Insurance news

• Opinion: A home for Hub

  18-08-2017 16:19
  Talk of an IPO at Hub International had been echoing around
  banking circles for some time.
  After the recent round of private equity ownership churn at
  several other US intermediaries, it had been mooted that the
  Chicago-based firm - the biggest of its peer group by a distance -
  was headed on a different path, taking it towards the public
  markets.
  But a report yesterday that the US retail broker's backer
  Hellman & Friedman (H&F) is exploring a sale of...
  
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• MS Amlin CFO Hextall to leave

  18-08-2017 16:19
  Richard Hextall, the longstanding chief finance and operations
  officer of MS Amlin, will leave the company at the end of
  September.
  Hextall will be replaced by Chris Rash, a former CFO of
  RSA's international business. Rash was hired by Hextall as his
  successor and has worked at MS Amlin since the start of the year as
  director of finance.
  Hextall became group finance director at Amlin in 1999, having
  previously worked at Deloitte.
  His operations remit will be taken over...
  
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• David Charles steps down as head of PIB-owned Cooke & Mason

  18-08-2017 15:53
  Charles, who leaves to coach rugby, will be replaced by Andy White who was formerly MD at Henderson Insurance Brokers.
  
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• Henderson’s Andy White to replace Cooke and Mason MD

  18-08-2017 15:42
  Cooke and Mason MD David Charles steps down to devote more time to rugby coaching
  
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• RSA signs up to motor subrogation portal

  18-08-2017 14:46
  RSA joins other big name insurers in motor subrogation portal
  
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• Maiden eyes settlement with whistleblowing ex-COO

  18-08-2017 13:40
  Maiden is set to enter settlement talks with its former COO
  Bentzion Turin, who has spent the best part of the last decade
  maintaining that the beleaguered reinsurer committed fraud in a key
  $260mn transaction in 2009.
  The revelation came as Turin was preparing to face his former
  boss, Maiden's CEO Art Raschbaum, who was due to testify about
  the allegations by lawyers for the self-styled whistleblower.
  But The Insurance Insider understands
  that the two parties have been forced into...
  
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• Jack Ma leads $1.7bn buyout of MassMutual’s HK unit

  18-08-2017 13:18 via ft.com
  Alibaba chairman’s Yunfeng Financial seeks expansion into insurance
  
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• Week in Post: Last of the summer wine

  18-08-2017 13:04
  This week we’ve seen some major acquisitions in the summer lull between the tail-end of results season, and everyone heading off to their holidays in Spain.
  
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• New motor fleet MGA launched

  18-08-2017 12:11
  TeleFleet to build offering using telematics data.
  
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• Quizzical questions: 18 August 2017

  18-08-2017 11:54 via insuranceage.co.uk
  Test your knowledge of the week's news with our topical quiz.
  
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• Aviva strongest brand in the motor market

  18-08-2017 11:53
  Aviva has the greatest brand power in the retail motor market, with Hastings, Admiral, Adrian Flux and LV making up the top five most searched for insurers.
  
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• Former Bluefin boss Kenny Hogg to head up Gallagher's Scottish operations

  18-08-2017 11:44
  Ex-Bluefin broking managing director, Kenny Hogg, has been appointed regional managing director of Arthur J. Gallagher’s Scottish operations.
  
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• Opinion: Capital mountains

  18-08-2017 11:17
  I think I just caught sight of a piece of summer tumbleweed
  freewheeling through The Insider's
  office out of the corner of my eye.
  Or maybe I just imagined it.
  Short of stimuli in August in London you sometimes start to see
  things.
  You know the public news machinery has pretty much entirely
  closed down when the most interesting development of the day is the
  minting of a share buyback tender.
  White Mountains broke the summer silence yesterday morning,
  jolting...
  
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• Euler Hermes appoints Southeast Asia and China CEOs

  18-08-2017 11:17
  Allianz-owned trade credit insurer Euler Hermes has named new
  CEOs for Southeast Asia and China, filling a gap left after a
  senior executive moved to Munich Re.
  Clemens Philippi, the regional head of market management at
  Allianz Global Corporate & Specialty (AGCS), moves over to
  Euler Hermes as Association of Southeast Asian Nations CEO.
  Philippi's remit covers Indonesia, Malaysia, Philippines,
  Singapore, Thailand and Vietnam. He started in the Singapore-based
  role on 17 August.
  The appointm
  
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• Arch sells $200mn depositary shares

  18-08-2017 11:17
  Bermudian (re)insurer Arch Capital has closed a $200mn sale of
  depositary shares to raise funds to redeem preference stock.
  The company sold 8 million depositary shares at $25 apiece,
  according to a statement on 17 August.
  A further 1.2 million depositary shares are being offered to
  bookrunning banks in case of strong demand.
  The funds will be used to redeem Series C preferred shares, said
  Arch, which added that it may redeem some Series F shares also.
  The equity offering...
  
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• Cytora to expand internationally following successful partnerships

  18-08-2017 11:16
  Following a £2.4m investment provided by Parkwalk, Artificial Intelligence start-up Cytora has successfully partnered with three insurers, providing their services in the commercial space.
  
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• Fiducia opens Birmingham office

  18-08-2017 10:55
  The MGA has also launched a marine trades facility for the UK regional marine market.
  
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• Fiducia opens Birmingham office and launches marine trades facility

  18-08-2017 10:48
  Managing general agent Fiducia has opened a new office in Birmingham and launched a comprehensive marine trades facility for the UK regional marine market.
  
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• Ex Towergate and Bluefin boss Kenny Hogg joins Gallagher as Scotland lead

  18-08-2017 10:36
  RMD for Scotland, Paul Kerry, remains with the business as chairman, Scotland.
  
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• Gallagher hires former Bluefin broking head

  18-08-2017 10:20
  Bluefin broking head to run Gallagher’s Scotland business
  
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• Hiscox adds drone cover and more to home insurance product

  18-08-2017 10:06
  According to the insurer the enhanced product takes into account new and emerging risks such as cyber.
  
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• Allianz grows first half P&C GWP in Asia as profit falls

  18-08-2017 09:09
  Global insurer Allianz saw P&C premium growth in Asia of 13% in the first half of the year as P&C profit fell the same percentage amount.
  
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• Former burglars say barking dogs and CCTV are best deterrent

  18-08-2017 07:01
  Ex-criminals tell Co-op Insurance most thieves are opportunists who tend to avoid difficult break-insBurglars are most likely to be put off breaking into homes by CCTV cameras and barking dogs, according to a panel of former criminals.Nearly half of the 12 former burglars consulted by Co-op Insurance said most thieves were opportunists wandering the streets who would avoid difficult break-ins that were likely to attract attention.Continue reading...
  
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• C-suite: Allianz's Jon Dye and LV's Steve Treloar on why they have joined forces

  18-08-2017 07:00
  Joint venture agreements can bring challenges as well as benefits. Jon Dye, CEO of Allianz Insurance, and Steve Treloar, managing director of general insurance at LV,explain how their business will work together.
  
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• Allianz's Jon Dye and LV's Steve Treloar on why they have joined forces

  18-08-2017 07:00
  Joint venture agreements can bring challenges as well as benefits. Jon Dye, CEO of Allianz Insurance, and Steve Treloar, managing director of general insurance at LV,explain how their business will work together.
  
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• Seeman Holtz enters Texas with duo of deals

  18-08-2017 06:21
  Seeman Holtz has entered the Texas market with a duo of deals
  bringing to a dozen the total number of acquisitions the expansive
  broking house has announced so far this year.
  The intermediary announced yesterday that it had bought
  Dallas-based Primera Capital which provides auto insurance and tax
  services and is led by Anthony Davis, who joins Seeman Holtz.
  The deal represented the broker's first step into the Lone Star
  State.
  Then today, the Boca Raton, Florida-based broker said it...
  
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• Should you sign your financial life away?

  18-08-2017 06:00 via ft.com
  The pros and cons of appointing a lasting power of attorney
  
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• Philippi swaps Allianz for Euler Hermes in Asia

  18-08-2017 05:11
  Allianz-owned global trade credit insurer Euler Hermes has made two senior appointments in Asia.
  
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• US commercial P&C pricing off 2.8% in Q2

  18-08-2017 03:15
  US commercial property and casualty rates softened for the tenth
  straight quarter with an average reduction of 2.8 percent in Q2,
  according to the latest survey from The Council of Insurance Agents
  & Brokers (CIAB).
  That represented a slight acceleration from the 2.5 percent
  average decline across all account sizes in the first quarter.
  The CIAB said that the movement was evidence of a market that
  appears to be stabilizing in 2017, with rate reductions in the
  range of 2.5...
  
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• Hub's PE backer said to offer stake for sale: Reuters

  18-08-2017 03:15
  Acquisitive intermediary Hub International's private-equity
  backer Hellman & Friedman is said to be exploring the sale of
  part of its holdings in the broker in a deal that may put its value
  as high as $7bn.
  The PE firm would retain a controlling interest, Reuters said
  today citing sources it did not name. A partial sale may end
  talk that Hub would seek an initial public share
  offering to capitalise on soaring broker values.
  The intermediaries are particularly attractive to...
  
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• Ruggles named G2 CEO to succeed Colton

  18-08-2017 00:59
  San Francisco broker G2 Insurance Services has hired former
  BB&T executive Mark Ruggles as its new CEO.
  Ruggles succeeds the firm's co-founder and former CEO Larry
  Colton and will oversee G2's operations, sales and strategic
  direction. Colton retired earlier this year.
  Most recently, Ruggles oversaw the Pleasanton and San Francisco
  offices as area president at broker BB&T Insurance Services.
  He is a former president of Venbrook Insurance Services and a
  senior vice president at Brown &
  
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• Prime enters NJ commercial auto market

  18-08-2017 00:59
  Hard-to-place auto insurance specialist Prime Property and Casualty
  has entered the New Jersey commercial "wheels" market as
  an admitted carrier.
  The insurer headed by Rick Lindsey specializes in writing
  distressed and substandard automotive risks.
  In entering the market, Chicago-based Prime said it offers Garden
  State producers the opportunity to "write their most difficult
  commercial auto risks and expand their book of business".
  Prime said it offers its capacity to write any commercial auto r
  
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• HDI Global enters E&S market with new unit

  18-08-2017 00:59
  Expansive international insurer HDI Global has launched a new
  excess and surplus lines (E&S) subsidiary to target US
  alternative energy, private-public partnerships (P3s) and
  design-build construction risks.
  The Talanx Group-owned carrier said it had formed E&S platform
  HDI Specialty Insurance Company, headed by Lothar Becker as CEO and
  Jim Clark as president and CUO.
  The move is part of HDI Global's strategy to meet the needs of
  international and domestic clients by creating a platform
  
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• Berkshire unit joins Pembroke on med mal facility

  18-08-2017 00:59
  Berkshire Hathaway's MedPro Group has added its capacity to a
  medical malpractice facility also supported by Ironshore's
  Pembroke Lloyd's Syndicate 4000.
  The program managed by The Medical Professional Liability Company
  (MPLC) was launched in January 2011 to provide Lloyd's paper to
  US institutions providing clinical services overseas.
  Maximum limits offered under the facility are $15mn for any one
  claim and $30mn in the annual aggregate.
  MedPro and MPLC said the combination of their respective
  
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