Insurance news

• Tokio Marine hires CRO from ProSight Specialty

  01-09-2017 23:55
  Tokio Marine Kiln has appointed Vivek Syal as its chief risk
  officer (CRO).
  Syal joins from ProSight Specialty Managing Agency Ltd-Syndicate
  1110, where he has served as CRO since March 2016, according to his
  LinkedIn profile. He will replace Andrew Hitchcox, who retires at
  the end of October.
  Syal was previously a senior technical specialist overseeing
  Solvency II implementation at the UK Prudential Regulation
  Authority. Before that he spent almost five years at PwC, where he
  was a director wor
  
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• Safepoint and Weston to take 23,500 Citizens policies

  01-09-2017 23:55
  Floridian homeowners specialists Safepoint and Weston are set to
  pick up almost 23,500 policies from Citizens as part of the
  residual insurer's depopulation drive.
  Safepoint has been approved to take on 18,525 policies from the
  state-backed carrier, the Florida Office of Insurance Regulation
  said today. The bulk of those are personal residential policies
  while 1,025 are commercial non-residential.
  Meanwhile, Weston got the green light to pick up 4,015 personal
  residential policies and 958 commer
  
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• Scor given an upgrade to A+ by AM Best

  01-09-2017 20:26
  Scor's financial strength rating (FSR) has been upgraded one
  step to A+ by AM Best, citing its recent financial performance and
  its risk management practices.
  The company's credit rating also advanced to aa- from a+, AM
  Best said today.
  "The rating upgrades reflect Scor's track record of
  strong and resilient operating profitability and its very strong
  risk-adjusted capitalisation, despite persisting challenging market
  conditions," AM Best said.
  "The ratings also reflect Scor's excellent business
  
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• Public and private Harvey insured loss up to $40bn: Morgan Stanley

  01-09-2017 20:26
  Hurricane Harvey could inflict total insured losses of up to
  $40bn, with $5bn-$15bn of this sitting with the government-backed
  flood insurance scheme, Morgan Stanley analysts have estimated.
  But analysts Kai Pan and Michael Phillips said there was also a
  possibility combined public and private insured losses could amount
  to no more than $15bn. They added that the continuing uncertainty
  over the extent of covered damages had placed a near-term
  "overhang" on P&C stocks.
  "Historically, insured
  
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• Maison and FedNat turn to reinsurers to cover Harvey losses

  01-09-2017 20:26
  Maison Insurance Company and Federated National both expect
  their Hurricane Harvey losses to be absorbed by reinsurers.
  The two primary carriers, which have policyholders in both Texas
  and Louisiana, have released public statements in response to
  Harvey.
  Maison, owned by 1347 Property Insurance Holdings, said its
  gross losses from the storm are expected to exceed the $5mn
  per-occurrence retention on its catastrophe excess-of-loss
  reinsurance programme.
  However, losses are expected to be well wit
  
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• Harvey could be most expensive natural disaster in US history, says AccuWeather

  01-09-2017 18:26
  Hurricane Harvey could be the most expensive natural disaster in American history, costing the US economy $190bn, according to AccuWeather.
  
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• Regional review: Romford

  01-09-2017 16:28 via insuranceage.co.uk
  Specialist market: The Romford area is home to many specialist brokers and traditional local players, but is its proximity to London a help or a hindrance?
  
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• Harvey insured losses to hit $15bn: Karen Clark

  01-09-2017 16:10
  Inland flood losses will drive the total insured losses of
  hurricane Harvey up to $15bn, modelling firm Karen Clark & Co
  (KCC) has said.
  The vast majority of the loss will result from inland flooding,
  said the modellers, with this accounting for 80.5 percent of its
  industry loss estimate, at $12.4bn.
  This estimate does not include losses for the government-backed
  National Flood Insurance Program (NFIP).
  The remaining claims will originate from $2.5bn of wind-driven
  losses and $0.5bn of losse
  
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• Category 3 Hurricane Irma brews in the Atlantic

  01-09-2017 16:10
  In the aftermath of Hurricane Harvey, forecasters are keeping
  one eye on Hurricane Irma, a Category 3 storm which is rapidly
  gaining intensity out in the Atlantic.
  Irma was named as a tropical storm on Wednesday morning and by
  Thursday afternoon it had strengthened into a large Category 3
  hurricane, with winds of 115 mph.
  Some forecasters, such as the Climate Forecast Applications
  Network, have suggested the storm could track straight up through
  Florida and into the US mainland.
  However,...
  
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• Charlotte Halkett moves to BuzzMove sister company as it looks to move into household insurance

  01-09-2017 14:18
  Ex-Insure The Box communications general manager, Charlotte Halkett, has been appointed as managing director of insurtech company BuzzVault as it looks to expand into household insurance.
  
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• The US flood insurance market is a mess

  01-09-2017 13:49
  John Dizard says the federal programme is broken and private insurers are cautious
  
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• Flood Harvey inundates the insurance market

  01-09-2017 13:49
  John Dizard analyses the intersection of politics and catastrophe risk modelling
  
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• InsurTech Futures: Brolly launches online product roadmap

  01-09-2017 13:02 via insuranceage.co.uk
  InsurTech start-up says it will have motor and home insurance products available in its shop within six months.
  
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• Broking break: Your Top Five

  01-09-2017 12:59 via insuranceage.co.uk
  Deals, bribery offences, Arnold Schwarzenegger and Kanye West hit the headlines this week and make up the five most popular stories.
  
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• Zurich hires chief risk officer from Swiss Re

  01-09-2017 12:46
  Zurich Insurance has named Alison Martin as its new group chief
  risk officer, succeeding Cecilia Reyes, who is retiring.
  Martin will join Zurich on 1 October from Swiss Re as chief risk
  officer-designate and member of the executive committee. She will
  replace Reyes in January, with Reyes leaving Swiss Re after 16
  years during the first quarter.
  At Swiss Re Martin has for the past four years been head of life
  and health business management.
  Prior to that Martin held...
  
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• Xchanging executive director Guttridge departs

  01-09-2017 12:46
  Adrian Guttridge, the executive director of Xchanging, has resigned
  from the outsourcing firm, The Insurance
  Insider can reveal.
  Sources told this publication that Guttridge, a vocal proponent
  of London market modernisation, was planning to relocate to
  southeast Asia at the end of this year to pursue new
  opportunities.
  It is understood that the executive will remain at the firm
  until a successor is in place.
  Guttridge will leave Xchanging after almost five years, having
  joined from HP Enterprise
  
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• Sompo Canopius confirms Centerbridge-backed MBO

  01-09-2017 12:46
  Sompo Canopius is to change hands through a $952mn MBO backed by
  private equity firm Centerbridge, asfirst reported by The Insurance Insider.
  The deal with Japanese seller Sompo also includes private
  investment firm Gallatin Point Capital LLC, while management, led
  by executive chairman Michael Watson and chief underwriting officer
  Mike Duffy, will take a small stake.
  On completion of the transaction, Canopius will become a
  standalone business.
  It is understood that the all-cash deal will value
  
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• Opinion: A bright future

  01-09-2017 12:46
  Often in the run-up to large industry conferences, particularly
  those with a large British contingent, there's a tendency to
  focus on the negative.
  For all of the talk of stiff upper lips and "mustn't
  grumble", we Brits also love a good whinge. A reason to feel
  dour and to justify that much-needed pint or glass of wine once the
  working day is done.
  The last few months in the London market have evoked this gloomy
  spirit, with talk of tough...
  
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• Newman retires from Aon

  01-09-2017 12:46
  Industry veteran Pamela Newman has officially retired from Aon
  Risk Services (ARS), The Insurance
  Insider can reveal.
  The New York-based executive was most recently president and CEO
  of The Newman Team at ARS, as well as an executive vice president
  at the broking giant.
  She retains a consulting role at the firm, however.
  The Newman Team at Aon specialises in Fortune 500 clients
  worldwide.
  The executive joined Aon in 1993 after a stint at Marsh that
  lasted just over a...
  
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• JLT makes Brexit push with Belgian acquisition

  01-09-2017 12:46
  JLT has acquired specialty Belgian broker Belgibo from Exmar
  Group for an undisclosed sum, it announced yesterday.
  Belgibo is a Lloyd's broker based in Antwerp and focuses on
  marine, credit and political risks, cargo, aviation, logistics,
  construction, professional services and employee benefits.
  The broker has been a member of JLT's International Network,
  and has worked alongside JLT for more than 20 years.
  JLT said the deal, which sees 66 colleagues join the JLT Group,
  will support JLT's servi
  
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• Harvey residential flood loss up to $9.5bn: CoreLogic

  01-09-2017 12:46
  Hurricane Harvey's impact has already made it among the
  worst US natural disasters in history, with CoreLogic pegging
  insured residential flood losses alone in the counties affected at
  up to $9.5bn.
  The real estate data provider acted ahead of most data peers by
  delivering its estimate.
  It set a range for the losses of $6.5bn to $9.5bn in the 70
  counties of Texas and Louisiana affected.
  The estimate includes effects of storm surge, while the data
  provider noted that almost...
  
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• Ethos' Vertical closes in on first deal

  01-09-2017 12:46
  Vertical Underwriting Managers (VUM) is close to securing
  capacity for its first deal after the new Ethos MGA was unveiled by
  Ascot yesterday.
  According to sources, the Joe Calise-headed start-up is working
  on at least two transactions as it looks to begin underwriting in
  the coming months.
  Although the nature of the business being targeted for its first
  deal is not known, Calise's newly appointed chief casualty
  officer Adam Schnell has a background in developing a range of
  liability products...
  
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• InsurTech Futures: Investment in UK InsurTech soars to record levels

  01-09-2017 12:43 via insuranceage.co.uk
  London remains European centre for InsurTech investment, says Accenture as £218m is ploughed into the sector.
  
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• Kanye West insurers: Tour manager tried to 'thwart' investigations

  01-09-2017 12:38
  Kanye West insurers complain that West’s tour management company has obstructed their claim probe
  
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• This week in Post: Thoughts with Texas

  01-09-2017 12:32
  The world watched with horror last weekend as Hurricane Harvey made landfall, its high winds bringing devastation to Texas. It’s been downgraded to a tropical storm but the floods from its torrential rains continue to wreak havoc.
  
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• UK Insurtech investment brings in £218m in the first half of 2017

  01-09-2017 11:53
  Investment in UK insurtech has increased to £218m in the first half of 2017 compared to £7.3m in the previous year.
  
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• Economic losses from Harvey could top $90bn

  01-09-2017 11:36
  Economic losses caused by wind, storm surge, and inland flooding from Hurricane Harvey could be as high as $90bn (£69.6bn), according to data from risk modelling firm RMS.
  
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• Mike Reeves joins Vericlaim's international business development board

  01-09-2017 11:30
  Mike Reeves, has joined the international business development team of Vericlaim’s parent company, Sedgwick, after spending 40 years at Crawfords.
  
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• Zurich appoints Alison Martin as group chief risk officer

  01-09-2017 11:26
  Zurich has appointed Alison Martin as group chief risk officer, effective January 2018.
  
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• Quizzical questions: 1 September 2017

  01-09-2017 11:15 via insuranceage.co.uk
  Test your knowledge of the week's news with our topical quiz.
  
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• Anbang sells stakes in Chinese megabanks amid troubles

  01-09-2017 11:15
  Share sales in Q2 may have reached $1bn as insurer struggles with plummeting premiums
  
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• Consortium acquires Canopius from Sompo for $952m

  01-09-2017 11:02
  Canopius has been acquired by a private equity consortium led by Centerbridge Partners for $952m (£736.5m).
  
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• Sompo Canopius sold to private equity for $952m

  01-09-2017 10:24 via insuranceage.co.uk
  Canopius will be led by current executive chairman Michael Watson and chief underwriting officer Mike Duffy.
  
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• Ardonagh Group buys Healthy Pets

  01-09-2017 10:10 via insuranceage.co.uk
  Pet specialist is the firm's first purchase since its creation.
  
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• Top 50 2017 - Welcome

  01-09-2017 09:51 via insuranceage.co.uk
  Innovative market: The Top 50 Brokers in Personal Lines is full of growing and efficient firms. Brokers are ideally placed for further success in the next 12 months
  
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• Top 50 2017 - State of the market

  01-09-2017 09:50 via insuranceage.co.uk
  Personal lines performance boost: Analysis of this year’s Top 50 reveals a picture of growth and opportunity
  
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• Top 50 2017 - Rules of engagement

  01-09-2017 09:50 via insuranceage.co.uk
  The criteria we used to determine this year’s Top 50 brokers in personal lines after applications
  
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• Top 50 2017 - Bandings

  01-09-2017 09:50 via insuranceage.co.uk
  Top 50 listing - Brokers are listed alphabetically in bands of GWP
  
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• Top 50 2017 - £750m+

  01-09-2017 09:50 via insuranceage.co.uk
  Hastings Direct (Hastings Insurance Services)
  
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• Top 50 2017 - £500m - £749.99m

  01-09-2017 09:50 via insuranceage.co.uk
  Swinton Group
  
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• Top 50 2017 - £75m - £99.99m

  01-09-2017 09:49 via insuranceage.co.uk
  Abbey Insurance Brokers / Acorn Insurance
  
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• Top 50 2017 - £250m - £499.99m

  01-09-2017 09:49 via insuranceage.co.uk
  Adrian Flux Insurance / A-Plan Holdings
  
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• Top 50 2017 - £150m - £249.99m

  01-09-2017 09:49 via insuranceage.co.uk
  Arthur J. Gallagher / Complete Cover Group - Hyperformance / Eldon Insurance Services / First Central Insurance Management / Markerstudy Group – Retail and Ultimate / Towergate
  
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• Top 50 2017 - £100m - £149.99m

  01-09-2017 09:49 via insuranceage.co.uk
  Autonet Insurance Services / Be Wiser Insurance / Endsleigh Insurance Services 
  
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• Top 50 2017 - £50m - £74.99m

  01-09-2017 09:48 via insuranceage.co.uk
  Carole Nash Insurance Consultants / Devitt Insurance Services / Fresh Insurance Services Group / Grove & Dean / Hughes Insurance / Jelf - Bluefin / MCE Insurance / Premium Choice Insurance
  
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• Top 50 2017 - £25m - £49.99m

  01-09-2017 09:48 via insuranceage.co.uk
  Autoline Insurance Group/ Avantia Insurance / Brightside Group / Carrot Insurance / Higos Insurance Services / Hood Group / Lark (Group) / Stackhouse Poland / Sure Thing! / TempCover / Vantage Insurance Services
  
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• Top 50 2017 - £20m - £24.99m

  01-09-2017 09:48 via insuranceage.co.uk
  Academy Insurance / Alan Boswell Group / Caravan Guard / SEIB Insurance Brokers
  
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• Top 50 2017 - £15m - £19.99m

  01-09-2017 09:48 via insuranceage.co.uk
  Ceta Insurance / Lycetts / P J Hayman & Company
  
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• Top 50 2017 - Under £10m

  01-09-2017 09:47 via insuranceage.co.uk
  Clark Thomson Chartered Insurance Brokers / ICB Group / Kerr Group Insurance / Laurie Ross / Ryan’s / Saffron Insurance Services
  
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• Top 50 2017 - Insurer perspective

  01-09-2017 09:47 via insuranceage.co.uk
  Stand out from the crowd: Brokers need to differentiate to compete with the competition in personal lines, writes David Skinn
  
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