Insurance news

• Everest Re elevates Zaffino to EVP

  12-09-2017 22:31
  Everest Re Group has promoted its North American insurance group
  president Jonathan Zaffino to executive vice president within the
  Bermuda-based parent.
  Zaffino was a senior vice president of the group, in addition to
  president of the company's North America insurance division.
  The executive joined Everest in early 2015 as president of its US
  insurance operations from Marsh & McLennan's Victor O
  Schinnerer & Company, where he was president. Earlier, Zaffino
  was a managing director of MMC
  
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• Clips data show P&C prices stable through Q2

  12-09-2017 22:31
  Commercial lines pricing remained broadly flat for property and
  casualty carriers during the second quarter, with slight declines
  in several categories offset by modest gains in others, Willis
  Towers Watson has said.
  Price changes averaged less than 1 percent on policies covering US
  risks.
  Only commercial auto rates showed meaningful increases in the
  intermediary's latest Commercial Lines Insurance Pricing
  Survey, or Clips research, and were seen to be accelerating. The
  firm did not elaborate in
  
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• SoFi: Cagney and racy

  12-09-2017 21:23
  Fintech may need to mature and become more conventional in multiple ways
  
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• AA investors should not take a sell-off lying down

  12-09-2017 20:21
  Former chairman appeared to be standing up for long-termism, if not for very long
  
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• Starr plucks Dave Fitzgerald from AIG claims ranks

  12-09-2017 20:08
  Starr Companies has tapped Dave Fitzgerald as its new global claims
  chief, picking up the executive from American International Group,
  where he held a similar role in the US liabilities area.
  At AIG, Fitzgerald most recently managed the primary claims group
  dealing with workers' compensation, auto and general liability,
  according to his LinkedIn profile.
  Fitzgerald joined AIG in 1992 and has worked in various management
  positions at the global giant, mostly involving claims, ever since.
  "We welc
  
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• Irma floods may drive $50bn loss: JLT Re

  12-09-2017 20:08
  Irma has died away over the US Deep South but its torrential
  rains and record storm surges have left flood damage from Miami to
  Charleston, South Carolina, and may have left insured damage of
  more than $50bn.
  JLT Re said in a cat blog that Irma's total insured loss
  looks increasingly likely to exceed $50bn as flooding racked
  coastal areas.
  In Jacksonville, Florida, with about 880,000 residents, the St
  Johns River reached a record height above flood stage on Monday,...
  
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• Greenlight Re to move into London market reinsurance

  12-09-2017 20:08
  Total return reinsurer Greenlight Re is looking to expand into
  marine, energy, aviation and other specialty reinsurance in London,
  as it seeks to diversify its book away from the US motor liability
  market.
  Greenlight Re CEO Simon Burton said the carrier is planning a
  "meaningful entry" into the marine, energy, terrorism and
  political violence, aviation and space reinsurance markets.
  "We can no longer afford to be as narrowly focused as we
  have been historically," Burton told The Insurance Inside
  
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• Rate expectations moderating as Irma loss estimates fall

  12-09-2017 17:52
  Expectations of a truly hard market for US property catastrophe
  treaty business are starting to recede as initial indications
  suggest that Hurricane Irma was a less severe event than
  expected.
  Modelling agency forecasts have continued to drop, with AIR
  Worldwide reining in its loss estimate from $20bn-$65bn on Friday
  to $20bn-$40bn on Monday. Yesterday's (11 September) estimate
  was still based on a pre-landfall storm track.
  Market sources are highly cautious around the quantum of the
  loss, but l
  
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• Lloyd's risks market ire as 9 start-ups target 2018

  12-09-2017 17:52
  The Corporation of Lloyd's has placed itself on a collision
  course with incumbent managing agents by entertaining at least nine
  full syndicate and special purpose arrangement (SPA) start-ups for
  the first half of 2018.
  The Insurance Insider is aware of four
  potential full syndicates in the Lloyd's pipeline, and another
  five possible SPAs.
  This receptiveness to new entrants could
  anger existing managing agents, given the Corporation's
  clampdown on expansion plans tabled during the 2018 business
  p
  
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• Cavanagh and Kent urge restraint with post-hurricane back-ups

  12-09-2017 17:52
  Willis Re CEO John Cavanagh and designated successor James Kent
  have urged the reinsurance market to show a measured response when
  arranging back-ups following Hurricane Harvey and Hurricane Irma.
  Speaking at the Willis Re press briefing in Monte Carlo Kent,
  the current deputy CEO, said that there had been a round of
  reinsurance buying after Harvey, but that the market had been
  "pretty restrained, and I mean that in a good way".
  With the back-ups the broker had placed, pricing...
  
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• Ex-Aviva big hitter to take helm at QBE group

  12-09-2017 16:38
  QBE group chief executive John Neal steps down after five years
  
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• Compare the Market owner puts back IPO to next year

  12-09-2017 16:03
  Meerkat toys and movies have helped boost sales for the UK price comparison site
  
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• Insurance law firms announce fresh wave of job cuts

  12-09-2017 15:58
  Insurance law firms announce job cuts as technology and tough market conditions bite
  
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• Standard Syndicate switches MD as focus grows on CTMA future

  12-09-2017 15:24
  Steve Robson, head of claims at The Standard Club's
  Syndicate 1884, is to become the syndicate's new managing
  director, The Insurance Insider can
  reveal.
  Robson, who will be relinquishing his role as head of claims
  once a successor has been found, replaces Christopher Smith, who
  leaves his position less than three months into the job.
  The Standard P&I Club-backed Syndicate 1884 is Charles
  Taylor Managing Agency's (CTMA) sole syndicate, and has had a
  tough start, consistently reporting materi
  
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• Livingston and Stirling leave Arch Re

  12-09-2017 15:24
  Joel Livingston and Scott Stirling have left the reinsurance arm of
  Arch Capital, The Insurance Insider has
  learned.
  According to sources, Livingston, who was chief underwriting
  officer (CUO) of the Bermudian's US platform, Arch Reinsurance
  Company, resigned in the last couple of weeks.
  Meanwhile, Stirling, who was most recently CUO of Arch Re
  Bermuda, is understood to have officially retired from the
  company.
  Underlying reasons for the departures are not known, and it is
  not clear if the execut
  
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• Insurers may be forced to re-write cyber policies in preparation for GDPR

  12-09-2017 14:45
  Insurers offering cyber policies may see themselves having to adjust the wording of their cyber policies as the General Data Protection Regulation comes into effect.
  
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• Aviva to gain hundreds of millions in Ogden reform - analyst

  12-09-2017 14:34
  Analyst puts figure on Aviva gain from Ogden reform 
  
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• Prejudice against insurance driving protection gap, says Swiss Re CEO

  12-09-2017 14:06
  A lack of understanding of insurance and prejudice against the sector is hampering progress in closing the protection gap, said Swiss Re’s CEO.
  
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• Japan Post: second delivery

  12-09-2017 13:25
  Retail investors are unlikely to go wild over the group’s share offer
  
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• West coast Florida counties dominated by super-regional insurers

  12-09-2017 13:11
  Universal, United P&C (UPC Insurance), Heritage and Federated
  National are the leading private market carriers in the 12 Florida
  counties that were the first to take the brunt of Hurricane Irma.The storm came ashore on Marco Island, a resort island in
  Collier county south of the city of Naples, and made its way up to
  the Tampa region overnight.
  These leading carriers are among the
  largest Florida-headquartered insurers and have been growing into
  "super-regional" carriers after expanding into
  
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• Travelers halts buybacks and forecasts up to $750mn Harvey loss

  12-09-2017 13:11
  US carrier Travelers yesterday estimated its cat losses related to
  Hurricane Harvey would range from $375mn to $750mn before tax.
  The forecast includes estimated recoveries from reinsurance and
  equates to an after-tax range of $245mn to $490mn, the company
  added.
  Travelers also said it had suspended share buybacks while it
  assesses losses from hurricanes Harvey and Irma.
  It said the move was "consistent with the capital
  management strategy it employs during periods of significant
  catastrophe act
  
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• Lloyd's start-up Cobalt in advanced sale talks

  12-09-2017 13:11
  Delayed shariah-compliant Lloyd's start-up Cobalt is in
  advanced sale talks with National Standard Finance, an
  infrastructure and debt investor based in Sandy Springs, Georgia,
  The Insurance Insider can reveal.
  Sources said that the two sides were targeting the signing of a
  deal by the end of the month.
  The business is currently owned by management, third-party
  managing agent Capita, legacy carrier Armour Holdings and the Bank
  of London and the Middle East.
  Banking sources said that National Sta
  
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• BGL float ‘very likely’ next year – Matthew Donaldson

  12-09-2017 12:51
  BGL float will happen when conditions are right, says chief executive
  
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• JLT’s James Twining resurfaces to head up specialist broker

  12-09-2017 12:48
  James Twining takes over from current chief executive of contractors insurance broker
  
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• BHIB profit drops 10%

  12-09-2017 12:23
  Turnover also declined with the broker citing market conditions, soft rates and competition.
  
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• Axa updates motor trade SME policy

  12-09-2017 11:01
  Insurer lists enhancements as including no claims bonus protection option and cover for misfuelling.
  
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• Willis Re's Cavanagh exploring InsurTech start-up

  12-09-2017 10:42
  Outgoing Willis Re global CEO John Cavanagh has begun work on
  the formation of a technology-enabled MGA that he will look to
  launch next year after leaving the big three broker,
  The Insurance Insider can reveal.
  Sources have said that Cavanagh has the blessing of Willis
  Towers Watson's senior leadership team to commence work on the
  start-up.
  Cavanagh is due to step down as CEO of Willis Re at the end of
  the year. He is already in the process...
  
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• Opinion: A bargain loss

  12-09-2017 10:42
  Psychologists have proven that in a negotiation it is always a good
  tactic to anchor your opponent's expectations with your first
  bid.
  In experiments one group of people was told a bottle of wine was
  worth $20 and another that it was worth $10, then asked what they
  would be willing to pay for it.
  As you would expect, the $20 group offered significantly more
  than the $10 group for the same bottle.
  Their expectations had been anchored by the...
  
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• IGI stresses the importance of retaining the pen

  12-09-2017 10:42
  Amid a meteoric rise in the number of MGAs, Jordan-based
  (re)insurer IGI is keen to retain underwriting control, according
  to CEO Andreas Loucaides.
  Speaking to The Insurance Insider in
  Monte Carlo yesterday, Loucaides noted that while IGI does support
  a small number of MGAs, they had to provide considerable added
  value to be considered as a partner.
  Loucaides said: "MGAs can bring new skillsets and
  distribution advantages, but during a soft market you will see a
  lot of MGAs where...
  
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• Hastings held failed merger talks with AA Insurance

  12-09-2017 10:26
  Hastings and AA Insurance held preliminary merger talks
  
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• GDPR a real concern for brokers

  12-09-2017 10:20
  Brokers urged to implement change now or risk heavy fines.
  
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• AA admits to insurance sales talks with Hastings

  12-09-2017 10:05
  However, Hastings statement reveals talks between the two motor insurance firms have ceased.
  
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• AA holds talks over insurance business sale to Hastings

  12-09-2017 09:24
  The AA and Hastings have held talks over a potential general insurance partnership.
  
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• QBE's Neal cedes CEO job to Regan

  12-09-2017 08:56
  Australian carrier QBE said CEO John Neal will step down at
  year-end and be replaced by Pat Regan, who is currently CEO of the
  group's Australian and New Zealand operations.
  Neal's departure after five years in the top job follows a
  difficult time for the carrier following a profit
  warning in June because of high claims in its emerging markets
  business.QBE said last month it would restructure that operation as it
  announced the departure of theemerging markets CEO...
  
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• Group CEO Neal to exit QBE

  12-09-2017 07:25
  QBE's group CEO John Neal will step down from the Australia-headquartered global insurer on 31 December.
  
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• CFC launches dark web cyber tool

  12-09-2017 07:15
  CFC Underwriting has launched a dark web cyber tool to monitor data breaches
  
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• Ageas' Andy Watson's wish list for returning MPs

  12-09-2017 07:00
  As goverment returns to business, Andy Watson, CEO of Ageas UK, reminds MPs that there are still three major areas of policy affecting insurance that need to be properly addressed before insurers can begin to control and then reduce customer premiums.
  
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• Big investors to put more money into tackling climate change

  12-09-2017 06:07
  Investors are frustrated about ‘inadequate’ disclosure from companies, survey says
  
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• Insurance sector shares climb post-Irma

  12-09-2017 02:21
  Florida-focused property and casualty (P&C) insurers led the
  sector higher in New York trading yesterday after predictions of
  damage to the state last week appeared to have far exceeded actual
  losses from the weekend passage of Hurricane Irma.
  Almost all insurance sector shares rose, led by Floridian P&C
  carriers. Heritage jumped almost 22 percent, followed by HCI
  Group's 17.5 percent gain.
  Federated National, United and Universal all recorded increases of
  around 12 percent.
  Universal, w
  
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