Insurance news

• Willis Re takes Guy Carp's Schwebach in Tampa

  07-09-2017 20:47
  Willis Re has hired Adam Schwebach from rival Guy Carpenter,
  where he was a senior vice president, The Insurance Insider can
  reveal.
  The executive is expected to take up a senior role within Willis
  Re's Tampa-based Florida operation, however his exact title is
  not yet known.
  It is believed Schwebach is currently working out his notice period
  with Guy Carpenter before taking up the position with Willis Re.
  He joined Marsh & McLennan's reinsurance broking arm in
  2009, according to...
  
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• Price retires as AHJ chairman after 20 years

  07-09-2017 20:47
  AHJ's chairman Hugh Price has retired from the independent
  wholesale and reinsurance broker after a career with the firm
  spanning 44 years.
  Price, who has been chairman in a non-executive capacity only
  since last year, handed over to Roger Mount on 1 September.
  The outgoing industry veteran will also step down from the board
  of AHJ, although he will retain his substantial equity holding in
  the business.
  Mount, AHJ's Scandinavian head, is now in place as executive
  chairman.
  Price was...
  
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• Ogden change could save (re)insurers $3.3bn: EY

  07-09-2017 20:47
  UK government proposals to reform the way the Ogden rate is
  calculated could save the (re)insurance industry £2.5bn
  ($3.3bn), according to Ernst & Young (EY).
  The Ministry of Justice said earlier todaythe government had drafted legislation that would, based on
  current conditions, translate into an Ogden rate of between 0
  percent and 1 percent.
  The bill has yet to be approved by parliament and the changes
  are unlikely to take effect for several months.EY had earlier this year...
  
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• Markel agrees to buy UK electrical contractor insurer

  07-09-2017 20:47
  Markel International has agreed to acquire the business of EC
  Insurance Co Ltd (ECIC).
  ECIC's ultimate parent is the Electrical Contractors'
  Association (ECA), which provides a wide range of insurance
  products for contractors and affinity groups across the UK building
  services sector.
  Contracts for the sale have been signed, following approval by
  the ECA's ultimate decision-making body. Terms were not
  disclosed.
  Subject to approvals from the Financial Conduct Authority and
  the Prudential Regulat
  
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• Insurer stocks take another beating on Irma threat

  07-09-2017 20:47
  Insurance sector shares fell almost across the board today in
  New York, driven by double-digit declines at some Florida-focused
  primary carriers and Bermudian reinsurers as Hurricane Irma
  continues its advance.
  Aspen shares had plunged more than 12 percent by midday, while
  Universal - the Sunshine State's biggest homeowners'
  provider - saw the biggest decline among the Floridians, dropping
  as much as 12 percent.
  Among other (re)insurers, Validus was down nearly 6 percent at
  midday in New York an
  
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• Hurricane watch set for Miami area as Irma churns

  07-09-2017 20:47
  A hurricane watch has been issued for the southeastern coast of
  Florida stretching from the Florida Keys to north of West Palm
  Beach, as Hurricane Irma continues to pummel parts of the Caribbean
  with 175mph (280kph) sustained winds.
  The storm's predicted track has put the focus on Irma's
  threat to the Miami metropolitan area. Storm surges are expected to
  reach 5 to 10 feet above normal levels, with dangerously high
  surf.
  "The threat of dangerous major hurricane impacts in Florida...
  
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• BMS Re US hires Knutson from Willis Re

  07-09-2017 20:47
  BMS Re US has hired Paul Knutson from Willis Re to take the
  position of executive vice president in its Minneapolis office.
  The executive, who was most recently a Willis Re senior vice
  president, is currently fulfilling his contractual obligations
  before officially joining his new employer.
  At BMS Re US he will become part of the origination team, focusing
  on the production of new business targeting regional multi-line and
  coastal property catastrophe reinsurance clients.
  He will report to BMS R
  
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• UK insurance payouts to shrink after U-turn on lump sum formula

  07-09-2017 19:13
  Hefty rises in car insurance premiums will level off as industry backlash forces government to revise Ogden rate changesIncreases in payouts to victims of car crashes and botched operations are to be scaled back after a furious backlash by the insurance industry against Ministry of Justice plans. In a significant U-turn by ministers, changes to the so-called “Ogden rate” used to calculate compensation payouts are to be revised, after insurers said they would inflate car insurance pre
  
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• InsureTech firm raises $2.5mn to automate underwriting

  07-09-2017 16:47
  InsurTech start-up DataCubes has completed a $2.5mn series A
  funding round as it looks apply artificial intelligence and machine
  learning to the underwriting process.
  The funding round was led by two Chicago-based venture capital
  firms, Seyen Capital and MK Capital.
  The company claims it can help carriers challenge
  "traditional intermediation", do away with
  "mountains" of paperwork and generate a quote by asking a
  few "simple" questions.
  "The commercial underwriting process is time-consuming,
  of
  
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• Hilb names former Chubb CFO Spiro as CEO

  07-09-2017 16:47
  The Hilb Group (THG) said former Chubb CFO Richard Spiro has
  replaced co-founder Robert Hilb as CEO of the P&C and employee
  benefits broker.
  Spiro, a former investment banker, was appointed executive vice
  president and CFO of Chubb in September 2008 and held the role
  until the carrier's acquisition by Ace in January 2016.
  Before Chubb, Spiro spent nine years at Citigroup, most recently
  as managing director of the bank's financial institutions
  investment banking group. He began his investment
  
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• Equity market expecting Irma losses of $60bn: UBS

  07-09-2017 16:47
  Investors have priced in $60bn of insured losses from Hurricane
  Irma, which is expected to make landfall in Florida as a Category 4
  storm, according to UBS.
  Analysts at the Swiss bank forecast that listed London market
  carriers will take a 5 to 23 percent hit to book value as a result
  of hurricanes Harvey and Irma.
  The four big European reinsurers - Scor, Munich Re, Swiss Re and
  Hannover Re - can expect a 3 to 6 percent fall...
  
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• Caribbean islands face 'devastating loss': RMS

  07-09-2017 16:47
  Some of the Caribbean islands already impacted by Hurricane Irma
  could hand insurers losses of just under $3bn, according to
  preliminary modelled numbers released by RMS.
  As the eye of Irma moves west-northwest near the Dominican
  Republic, RMS vice president Paul Wilson said in a blog post that
  Saint Maarten and Saint Martin have about $6.6bn of total insured
  value (TIV).
  With a possible damage factor of 30 percent, based on an early
  assessment of a range of outcomes, the...
  
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• Ascot Underwriting moves Cline to MGA platform Ethos

  07-09-2017 16:47
  Ascot Underwriting has selected Rory Cline as chief underwriting
  officer of MGA start-up Ethos Specialty Insurance Services, the
  insurer said.
  Cline's previous role within Ascot was as president of Ascot
  Speciality, where he focused on reinsurance and speciality programs
  for US MGAs.
  Ascot launched MGA aggregator Ethos earlier last month. Ethos
  acts as a holding company, with individual MGA start-ups below it.
  Cline will report to Ethos CEO Mike Sillat.Sillat resigned from his post at Ryan Speci
  
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• New Ogden law could save industry billions – EY

  07-09-2017 16:08
  Insurers and reinsurers could reap big benefits from new Ogden law
  
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• Operating losses grow to £17.4m for Das in 2016

  07-09-2017 15:59
  Figures show growth in GWP but COR remains north of 100%.
  
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• LV commits to passing all Ogden savings onto motorists

  07-09-2017 15:34
  LV has become the first insurer to commit to passing 100% of savings from the government’s Ogden legislation to motorists.
  
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• Aviva could see boost of up to £200m from Ogden discount rate reform

  07-09-2017 15:33
  Aviva stands to make a one off gain of between £100m and £200m as a result of any future discount rate revision to 0-1%.
  
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• Hurricane reinsurance: destruction testing

  07-09-2017 14:21
  A test looms for the market as hurricane Irma barrels towards Florida
  
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• Legal & General partners with SSP to provide quoting platform for home insurance

  07-09-2017 14:02
  Legal & General has partnered with SSP to develop a quoting process which uses big data to provide customers with a home insurance quote in 90 seconds.
  
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• InsurTech Futures: Gary Lineker-backed Neos launches home insurance proposition

  07-09-2017 13:25
  Start-up says new platform uses over 260 external data sources.
  
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• Gable creditors given longer to file claims

  07-09-2017 13:22
  Deadline extension for Gable creditors
  
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• ERS split from disgraced Bell Pottinger

  07-09-2017 13:20 via insuranceage.co.uk
  The insurer said the relationship ended before the PR company was expelled from the Public Relations and Communications Association.
  
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• UK government says Ogden reforms would change rate to 0%-1%

  07-09-2017 13:17
  The UK's Ministry of Justice (MoJ) has drafted Ogden
  discount rate reforms which it said would result in a rate of
  between 0 percent and 1 percent, compared with minus 0.75 percent
  at present, based on current conditions.
  The draft legislation, which follows more than six months of
  intense industry lobbying, will establish a three-yearly review of
  the rate and assume recipients of personal injury compensation are
  "low risk" rather than "very low risk"
  investors.
  Under the bill, the MoJ...
  
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• Opinion: The big test

  07-09-2017 13:17
  As the peak zone for cat reinsurers, Florida is rarely out of the
  spotlight.
  But in a long, benign period without major hurricanes hitting
  the Sunshine State, the attention has more recently turned away
  from cat risk.
  Instead, headlines have been dominated for the last couple of
  years by the so-called assignment of benefits (AOB) abuses that
  have led to a crisis in the homeowners' market, eroding margins
  and sending non-cat loss ratios climbing ever higher.
  All that could change,...
  
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• Darag confirms CFO hire in executive shake-up

  07-09-2017 13:17
  Run-off acquirer Darag has confirmed the hire of Mike Trotman as
  its chief financial officer in an overhaul of the company's
  management structure.
  The Insurance Insider first
  reported Trotman's appointment on 21 July, to replace Simon
  Minshall, who has left the company.
  Trotman joins Darag from the private equity-backed retailer TM
  Lewin, where he was CFO for 14 years. Before TM Lewin, Trotman was
  a finance director in the oil and gas industry.
  Meanwhile, Darag has promoted Alex Roth to...
  
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• UK reforms Ogden rate in victory for insurance companies

  07-09-2017 13:13
  Move likely to cut amount victims will receive in compensation
  
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• UK insurers win multibillion victory over compensation rates

  07-09-2017 13:13
  Move likely to cut amount victims receive and lower drivers’ premiums
  
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• Connected and autonomous vehicle testing hub receives £100m government investment

  07-09-2017 12:47
  A co-ordination hub for connected autonomous vehicle testing has gained £100m in financial backing from the government's Connected Autonomous Vehicle investment programme in order to develop technology.
  
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• UK lowers rate for setting injury insurance payouts

  07-09-2017 12:36
  Government change in Ogden rate boosts industry as victims get smaller awards
  
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• Markel International to buy ECIC

  07-09-2017 12:32
  ECIC provides products for contractors and affinity groups in the UK building services sector.
  
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• ERS launches agriculture operations unit

  07-09-2017 12:25
  ERS has launched a 27-strong agriculture operations team as a result of increased demand.
  
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• Ogden rate to be reviewed regularly under new law

  07-09-2017 12:03
  Government reveals big change to how Ogden rate will be set in future
  
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• Insurers rejoice at new Ogden formula on Twitter

  07-09-2017 11:55
  Insurers took to Twitter to express their satisfaction with the new mode of calculation for the discount rate, which the government unveiled today.
  
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• Darag makes string of senior appointments

  07-09-2017 11:42
  German run-off insurance company Darag has made a string of senior appointments.
  
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• Neos to provide home insurance quotes in under 30 seconds

  07-09-2017 11:41
  Insurtech start-up Neos has introduced a service which it claims will provide customers with a home insurance quote in under 30 seconds.
  
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• Fintech continues to grow despite worries over attracting talent

  07-09-2017 11:28
  Half of UK fintech firms are expecting revenue growth to more than double in the next year, with some expecting their next fund raising round to exceed £2.5bn.
  
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• Industry welcomes Ogden rate reform proposals

  07-09-2017 11:18
  Biba calls for speedy implementation of these proposals.
  
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• ERS launches agriculture operations team

  07-09-2017 11:14
  Insurer says move follows feedback from brokers wanting easy access to its agricultural operations.
  
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• Hurricane Irma insured losses to be 'significantly' higher than anticipated

  07-09-2017 11:11
  Insured losses as a result of Hurricane Irma will be "significantly" higher than originally expected.
  
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• Live blog: Ogden discount rate reform

  07-09-2017 11:07
  Follow reactions to the proposed changes to the Ogden discount rate in our live blog.
  
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• Markel to acquire ECIC

  07-09-2017 11:04
  Specialist insurer, Markel International has acquired EC Insurance Company.
  
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• I work in Insurance: Vanessa Riboloni, CII

  07-09-2017 10:48
  Vanessa Riboloni is the knowledge services team leader at the Chartered Insurance Institute.
  
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• Markel buys building services insurance firm

  07-09-2017 10:46
  Markel has bought building services insurance firm ECIC
  
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• Zurich merges two divisions to be led by Peter Huber

  07-09-2017 10:42
  Zurich has appointed Peter Huber as CEO of Zurich International, which brings together Zurich International Life and Zurich International Corporate Solutions as one team.
  
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• Government’s proposed changes to Ogden rate calculations could bring it up to 0-1%

  07-09-2017 10:23 via insuranceage.co.uk
  New framework would see the discount rate reviewed every three years.
  
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• Government’s proposed changes could bring Ogden rate up to 0-1%

  07-09-2017 10:23
  New framework would see the discount rate reviewed every three years.
  
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• The Blog Spot: It’s right to raise awareness ahead of PPI termination date

  07-09-2017 10:20
  Arnold Schwarzenegger is being paid a lot to warn people that the deadline for claiming PPI is fast approaching and Siân Barton agrees awareness should be raised.
  
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• Insurers welcome positive Ogden rate plan

  07-09-2017 10:11
  Insurers and analysts hail announcement the government will set a new positive Ogden rate
  
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• Industry welcomes draft reform on Ogden discount rate

  07-09-2017 09:55
  Insurers have welcomed government plans to alter the way the discount rate is set in future.
  
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• Irma skirts Puerto Rico and heads for Bahamas

  07-09-2017 09:24
  Hurricane Irma, a Category 5 storm packing sustained winds of
  185mph (298kph) and gusts up to 224mph, passed just north of Puerto
  Rico last night and was heading in the general direction of the
  Bahamas and southern Florida, while to the east, a new hurricane
  developed from Tropical Storm Jose.
  Irma is expected to pass near or just to the north of the
  Dominican Republic as it heads in a west-northwest direction, the
  National Hurricane Center said last night, calling...
  
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