Insurance news

• First half of 2016 saw most US cats since 1980: Verisk

  11-08-2017 23:23
  Flash floods inundated parts of several US cities this week,
  causing millions of dollars in damage in San Antonia, Kansas City
  and New Orleans, where Louisiana governor John Edwards declared a
  state of emergency today.
  The flood events come after a challenging first half of the year
  for cat losses.
  Verisk Analytics estimates that catastrophes in the US produced
  $15bn in insured losses in the six months through June, up 10
  percent from last year and the most in a...
  
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• Ag startup MGA Crop Pro aims to mix FinTech and MPCI

  11-08-2017 23:23
  Crop Pro Insurance Services, an Iowa startup adapting new
  technology and risk management methods in the crop insurance
  market, passed two milestones this week by raising $8mn in venture
  financing and obtaining federal approval to offer US-backed
  agricultural cover.
  Operating as an MGA, the company based near Des Moines in
  Johnston plans to offer multi-peril crop and hail cover working
  with both the US Department of Agriculture's Federal Crop
  Insurance Corporation and GuideOne Mutual Insurance in
  
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• Navigators' outlook revised to positive by AM Best

  11-08-2017 19:02
  Navigators may be in for a ratings upgrade after AM Best changed
  its outlook on the carrier's operating units to positive from
  stable today, citing the group's "strict underwriting
  discipline".
  "The revised outlooks for Navigators reflect its improved
  underwriting and operating performance in recent years, along with
  a strengthening of its risk-adjusted capitalization," AM Best
  said about the change in view.
  The A financial strength rating was affirmed on the Stamford,
  Connecticut-based carrier'
  
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• Week in Review: August 12

  11-08-2017 17:11 via ft.com
  SoftBank’s vision, Prudential shake-up, Lego ins and outs, US telcos and gambling
  
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• Opinion: Beyond Florida

  11-08-2017 16:29
  Heritage chairman and CEO Bruce Lucas says the deal to buy
  Narragansett Bay for $250mn is a game changer for the Florida-based
  carrier.He believes a valuation of 2.1x book, that for some might look a
  little rich, will turn out to be a bargain.That's because of the huge growth potential unlocked by
  adding an established northeast US footprint to Heritage's
  Florida, southeast and Hawaiian presence.The deal will also bring significant reinsurance synergies, and
  as such, Lucas believes...
  
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• FRC fines Deloitte actuary over ERS misconduct

  11-08-2017 16:29
  The Financial Reporting Council (FRC) has sanctioned a Deloitte
  actuary after he admitted to misconduct during his time working for
  Lloyd's motor insurer Equity Syndicate Management Limited
  (ESML), now ERS.
  James Rakow, an associate partner at Deloitte, has agreed to pay
  the FRC a £75,200 ($97,600) fine and costs of
  £400,000.
  The admitted misconduct related to failings in many areas of
  engagement, including data, methodologies and communication.
  The misconduct was not judged to be di
  
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• Rival bidders eye up LV= insurance GI business

  11-08-2017 14:04
  Private equity houses and at least one other trade buyer are now
  circling LV= after Allianz submitted a £500mn ($649mn) bid for
  a 49 percent stake in the mutual's general insurance (GI)
  business, The Insurance Insider
  understands.
  Banking sources said UK motor insurer esure, led by CEO Peter
  Wood, is one trade buyer considering a counterbid for the
  stake.
  Allianz announced the acquisition planslast week. On top of the £500mn offer, the agreement had a
  provision for Allianz to...
  
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• GIC unveils global expansion plans

  11-08-2017 14:04
  General Insurance Corporation of India (GIC) is devising an
  aggressive expansion plan to develop a bigger international
  presence fuelled by rapid growth in its home market and its
  forthcoming IPO.
  The Indian (re)insurer is listing a 14.22 percent stake in the
  business later this year, with local media expecting the deal to
  raise around $1bn.
  The book runners for the offering are Citigroup, Axis Capital,
  Deutsche Bank, HSBC and Kotak.
  In its IPO documents, GIC has disclosed plans to establish...
  
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• Aon Benfield set to gain from Heritage-Narragansett deal

  11-08-2017 14:04
  Heritage is set to hand its entire combined reinsurance placement
  to Aon Benfield after it closes its acquisition of Northeast US
  carrier Narragansett Bay, The Insurance
  Insider can reveal.
  It will also maintain the low-attaching winter storm covers put
  in place by the Rhode Island-based insurer in response to a higher
  incidence of small cat and attritional losses in recent years.
  Guy Carpenter is understood to be the lead broker on
  Narragansett Bay's current placement.
  Heritage chairman and CEO
  
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• Old Mutual on track to complete four-way break-up

  11-08-2017 13:50 via ft.com
  Financial services group increases its dividend by almost a third to 3.53p per share
  
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• Halo partners with new owner Zurich for Australian car hire excess insurance launch

  11-08-2017 13:27
  Exclusive: Halo Insurance is to launch in Australia later this year in what will be its first underwriting venture with new owner Zurich.
  
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• Motor rate rises to counter pressure on general insurers – EY

  11-08-2017 13:23
  EY predicts motor rate rises will help general insurers grow despite headwinds
  
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• Insurers throw cold water on regulator's reporting proposals

  11-08-2017 12:11
  Insurers have criticised regulatory proposals which may increase reporting burdens for insurers.
  
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• Sabre leans towards IPO as sale talks stall

  11-08-2017 12:06
  Specialist motor insurer Sabre is gearing up for an IPO after
  its auction process failed to attract the valuations its private
  equity owners were targeting, The Insurance
  Insider can reveal.
  Sources told this publication that talks with private equity
  house Centerbridge, which had minority support for its bid from
  Qatar Insurance Company, have stuttered in recent weeks.
  The Centerbridge consortium is believed to have been the sole
  party left in the Evercore-run process after Warburg Pincus
  exite
  
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• JLT Specialty USA recruits O'Brien to construction join venture

  11-08-2017 12:06
  JLT Specialty USA has hired Aon construction broker Andy
  O'Brien as a partner, as the group works to integrate its joint
  venture with Construction Risk Partners into its US operation.
  The appointment is part of JLT's continued investment in
  Construction Risk Partners, which the broker acquired a 50.1
  percent stake in for $50mn in January 2017.
  O'Brien was previously a member of Aon Construction's
  national brokerage team and brokerage leader for the Northeast and
  Mid-Atlantic region of the US.
  He
  
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• Choppen moves to Alesco as hiring spree continues

  11-08-2017 12:06
  Specialist broker Alesco Risk Management Services has made its
  fifth energy appointment this month after recruiting Bob Choppen, a
  deputy managing director of energy at Willis Towers Watson.
  Choppen will become an executive partner at Alesco when he
  starts at the AJ Gallagher-owned broking firm in October.
  He is the third Willis employee to move to Alesco this month,
  following David
  Hallows and Charlotte Clayton's departure from the Lime
  Street-based broking giant.Choppen has four decades of exp
  
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• Ataraxia backs broker EIC's management buyout

  11-08-2017 11:44
  Firm planning to grow through local acquisitions.
  
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• Details emerge on £500m Sabre float

  11-08-2017 11:21
  Sabre has hired Barclays and Numis Securities to oversee a listing on the stock market that could be worth £500m, according to Sky News.
  
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• This week in Post: M&A, Ogden misery and the Mobot

  11-08-2017 11:20
  With London hosting the World Championships there has been a sports buzz about the city this week.
  
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• This week in Post: M&A, Odgen misery and the Mobot

  11-08-2017 11:20
  With London hosting the World Championships there has been a sports buzz about the city this week.
  
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• Motor insurer Sabre hires advisers as it plans float

  11-08-2017 10:59
  Fresh plans emerge for motor insurer Sabre
  
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• Quizzical questions: 11 August 2017

  11-08-2017 10:51 via insuranceage.co.uk
  Test your knowledge of the week's news with our topical quiz.
  
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• QBE hires Kurinsky as Malaysia CEO

  11-08-2017 10:02
  Australian carrier QBE has appointed Chris Kurinsky as CEO of its
  Malaysian subsidiary, QBE Insurance (Malaysia) Berhad.
  Kurinsky moves to QBE from Chubb's Chinese operation, where
  he was head of sales. He first joined legacy Ace in 2009 in the
  Midwestern US, having previously worked at AIG and Aon.
  He later held numerous roles for Ace in south-east Asia,
  becoming general manager for consumer lines for Ace's Malaysian
  unit in May 2014, according to details on his LinkedIn profile.
  QBE...
  
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• Opinion: A grip on cat

  11-08-2017 10:02
  US property cat carriers could be forgiven for wondering if their
  lot will ever improve as margins continue to feel the squeeze of a
  pervasive soft market.
  But for those in the MGA space, the picture is altogether
  rosier.
  Yesterday's news thatThe Schinnerer Group has agreed to buy US property cat specialist
  Icat from Paraline Group demonstrates the attractiveness of
  such vehicles for other players in the intermediary space looking
  to get a tighter grip on distribution and product....
  
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• QBE appoints former Chubb director as Malaysia CEO

  11-08-2017 09:02
  Australian insurer QBE has made a senior appointment in Malaysia.
  
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• Blog: Insurers must pursue exaggerated claims

  11-08-2017 07:00
  A recent prison sentence for a claimant who exaggerated injuries, is proof that compensators should pursue this kind of fraud vigorously, writes Kieran Jones, partner at Weightmans.
  
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• A-Plan's Carl Shuker on how to deserve customer trust

  11-08-2017 07:00
  Insurers could create a panel of customer advocates to rebuild trust, recommends Carl Shuker, CEO of A-Plan Insurance.
  
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• Drivers put the brakes on car insurance with a black box

  11-08-2017 06:00 via ft.com
  The electronic spy under the bonnet is changing the industry
  
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• NatGen's Karfunkel faces Senate queries on Wells Fargo

  11-08-2017 01:25
  National General CEO Barry Karfunkel faces a grilling from a
  bipartisan group of US senators who want some answers on how the
  carrier contributed to Wells Fargo's collateral protection
  insurance scandal in which over half a million borrowers were
  charged for auto cover they did not need.
  Writing to the New York-based carrier's leader yesterday,
  the senators, led by commerce committee chairman John Thune, a
  Republican from South Dakota, and Florida's Bill Nelson, the
  ranking Democrat on the panel
  
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