Insurance news

• State National ends lengthy wait for deal

  26-07-2017 22:17
  State National has been waiting for years to do this deal,
  having brought in investment bank Evercore as far back as 2013 to
  run a sale process ahead of an ultimate listing on the Nasdaq stock
  market.
  But after four or five years effectively on the market it has at
  last found a 100 percent acquirer in Markel, with a $919mn all-cash
  transaction announced earlier today.
  Given strong growth and rising profits the difficulty in finding
  an acquirer may be...
  
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• State National retains its AM Best A rating

  26-07-2017 19:08
  Markel's $919mn deal to acquire State National has not changed
  the target company's financial strength rating of A from AM
  Best, which has been reaffirmed by the ratings agency with a stable
  outlook.
  The long-term issuer credit rating for the company also remains
  unchanged at bbb, AM Best has said. The outlook on the issuer
  credit ratings is still positive as well.
  The deal, announced earlier today by the companies, is scheduled
  to close in the fourth quarter....
  
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• Markel's State National deal seen as good fit

  26-07-2017 19:08
  Markel's $919mn acquisition of State National provides a good
  fit for both companies but could draw a higher bid for the
  Texas-based target, analysts said today.
  "We view the deal as favourable for all stakeholders,"
  said Randy Binner of FBR Capital Markets in Arlington,
  Virginia.
  "That said, the broker-like characteristics of State
  National's fronting business, which, in our view, is
  exceptionally well positioned in the context of a rapidly growing
  alternative reinsurance market, could see a hi
  
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• Markel ends deal hunt with State National buy

  26-07-2017 19:08
  In agreeing to acquire State National for $919mn, Markel has
  finally found the substantial deal it has been searching for over
  the past year.
  Markelwill pay $21.00 per share for the Texas-based business,
  equivalent to a 7 percent premium to the stock's closing price
  yesterday of $19.67.
  It is understood that Markelwas in advanced talks with Allied World at the end of last
  year, before those talks failed and the
  Switzerland-headquartered insurer finally found a new owner in...
  
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• BHSI appoints professional lines heads for Southern Europe

  26-07-2017 19:08
  Berkshire Hathaway Specialty Insurance (BHSI) has entered the
  professional indemnity, cyber and financial lines markets in
  Southern Europe, the carrier announced today.
  BHSI UK and Southern Europe has hired Vanessa Maxwell as head of
  professional indemnity and cyber insurance and Tom Dilley as head
  of financial lines for its Southern European operations.
  Maxwell joins from AIG, where she spent 15 years, most recently
  as head of professional liability, cyber and commercial
  institutions in the UK.
  
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• Henderson hires former Bluefin executive as schemes head

  26-07-2017 18:05
  Former Bluefin executive takes new role at rival broker
  
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• UK regulators consult on manager accountability rules

  26-07-2017 17:30
  The Financial Conduct Authority (FCA) today released long-awaited
  proposals for the rollout of a new personal accountability
  framework to insurers and other firms under its auspices, as the
  Prudential Regulation Authority (PRA) began consulting about honing
  its recently introduced regime for insurance managers.
  The UK agencies, working in tandem, want to align their conduct
  and accountability rules with those governing the banking sector
  and both have offered leeway for smaller carriers.
  The FCA
  
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• Biba tells brokers not to panic about the senior management regime

  26-07-2017 16:22
  Head of compliance and training David Sparkes says brokers who are compliant with current rules won't see many difficult changes.
  
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• The Blog Spot: Consolidation and the independent broker

  26-07-2017 16:12
  In a new wave of consolidation, what will happen to the small independent broker?
  
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• Former Quindell CEO Rob Terry plots $1bn disruptor float

  26-07-2017 16:08
  Former Quindell CEO Rob Terry says revamped firm Quob can be a digital leader 
  
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• Europe calls for feedback on controversial motor ruling

  26-07-2017 16:05
  Controversial motor ruling could push up rates for all
  
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• Markel inks $919mn deal for State National

  26-07-2017 15:55
  Markel has sealed a $919mn agreement to buy State National in a
  deal worth $21.00 per share.
  The valuation is a 7 percent premium to the stock's closing
  price yesterday of $19.67 and a 38 percent premium to the 30-day
  volume-weighted average price prior to 18 May, when takeover
  speculation first surfaced.
  Both companies' boards have unanimously approved the
  transaction, which remains subject to State National shareholder
  clearance.
  However, holders of about 37 percent of shares outstanding have
  
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• Highland Insurance hires crop reinsurance underwriter

  26-07-2017 15:55
  Tokio Marine Kiln affiliate Highland Insurance Solutions has
  recruited James Tran as head of global agriculture from XL Catlin,
  as the firm expands into agricultural reinsurance.
  Tran was head of worldwide agriculture at Catlin and retained
  his position after XL Group's acquisition of the carrier.
  Highland said yesterday that Tran will be responsible for
  developing its crop reinsurance business.
  Tran will work closely with Tokio Marine Kiln's reinsurance
  underwriters in London and Singapore.
  Hig
  
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• Ex-Canopius boss lands at insurance consultancy

  26-07-2017 15:29
  Insurance consultancy appoints Stuart Davies as chairman
  
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• Career Development: Axa latest insurer to sign Women in Finance Charter

  26-07-2017 14:56
  Axa has become a signatory to the Women in Finance Charter.
  
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• Starr to establish P&C branch in Netherlands

  26-07-2017 14:31
  Starr Companies is setting up a new operation in the Netherlands
  as part of an expansion of its property and casualty business.Starr has recruited Peter Schott, AIG's head of property and
  special risks for the Benelux region, to the new role of regional
  manager for Benelux.
  Schott will take up the position on 1 August, according to a
  LinkedIn post. Schott has worked at AIG for nearly a decade and was
  at Zurich from 2004 to 2008. At earlier...
  
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• Higher attachment points assisted Everest Re Q2: Doucette

  26-07-2017 14:31
  Everest Re reinsurance CEO John Doucette has told analysts that
  higher attachment points on its reinsurance business helped it to
  limit its exposure to the spate of US weather events in the second
  quarter of 2017.
  Responding to a question from Keefe, Bruyette & Woods
  analyst Meyer Shields on Everest Re's Q2 results call, Doucette
  said increased attachment points had helped the Bermudian limit its
  cat exposure in both the latest quarter and the previous one.
  "So, in general, market...
  
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• FCA strengthens individual accountability rules

  26-07-2017 13:49 via ft.com
  City watchdog’s new regime will hit top managers at thousands of financial companies
  
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• FCA head of insurance policy promoted to head of Scottish department

  26-07-2017 13:16
  The Financial Conduct Authority’s head of insurance and pensions policy has been promoted to head of department, Scotland.
  
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• US Risk confirms trucking MGA deal

  26-07-2017 13:06
  Expansive specialty underwriter and wholesaler US Risk has
  announced the acquisition of trucking broker and MGA Strategic
  Insurance Underwriters, confirming a story published
  by The Insurance Insider last week.US Risk said yesterday that it had acquired the firm, which is
  headquartered in Sarasota, Florida, for an undisclosed sum, as it
  continues a spate of acquisitions following a buy-in from private
  equity house Kohlberg & Company last year.
  Bob Schneebeck, currently president of Strategic
  
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• Starr to follow Lloyd's to the Low Countries

  26-07-2017 13:06
  Starr Companies is setting up a new operation in the Benelux region
  as the US carrier prepares for the probable loss of passporting
  rights following the UK's departure from the EU.
  Starr has recruited Peter Schott, AIG's head of property and
  special risks for the Benelux region, to the new role of regional
  manager for Benelux.
  Schott will start his role on 1 August, according to a LinkedIn
  post. Schott has worked at AIG for nearly a decade and was...
  
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• FCA unveils roadmap for tough new senior manager rules

  26-07-2017 12:57
  Much-anticipated senior manager rules to apply to all FCA regulated firms
  
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• EU Commission opens consultation on Vnuk

  26-07-2017 11:52
  The European Commission has opened a four-week consultation on the scope of the Motor Insurance Directive in relation to the Vnuk ruling.
  
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• Mapfre Global Risks falls to H1 loss on Adnoc, Panama claims

  26-07-2017 11:45
  Large claims pushed Mapfre's global specialty insurance unit
  into the red in the first half, as the carrier reported group
  results that were broadly in line with consensus expectations.
  Mapfre Global Risks made a loss of EUR13mn ($15.2mn), compared
  with a profit of EUR25.4mn a year earlier, as the unit's
  combined ratio swelled by 27.6 percentage points to 119.3 percent
  for the first half.
  Mapfre said the unit's result was affected by "two
  concurrent large claims and the impact of...
  
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• Insurers urged to act as solicitor cyber thefts rocket

  26-07-2017 11:39
  Solicitors Regulation Authority reveals solicitor cyber thefts are rocketing, triggering fresh advice to insurers about their proposal forms
  
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• Interview: Karen Beales, UK General

  26-07-2017 11:30
  Karen Beales was recently appointed CEO of UK General from her existing role as managing director, following JC Flowers’s acquisition of the company. Post discussed with Beales what the future holds for the managing general agent.
  
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• FCA outlines proposals to extend senior managers regime to insurers

  26-07-2017 11:28
  The Financial Conduct Authority has today published proposals to extend the senior managers and certification regime to insurers, essentially replacing the approved persons regime.
  
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• Analysis: Monitoring medical misdeeds

  26-07-2017 11:27
  Surgeon Ian Paterson went to prison in May for carrying out unnecessary cancer operations and this case has highlighted gaps in the insurance coverage of medical malpractice
  
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• FCA proposes to extend the senior management regime to more firms

  26-07-2017 11:23
  Under the new proposals almost all regulated firms will have to comply with the senior management and certification regime.
  
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• Marmalade launches new young driver policy

  26-07-2017 11:14
  Product covers young drivers when they are driving a family members' car.
  
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• Allianz UK replaces departed personal lines underwriting head

  26-07-2017 11:08
  Allianz UK promotes head of pricing to replace departed personal lines underwriting head
  
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• Moneysupermarket apologises after hefty ICO spam fine

  26-07-2017 10:46
  Price comparison site Moneysupermarket apologises for unsolicited emails
  
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• Aggregator apologises after hefty ICO spam fine

  26-07-2017 10:46
  Aggregator apologises for unsolicited emails
  
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• Pembroke opens project cargo consortium on Lloyd's China

  26-07-2017 10:20
  Ironshore's Pembroke managing agency has launched a project
  cargo consortium offering up to $187mn of capacity on the
  Lloyd's China platform.
  Via the consortium, Syndicate 4000 offers dedicated coverage for
  risk exposure and consequential loss related to project cargo
  transportation and delay in start-up for large-scale project risks
  triggered by China's belt and road infrastructure
  initiative.
  Tracy Ma, Pembroke's underwriting manager for Lloyd's
  China, will lead project cargo underwriting for
  
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• Opinion: Taming takeovers

  26-07-2017 10:20
  From the ashes of her manifesto Prime Minister Theresa May has
  picked out a measure that could see certain UK companies shielded
  from foreign bidders.
  According to the UK Department of Business, the government is
  already "actively engaging with businesses and stakeholders to
  develop proposals that improve and update our merger and takeover
  rules".
  The widely held assumption is that Chinese buyers are the
  intended target of the clampdown.
  Much of the detail remains unclear, though the focus of th
  
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• NZ regulator blocks Suncorp's Tower takeover

  26-07-2017 10:20
  The New Zealand Commerce Commission has blocked Suncorp's
  agreed takeover of the country's third-biggest insurer,
  Tower.
  The antitrust regulator said the NZ$236.1mn ($175.4mn)
  acquisition by Suncorp subsidiary Vero of 100 percent of Tower
  risked damaging competition in the personal insurance market.
  Suncorp had won Tower's support for the acquisition last
  month with a sweetened NZ$1.40-per-share offer that compared with a
  NZ$1.17 bid Tower hadoriginally agreed from Fairfax Financial in February.
  
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• Davies adds Oxbow chairmanship to suite of roles

  26-07-2017 10:20
  Former Sompo Canopius CEO Stuart Davies has become chairman of
  consultancy Oxbow Partners.
  Davies, whose previous roles include managing director of Aegis
  London, will hold a non-executive position at the consultants with
  a remit that incorporates the support of project execution.
  News of Davies' appointment comes less than a month after
  this publication reported that he had beenhired as executive chairman at legacy company Darag, where his
  role is part-time.
  It also comes six months after The I
  
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• Insurance customer service getting worse – survey

  26-07-2017 09:30
  Increasing number of people citing insurance customer service as among the worst
  
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• SunLife launches over 50s motor product

  26-07-2017 09:27
  Official launch follows insurer’s plan to take on the over 50s motor market
  
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• Suncorp's Tower bid rejected by Commerce Commission

  26-07-2017 05:34
  The Commerce Commission in New Zealand has rejected Brisbane-headquartered Suncorp's bid to buy New Zealand insurer Tower outright.
  
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• Aetna buys Bupa Thailand

  26-07-2017 04:14
  US-headquartered global health insurer Aetna has purchased UK health provider Bupa's Thailand operations.
  
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• RenRe tops forecasts on low cat quarter

  26-07-2017 01:25
  Bermudian (re)insurer RenaissanceRe delivered operating income of
  $2.79 per diluted common share in the second quarter, comfortably
  exceeding analysts' consensus of $2.40 per share.
  The result was also significantly ahead of the $1.55 earnings
  per share RenRe posted in the prior-year period.
  The company also reported a double-digit operating return on
  equity of 10.0 percent for the period, up 3.9 percentage
  points.
  The result was entirely buoyed by an improved underwriting
  performance as net inv
  
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