Insurance news

• NatGen shares drop as much as 10% on earnings miss

  08-08-2017 19:29
  National General shares plunged as much as 10.4 percent in early
  New York trading today after the insurer posted a Q2 earnings miss late yesterday, citing
  weather-related losses and its lender-placed insurance
  programme.
  The shares tumbled to $18.41 just after trading opened, just 2
  percent above the stock's 52-week low of $18.04, then rebounded
  slightly by mid-day.
  NatGen CEO Barry Karfunkel cited a "poor performance"
  in the lender services unit, which had counted Wells Fargo as a
  major client
  
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• FedNat shares up 9.6% after earnings exceed forecasts

  08-08-2017 19:29
  Shares in Florida homeowners' specialist Federated National
  gained almost 10 percent in New York trading today after the
  carrier beat earnings forecasts to deliver a $4.9mn second quarter
  profit.
  At their peak, the shares touched $17.19 in late morning on the
  Nasdaq Stock Market, climbing from yesterday's $15.68 closing
  price.
  Federated National posted net income of $0.37 per share, higher
  than the average $0.34 expected by four analysts surveyed by
  MarketWatch, as second quarter total revenue a
  
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• Davies adds Reg UK directorship to portfolio of roles

  08-08-2017 19:29
  The insurance technology company Reg UK has appointed former Sompo
  Canopius CEO Stuart Davies to its board.
  Davies, who is also the executive chairman of the run-off
  insurer Darag and a partner at the private equity firm Disruptive
  Capital, has joined the Reg UK board in a non-executive
  capacity.
  The software provider builds compliance systems.
  In April Disruptive Capital, owned by the financier Edi Truell,
  bought a majority stake in Reg UK for £8.0mn ($10.4mn). It is
  common for private...
  
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• Getting serious about cyber

  08-08-2017 17:14 via insuranceage.co.uk
  CFC Underwriting’s Graeme Newman considers how public cyber attacks such as the WannaCry hack are helping brokers have the right conversations about digital crime with their clients.
  
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• CII sees profit dip due to change programme

  08-08-2017 17:00
  The Chartered Insurance Institute has seen a 12% dip in pre-tax profits from the previous year.
  
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• Trisura Specialty gears up for program fronting launch

  08-08-2017 16:36
  Trisura Specialty is preparing to launch as a hybrid program
  fronting carrier with a focus on US casualty insurance and $45mn of
  start-up capital, The Insurance
  Insider can reveal.
  Canadian parent company Trisura Group announced last month that
  it had been approved by the Oklahoma Insurance Department to begin
  underwriting and was seeking an A- rating from AM Best.
  According to sources, the new insurer will operate as an excess
  and surplus lines carrier and will target the MGA program...
  
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• Tom poised to select Charles Taylor for DASATS mandate

  08-08-2017 16:36
  Charles Taylor InsureTech has fended off rival bids from IBM,
  Accenture, Verisk and Xchanging to become the preferred vendor for
  a crucial component of the London market modernisation programme.
  The delegated authority submission, access and transformation
  services (DASATS) component of the delegated authority programme
  will reshape the way coverholders pass information on to London
  market carriers.
  The delegated authority programme is one of the three main
  priorities for the Target Operating Mo
  
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• Swiss Re's McElvany leaves to buy reinsurance for Farmers

  08-08-2017 16:36
  Swiss Re's head of US intermediated property business Dan
  McElvany has left the company to look after reinsurance buying for
  US insurance giant Farmers, The Insurance
  Insider can reveal.
  McElvany, whose official title at Swiss Re is senior vice
  president and head of US broker property, is expected to take up
  the role next month.
  At Farmers, he will be head of reinsurance for the mutual
  insurer's Zurich-owned management company Farmers Group.
  The group and its subsidiaries, including Farmers Mana
  
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• Swiss Re defends Corporate Solutions underwriting loss

  08-08-2017 16:36
  Swiss Re has come under pressure from analysts to explain how
  its primary insurance unit, Swiss Re Corporate Solutions, fell to
  an underwriting loss for the first half of the year.
  Speaking on a 4 August earnings call, group CEO Christian
  Mumenthaler said it was "not extraordinary" that the
  commercial lines business had posted an H1 combined ratio of 103
  percent in the context of a "very stressed" underwriting
  environment.
  Swiss Re Corporate Solutions was hit by catastrophe losses from...
  
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• Qatar Re backs latest Clear Blue program

  08-08-2017 16:36
  Fast-growing program fronting specialist Clear Blue has secured
  reinsurance support from Qatar Re on its latest program.
  MGA Stratus Risk Underwriters (SRU), based in Oldsmar, Florida,
  announced last week (4 August) it had teamed up with Clear Blue to
  launch a new offering for airport property and hangar owners and
  lessors in the Sunshine State.
  Writing on Clear Blue paper, rated A- by AM Best, the new
  program aims to offer aviation insurance customers specifically
  reserved capacity so they avoi
  
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• MS Amlin strengthens London cyber team

  08-08-2017 16:36
  MS Amlin has added further to its London team by hiring Chris
  Baddeley from Aspen, as it makes a more meaningful entry into the
  London cyber market.
  Sources told this publication that Baddeley, currently an
  assistant underwriter in the Aspen London cyber team, will join MS
  Amlin around October after serving his notice period, and will have
  a more senior role of assisting principal underwriter for cyber
  Stephen Wares.
  Wares already has an underwriting assistant, Dan Ross, who
  joined MS...
  
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• Marsh accused of gender- and race-based hostility

  08-08-2017 16:36
  One of Marsh's vice presidents has filed a legal complaint
  accusing the broker and her boss Paul Evans of destroying her
  career after subjecting her to a "pervasive atmosphere"
  of gender- and race-based hostility.
  Luisa Santana claimed that her complaints were repeatedly played
  down when she told the HR department that Evans, who led the US
  entertainment and events practice, had called her a
  "wetback" - a derogatory term for Mexicans working in the
  US illegally - and commented on...
  
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• ILS manager debuts blockchain bond

  08-08-2017 16:36
  Zurich-based insurance-linked securities (ILS) manager Solidum
  said it has issued a private cat bond using a blockchain that will
  be opened to other ILS investors.
  The firm's reinsurance transformer Dom Re issued the $14.8mn
  cat bond lite to six investors, who purchased the notes on the
  private blockchain via a Guernsey trust managed by Artex.
  The notes are due in 2023.
  Solidum Re acted as the permission grantor and sponsor of the
  blockchain, which it has named the ILSBlockchain.
  The...
  
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• Forecasters raise hurricane predictions

  08-08-2017 16:36
  Two weather forecasters have lifted their projections for the
  number of named storms in the current Atlantic hurricane season,
  falling into line with the expectation of a slightly above-average
  year.
  Tropical Storm Risk (TSR) lifted the number of named storms it
  forecast for the season from 14 to 17, while Colorado State
  University (CSU) meteorologist Philip Klotzbach has predicted 16,
  up from 15 in the most recent prior forecast.
  The new prediction from Aon Benfield's TSR includes seven
  hurrica
  
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• Ex-Cooper Gay CEO Esser returns with acquisition

  08-08-2017 16:36
  Former Cooper Gay CEO Toby Esser has struck a deal to acquire
  independent London broker AFL, The Insurance
  Insider can reveal.
  Sources told this publication that the deal was in place and
  could be announced as soon as this week.
  AFL is a small staff-owned Lloyd's and retail broker with
  around £5mn ($6.5mn) of revenues. The firm will be acquired by
  Esser's comeback vehicle Next Generation.
  When the deal completes, it is understood that Esser will join
  AFL as executive...
  
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• China Re syndicate enters A&H market

  08-08-2017 16:36
  Paul Atkinson, head of accident and health (A&H) at WR Berkley
  in London, is leaving the company to spearhead China Re Syndicate
  2088's entry into the market, The Insurance
  Insider understands.
  Sources also indicated that A&H underwriter Louise Juby,who resigned from WRB Underwriting last month, will join
  Atkinson at Syndicate 2088.
  Atkinson has been at WRB Underwriting for 11 years, according to
  his LinkedIn profile.
  His departure is the third from the WR Berkley A&H team in
  recent
  
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• Acquinex MGA launches with Arch lead

  08-08-2017 16:36
  M&A insurance-focused MGA Acquinex has launched with a line
  size of £25mn ($33mn) and lead backing from Arch,
  The Insurance Insider understands.
  The MGA, which specialises in providing warranty and indemnity
  (W&I) insurance for small M&A deals, started writing
  business at the end of June.
  Arch is the lead capacity provider for the start-up, which has
  also secured paper from RSA, Markel International and IGI.
  Managing director Chris Thompson confirmed the details to this
  publica
  
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• Standard Life: Gars crash

  08-08-2017 16:18
  Merging with Aberdeen will reduce dependence on a key fund range
  
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• Trak Global unveils new structure and financing deal

  08-08-2017 16:08
  Trak Global restructures and announces refinancing deal
  
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• PRA proposes big change to general insurance fees

  08-08-2017 16:04
  Regulator’s planned changes could have a ‘substantial’ effect on general insurance fees in some cases
  
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• GDPR consultation fails to address 'key concerns' of industry

  08-08-2017 14:23
  The insurance industry has critcised the government'sstatement of intent on the new European Union data protection bill saying it fails to address concerns on processing sensitive data without obtaining explicit consent.
  
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• Businesses could face £17m fine for lack of cyber protection

  08-08-2017 14:19
  Businesses that fail to protect their services from cyber attacks could face fines of up to £17 million or 4% of global turnover, the government has warned.
  
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• CII could raise £19m from sale of Insurance Hall

  08-08-2017 14:09
  The Chartered Insurance Institute could potentially raise £19m from the sale of its historic Aldermanbury building.
  
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• Towergate’s Jon Cawley heads to NFU Mutual

  08-08-2017 14:00
  Jon Cawley to join insurer as head of claims
  
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• Standard Life hit by customer caution ahead of Aberdeen merger

  08-08-2017 13:45
  Insurer reports outflows of £5.6bn from flagship Gars range of funds
  
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• Towergate's Jon Cawley to replace Matthew Scott as NFU Mutual claims head

  08-08-2017 13:36
  Exclusive: Towergate Underwriting head of claims Jon Cawley is to take over Matthew Scott as NFU Mutual’s head of claims.
  
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• Slight profit fall for Carole Nash in 2016

  08-08-2017 12:11 via insuranceage.co.uk
  Turnover was up to £27.5m for the full year from £26.4m in 2015.
  
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• Government’s GDPR bill fails to tackle insurer concerns - lawyer

  08-08-2017 12:05
  GDPR bill in current form could ’severely impact business models’, Clyde & Co’s Isabel Ost says
  
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• InsurTech Futures: App designed to notify brokers of motor accidents

  08-08-2017 11:47 via insuranceage.co.uk
  The designers say the app has been developed to improve information gathering after an accident and speed up any subsequent claim.
  
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• Opinion: Floating undertow

  08-08-2017 11:32
  A lot of the commentary about Berkshire Hathaway'ssecond-quarter underwriting loss focused on the impact of its
  high-profile AIG deal.
  This transaction had contributed to the Berkshire Hathaway
  Reinsurance Group (BHRG) taking a $331mn loss on retroactive
  reinsurance business, so it's not surprising that this large
  headline number came under the spotlight.
  But it's not clear from the high-level disclosures that the
  immediate charges BHRG has recognised in relation to the deal have
  diverged at all
  
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• Heritage enters Alabama market

  08-08-2017 11:32
  Floridian carrier Heritage Insurance has started to write property
  and casualty (P&C) business in Alabama.
  The company has entered the state through its Heritage P&C
  unit, which also writes business in Florida and the Carolinas, as
  part of a broader push into the south-eastern US.
  Alabama marks the fifth state in which Heritage P&C unit has
  recently launched operations. Its Zephyr Insurance Company is also
  active in Hawaii....
  
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• Generali sells Panama unit for $172mn

  08-08-2017 11:32
  Italian carrier Generali has sold its Panamanian division to
  Spanish insurer ASSA Compañía de Seguros in a deal worth
  $172mn.
  The transaction remains subject to regulatory approvals and the
  consideration may be adjusted on closure.
  Generali has run a Panamanian branch since 1970 and the unit
  mainly writes P&C business.
  The firm said it would remain active in Panama through ASSA
  within the international business lines segments, including its
  employee benefits, global corporate a
  
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• Aon acquires Dutch broker UMG

  08-08-2017 11:32
  Aon Groep Nederland, the Dutch arm of broking giant Aon, has
  acquired rival intermediary Unirobe Meeùs Groep (UMG) from
  life insurer and asset manager Aegon for EUR295mn ($348.4mn).
  Aon will acquire 100 percent of UMG, one of the largest brokers
  in the Dutch market.
  UMG houses nine businesses: HM Business Advice, HM Pension
  Advice, HR Financials, IAK, Kröller, Meeùs, Niehoff
  Werning & Kooij, Wannet and a power company, UMG Assuradeuren.
  It has around 580,000 retail custome
  
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• Flood-hit business owner sentenced for fraud

  08-08-2017 11:20
  A flood-hit shop owner has been ordered to pay compensation after attempting to falsely claim £107,000 from her insurer.
  
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• Business owner sentenced for fraudulent flood claim against AXA

  08-08-2017 10:26
  IFED investigation uncovered fraudulent flood claim
  
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• GIC Re files for IPO: report

  08-08-2017 08:40
  India's government-owned reinsurer General Insurance
  Corporation of India, or GIC Re, has filed for an initial public
  offering of shares which could raise over $1bn.
  According to Reuters, the company is set to sell a total of
  124.7 million shares in the offering, consisting of 107.5 million
  existing government stock and 17.2 million new shares.
  The IPO is being managed by Axis Capital, Citi, Deutsche Bank,
  HSBC and Kotak Investment Banking.
  In a draft prospectus for the IPO, the carrier...
  
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• BILA's Melissa Collett on five ways insurers can increase consumer trust

  08-08-2017 07:00
  Melissa Collett, director at Fairer Finance and committee member of the British Insurance Law Association, describes five ways insurers can increase consumer trust. 
  
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• Analysis: The age of consent

  08-08-2017 07:00
  Insurers will need to get the consent from their policyholders to collect their personal data, under regulation coming into force next year
  
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• Investors eye opportunities in Indian insurers

  08-08-2017 02:13
  Sector buoyed by large pool of untapped consumers and record stock market
  
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• NatGen misses as lender-placed product nicks results

  08-08-2017 01:13
  National General widely missed Wall Street earnings forecasts
  for the second quarter, posting an operating profit of $0.11 a
  share as its scandal-rocked lender-placed insurance and
  weather-related losses dragged down its results.
  Analysts had projected earnings of $0.38 per share, the average
  of five estimates collected by MarketWatch.
  The lackluster performance came despite a 35 percent gain to
  $941mn in net written premiums as three acquisitions bolstered a
  nearly 16 percent organic growth rat
  
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• FedNat beats as profit margins improve

  08-08-2017 01:13
  Federated National surpassed the expectations of analysts to
  deliver second quarter net income of $4.9mn, a nearly fivefold
  increase from the $991,000 in the year-ago quarter.
  The $0.37 per share result was higher than the average $0.34
  expected by four analysts surveyed by MarketWatch, as total revenue
  advanced almost 36 percent to $97.6mn while costs rose at a slower
  29 percent.
  Gross written premiums fell 1.5 percent to $168.7mn despite a
  significant push by the insurer beyond its Florida hea
  
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• Ariel Re bolsters top line growth as Argo beats

  08-08-2017 01:13
  Argo Group reported a comfortable second quarter earnings beat
  that featured strong top-line growth buoyed by its recent Ariel Re
  acquisition and an increase in operating profit that included
  higher net investment income.
  The Bermudian specialty (re)insurer generated a 10 percent gain
  in operating profit to $40.7mn for the period.
  At $1.31 a share, that was also $0.28 higher than the $1.03
  forecast of five analysts polled by MarketWatch.
  Gross written premiums (GWP) climbed almost 23 percent to
  
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