Insurance news

• Hurricane Jose may threaten US after 'odd' loop

  11-09-2017 23:45
  Hurricane Jose, which had followed a track similar to Irma's
  last week, has halted its progress toward the US but may yet emerge
  as a threat and that has posed the possibility of a third cyclone
  hitting the nation in the space of a month.
  Analysts are already saying the combined insured losses from
  Hurricane Harvey and Irma, now a tropical storm, may lead to a
  firming of property reinsurance rates, so if a third storm strikes
  it could strengthen...
  
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• Flood a significant contributor to Irma loss: RMS

  11-09-2017 23:45
  A significant proportion of the losses from Hurricane Irma will
  be from flood losses, said Robert Muir-Wood, chief research officer
  at RMS, at a briefing focused on Irma and Harvey in Monte Carlo
  today.
  Whilst Cuba had "taken the sting" out of the
  hurricane, meaning it was weaker when it made landfall in Florida,
  Irma is likely to generate a significant amount of flood losses, he
  said.
  The wind field for Irma is so large that Florida is receiving
  4-5ft...
  
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• Long-Neon MGA prepares for launch with Beat backing

  11-09-2017 20:59
  Stefan Long's MGA start-up, now christened as Chord Re, has
  built out its team with the hire of property and risk heads and is
  poised to launch at 1 January, The Insurance
  Insider can reveal.
  Chord Re, which will initially write 100 percent on the paper of
  Lloyd's syndicate Neon, has financial backing from Tom
  Milligan's venture capital firm Beat Capital.
  Former Aspen Re London head Long has hired Chris Schmidt as head
  of property and Marc Brendle as head...
  
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• Irma downgraded to tropical storm and heads to Georgia

  11-09-2017 20:59
  Irma has spent much of its fury and is now considered a tropical
  storm that will likely degrade to a tropical depression by midday
  Tuesday and be gone altogether by late Thursday, the National
  Hurricane Center (NHC) said today as catastrophe modellers scaled
  back insured loss estimates for Florida.
  As a Category 5 hurricane, Irma killed dozens of people in the
  Caribbean, where it laid waste to islands such as Barbuda and St
  Martin last week before skirting both Puerto...
  
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• Flood a significant contributor to Irma losse: RMS

  11-09-2017 20:59
  A significant proportion of the losses from Hurricane Irma will
  be from flood losses, said Robert Muir-Wood, chief research officer
  at RMS, at a briefing focused on Irma and Harvey in Monte Carlo
  today.
  Whilst Cuba had "taken the sting" out of the
  hurricane, meaning it was weaker when it made landfall in Florida,
  Irma is likely to generate a significant amount of flood losses, he
  said.
  The wind field for Irma is so large that Florida is receiving
  4-5ft...
  
  Read more

• Chubb picks France for post-Brexit hub

  11-09-2017 20:59
  Chubb broke with the insurance pack today with an announcement
  that it will establish a regional headquarters in France to serve
  EU markets after Brexit.
  Chubb chairman and CEO Evan Greenberg said that its choice of
  France was a clear one for the company.
  "Paris is the principal office for our Continental European
  operations and we have a significant investment there in both
  financial and human resources, as well as a large portfolio of
  commercial and consumer insurance business throughout...
  
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• Assurant sees up to $265mn in hurricane cat losses

  11-09-2017 20:59
  Assurant expects as much as $265mn in pre-tax catastrophe losses
  tied to Hurricanes Harvey and Irma, the specialty carrier said
  today.
  Pre-tax cat losses from Harvey, mainly in Texas, are expected to
  range from $134mn to $140mn, net of reinsurance and reinstatement
  premiums for its global housing unit, the New York-based carrier
  said.
  Pre-tax losses from Irma are expected to exceed the company's
  $125mn retention but to remain within the bounds of the
  Assurant's reinsurance programme, the company
  
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• AI could close protection gap: Swiss Re's Mumenthaler

  11-09-2017 20:59
  Artificial intelligence could hold part of the key to closing
  the protection gap, according to Swiss Re CEO Christian
  Mumenthaler.
  Mumenthaler told delegates at a PwC briefing at the Monte Carlo
  Rendez-Vous that the evolution of artificial intelligence could
  ease the process of buying insurance for consumers, who were
  typically reluctant to buy cover.
  The development of artificial intelligence, such as Apple's
  Siri, could lead to a situation where consumers would be able to
  buy insurance without
  
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• US insurer Chubb sets out post-Brexit move to Paris

  11-09-2017 19:27
  Decision is a win for the French capital which has struggled to attract big names
  
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• Chubb sets out post-Brexit move to Paris

  11-09-2017 19:27
  Decision a win for French capital which has struggled to attract big names
  
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• Perils ILW limits total $3.1bn

  11-09-2017 17:57
  European-based industry loss aggregator Perils said limits at risk
  placed using its global data reached $3.1bn as of 31 August, up 17
  percent on $2.7bn recorded at the same point last year, due to the
  addition of Australia and Turkey to the database.
  Of the total, $3.0bn limits cover Europe, $1.38bn cover
  Australia and $0.23bn is in place for Turkish risks, Perils
  added.
  Multi-territory limits are only counted once in the overall
  $3.1bn market figure.
  The total amount of limits...
  
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• Insurer shares rebound as Irma loss forecasts shrink

  11-09-2017 17:57
  Insurance sector shares rebounded in early New York trading
  today led by double-digit gains in Florida-focused P&C carriers
  and smaller but still notable increases for reinsurers as they
  dodged the worst-case scenarios regarding Hurricane Irma.
  An hour after the opening bell, HCI Group and Heritage had both
  notched near 15 percent gains, while Federated National and
  Universal were up almost 14 percent, and United more than 10
  percent.
  Among (re)insurers, Aspen rose almost 10 percent while Ev
  
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• Better engagement needed to close protection gap: Swiss Re

  11-09-2017 17:57
  The reinsurance market needs to improve its engagement with
  public sector stakeholders in states, countries and principalities
  if it is to close the estimated $180bn natural catastrophe
  protection gap, according to Swiss Re.
  Speaking at its press briefing earlier today, group CEO
  Christian Mumenthaler explained that his firm believed the
  protection gap globally for natural hazards and weather events was
  $180bn and growing.
  The issue isn't limited to emerging markets: North America
  is anticipated
  
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• AA merger plan with Hastings fuelled boardroom fracas

  11-09-2017 17:56
  Chairman Bob Mackenzie ousted over physical altercation that followed spin-off talks
  
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• Admiral UK price comparison site names new chief executive

  11-09-2017 17:19
  Change at the top for Admiral UK price comparison site Confused
  
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• Chubb lines up post-Brexit move to Paris

  11-09-2017 16:54
  Coup for French capital in race to attract financial institutions
  
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• Chubb selects France as EU hub

  11-09-2017 16:32
  Chubb, the first insurer to pick Paris as its preferred post-Brexit trading location, added that the move is dependent on regulatory approval.
  
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• Chubb leaning towards France for EU hub

  11-09-2017 16:32 via insuranceage.co.uk
  Chubb, the first insurer to pick Paris as its preferred post-Brexit trading location, added that the move is dependent on regulatory approval.
  
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• Das reflects on 2016’s £17.4m loss

  11-09-2017 16:28
  CEO Andrew Burke says business is now in “growth phase” of turnaround but admits that some job losses cannot be ruled out as it seeks to “rationalise expenses”.
  
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• Chubb chooses Paris as post-Brexit base

  11-09-2017 16:15
  Chubb today revealed that the company intends to locate its European Union headquarters in France if the United Kingdom leaves the EU as expected in 2019. 
  
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• Chubb bucks trend with choice of post-Brexit EU headquarters

  11-09-2017 16:11
  Chubb chooses location for post-Brexit EU headquarters
  
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• Insurance hit revised down after storm Irma changes track

  11-09-2017 15:57
  Losses now expected to be $20bn-$40bn after Miami spared the worst impact
  
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• Property scandal driving new wave of solicitors PI claims

  11-09-2017 15:46
  Solicitors PI claims are surging because of new scandal, law firm and Institute of Directors warn
  
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• CFC Underwriting introduces dark web monitoring tool

  11-09-2017 15:41
  CFC Underwriting has launched a dark web monitoring tool for its cyber insurance policyholders.
  
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• UnipolSai seeks EUR1.6bn cat aggregate cover

  11-09-2017 14:58
  UnipolSai, one of Europe's biggest reinsurance buyers, is in
  the market for a EUR1.6bn ($1.9bn) catastrophe aggregate programme
  to incept at 1 January, The Insurance
  Insider has learned.
  Sources told this publication the Italian carrier is looking to
  change the way it buys its reinsurance in order to generate capital
  efficiencies.
  Previously, UnipolSai bought a EUR1.3bn per-event catastrophe
  cover, which was reinstatable.
  With a EUR50mn retention, the cover held a different limit for
  each covere
  
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• Hahn: Peak Re has no immediate IPO plans

  11-09-2017 14:58
  Peak Re will not float on the Hong Kong Stock Exchange over the
  next 12 months despite speculation elsewhere in the press, the
  firm's CEO Franz Hahn told The Insurance
  Insider.
  "We have no immediate plans to IPO Peak Re," the
  former Swiss Re executive said, noting, however, that a flotation
  might be on the cards further down the line.
  Chinese conglomerate Fosun owns most of the business, having
  invested $468mn of Peak Re's $550mn start-up capital in 2012
  and...
  
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• RSA claims specialist faces jail for defrauding his company

  11-09-2017 13:33
  RSA claims specialist and one other sentenced for £280,000 fraud
  
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• Pair sentenced in £270,000 RSA fraud

  11-09-2017 13:12
  Former staff member goes to prison as accomplice gets suspended sentence following pleading guilty to defrauding the insurer.
  
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• Ex-RSA employee jailed for £270,000 fraud

  11-09-2017 13:12 via insuranceage.co.uk
  Former staff member goes to prison as accomplice gets suspended sentence following pleading guilty to defrauding the insurer.
  
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• Two ex-RSA employees sentenced after submitting £270,000 in fraudulent claims

  11-09-2017 13:09
  Two ex-RSA employees have been sentenced after pleading guilty to a number of fraud offences totalling to £270,000.
  
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• Ex-RSA employee sentenced after submitting £270,000 in fraudulent claims

  11-09-2017 13:09
  An ex-RSA employee has been sentenced after pleading guilty to a number of fraud offences totalling to £270,000.
  
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• Am Trust applies to combine three syndicates

  11-09-2017 12:59
  Am Trust has applied to Lloyd’s for approval to combine its three fully aligned non-life syndicates under one management.
  
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• InsurTech Futures: CDL launches InsurTech incubator

  11-09-2017 12:38 via insuranceage.co.uk
  Software house says incubator will support start-up ideas and accelerate time to market for new technology developments.
  
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• Insurers could be hit with £100m GDPR bill

  11-09-2017 12:32
  Brokers urged to seek consent from customers and a put plan in place.
  
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• Opinion: Blunt knives still dangerous

  11-09-2017 12:07
  Over the weekend, a huge bloc of Rendez-Vous-ers found
  that what seems very simple on paper can be fiendishly difficult in
  practice.
  Normally, getting to and through Nice airport is a refreshing
  breeze compared with the congested hubs most delegates have
  departed from, but this year was different.
  Thunderstorms effectively shut Nice for long periods and the
  delays started to rack up. My plane confidently pushed back from
  the stand in London, only to wait on the tarmac for over...
  
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• Irma to test the ILS market

  11-09-2017 12:07
  Hurricane Irma may no longer be the $100bn+ loss being discussed
  five days ago, but it still represents a test on a scale the
  insurance-linked securities (ILS) market has never faced
  before.
  Questions have always been asked about how the ILS space would
  respond to a major event, with the traditional market quick to cast
  aspersions on its willingness to pay claims and its ability to
  reload post event.
  Those questions will now be answered by the nascent
  industry's response...
  
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• AmTrust at Lloyd's seeks to merge syndicates

  11-09-2017 12:07
  Managing agency AmTrust at Lloyd's has applied for clearance to
  merge its three non-life syndicates into one entity.
  The company, a unit of New York-based AmTrust Financial
  Services, said it has submitted a Syndicate Business Forecast (SBF)
  to Lloyd's for business written by syndicates 1206, 5820 and
  1861 to be consolidated into a single Syndicate 1861 for the 2018
  year of account.
  AmTrust's ownership of Syndicate 1206 and Syndicate 1861
  results from acquisitions of struggling Lloyd's players.
  S
  
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• AIR gives $20bn to $40bn Irma loss estimate

  11-09-2017 12:07
  AIR Worldwide has estimated insured losses in the US resulting
  from Hurricane Irma will range between $20bn and $40bn.
  On Friday (8 September), the modeller said Irma could inflict
  insured losses of $20bn-$65bn.
  Today's estimate is based on the National Hurricane
  Center's forecast for the hurricane at 17:00 Eastern Time on
  Sunday.
  Hurricane Irma struck the Florida mainland just south of Fort
  Myers overnight at a strength of Category 3, and is now heading up
  the western coast towards the...
  
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• AmTrust to merge three Lloyd’s syndicates into one

  11-09-2017 12:03
  Combined AmTrust syndicate will have over £500m capacity
  
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• UK General appoints Vicky Hodgson as COO

  11-09-2017 12:02
  UK General has appointed Vicky Hodgson as chief operating officer.
  
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• CFC launches dark web monitoring tool

  11-09-2017 11:51 via insuranceage.co.uk
  MGA says CFC BreachAlert will notify policyholders in real-time if any of their data is posted on the dark web.
  
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• #insagepeople: 11 - 17 September 2017

  11-09-2017 11:49 via insuranceage.co.uk
  Keep up to date with all the latest people moves.
  
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• Confused announces Louise O'Shea as CEO following Coriat's departure

  11-09-2017 11:28
  Confused has hired Louise O’Shea as its new CEO, taking over from Martin Coriat following his departure from the company in July this year.
  
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• Insurers could face £100m extra GDPR costs

  11-09-2017 11:04
  Insurers who don’t prepare for the new legislation could face £100m extra GDPR costs
  
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• Insurers must rethink risk management: Aon

  11-09-2017 10:36
  The insurance sector needs to rethink its approach to risk management in order to drive innovation and take advantage of technological change, said Aon's global CEO of Analytics.
  
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• Home and motor insurers face £100m bill from GDPR

  11-09-2017 10:33
  Home and motor insurers face an estimated bill of £100m as a result of the impact of the General Data Protection Regulation.
  
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• Three motor service providers acquired under new holding group AGL

  11-09-2017 10:31
  Three brands in the vehicle repair, claims and technology sectors have been acquired under holding group AGL, which launched today.
  
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• Blog: How insurers can use data analytics to differentiate their products

  11-09-2017 10:05
  Insurers shouldn't use data analytics just to drive efficiencies but also to innovate in terms of risk management, writes Paul Dix, insurance strategy consultant at CGI UK.
  
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• Covéa's Lisa Meigh on why the apprenticeship levy is not just another tax

  11-09-2017 10:03
  Many companies have written off the apprenticeship levy that came into force in April as another tax but Lisa Meigh, director of HR and Learning at Covéa Insurance, sees a pot to further future generations of insurance workers.
  
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• Sciemus to rebrand after securing investing partnership

  11-09-2017 09:33
  Specialty Lloyd’s managing general agent Sciemus is set to rebrand after securing an investing partnership with HSCM Bermuda.
  
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