Insurance news

• Sirius agrees to $700mn deal for Israel's Phoenix

  14-09-2017 21:58
  Sirius has agreed to buy a majority interest in Phoenix Holdings
  for about 2.51bn shekels ($702mn) from Israel's Delek Group,
  starting with a 4.9 percent stake.
  The agreement comes a few months after thecollapse of the most recent deal Delek engineered to sell the
  local insurer, a transaction valued at 2.2bn shekels to China's
  Fujian Yango Group, apparently because of regulatory delays.
  In the latest agreement, Bermuda-based Sirius is to buy the small
  stake for 208mn shekels. Then Sirius...
  
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• Cobalt provides first Islamic M&A insurance with AIG

  14-09-2017 21:58
  Cobalt Underwriting has underwritten the first Islamic merger and
  acquisition insurance policy, as the MGA seeks to position itself
  as the main supplier of the Shariah-compliant coverage in London.
  AIG provided the capacity for the warranty and indemnity product,
  the US P&C giant said in a statement on 13 September. The
  product was structured with help from lawyers with Norton Rose
  Fulbright in Dubai.
  Islamic insurance requires that premiums are not placed into
  interest-generating accounts a
  
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• US property cat rates to rise 4-5% post-Irma: Bernstein

  14-09-2017 19:19
  A drop in available insurance-linked securities (ILS) capital
  after hurricanes Irma and Harvey will likely trigger US property
  catastrophe rate increases of 4-5 percent, Bernstein analyst Thomas
  Seidl has claimed.
  The Bernstein analyst estimated that between 8-10 percent of ILS
  capital will be eroded and that some will be trapped until loss
  estimates from Irma are more robust. This suggests ILS capital
  supply will be lower for the 1 January renewals, Seidl said in a
  note today.
  "Based on our...
  
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• Jose to weaken to tropical storm by Friday: NHC

  14-09-2017 19:19
  Hurricane Jose looks set to weaken to a tropical storm and turn
  away from the US eastern seaboard, according to the latest models
  from the National Hurricane Center (NHC).
  The latest forecast published by the NHC at 5am Atlantic
  Standard Time had Jose looping around itself for the next 24 hours,
  before ultimately turning away from the coastal US towns of Myrtle
  Beach, Hatteras and Kitty Hawk, and tracking between the eastern US
  seaboard and Bermuda.
  In a discussion of...
  
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• Irma insured loss in French islands $1.4bn: CCR

  14-09-2017 19:19
  French state-owned reinsurer CCR has estimated the insured loss
  from the damage wrought by Hurricane Irma to the French
  collectivities of Saint Martin and Saint Barthélemy at
  EUR1.2bn ($1.4bn).
  The islands were among several in the Caribbean hit hard by last
  week's hurricane, which later made landfall in Florida as a
  Category 4 storm before weakening and moving up the western side of
  the Sunshine State.
  Karen Clarkyesterday estimated the insured loss in the Caribbean at $7bn,
  and the...
  
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• Three firms in for Leeds-based Henderson

  14-09-2017 18:13
  Aon declined to comment on whether it is one of the bidders.
  
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• Admiral launches home and motor multicover policy

  14-09-2017 17:02
  Admiral has launched a Multicover insurance product, combining its car and home insurance into one policy.
  
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• Insurers prepare to tackle grey areas of GDPR as consultation opens

  14-09-2017 17:00
  Insurers have raised concerns over grey areas regarding the implementation of the General Data Protection Regulation.
  
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• StarStone takes Antares terror duo

  14-09-2017 16:23
  StarStone has recruited a brace of political violence
  underwriters from Antares, with class underwriter James Hannan and
  terrorism underwriter Amy Henry moving to the Enstar-owned
  Bermudian.Hannan and Henry will report to Simon Lowe, the recently
  appointed head of crisis management at StarStone, according to
  sources.Hannan was the top voted terrorism
  underwriter in the London market by brokers in The
  Insurance Insider's political violence rankings
  for 2017.Henry has worked with Hannan for six ye
  
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• Brazil to step down at Markel International

  14-09-2017 16:23
  Jeremy Brazil is planning to stand down from his role as director
  of underwriting at Markel International at the end of this year.
  Brazil played a major role in the creation of Markel
  International following Markel's acquisition by Terra Nova in
  2000.
  The executive has overseen Markel International's
  underwriting for a decade, as well as being responsible for its
  reinsurance buying strategy.
  He will continue to offer consultancy advice to the board and
  the senior management team.
  Nick Line, chie
  
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• AmTrust continues asset sales with IT system

  14-09-2017 16:23
  Nasdaq-listed AmTrust has agreed to transfer a technology system
  that it currently licenses to former sister company National
  General to the personal lines writer for $200mn.
  The deal, which will replace the existing licensing
  arrangements, is the latest example of AmTrust taking actions to
  strengthen its balance sheet.
  The companies said in a statement today that AmTrust had leased
  the system to NatGen for seven years. Under the terms of the
  original agreement, NatGen was entitled to acquire th
  
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• Munich Re’s warning on hurricane damage set to be first of many

  14-09-2017 15:28
  German reinsurer expects devastation from Harvey and Irma to wipe out third-quarter profits
  
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• SRL to review Canopius ratings after MBO

  14-09-2017 13:45
  Syndicate Research Limited (SRL) has placed its B+^ (above
  average) continuity opinion of Sompo Canopius' Syndicate 4444
  under review for possible downgrade.
  This research firm said it had decided to review the continuity
  opinion, which has a negative outlook, following confirmation that
  Sompo Canopius was due to be acquired by a private equity
  consortium via a management buyout (MBO), subject to regulatory
  approval.
  Sompo Canopius is to change its ownership through a $952mn MBO
  backed by privat
  
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• Hamilton looks for RITC deal for old Sportscover book

  14-09-2017 13:45
  Hamilton at Lloyd's is seeking a third party
  reinsurance-to-close (RITC) transaction for the 2014 and prior
  years in order to bring the old Sportscover book it acquired to
  finality, The Insurance Insider can
  reveal.
  Dermot O'Donohoe, CEO of Hamilton at Lloyd's, said:
  "We are currently finalising a data room and hope to have
  interested parties put together their thoughts and interest in
  quoting.
  "After an initial phase, we will be working to a
  competitive due diligence process with the aim...
  
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• Making a success of succession

  14-09-2017 13:20
  Ataraxia’s Adam Boakes outlines some of the pitfalls of organising a smooth succession and warns brokers to take their time.
  
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• Zhong An seeks $11bn IPO valuation

  14-09-2017 13:18
  Hong Kong-based online property and casualty insurer Zhong An is planning to seek an initial public offering valuation of up to $11bn (£8.3bn).
  
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• Broking Break: Top Five Tech Stories

  14-09-2017 12:59
  Gary Lineker and Neos, Brolly, blockchain the dark web and insurtech investment made your top five tech stories since the start of the month.
  
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• Hear from rugby legend Shaun Edwards at Broker Expo Leeds – one week to go

  14-09-2017 12:51
  The event, free for brokers, takes place on 21 September at the Royal Armouries Museum in Leeds.
  
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• M&S Insurance corrects renewal letter to remind customers to shop around

  14-09-2017 11:48
  M&S has contacted its general insurance customers to remind them that they can shop around for cheaper insurance, following the introduction of renewal transparency laws.
  
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• Typhoon Talim pivots to Japan course

  14-09-2017 10:43
  Typhoon Talim, currently at a strength of Category 3 in the East
  China Sea, is set to turn northwards and hit the south Japan
  mainland in the next 72 hours, according to Tropical Storm Risk
  (TSR).
  TSR forecasts the storm will gain strength to Category 4 in the
  next 12 hours before dropping to Category 3 as it makes landfall
  near the town of Kagoshima in the next three days.
  Talim, which became a typhoon earlier this week, swept to...
  
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• Pool Re urges action on UK government's BI consultation

  14-09-2017 10:43
  (Re)insurers are being urged to engage with a government
  consultation about Pool Re broadening its coverage to meet the
  business interruption needs of businesses impacted by terror
  attacks.
  The consultation proposes that the terror exclusion on standard
  business interruption policies be removed, and for Pool Re to
  become the ultimate backstop.
  Currently, Pool Re can pay out for business interruption, but
  only if there has also been property damage, something Pool Re CEO
  Julian Enoizi is keen to
  
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• Opinion: Beale's storm

  14-09-2017 10:43
  There are some things that you can be forgiven for thinking, but
  not for saying.
  And late last week one of the most prominent figures in our
  industry said one of them.
  The CEO of the Corporation of Lloyd's, Inga Beale, told
  The Times in an interview about hurricanes Harvey and Irma
  that there was upside for the insurance sector and, implicitly, for
  Lloyd's from the storms.
  "Almost in a perverse way, when you look at the more medium
  term,...
  
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• Mapfre Global Risks enters London aviation market

  14-09-2017 10:43
  Mapfre Global Risks (MGR) has hired Oscar Becerra from Willis to
  start writing aviation business from London.
  Becerra, who also previously worked for Aon Mexico as a
  reinsurance broker and aviation department manager, will join as an
  underwriter to lead the expansion in London.
  MGR's coverage will include airlines, general aviation and
  products and airports.
  The company already writes aviation risks from Madrid. Becerra
  will report to Greg Harris, MGR UK director.
  Harris said Becerra's hire was
  
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• Customers want more services, says Bain & Co.

  14-09-2017 08:58
  There is a growing divide in insurance between low-cost providers and those trying to differentiate themselves by offering more services according to global consultancy Bain & Co.
  
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• Munich Re sees Q3 loss after Harvey, Irma

  14-09-2017 08:18
  Munich Re said claims from Harvey and Irma meant the carrier
  would probably post a loss in the third quarter and could miss its
  2017 profit guidance of EUR2bn to EUR2.4bn ($2.4bn to $2.9bn).
  "After Hurricane Harvey caused significant damage in Texas
  and adjacent states at the end of August, there has now been
  another devastating storm in the form of Hurricane Irma. It caused
  extensive damage on islands in the Caribbean, and also in
  Florida," the carrier said. "These...
  
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• International: Battling cyber crime in ports and at sea  

  14-09-2017 07:00
  Susanna Marsden, claims executive at the TT Club, looks at the causes of cyber crime, risks to ports and ships, as well as the practical issues affecting insurers and brokers.  
  
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• Blog: Making cyber relevant

  14-09-2017 07:00
  Neil Ross and Delvin Tillett, senior vice-president and assistant vice-president for underwriting at Axis Pro Europe, explain how insurers and underwriters can make cyber policies relevant in today's fast-moving business environment.
  
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• Generali Asia appoints former AIG executive as chief customer officer

  14-09-2017 05:05
  Generali Asia has appointed a former AIG senior executive as chief customer officer for the region.
  
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• RSUI's Leonard defends wholesalers from cost critics

  14-09-2017 03:54
  RSUI's president and CEO David Leonard has sought to dispel
  the "myth" that the cost of doing business with the
  excess and surplus lines market is higher than the retail
  sector.
  Speaking at the newly-rebranded Wholesale & Specialty
  Insurance Association conference in San Diego, which was formerly
  named Napslo, Leonard said that while distribution costs in the
  wholesale space were higher, the overall cost of placing E&S
  coverage was comparable to policies placed in the admitted
  market.
  Th
  
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• Harvey expected to cost NFIP $11bn

  14-09-2017 00:55
  Hurricane Harvey will probably land the National Flood Insurance
  Program (NFIP) with $11bn of losses, mostly in Texas, according to
  the body's chief administrator.
  The figure suggests that about $1bn in privately provided
  reinsurance cover will be totally exhausted from Harvey-related
  claims.
  More than two dozen reinsurers backed the programme this year as it
  bought meaningful cover for the first time in its nearly 50-year
  lifespan, following a pilot effort involving $1mn of limit
  purchased last
  
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• FedNat leads Floridians higher in NY trading

  14-09-2017 00:55
  Federated National led an advance by Florida-focused insurers in
  New York trading today, climbing 8.3 percent a day after disclosing
  expected losses from Hurricane Irma.
  The other four publicly traded Floridians also rose, with the gains
  mostly accelerating after disaster modelling firm Karen Clark &
  Company said Irma's US industryinsured losses would come to about $18bn, mostly in Florida
  claims. The estimate was lower than many others issued previously,
  such as AIR Worldwide's $20bn to $40
  
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