Insurance news

• Stone Point-backed Nebco combines with TDC

  29-08-2017 22:54
  Stone Point Capital-backed agency Nebco has agreed to combine with
  TDC Risk Management in a move that will extend the
  organisation's reach to include offices in states from
  Connecticut and Florida to Ohio and Arizona.
  Both agencies cater to high net worth individuals and families,
  providing specialty personal and commercial coverage. The merged
  organisation will take on a new name later this year.
  Stone Point acquired Greenwich, Connecticut-based Nebco in 2013.
  Led by CEO John Paolini, the group
  
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• Aon rolls out flood limit replacement product

  29-08-2017 22:54
  Organisations victimised by Hurricane Harvey's floods may be
  able to reinstate exhausted or impaired aggregate flood limits
  through a product newly created by Aon's risk solutions group
  for its clients.
  Pro rata pricing for Aon's flood secure product will apply for
  reinstated limits and terms of under 12 months, Aon said.
  Flood secure is designed to match existing carrier agreements to
  provide reinstatement of impaired flood coverage with limits of
  $25mn or more and can include high flood hazard
  
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• AmTrust shares drop after report of suspect inquiries

  29-08-2017 22:54
  AmTrust shares fell as much as 5.6 percent in New York trading
  today following a Wall Street Journal report about vocal critics of
  the company receiving suspicious inquiries about the carrier from
  parties apparently using phony identities.
  Shares of the New York-based insurer have been battered since the
  start of the year, with the stock falling over 50 percent from an
  intraday high of over $28 in late December.
  In early afternoon trading on the Nasdaq stock market, AmTrust was...
  
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• Underwriting losses mount for US P&C industry: AM Best

  29-08-2017 19:36
  Property and casualty insurers in the US collectively lost $5.1bn
  on their underwriting operations in the first half of this year,
  more than double the loss in the corresponding period of 2016, AM
  Best has said, citing statutory reports.
  Incurred losses and loss adjustment expenses climbed 6.1 percent in
  the six months through June, while underwriting costs rose 1.8
  percent, AM Best said today in a report. The combined outlays
  surpassed the 3.7 percent increase in net premiums earned.
  The...
  
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• Novae-Axis deal wins shareholder clearance

  29-08-2017 19:36
  Novae's £477.6mn ($612.5mn) takeover by Axis Capital
  gained overwhelming shareholder approval today, with almost 94
  percent of voting investors endorsing the deal at a court
  meeting.
  A total of 249 shareholders, representing 71.53 percent of
  Novae's issued ordinary share capital, voted on the takeover at
  the court meeting.
  Just 16 shareholders, holding 0.03 percent of the issued stock,
  voted against the deal, while 233 shareholders owning 71.5 percent
  of the equity base backed the deal.
  At
  
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• Argo Bermuda takes US property execs from Ironshore

  29-08-2017 19:36
  Argo has hired a quartet of Ironshore executives led by Nick
  Wills to write direct US property business from its Bermuda
  platform, The Insurance Insider can
  reveal.
  According to sources, Wills - who was most recently senior vice
  president at Liberty-owned Ironshore - has been joined by
  underwriters Anne Holden, Karlene Woolridge and Helen Campbell.
  Wills is expected to report to Bob Hansberry, head of property
  for Argo Insurance Bermuda, in his new role.
  It is thought the quartet will...
  
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• Ardonagh promotes Newman and confirms Donegan move

  29-08-2017 19:36
  The Ardonagh Group has promoted Gordon Newman to head up its
  wholesale broking operations as part of a management reorganisation
  that has seen Price Forbes CEO Mike Donegan move to a group
  strategic role.
  The Insurance Insider revealed earlier
  today thatDonegan was relinquishing the CEO role at Price Forbes in
  favour of chairman of non-marine James Masterton.In a press release Ardonagh said that Newman, currently
  executive chairman of Bishopsgate, will become wholesale segment
  leader, with Price
  
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• Hasta la vista, PPI! Schwarzenegger fronts FCA's £42m campaign

  29-08-2017 18:25
  Robotic head modelled on star features in watchdog’s ads pointing out chance to claim will terminate after 2019 deadlineThe UK’s financial watchdog is to launch a £42m campaign featuring a model of the Terminator star, Arnold Schwarzenegger, to raise awareness of the deadline for making complaints about payment protection insurance.The Financial Conduct Authority’s ad campaign, which is being paid for by the 18 banks, building societies and credit card providers with the
  
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• Michael Donegan steps down as Price Forbes chief executive

  29-08-2017 17:46
  Michael Donegan becomes strategic adviser as new chief executive named
  
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• Ardonagh Group hires Lloyd’s broking big hitter to run wholesale

  29-08-2017 17:41
  New leader for Ardonagh Group wholesale segment
  
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• Novae shareholders give Axis deal the green light

  29-08-2017 17:26
  Novae shareholders have overwhelmingly accepted a £477.6m takeover by Axis Capital with approximately 99.97% of shareholder votes cast in favour of the proposal.
  
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• Noave shareholders give Axis deal the green light

  29-08-2017 17:26
  Novae shareholders have overwhelmingly accepted a £477.6m takeover by Axis Capital with approximately 99.97% of shareholder votes cast in favour of the proposal.
  
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• Man jailed for trying to defraud Hastings after CMC call

  29-08-2017 17:14
  Man tried to defraud Hastings after contact from claims management company
  
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• SME Now and in the Future: Raising your claim game

  29-08-2017 16:39
  Small businesses may not always be prepared for the claims process, but brokers can make the journey easier for clients and even improve retention rates at the same time, writes Edward Murray
  
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• News analysis: Allianz and LV deal sees personal and commercial lines business shake-up

  29-08-2017 16:38
  Personal lines moved to LV brand as commercial lines go to Allianz as part of £713m deal
  
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• InsurTech Futures: Start-up Sherpa raises $2.3m in funding

  29-08-2017 16:28
  Malta-based InsurTech set to launch in the UK later this year.
  
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• Calling all brokers, there is still time to shape the 2017 Underwriting Service Awards

  29-08-2017 15:56
  Brokers, there is still time left to shape the runners and riders for this year’s Underwriting Service Awards.
  
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• Swedish pension fund takes chunk of pandemic bond

  29-08-2017 15:48
  Third Swedish National Pension Fund (AP3) has confirmed it was a
  lead investor in the World Bank's pandemic cat bond.
  The World Bank launched the $320mn bond in June as part of an
  insurance facility created to provide immediate funding to
  developing countries facing the risk of a pandemic.
  Financing will be triggered when an outbreak reaches an agreed
  level, which is based on number of deaths, the speed of the spread
  of the disease and whether the disease crosses...
  
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• Speculation mounts over Sawgrass book

  29-08-2017 15:48
  Speculation is mounting over the future of Sawgrass Mutual's
  book of Florida homeowners' business after the company was
  placed into administrative supervision by its state regulator last
  week.
  The move by the Florida Office of Insurance Regulation (FLOIR)
  came a day after the carrier was dealt a significant blow by
  Demotech, as its financial stability rating (FSR) was downgraded
  from A, Exceptional to L, Licensed.
  The FLOIR consent order, signed by Insurance Commissioner David
  Altmaier, was the
  
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• Reinsurers scramble to assess Harvey impact

  29-08-2017 15:48
  Early indications point to Hurricane Harvey being more a flood
  loss than a wind loss, and more of a primary insurance event than
  one to keep reinsurers awake at night.
  But as the flood waters continue to rise in Houston this week
  and damage begins to be assessed along the Texas coast, reinsurers
  will nevertheless be seeking to identify exposures from multiple
  types of cedant.
  There has inevitably been some focus on the state- and
  government-backed residual insurers that tend...
  
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• Q2 wrap: solid headline results mask core deteriorations

  29-08-2017 15:48
  P&C (re)insurance companies enjoyed a light cat quarter in
  the three months to 30 June 2017, reporting relatively healthy
  returns while the competitive market environment continued to
  pressure underlying margins.
  Underwriting margins were widened by the absence of major
  catastrophe losses in the second quarter. The low level of cat
  activity returned 4.8 percentage points to combined ratios on a
  simple average basis across the companies in our analysis.
  This compared to the prior-year period
  
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• Philippines unveils catastrophe insurance programme

  29-08-2017 15:48
  A World Bank-backed $206mn catastrophe risk insurance programme has
  been launched in the Philippines to help the country better respond
  to losses from severe weather, earthquakes and other natural
  disasters.
  Reinsurers Nephila, Swiss Re, Munich Re via its NewRe
  subsidiary, Axa and Hannover Re make up a panel chosen through
  competitive bidding that will take on the risk via the World
  Bank's International Bank for Reconstruction and
  Development.
  The Philippines' Government Service Insurance System
  
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• Opinion: A sweetener for the 75%

  29-08-2017 15:48
  Upping the offer by 5p a share when there's no counterbid on
  the table might look odd to outside observers, particularly given
  the earnings miss published by Novae earlier this month.
  But Axis CEO Albert Benchimol may well have an eye to the
  crucial shareholder vote, due on 29 August.
  Novae's shareholder base has changed significantly since the
  takeover agreement was announced.
  Neptune Investment Management, once the largest shareholder in
  Novae, has largely sold out of its position, after its..
  
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• Novae-Axis deal gains shareholder clearance

  29-08-2017 15:48
  Novae's £477.6mn ($612.5mn) takeover by Axis Capital
  was overwhelmingly approved by shareholders today, with almost 94
  percent of voting investors endorsing the deal at a court meeting
  held today.A total of 249 shareholders, representing 71.53 percent of
  Novae's issued ordinary share capital, voted on the takeover at
  the court meeting.
  Just 16 shareholders, holding 0.03 percent of the issued stock,
  voted against the deal, while 233 shareholders owning 71.5 percent
  of the equity base backed
  
  Read more

• Munich Re pushes into disease cover

  29-08-2017 15:48
  Munich Re has made its pandemic and epidemic risk business a
  separate profit centre under the leadership of Gunther Kraut on the
  expectation that demand for cover will increase.
  Kraut, previously project head for the initiative, became head
  of epidemic risk solutions after the unit was formed earlier this
  month.
  As well as its already-announced collaboration with the World
  Bank, for which Munich Re helped structure two classes of pandemic
  cat bond, the German carrier has written a small number..
  
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• Mitsui gets Fairfax on side

  29-08-2017 15:48
  Mitsui Sumitomo's $1.6bn acquisition of Fairfax's First
  Capital has demonstrated that the Japanese carrier is willing to
  pay a substantial price for deals which could foster fruitful
  strategic partnerships, rather than immediately transforming its
  earnings profile.
  Under theterms of the deal Mitsui will buy 97.7 percent
  of First Capital's shares for $65.50 apiece, equivalent to 3.3x
  book value.
  Meanwhile, Fairfax will also retain a 25 percent quota share on
  First Capital's existing and future bu
  
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• Maiden and whistleblowing ex-COO fail to settle

  29-08-2017 15:48
  Maiden has failed to find significant common ground with its former
  chief operating officer Bentzion Turin, who accused the company of
  fraud over a key $260mn transaction in 2009.
  US Department of Labor administrative law judge Theresa Timlin
  had ordered the two parties to try to settle their differences in a
  hearing that took place behind closed doors last week.
  But after two days of talks, Maiden and Turin failed to reach an
  agreement and a public hearing was scheduled...
  
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• Harvey threatens severe commercial flood loss

  29-08-2017 15:48
  As the floodwaters continue to rise in Houston, insurers are
  beginning to assess what looks to be a complicated claims situation
  that makes predicting ultimate industry losses from Hurricane
  Harvey highly challenging.
  Much of the news coverage has naturally concentrated on the
  humanitarian side, as rescues and evacuations continue.
  But for the insurance industry, the consensus at this point is
  that the storm is predominantly a commercial flood event - at least
  in terms of the claims quantum face
  
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• European reinsurers to largely absorb Harvey loss: UBS

  29-08-2017 15:48
  Third-quarter cat budgets at the four major European reinsurers
  should largely be able to contain the impact from Hurricane Harvey,
  even if the storm generates a $20bn industry insured loss,
  according to UBS analyst Jonny Urwin.
  However, the UBS analyst also warned the London-based carriers
  could be more vulnerable.AIR Worldwide forecasted the weather event to generate
  wind-only insured losses ranging from $1.2bn to $2.3bn, whileKaren Clark 's wind estimates stood at around $2.7bn."Whilst we see
  
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• Donegan steps down as Price Forbes CEO

  29-08-2017 15:48
  Mike Donegan has stepped down as CEO of Price Forbes and taken up a
  position as a strategic advisor to parent company The Ardonagh
  Group, The Insurance Insider can reveal.
  Sources said staff had been told that London market veteran
  Donegan was relinquishing the CEO role today in favour of chairman
  of non-marine James Masterton.
  It is understood that Donegan will work closely with Ardonagh
  CEO David Ross after he hands the reins to Masterton, as the two
  executives look...
  
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• CNA is largest Texas commercial property carrier: Moody's

  29-08-2017 15:48
  CNA, Liberty Mutual and AIG are the top three commercial
  property insurers in Texas by direct written premiums (DWP),
  according to data from Moody's and SNL Financial.
  In a report published today, after Hurricane Harvey made
  landfall as a Category 4 storm in Texas on Friday, Moody's said
  CNA booked $523mn of commercial property DWP in the state last
  year.
  This ranked it at the top of the list, with 12 percent of its
  nationwide commercial property book stemming from...
  
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• China Re H1 profits grow 13 percent

  29-08-2017 15:48
  Profit before tax at state-owned carrier China Re grew 12.7
  percent to RMB3.89bn ($589mn) in the first half as investment
  returns improved.
  Gross written premiums at the Chinese reinsurer increased by
  34.7 percent to RMB67.83bn, according to the first half results
  published on Monday.
  China Re made investment income of RMB5bn, representing an
  annualised investment yield of 5.7 percent, up from 4.75 percent in
  the same period last year.
  The combined ratio for the carrier's primary property and
  ca
  
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• Centerbridge set to seal Sompo Canopius deal

  29-08-2017 15:48
  New York-headquartered private equity house Centerbridge is in
  advanced talks to acquire Sompo Canopius as part of a management
  buyout (MBO) of the Lloyd's (re)insurer, The
  Insurance Insider can reveal.
  It is understood that the all-cash deal will value Sompo
  Canopius at upwards of $900mn, dwarfing Axis' takeout of listed
  player Novae.
  Broking sources said they expected the deal to be finalised over
  the next fortnight, with Sompo Canopius' management keen to
  provide certainty around the group's
  
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• Axis seeks to secure Novae with increased bid

  29-08-2017 15:48
  Axis Capital has attempted to "bring certainty" to its
  effort to buy Lloyd's insurer Novae by raising its agreed offer
  by 2.1 percent.
  The new offer, made on the evening of 24 August, is worth
  £477.6mn ($612.5mn), or 715 pence per share, compared with the
  700 pence Axis agreed to pay for Novae on 5 July.
  Novae shareholders made a muted response to the improved bid,
  with the stock ticking up 1.8 percent to 710p as of lunchtime on 25...
  
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• AIG writes primary layer of $125mn Harris County cover

  29-08-2017 15:48
  AIG is a lead writer of the primary $125mn property insurance
  programme for Harris County, Texas, the flood-struck area that
  includes Houston, The Insurance Insider
  can reveal.
  Harris County, whose cover renews at 1 June, buys $125mn of
  named windstorm cover for the $2.2bn of total insured value (TIV)
  relating to the municipal buildings, infrastructure and other
  assets it owns.
  The programme is bought by the Harris County Purchasing Agent
  for the county and its flood control district.
  The primar
  
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• Malta disruptor vowing to shake up UK market wins $2.3m funding

  29-08-2017 15:12
  Malta disruptor says insurance must change - and it has the answers
  
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• Schwarzenegger fronts FCA compensation claims campaign

  29-08-2017 14:53
  Schwarzenegger fronts FCA compensation claims campaign but wisdom of decision questioned
  
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• NFU Mutual ranks lowest for digital services in home and motor lines

  29-08-2017 13:46
  Just 4% of leading insurers are providing digital services in their claims process within home and motor lines of business.
  
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• Arnold Schwarzenegger to front FCA's ad campaign on PPI deadline

  29-08-2017 13:32
  The Terminator actor will urge people to make a decision about filing a PPI complaint.
  
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• Brightside unit move to affect 90 staff

  29-08-2017 13:31
  Brightside unit IQED to move office to Aust from Cardiff
  
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• Brightside's IQED office move impacts 90 staff

  29-08-2017 13:14
  Broker to move its medical reporting business from Cardiff to Bristol.
  
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• Jabsheh moves to London to take on role as IGI UK executive director

  29-08-2017 13:04
  International General Insurance Holdings has appointed Waleed Jabsheh as executive director of its UK board.
  
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• #Insagepeople: 29 August - 3 September 2017

  29-08-2017 12:49
  Keep up to date with all the latest people moves.
  
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• Trust Re H1 profits fall on large claims

  29-08-2017 12:18
  Group profits at Bahrain-headquartered reinsurer Trust Re fell
  5.3 percent to $12.5mn for the first half, following a higher
  frequency of large claims.
  The combined ratio for the six months to 30 June increased by
  4.7 points to 98.3 percent.
  Trust Re noted that a "strong" investment result had
  counteracted the deterioration in the underwriting result.Group gross written premiums jumped by 26 percent to $366.7mn for
  the half.
  CEO and director Fadi AbuNahl said: "Despite operating in a
  challenging
  
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• State Farm leads Texan auto insurers

  29-08-2017 12:18
  National insurers dominate the line-up of major auto insurance
  writers in Texas with State Farm holding the leading market share,
  according to AM Best data.
  Unlike homeowners' business, auto policies typically do not
  exclude flood claims, which will be a major driver of losses from
  Hurricane Harvey after it led to extensive flooding in Houston.
  State Farm leads with almost a 16 percent share of premiums
  written in the state in 2016, and it is also the leading
  homeowners' insurer...
  
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• Primary insurers to bear brunt of Harvey losses: S&P

  29-08-2017 12:18
  Insurers, rather than reinsurers, are expected to take the
  lion's share of losses from Hurricane Harvey, according to the
  ratings agency Standard & Poor's.
  Based on early estimates of losses of around $6bn, excluding
  flood losses, primary insurers are expected to retain the bulk of
  the losses.
  S&P said: "Based on these early estimates, we believe
  that Hurricane Harvey will likely be an earnings event rather than
  a capital event for the property/casualty (P/C) insurers and
  reinsurers. As
  
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• PICC targets Southeast Asian M&A

  29-08-2017 12:18
  Chinese insurance giant PICC Group is in talks to either acquire
  or buy a stake in a number of Southeast Asian insurers, with at
  least one deal expected to complete this year.
  Speaking to Reuters, Xie Yiqun, vice president of the group,
  said between one and two deals were expected to materialise this
  year, with "a few more" to come in the next two or three
  years.
  He added that PICC had planned to open offices and branches in
  certain...
  
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• Opinion: Harvey and market fundamentals

  29-08-2017 12:18
  With Harvey still adeveloping flood event, and the scale of coastal wind damage
  far from clear, it is impossible at this stage to give a clear
  sense of the insured loss quantum.
  However, it is already abundantly apparent that (re)insurers
  will be forced to absorb a significant hit, with scope for this to
  become the biggest single insured loss event in the world since
  2012's Superstorm Sandy.
  US commercial insurance writers from the nationwides to
  Lloyd's syndicates will run...
  
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• Hato impact on local carriers will be moderate: AM Best

  29-08-2017 12:18
  Typhoon Hato will moderately impact the earnings of non-life
  insurers in Macau, but will have a limited effect on their
  financial strength ratings, according to AM Best.
  On August 23, Typhoon Hato made landfall just north of the Asian
  casino hub at a strength of Category 2.
  AM Best said it expected that the storm would have limited
  rating impact on the affected non-life insurers, given their
  conservative reinsurance arrangements, low penetration of natural
  catastrophe coverage on personal lines
  
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• Harvey rainfall exceeds $11.9bn storm Allison

  29-08-2017 12:18
  Tropical Storm Harvey has already caused more rainfall than
  Tropical Storm Allison, which flooded Houston in 2001, according to
  data from the Weather Prediction Center and Aon Benfield's
  Impact Forecasting report.
  Allison cost around $11.9bn in economic damage, $5bn of which
  was insured.
  Impact Forecasting said more damage is expected in the coming
  days as rain continues to fall on saturated ground in Texas and
  Louisiana. The report added that parts of Louisiana are now
  threatened by floods.
  Har
  
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