Insurance news

• AM Best goes positive on American Strategic Insurance

  25-08-2017 22:50
  AM Best has attached a positive outlook to its rating of
  Florida-based US homeowners insurer American Strategic Insurance
  Corp (ASI), citing the influence of its majority owner
  Progressive.
  The US auto insurance giant took control of ASI in an $875mn
  deal that closed in 2015.
  Now, AM Best has revised up the outlook for ASI's A
  financial strength rating citing "the financial and
  operational enhancements" provided by its new parent.
  "In addition, ASI's current distribution network has
  been broaden
  
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• Karen Clark predicts Harvey wind losses of $2.7bn

  25-08-2017 20:49
  Modelling firm Karen Clark & Company has predicted that wind
  damage from Hurricane Harvey, which is currently barrelling towards
  the Texas coast, could cost the industry $2.7bn.In a client note, seen by The Insurance
  Insider, the firm said that on its current track,
  Harvey could also generate a storm surge that would cause around
  $1bn in economic damages.That brings the combined economic losses from flooding and insured
  losses from wind damage to around $3.7bn but Karen Clark warned...
  
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• RMS tips low level wind damage from Harvey

  25-08-2017 18:33
  Various scenarios modelled by RMS suggest that wind losses as a
  result of Hurricane Harvey are most likely to fall in the low
  single-digit billions.
  It said this was based on a selection of modelled storm
  scenarios that resembled Harvey's forecast.
  These showed there was only a small 10 percent chance that wind
  losses could exceed $6bn. But equally some forecasts came in below
  $1bn.
  But these figures do not include flooding damages, which are set
  to be a major...
  
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• Opinion: Taking the measure of Harvey

  25-08-2017 18:33
  Harvey picked up pace yesterday as it prepares to slam into the
  Texas coast.
  Of course, we hope the preparations have been made for what
  looks like devastating flooding and some pretty significant wind
  damage.
  But at the time of writing, Harvey's course looked as if it
  could result in disappointment for those hoping for an event that
  could arrest the pervasive softening of property rates in the US
  for insurers and reinsurers.
  CoreLogic estimates that there are about 232,721...
  
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• The stats: The Acturis Premium Index

  25-08-2017 17:33 via insuranceage.co.uk
  Ups and downs in the Acturis Premium Index for the second quarter of 2017
  
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• The stats: September 2017 - The Acturis Premium Index

  25-08-2017 17:33 via insuranceage.co.uk
  Ups and downs in the Acturis Premium Index for the second quarter of 2017
  
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• Broking success: Pedalcover's Darren Thomas

  25-08-2017 17:31 via insuranceage.co.uk
  Racing along: Pedalcover’s managing director Darren Thomas explains why mixing business with a passion for cycling has been a career highlight and how the broker is planning to keep pedalling forward
  
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• Marsh’s Jelf-Bluefin unit hires former Aon executive

  25-08-2017 15:15
  Jelf-Bluefin unit hires new professions head
  
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• This Week in Post: Is there a driver on board this truck?

  25-08-2017 14:12
  Living in South London, I’m in an on-off relationship with my broadband connection. My unreliable web access is irritating – although it is probably not as bad as in certain rural areas.
  
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• Premia recruits chief actuary from QBE and adds CIO

  25-08-2017 13:57
  QBE North America's chief actuary, Leigh Oates, has resigned
  from the insurer to join Bermudian run-off start-up Premia
  Holdings, The Insurance Insider can
  reveal.
  According to sources, Oates will take up a senior actuarial
  position with the Kelso-backed vehicle that will reunite her with
  Premia group CEO Bill O'Farrell, with whom she worked at
  Ace.
  The executive will be based in Philadelphia and officially take
  up the role early next month.
  She joins a growing management team at Premia, which..
  
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• CoreLogic estimates Harvey costs at $40bn

  25-08-2017 13:57
  CoreLogic has said the cost of reconstructing properties damaged by
  Hurricane Harvey could reach $39.6bn.
  The analytics provider has revealed that 232,721 homes along the
  Texas coast are at potential risk of hurricane-driven storm surge
  damage from Harvey, which would lead to reconstruction costs of
  $40bn if all the homes were hit.
  Houston is expected to be the costliest area for rebuilding,
  assuming all 118,138 homes at risk are impacted, with
  reconstruction costs put at $20.82bn.
  This data is
  
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• Axis acts to quash any counterbid

  25-08-2017 13:57
  Axis has moved to pre-empt a potential counterbid by finding
  another £10.0mn ($11.8mn) to lift itsagreed offer for Novae offer by 2.1 percent.The new offer is worth £477.6mn, or 715 pence per share,
  compared with the 700 pence Axis agreed to pay for Novae on 5
  July.
  The decision by Axis follows some disquiet among Novae investors
  about the original offer, which represented a scant 20.3 percent
  premium to the pre-agreement price. It also comes after a period...
  
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• Reconstruction costs for Harvey could top $40bn

  25-08-2017 13:41
  Reconstruction costs form property damaged by Hurricane Harvey could reach $39.6bn, according to Core Logic.
  
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• Banks brace for rush of PPI claims as £42m TV ad campaign begins

  25-08-2017 13:35
  Industry watchdog the FCA forces industry to fund campaign to spur fresh wave of claims before 2019 deadlineBritain’s banks are bracing themselves for a new wave of compensation claims likely to be sparked by a £42m advertising campaign urging customers to complain about their payment protection insurance policies.The campaign by the Financial Conduct Authority is due to launch on 29 August – exactly two years before the cut-off point for any fresh PPI claims – and is bei
  
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• Allianz employees given suspended sentences for leaking customer data to CMCs

  25-08-2017 12:59
  Five people, including three Allianz employees who made £7000 from leaking more than 700 pieces of confidential data, have been sentenced for bribery offences.
  
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• Driverless lorries could slash insurance costs

  25-08-2017 12:46
  Government planning to test driverless lorries on UK roads
  
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• Convoy of 'self-driving' lorries to be tested on UK roads next year

  25-08-2017 12:45 via insuranceage.co.uk
  Axa says "driverless" lorries could save haulage industry £34bn over 10 years, following the governments pledge to spend £8.1m towards trials.
  
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• Top 5: Adding value to crisis resilience plans for SMEs

  25-08-2017 12:21 via insuranceage.co.uk
  Paul Bassett, managing director – crisis management, at Arthur J. Gallagher, discusses how brokers can support their SME clients.
  
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• How to reclaim mis-sold PPI for free

  25-08-2017 12:21
  Getting compensation can be a quick and easy – and there is no need to use expensive claims handling companyReclaiming mis-sold payment protection insurance can be a quick and easy process. There is no need to use a claims handling company that will rake off 30% of any compensation you are awarded. Related: Banks brace for rush of PPI claims after £42m TV ad campaignContinue reading...
  
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• Harvey expected to be major hurricane as it approaches Texas landfall

  25-08-2017 11:38
  Inland flooding, hurricane winds, and life-threatening storm surge poses a severe risk from Hurricane Harvey, according to catastrophe modelling firm AIR Worldwide.
  
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• Opinion: A very personal deal

  25-08-2017 11:33
  Fairfax chairman and CEO Prem Watsa is famed for his amicable,
  cosy deal-making skills, but usually it's when he's trying
  to buy something.Yesterday's deal, in which Fairfax agreed to sell its
  Singaporean P&C carrier First Capital for $1.6bn to Mitsui
  Sumitomo, showed he can also keep things remarkably friendly when
  he's selling something.
  There's often a personal relationship at the heart of
  Watsa's deals. The speed with which they are transacted - with
  much of it agreed over a...
  
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• Three Allianz employees sentenced for bribery offences

  25-08-2017 11:19 via insuranceage.co.uk
  Five people in total sentenced after the three employees made £7,000 from selling confidential customer data.
  
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• Five sentenced for leaking Allianz UK customer data to CMCs

  25-08-2017 11:14
  Allianz UK customer data leaked by three former employees
  
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• Insurers welcome government's self-driving lorry trials

  25-08-2017 11:01
  The government has greenlighted a project which will see self-driving lorry “platooning” trials on UK roads by the end of next year.
  
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• Axis increases Novae takeover offer to 715p per share

  25-08-2017 10:59
  Axis has improved its cash offer to acquire Novae to 715 pence per share valuing the Lloyd’s listed insurer at approximately £477.6m.
  
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• Quizzical questions: 25 August 2017

  25-08-2017 10:31 via insuranceage.co.uk
  Test your knowledge of the week's news with our topical quiz.
  
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• Axis boosts offer for Lloyd’s insurer Novae

  25-08-2017 10:23
  New offer values Lloyd’s insurer Novae at £477.6m
  
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• Aviva sells stake in Italian insurance business

  25-08-2017 10:11
  Aviva has sold its stake in its Italian joint venture Avipop Assicurazioni SpA.
  
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• Vanderson exits Ascot Singapore

  25-08-2017 07:00
  Ascot Underwriting's chief underwriter and principal officer
  in Singapore, Lee Vanderson, has resigned from the business,
  The Insurance Insider can reveal.
  Vanderson has worked at Ascot in Singapore since April 2007.
  Previously, he was the carrier's senior underwriter for cargo.
  He began his insurance career in 1985 and joined Ascot in 2001.
  The Insurance Insider understands that
  Vanderson resigned last month, but will remain in place serving out
  his notice period while Ascot recruits a replacem
  
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• US MGA start-up secures Berkshire paper

  25-08-2017 07:00
  PartnerRe's former head of direct and facultative (D&F)
  business, Dom Tobey, has secured Berkshire Hathaway support for his
  latest venture, Texas-based managing agency Kemah Capital.
  Tobey, who is chairman and CEO of Kemah, is working in
  association with two well-established market figures, Graham Bell
  and Jorge Linero.
  Bell was formerly chairman of Lloyd's broker Alsford Page
  & Gems, while Linero was CUO and head of Americas at PartnerRe,
  responsible for the global Direct and Facultativ
  
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• Texas on track for first hurricane strike since 2008

  25-08-2017 07:00
  Tropical Storm Harvey is expected to strengthen into a hurricane by
  the time it approaches Texas on Friday (25 August), which would be
  the state's first hurricane strike since 2008.
  The National Hurricane Center (NHC) has emphasised rainfall,
  storm surge and potential flooding are some of the key risks to
  watch for from the storm.
  Typically, flood damage is less costly for the (re)insurance
  industry than wind-driven losses from hurricanes.
  Tom Sabbatelli, RMS hurricane risk expert, said that
  Har
  
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• Ranger leaves Munich Re Syndicate Singapore

  25-08-2017 07:00
  Jonathan Ranger has resigned from his position as CEO of Munich
  Re Syndicate Singapore after more than 15 years in the role,
  The Insurance Insider understands.
  Ranger had worked at the carrier since July 2002, having moved
  across from Swiss Re, where he was a regional marine underwriter
  for two years.
  Prior to that, Ranger spent two years as a marine manager in
  AIG's Singapore office, and a further seven years as a marine
  underwriter at AIG Europe.
  Ranger's departure...
  
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• Profits tumble at China Taiping in H1

  25-08-2017 07:00
  Profits before tax at China Taiping fell by 17.5 percent to
  HK$5bn ($640mn) in the first half of the year as P&C earnings
  in mainland China plunged.
  Earnings per share fell to HK$0.624, down from HK$0.827, while
  P&C profit in mainland China declined by 41.5 percent to
  HK$242.9mn.
  Overseas P&C profit edged up 0.6 percent to HK$242.9mn.China Taiping's profit from life insurance, its biggest
  unit, fell 49.7 percent to HK$1.67bn, while asset management
  earnings rose 89 percent to HK$249.
  
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• Novae closes US D&F operations in Bermuda

  25-08-2017 07:00
  Novae has decided to shutter its US direct and facultative
  (D&F) (re)insurance operations in Bermuda, The
  Insurance Insider can reveal.
  Sources indicated that unit head Nik Lucking and his team -
  which include deputy head Nick Garside and senior underwriter
  Keerome Maybury - had been let go.
  In a statement to this publication, Novae said the group board
  had decided not to renew its quota share reinsurance contract in
  Bermuda for the 2018 year of account, and would no longer...
  
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• Harvey could hit Texas as Cat 3

  25-08-2017 07:00
  Insurers are facing the prospect of Harvey making landfall in
  Texas as the first major hurricane of the 2017 Atlantic storm
  season.
  Latest forecasts from the National Hurricane Center now suggest
  the storm will reach major hurricane strength at Category 3 before
  it reaches the mid-Texas coast.
  That will put homeowners and auto insurers and their reinsurers
  on alert as Harvey heads towards a major landfall Friday night.
  Although market share along the coast is likely to be different,
  at...
  
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• Fairfax takes 25% QS as part of MSI-First Capital deal

  25-08-2017 07:00
  Canadian conglomerate Fairfax Financial will retain a 25 percent
  quota share on First Capital's existing and future business as
  part of its agreement to sell it to Mitsui Sumitomo Insurance
  (MSI), president and CEO Prem Watsa confirmed today.
  Speaking on an analyst call following theannouncement of the transaction, Watsa said the $1.6bn deal was
  a "game changer" for Fairfax and would be "very
  beneficial" for both firms' shareholders.Under the quota share arrangement, if First Capital were to
  wri
  
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• Canadian mutual hires Henn to drive US operations

  25-08-2017 07:00
  Insurance veteran Chris Henn has been named president of
  Wawanesa Mutual Insurance Company's US operations as the
  Canadian mutual looks to grow its presence across the border.
  Henn has held senior positions at Esurance, Nationwide and
  Progressive during a 30-year career in the industry.
  Wawanesa noted in a statement that during the executive's 15
  years at Esurance, the company grew from a start-up to having over
  a million policies in force with more than $15bn in written
  premium.
  "Chris is...
  
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• Axis ups Novae offer to 715p per share

  25-08-2017 07:00
  Axis has increased its final offer for Novae by 2.1 percent to
  715 pence per share in a move that values the listed Lloyd's
  insurer at approximately £477.6mn ($611.5mn).
  The offer is 3.4 percent higher than Novae's 697.5 pence
  closing share price today.
  And the final offer price represents a 23 percent uplift on the
  581.5 pence Novae shares were trading for when markets closed and
  the deal was announced on 5 July.
  Axis CEO Albert Benchimol said the aim...
  
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• Axis partners with InsurTech platform

  25-08-2017 07:00
  Axis Capital has partnered with Silicon Valley-based digital
  start-up innovation platform Plug and Play.
  The Bermudian said by joining the InsurTech platform it would
  gain access to "world-class" digital insurance start-ups,
  providing mentorship and technical support together with
  underwriting and actuarial expertise to turn their ideas into
  products or services.
  Axis A&H CEO Chris DiSipio commented: "AXIS has a
  proven entrepreneurial track record and our alliance with Plug and
  Play will all
  
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• MSIG to buy First Capital for £1.25bn

  25-08-2017 02:34
  Japanese carrier Mitsui Sumitomo Insurance, part of MS&AD, has acquired Singapore general insurer First Capital for $1.6bn (£1.25bn) from Fairfax Financial.
  
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