.
  
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• Scheme broker swoops for Gibraltar insurer Elite's run-off customers

  21-07-2017 11:30
  
  Scheme broker claims to be one of the premier providers of after the event insurance 
  
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• Validus CEO rules out rival bid for Novae

  21-07-2017 11:22
  Validus CEO Ed Noonan has ruled out making a rival bid for
  Lloyd's syndicate Novae, which announced a deal with Axis
  earlier this month.
  In an interview with The Insurance
  Insider to mark the 10th anniversary of Validus being
  listed on the New York Stock Exchange, Noonan said it would not
  attempt to break up the deal.
  Since the proposed acquisition was announced, Novae's share
  price has mostly hovered a few pence above the 700p ($9.08) per
  share price Axis...
  
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• Opinion: Travelers the bellwether

  21-07-2017 11:22
  US insurance giant Travelers is regarded as a bellwether for the
  American insurance sector, not only because of its wide-ranging
  reach, but also because it is one of the first to report every
  earnings season.
  If this is the case, then perhaps we should all hold on to our
  hats for what could be a turbulent quarter ahead for US direct
  carriers.
  There were no major cat events in the three months to the end of
  June, but a constant...
  
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• Kaikoura quake claims reach $1.4bn

  21-07-2017 11:22
  New Zealand-based insurers have paid out more than NZ$522mn
  ($385mn) in claims related to the Kaikoura earthquake in November,
  according to the Insurance Council of New Zealand.
  This represents less than a third of the value of all claims
  received related to the earthquake. As of 30 June claims totalled
  NZ$1.88bn.
  The value of commercial claims received stands at NZ$1.39bn, of
  which over NZ$363mn of claims have been partially or fully settled.
  Residential claims amount to nearly NZ$474mn, of whi
  
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• Profit up at Beazley in the first half of 2017

  21-07-2017 11:20
  
  Combined operating ratio remains flat at 90 percent.
  
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• FSCS refunds £8.3m to Gable policyholders

  21-07-2017 11:19
  
  Premiums worth £8.3m have been returned to former policyholders of Gable Insurance through the Financial Services Compensation Scheme.
  
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• Beazley first half profits rise

  21-07-2017 10:43
  
  Listed Lloyd’s insurer Beazley first half profits rise
  
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• Quizzical questions: 21 July 2017

  21-07-2017 10:38
  
  Test your knowledge of the week's news with our topical quiz.
  
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• HomeServe will expand insurance partnerships

  21-07-2017 10:18
  
  HomeServe will expand insurance partnerships with its LeakBot device
  
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• Beazley H1 profit grows on investment income

  21-07-2017 09:14
  Beazley today reported a 6 percent increase in first-half
  pre-tax profit of $158.7mn, as a result of a higher investment
  income combined with a stable underwriting result.
  The London-listed carrier reported a combined ratio of 90
  percent for the first half, a flat result on the previous year.
  Prior-year reserve releases in the first half accounted for 9.4
  percent of net earned premiums, up by 40 basis points year on
  year.
  Net investment income for the six months to the...
  
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• Blog: Wearable tech as a way into the young HNW market

  21-07-2017 07:00
  
  Brokers can use wearable technology as a way to enter the high-net-worth and mid-net-worth market, especially its young segment, advises Sarah Willoughby, art and private client development director at Ecclesiastical.
  
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• Retirement wake-up call for children of the 1970s

  21-07-2017 06:01
  Work until you’re 68, says government, as state pension slips further away
  
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• Arch joins Plug and Play InsurTech startup platform

  21-07-2017 03:31
  Arch has extended its reach into the world of InsurTech by
  becoming a member of the Plug and Play platform devoted to startups
  targeting the sector.
  Through its Arch Insurance unit, the carrier yesterday became
  the 50th industry member of the Sunnyvale, California-based
  organisation's InsurTech platform, which also involves Munich
  Re, Travelers and Sompo.
  The startups that engage in 12-week development programs center
  on three broad segments: general InsurTech, property and casualty
  and life/hea
  
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• NFIP bill before US House wins realty industry backing

  21-07-2017 01:06
  A Republican plan to revamp the US National Flood Insurance
  Program, or NFIP, gained some momentum today with an endorsement
  from the National Association of Realtors, a group that represents
  more than 1mn property agents and others who work in the real
  estate industry.
  The association endorsed the measure cobbled together by US
  Representative Jeb Hensarling, a Texas Republican who leads the
  lower chamber's Financial Services Committee, saying changes
  such as new curbs on fee and rate increases
  
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• Markel hires Ironshore's Ferguson for New York team

  21-07-2017 01:06
  Markel has taken on Ironshore's John Ferguson to become
  retail construction lead in its New York-based US excess casualty
  team.
  In his new role, Ferguson will take responsibility for some of
  the underwriting and relationships in the Richmond, Virginia-based
  carrier's retail construction practice. He is based in New
  York.
  At Ironshore, Ferguson was casualty manager for the US Northeast
  region. Prior to that he also held roles at American International
  Group and ER Quinn Company.
  The executive's n
  
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• Chubb's McLaughlin succeeds Radzinski in NA commercial

  21-07-2017 01:06
  Chubb has promoted Michelle McLaughlin to take over from Edward
  Radzinski, who is retiring as executive vice president and property
  manager for its North American commercial insurance division after
  39 years with the company.
  McLaughlin is taking on the role and will oversee Chubb's
  retail commercial and package property insurance business, which
  serves the US and Canadian middle markets through 48 offices across
  the two countries.
  Before her promotion, McLaughlin was package property manager
  fo
  
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