Insurance news

• Pool Re cleared to add cyber cover

  13-09-2017 19:32
  State-backed terrorism reinsurer Pool Re has gained the UK
  government's backing in principle to remove a cyber exclusion
  from its coverage and expects to offer protection for cyber events
  from 1 April next year.
  Pool Re CEO Julian Enoizi said removing the exclusion would mean
  that cover for physical damage caused by remote digital
  interference by terrorists would be available to the scheme's
  members.
  The development is the culmination of two years of work and
  marks the first major change...
  
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• Irma insured loss forecast at $25bn: KCC

  13-09-2017 19:32
  Hurricane Irma generated about $25bn in insured losses,
  including $18bn in the US and $7bn in the Caribbean, Karen Clark
  & Company estimated today.
  Included in the totals are losses to buildings and insured
  structures, contents, autos and business interruption, the company
  said.
  The assessment excludes losses covered by crop insurers and the
  National Flood Insurance Program run by the Federal Emergency
  Management Agency, the catastrophe modelling firm said.
  As one of the most powerful Atlant
  
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• Harvey and Irma to aid reinsurer pricing power: Buckingham

  13-09-2017 19:32
  Hurricanes Harvey and Irma could strengthen the pricing power of
  reinsurers including Validus, RenaissanceRe and Aspen, according to
  Buckingham Research Group, which initiated its P&C coverage
  with a positive outlook on the sector and buy recommendations on
  those stocks.
  Analysts Amit Kumar and Ella Soltz noted that the two storms
  could take out a combined $60bn of capital from the market, with 30
  percent of Harvey losses going to reinsurers and 50 percent for
  Irma.
  But after a (re)insurance
  
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• UK insurers LV and Just boosted by pension transfers

  13-09-2017 19:05
  People cashing in pots has jumped sharply over the past year
  
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• LV sheds 400 staff as it looks to cut costs

  13-09-2017 18:21
  The workforce reduction is part of a drive to cut costs by £40m by 2018.
  
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• The Blog Spot: Deal or no deal - is the AA/Hastings tie-up really dead?

  13-09-2017 18:11
  Hastings was in talks this summer about buying AA’s insurance business, or in their words forming a “partnership”. The talks have since stopped and the deal hasn’t happened.
  
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• LV reduces headcount by 400 in £40m cost-cutting drive

  13-09-2017 17:00
  LV has reduced its headcount by 400 over the past year as part of a £40m cost-cutting drive.
  
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• Swiss Re and Catalina face off for Zurich German med-mal book

  13-09-2017 16:23
  Catalina and Swiss Re are the final bidders in the closely
  watched process for Zurich's EUR400mn ($480mn) German legacy
  medical malpractice book, The Insurance
  Insider understands.
  This publication previously reported the number of parties
  involved had narrowed to three, but European legacy specialist
  Darag has now dropped out of the bidding war.
  Sources have previously suggested that size and reputation in
  the legacy space are generally key factors for Zurich when choosing
  a buyer.
  This publica
  
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• QBE looks to offload $500mn US commercial auto book

  13-09-2017 16:23
  QBE is searching for a home for a book of US commercial auto
  liabilities, The Insurance Insider
  understands.
  Sources told this publication that the portfolio held gross
  reserves of $500mn and mostly contained commercial auto risks.
  The Australian carrier is understood to have retained broker JLT
  Re to secure a loss portfolio transfer that would effectively shift
  the liabilities to a legacy carrier.
  Discussions are believed to be ongoing. However, it is likely
  that only one of the larger run-off.
  
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• Harvey-Irma loss uncertainty leaves US property market in flux

  13-09-2017 16:23
  Uncertainty over the likely industry losses from hurricanes
  Harvey and Irma has left the US property market in a state of flux
  as primary and reinsurance carriers attempt to unravel exposures
  and assess the potential implications for pricing, terms and
  conditions.
  As Irma's projected path pointed towards a direct hit on
  Miami late last week, it seemed likely that conversations at
  industry events on both sides of the Atlantic would focus on a
  transition to a hard market.
  A $100bn+...
  
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• Alleghany sells workers' comp carrier

  13-09-2017 16:23
  Alleghany Corporation has agreed the sale of Pacific
  Compensation Insurance to CopperPoint Mutual for $150mn in
  cash.
  The seller said an Alleghany subsidiary will continue to provide
  adverse development reinsurance cover on PacificComp claims made
  before the transaction, which is expected to close at the end of
  the year.
  PacificComp primarily writes insurance in California.
  CooperPoint Mutual said the purchase will take its combined
  underwriting book to about $400 million in premium and the comb
  
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• Ageas offers livechat via Acturis, Applied Systems and SSP

  13-09-2017 15:33
  The insurer is the latest provider to adopt live webchat services via a number of software houses.
  
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• Video: Romford regional review

  13-09-2017 14:47
  Insurance Age met with brokers in and around Romford to find out why there are so many specialist firms in the area.
  
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• Insurance growth to drive infrastructure resilience boom: World Bank CFO

  13-09-2017 14:27
  Insurance sector efforts to boost coverage in both developed and undeveloped markets has the potential to create more resilient infrastructure and mitigate risks, the World Bank’s chief financial officer has said.
  
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• Broker Apprentice: Interview dates fast approaching

  13-09-2017 14:24
  The 2016 winner Craig Younger says taking part in the series gave his career a real boost and urges everyone eligible to enter.
  
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• Sompo Canopius prepares to mint ILS fund

  13-09-2017 13:54
  Sompo Canopius is poised to put in motion fundraising for an
  insurance-linked securities (ILS) fund that will take on a portion
  of its catastrophe reinsurance book, The Insurance
  Insider can reveal.
  The initial sum targeted through the fundraising is likely to be
  about $100mn, although there would be an ambition for it to grow
  substantially beyond this level.
  Sompo Canopius had already been weighing the creation of such a
  vehicle, but its plans are set to be accelerated following
  hurricanes...
  
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• Lloyd's will move fast if syndicates need to re-plan: Hancock

  13-09-2017 13:54
  Lloyd's has learned the lessons from past market-turning
  events (MTEs) and will work with syndicates to amend their business
  plans quickly if needed, according to performance management
  director Jon Hancock.
  The Corporation will also consider contingent business plan
  submissions alongside traditional business plans if the syndicate
  and Lloyd's believe it is "the right thing to
  do".
  Speaking to this publication at the Monte Carlo
  Rendez-Vous, Hancock confirmed that, should syndicates
  need to re-p
  
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• Video: Crif's Sara Costantini on data's impact on pet insurance

  13-09-2017 13:44
  Sara Costantini, director at Crif Decision Solutions, discusses with Post commissioning editor Cecile Brisson how data could revolutionise the pet insurance market.
  
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• Global firms launch blockchain prototype for reinsurance transactions

  13-09-2017 13:23
  The Blockchain Insurance Industry Initiative, B3i, will begin market beta-testing of its reinsurance blockchain prototype for reinsurance transactions.
  
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• Treloar hails "excellent" results for LV in H1 2017

  13-09-2017 13:10
  MD for general insurance states insurer will be the "go-to destination" for personal lines brokers following deal with Allianz.
  
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• Ogden decision may not curb reinsurance rate rises, says LV's Treloar

  13-09-2017 12:49
  The government’s Ogden decision may not curb expected reinsurance pricing rises, LV general insurance managing director Steve Treloar warned.
  
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• Claims Club: Brokers tell insurers there is disconnect between internal ambitions and the claims reality

  13-09-2017 12:47
  Insurers need to improve internal communication and break down silos to provide brokers and their customers a better service.
  
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• Claims Club: Co-op insurance chief calls for industry collaboration during next flood event

  13-09-2017 12:43
  The chief operating officer of Co-op Insurance has called on the insurance industry to collaborate better during major flood events.
  
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• Claims Club: Ogden rate change 'has triggered major underinsurance issue in liability cover'

  13-09-2017 12:36
  The insurance industry is not doing enough to protect clients from underinsurance in liability claims as a result of the Ogden discount rate changes, the sector has been warned.
  
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• Harvey highlights insurance penetration shortfall says Aon Benfield

  13-09-2017 12:15
  A significant proportion of the flood losses generated by Hurricane Harvey in Texas and Louisiana will be uninsured, highlighting the existence of a global protection gap, Aon Benfield has said.
  
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• Generali sells Generali Nederland to ASR Nederland

  13-09-2017 12:05
  Generali Group has entered into a share purchase agreement to dispose its entire shareholding in Generali Nederland.
  
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• Watford Re prepares for $1.2bn IPO

  13-09-2017 11:50
  Watford Re is poised to file for an IPO as it seeks to become
  the first total return reinsurer of the class of 2014-16 to enter
  the public markets, The Insurance Insider
  can reveal.
  Sources said that the reinsurer, a joint venture founded by Arch
  Capital and fund manager HPS Investment Partners (formerly
  Highbridge), will look to float on the New York Stock Exchange late
  this year.
  At year-end 2016, the business had $1.18bn of shareholder
  equity, with sources suggesting...
  
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• Paire trades in Guy Carp for Aon Benfield

  13-09-2017 11:50
  Eric Paire, a member of the Emea leadership team at Guy Carpenter,
  has resigned from the company and will join Aon Benfield,
  The Insurance Insider understands.
  Sources said that along with Paire, Aon Benfield has also hired
  Guy Carpenter managing director Emma Karhan.
  Both Paire and Karhan will be reunited with former colleague
  Nick Frankland, who joined Aon Benfield earlier this year as UK
  CEO.
  Paire, a managing director at Guy Carpenter, is head of global
  partners and strategic advisory...
  
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• Opinion: Teenage kicks

  13-09-2017 11:50
  This is my 13th straight Rendez-Vous. I have become an RVS
  teenager.
  When I was a broker I was never senior enough to come here, but
  as soon as I began to write about the industry, it became
  compulsory.
  As a (re)insurance publication, we couldn't exist if we
  didn't show our face. Tongues would wag and rumours would fly.
  In any case, we wouldn't miss it for the world.
  As journalists, we have everything we want. We have a readymade...
  
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• Ageas and QBE added to Applied System’s livechat service for brokers

  13-09-2017 11:34 via insuranceage.co.uk
  The insurers join Axa, Allianz and NIG offering the live webchat service on the Applied TAM commercial lines platform.
  
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• Channel 4 cyber expert, Peter Blanc and Steve White confirmed for broker question time event

  13-09-2017 11:18
  Attend Broker Morning Matters on 5 October for the inside track from experts on cyber, the gender pay gap and its insurance implications and the potential for disruption as insurtech grows.
  
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• LV's GI operating profit more than doubles in first half of 2017

  13-09-2017 10:55 via insuranceage.co.uk
  Operating profit hits £49m compared to £22m in the first half of 2016.
  
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• LV reports £49m GI operating profit during H1 2017

  13-09-2017 10:35
  LV has reported a strong growth in its general insurance operating profit which went up to £49m in the first half of 2017, compared to £22m in the same period last year.
  
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• Pre-tax profit jumps at BGL for 2017

  13-09-2017 10:30
  Group reports 14% rise in underlying revenues.
  
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• Meet the techies: Ben Rose

  13-09-2017 10:24
  Ben Rose, fonder and insurance director at Digital Risks, discusses how InsurTech and data analytics will redefine business insurance.
  
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• A look at Insurance Hound's most read by brokers

  13-09-2017 10:23
  The top five most read whitepapers by brokers on sister site Insurance Hound in June and July.
  
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• JLT Re hires Guy Carp broker and a Paris partner

  13-09-2017 09:44
  Broker JLT Re has hired broker Stephen Balderston from Guy
  Carpenter, where he was a senior vice president in London, and
  named him a partner with the credit and political risk team.
  The reinsurance intermediary also said Thierry Cuisenier will be
  joining the company's Paris office as a partner.Balderston, who spent eight years with Guy Carpenter, most
  recently handled credit, bond and political risk treaty cover for
  the reinsurance intermediary, according to his LinkedIn profile
  page.
  Previousl
  
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• Generali sells Dutch operations

  13-09-2017 09:44
  Italian insurer Generali has agreed to sell its Dutch operations
  to ASR Nederland for EUR143mn ($170mn).
  The disposal is part of a plan announced in November for
  Generali to exit 13 to 15 markets. It follows a $172mn agreement
  last month for the sale of itsPanamanian business to Spanish insurer ASSA Compañía
  de Seguros and a EUR30mn deal with Talanx in July for itsColombian operations .
  Generali Nederland's operations include personal lines
  including motor insurance and contents in
  
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• Creditors of failed broker to lose out amid multi-million-pound deficit

  13-09-2017 09:35
  Creditor claims far exceed assets at failed broker
  
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• LV GI unit hails ‘excellent performance’ as profit doubles

  13-09-2017 09:13
  LV GI unit shaves 4.9 points from its COR
  
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• FedNat provides Irma loss outlook

  13-09-2017 07:07
  Federated National expects to pay out $300mn in coming months to
  cover claims from Hurricane Irma but said net of reinsurance cover
  it will only take $18mn from its pre-tax third quarter results.
  One of several publicly traded property and casualty insurers with
  a Florida focus, the insurer also said Monarch National, a
  homeowners underwriter that is 42.4 percent owned by FedNat,
  expects to have $10mn in aggregate gross liabilities from Irma. But
  the carrier expects losses net of reinsurance...
  
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• Analysis: D&O and the rise in securities class actions

  13-09-2017 07:00
  Securities class actions are on the increase as law firms target smaller companies and focus on litigation related to initial public offerings
  
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• Axa to "rebalance" IT roles in Asia

  13-09-2017 05:55
  Global insurer Axa has said it is "rebalancing some roles in the region" following a report it is cutting around 250 staff from its centralised Asia IT operations in Hong Kong.
  
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• Irma exposes $12.5bn in cat bonds to losses: AM Best

  13-09-2017 03:17
  About $12.5bn in catastrophe bonds issued by Florida insurers or
  tied to the Florida property and casualty market may face losses
  from Hurricane Irma, AM Best said today.
  The bonds at risk include about $2.5bn in 29 tranches sponsored by
  Florida-domiciled insurers and Florida-only subsidiaries of major
  writers, and 33 cat bonds that cover US wind-related or named-storm
  perils and are sponsored by reinsurers and national P&C
  writers, AM Best said. It put the total value of the 33 issues...
  
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• Hudson Structured leads $500mn InsurTech quota share

  13-09-2017 03:17
  Michael Millette's Hudson Structured Capital Management has
  taken an 80 percent line on a quota share for on-demand car
  insurance startup Metromile in a $500mn first-of-its-kind deal.
  The seven-year placement, structured by JLT Re, sees Hudson and
  Mapfre Re, which has a 10 percent line, pay higher ceding
  commissions in the earlier years to offset the initial acquisition
  costs for the startup carrier, The Insurance
  Insider understands.
  The deal effectively offers San Francisco-based Metromile a c
  
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• Chubb expands Capparelli's North America casualty role

  13-09-2017 03:17
  Chubb has put Lou Capparelli in charge of global casualty business
  within the North America major accounts division.
  Capparelli's expanded role will give the executive vice
  president responsibility for the division's day-to-day global
  casualty operations, including service and technology, the
  Zurich-based company said. He will be based in New York.
  Field operations for the group will continue to be part of
  Capparelli's brief as well as underwriting, Chubb said. He
  previously oversaw efforts to d
  
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• Citynet recruits ex-JLT broker with 'wealth of knowledge and contacts'

  13-09-2017 00:13
  Citynet recruits broker who was associate director at JLT for 10 years
  
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