Insurance news

• Starr Specialty Texas platform gets A rating

  23-08-2017 23:03
  Starr's new Texas-based specialty platform has been given an
  A financial strength rating by AM Best.
  The new entity, Starr Specialty Insurance Company, was licensed
  as a Texas-domiciled P&C insurance company on 17 February this
  year.
  It will have an initial focus on workers' compensation and
  has either received or is applying for license expansions outside
  of Texas to all 50 states, Washington DC and Puerto Rico.
  Starr Specialty will cede 100 percent of its business to AM Best
  A-rated...
  
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• Axis Re takes Swiss Re professional lines underwriter

  23-08-2017 20:38
  Axis Re has hired Neil Monahan to lead its US professional
  liability reinsurance operation, the Bermudian announced today.
  The newly appointed exec, who will take the title of senior vice
  president for professional liability, joins from reinsurance giant
  Swiss Re. There he was head of broker relations for professional
  liability lines.
  The executive has more than three decades of experience in the
  reinsurance market, which includes stints at Cigna Special Risk
  Facilities, Reliance National and PM
  
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• Opinion: Peter Hubbard on technology and why brokers need to innovate

  23-08-2017 17:56
  The latest innovations in the insurance market are coming from technology experts, insurers and marketing specialists. Brokers need to start embracing the digital revolution too, says Peter Hubbard
  
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• Aviva Ventures invests in US connected homes start-up

  23-08-2017 17:20
  Aviva Ventures marks its first investment in the US market by leading a $10.4m series B investment into telematics company Roost.
  
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• The Blog Spot: The bright outlook for MGAs

  23-08-2017 15:53
  MGAs argue they are more nimble and adaptable than traditional insurers, are they the future for the insurance sector?
  
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• Aviva London market push continues with chief underwriter hire

  23-08-2017 15:44
  New global corporate and specialty chief underwriter will continue Aviva London market push
  
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• German non-life premiums to continue to rise

  23-08-2017 14:50
  German general insurers will continue increasing premiums to offset declining yields in their investment portfolios.
  
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• Aviva names Nick Major as global corporate and specialty CUO

  23-08-2017 13:35
  Aviva has named former Zurich chief underwriting officer Nick Major as CUO for the its global corporate and specialty division.
  
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• Allianz Worldwide Care launches AI symptom checker to drive paperless claims process

  23-08-2017 12:58
  Allianz Worldwide Care has implemented Artificial Intelligence-driven symptom checker service into its My Health app to provide customers with a paperless claims process and medical advice.
  
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• Perils pegs Storm Thomas loss estimated at €249m

  23-08-2017 12:19
  Perils has pegged insurance and reinsurance industry losses for Storm Thomas at €249m (£229m).
  
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• A-Plan backer more than doubles its money with Sequel stake sale

  23-08-2017 12:03
  PE house HgCapital gets 161% uplift on Sequel stake sale
  
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• Southern China braced for Typhoon Hato

  23-08-2017 11:42
  Category 10 Typhoon Hato was expected to make landfall in
  China's southern Guangdong province later today, having closed
  down government offices, schools and the stock exchange in Hong
  Kong.
  Outlying Hong Kong islands have experienced winds of up to
  141km/h, with the typhoon expected to skirt the south of Hong Kong
  before moving into mainland China, The Guardian
  reported.
  Aon Benfield's Impact Forecasting cat report named
  Hato's forecast landing location as Sanzaozhen, in Guangdong
  province, and
  
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• Perils keeps Doris loss estimate flat at EUR249mn

  23-08-2017 11:42
  Catastrophe data aggregator Perils kept its loss estimate for
  Windstorm Thomas, also known as Doris, at EUR249.0mn ($293.6mn) in
  its third disclosure for the event, released today.
  The estimate is unchanged from the estimate Perils issued on 23
  May.
  Windstorm Thomas hit the British Isles, the Netherlands, Belgium
  and Germany on 23 and 24 February 2017.
  "While there are notable changes in loss amounts on a
  country-by-country basis, the overall event loss figure has
  remained the same," Perils said
  
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• Opinion: Canadian tentacles

  23-08-2017 11:42
  If Nephila has lived up to its name by weaving a golden web
  across the property cat industry, then perhaps the Canadian Pension
  Plan Investment Board (CPPIB) ought to consider a name change.
  For its growing appetite for investing in insurance risk
  carriers and distributors is beginning to look a little like the
  behaviour of an octopus, with tentacles reaching out across the
  non-life and life sector, grasping at different access points.
  It emerged this week that the giant pension...
  
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• NexAssure to open UK MGA

  23-08-2017 11:42
  Singaporean MGA, administrator and consultancy firm NexAssure Group
  has announced that it is to open a UK MGA to lead the company's
  expansion into Europe and the Middle East.
  The firm has also hired Mark Angel as head of specialty. Angel
  joins from WhiteOak Underwriting, where he was chief
  underwriter.
  NexAssure is led by CEO Anthony Hobrow, the Whittington Group
  founder, and has offices in London, Hong Kong and Kuala Lumpur as
  well as Singapore.
  Hobrow moved to Singapore in...
  
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• Insurers slammed over ‘hidden fees’ at renewal

  23-08-2017 11:06
  Report claims insurers are charging customers ‘hidden fees’ when renewing motor policies
  
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• Broking group Brightside wins van account

  23-08-2017 10:30
  Broking group Brightside signs new distribution deal with Vans Direct
  
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• Clear plots buying spree to double GWP by 2022

  23-08-2017 10:11
  Up to 18 commercial brokers could be bought within the next five years.
  
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• #Insagepeople: 21 - 27 August 2017

  23-08-2017 09:58
  Keep up to date with all the latest people moves.
  
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• Suncorp's Vero to appeal Tower takeover block

  23-08-2017 09:39
  Australian giant Suncorp is appealing a New Zealand Commerce Commission decision to block its takeover bid of rival Tower by its subsidiary Vero.
  
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• Suncorp's Vero appeals against vetoed Tower purchase

  23-08-2017 09:27
  The Vero unit of Australian insurer Suncorp has lodged a court
  appeal in New Zealand against the competition regulator's July
  decision to block its NZ$236.1mn ($172.3mn) takeover of Tower.
  In a one-sentence statement Suncorp said Vero Insurance New
  Zealand had submitted the appeal with the New Zealand High
  Court.
  The New Zealand Commerce Commissionvetoed the transaction last month , noting that the transaction
  could damage competition in the New Zealand personal insurance
  market.
  Suncorp had won
  
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• IAG to purchase additional quota share protection

  23-08-2017 09:27
  IAG is exploring additional reinsurance quota share
  opportunities with its counterparties, after net claims for the
  full-year 2017 surpassed its budget by A$142mn ($112.5mn).
  The Australian carrier will look to purchase further quota share
  protection to strengthen its regulatory capital position, the firm
  said in its full-year results disclosures today.
  This quota share buying would be in addition and separate to the
  additional A$1bn of cat cover it purchased at the 1 June renewals,
  which sits a
  
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• Blog: If Hurricane Andrew II hit Miami today

  23-08-2017 07:00
  If a hurricane the strength of Andrew in 1992 tracked through Miami today, losses would likely exceed $200bn ($155bn), almost twice what the insurance industry is prepared for, warns Karen Clark, co-founder, president and CEO of Karen Clark & Company.
  
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• Analysis: Aviation insurers prove adaptable

  23-08-2017 07:00
  Insurers are adapting to aviation's latest trends, despite low premiums.
  
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• High time for Fed guidance on marijuana: NCCI

  23-08-2017 01:07
  The impact on workers compensation from state-by-state
  legalization of marijuana remains fluid, with many questions as to
  how carriers will adapt to the changing landscape, according to the
  National Council on Compensation Insurance (NCCI).
  In a report, the organization said uncertainty will remain until
  the federal government reclassifies the drug from its current
  Schedule 1 status as an illegal substance or the Trump
  administration intervenes and begins enforcing existing federal
  laws.In the a
  
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• Great American restructures E&S business for growth

  23-08-2017 01:07
  Great American is looking to expand its excess and surplus lines
  (E&S) presence with the formation of a new division that
  combines its existing operations in the segment.
  Great American Risk Solutions brings together the American
  Empire Group and the insurer's existing specialty E&S
  division.
  In a statement, the American Financial Group-owned carrier said
  that it will continue to offer a wide range of E&S casualty and
  property products, with its "experienced" underwriters
  and claims
  
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• Grange offers 3-year commercial package policies

  23-08-2017 01:07
  US carrier Grange Insurance is set to write 36 month commercial
  package policies in a move it says will help it differentiate
  itself from its competitors.
  The Columbus, Ohio-based insurer said that the offering would
  allow policyholders to have consistent, stable rates and terms and
  conditions for three years, along with a streamlined annual update
  process.
  The company added that it is one of only a few insurance
  carriers to offer such a multi-year policy to commercial
  insureds.
  Although multi-y
  
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• Brown & Riding names Boseman COO

  23-08-2017 01:07
  Expansive US wholesaler Brown & Riding has named Mike
  Boseman as chief operating officer.
  The executive has been promoted from within the organisation and
  will be responsible for strategic operations, including client and
  carrier development, enhancing the firm's information
  technology service offerings, and enforcing service standards and
  regulatory compliance.
  Boseman has been at the Los Angeles-based broker for a decade
  and was most recently senior vice president.
  He will continue to work
  
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• AM Best goes negative on PartnerRe NY unit after deal

  23-08-2017 01:07
  Ratings agency AM Best has put the outlook for PartnerRe
  Insurance Company of New York (PRNY) under review with negative
  implications in the wake of an announcement that Employers Group
  was set to acquire it from its Bermudian parent.
  The news puts the PartnerRe subsidiary's A-level financial
  strength rating in scope for a downgrade, which would bring it into
  line with its prospective new owner, which is rated A-.
  But AM Best stressed that the deal is still pending regulatory...
  
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