Insurance news

• ICT puts private industry Harvey losses at just $8bn

  15-09-2017 23:15
  The Insurance Council of Texas (ICT) has issued an estimate of
  private market insured losses from Hurricane Harvey in the state of
  only around $8bn.
  It said that a further $11bn was expected to be picked up by the
  National Flood Insurance Program (NFIP).
  It added that its private market loss estimates do not include
  residential losses from flooding or any uninsured losses.
  The trade body estimated that the private market would pick up
  more than $3bn of storm-related property...
  
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• AIR lowers its maximum loss estimate for Irma to $50bn

  15-09-2017 23:15
  Modelling firm AIR Worldwide has narrowed its insured loss
  estimate for Hurricane Irma, now projecting the devastating storm
  will cost the industry between $32bn and $50bn.
  An earlier estimate from Saturday, a day before the storm made
  US landfall, pegged potential losses at anywhere between $20bn and
  $65bn. However the hurricane's exact track was not known at
  that point.
  Now, after the event, AIR is saying that US losses will fall
  within the $25bn to $35bn range. Claims from the...
  
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• White Mountains closes $513mn buyback

  15-09-2017 17:04
  White Mountains Insurance Group has completed a
  larger-than-anticipated share buyback of $513.4mn.
  The buyback deploys a portion of White Mountains' massive
  cash pile, which was augmented by last year's sale of Sirius
  for $2.6bn and will be bolstered further with the $1.3bn proceeds
  from Intact Financial's purchase of OneBeacon, which is yet to
  close.
  The company said the buyback, which equates to almost 14 percent
  of its market value, was "highly oversubscribed". White
  Mountains bought 586,733
  
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• Opinion: A time to shine

  15-09-2017 17:04
  Catching up on emails in the San Diego sun during a cancelled
  appointment at WSIA this week, it was difficult to dismiss the
  sense of déjà vu.
  Five years earlier and just up the coast at Dana Point, another
  industry event took place against the backdrop of a catastrophic
  loss.
  Then it was Sandy, and at PCI there was a surreal atmosphere as
  the depleted contingent of delegates that had made it to California
  switched between concerned phone calls with...
  
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• Davies expands services lines with Ambant takeover

  15-09-2017 17:04
  Private equity-backed outsourced services provider Davies Group has
  bought Ambant from its director-owners to form the basis of a new
  insurance services division.
  The buyer said Ambant complements Davies' claims solutions,
  complaints handling and regulatory services businesses by allowing
  it to offer a broader range of services to insurers and
  intermediaries.
  The purchase is Davies' third since US PE firm HGGCacquired a majority stake in the company in January from Epiris
  for enterprise value of
  
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• Swinton reports a drop in pre-tax profit during 2016 financial year following 'strategic' transformation

  15-09-2017 16:27
  Swinton has reported pre-tax profit of £11.5m in the financial year ending 31st December 2016, down from £15.9m in the same period last year.
  
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• Lloyd’s and MGA market are growth areas for Davies Group: Saulter

  15-09-2017 15:48
  Davies Group eyes up Lloyd's and MGA market as opportunity for growth, says CEO Dan Saulter.
  
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• Eight Bar Financial International acquires Accident Exchange Limited as part of major restructure

  15-09-2017 15:34
  Accident Exchange Limited has been acquired by Eight Bar Financial International as part of a major restructure within Automotive and Insurance Group, AEL’s parent company.
  
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• This Week in Post: A new world of data awaits

  15-09-2017 12:58
  I often find myself targeted by banner ads ranging from pizza deals, to – inexplicably - elderly toilet aids.
  
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• Typhoon Talim loses strength on course to Japan

  15-09-2017 11:57
  Typhoon Talim has weakened to Category 1 as it approaches south
  Japan, according to Tropical Storm Risk (TSR).
  After initial forecasts that the storm would hit the Japanese
  mainland at Category 3, TSR now expects Talim will remain at a
  strength of Category 1 for the next 48 hours, before downgrading to
  a tropical storm once it makes its way inland.
  The storm is still on course to make landfall near Kagoshima on
  Kyushu Island by Sunday (17 September).
  Talim,...
  
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• Pen Underwriting promotes Downey to CUO

  15-09-2017 11:57
  Pen Underwriting has promoted Tom Downey to the role of chief
  underwriting officer, effective 1 October.
  The executive, who has been managing director of specialty at
  Pen and part of the executive team since joining the business in
  2014, will oversee underwriting, capacity management, pricing,
  analytics, risk and governance, claims and marketing across all of
  Pen's trading divisions.
  Before joining Pen he spent 25 years at RSA, where he managed
  its UK MGAs and delegated schemes.
  On Downey's prom
  
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• Opinion: Looking to 1.1

  15-09-2017 11:57
  Yesterday, Bernstein Research was one of the first to come out
  publicly with an estimate for US property catastrophe rate
  increases after Harvey and Irma.
  Analyst Thomas Seidl expectsjust a 4 to 5 percent uptick in rates, driven by a drop in the
  amount of available alternative capital by the time 1 January
  swings round.
  The earnings impact of Irma and Harvey seems well within the
  modelled range and in itself would not justify a material rate
  increase, he...
  
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• IFG withdraws from shared and layered property

  15-09-2017 11:57
  US specialty insurer IFG Companies has pulled out of shared and
  layered property business, The Insurance
  Insider can reveal.
  According to sources, the team underwriting the segment, led by
  Mike Denton, is now looking for a new home.
  IFG had looked to expand the shared and layered book after
  building out its underwriting team, but is understood to have only
  written $3mn-$4mn of premium last year in a crowded and
  ultra-competitive marketplace.
  A memo from IFG president Christopher Lewis said...
  
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• AGCS makes Vassallo senior downstream underwriter in London

  15-09-2017 11:57
  Allianz Global Corporate & Specialty (AGCS) has promoted
  Anthony Vassallo to lead downstream energy underwriting at its
  London regional unit.
  Vassallo, who was most recently responsible for strategy within
  the marine and energy business in the London hub, will oversee
  downstream energy underwriting in the UK, Ireland, Dubai, Russia,
  the Nordics and Australasia, as a senior underwriter.
  He will report to Tracey Hunt, regional head of energy.Vassallo joined Allianz in 2003 and from 2014 to 201
  
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• Brexit: Uncertainty highlights the importance of broker/insurer partnership

  15-09-2017 11:56 via insuranceage.co.uk
  Stuart Ramsden of trade credit insurer Attradius argues that the combined resources of brokers and insurers offer a powerful tool in uncertain times.
  
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• Davies Group continues spending spree with Ambant acquisition

  15-09-2017 11:33
  Davies Group has acquired specialist insurance provider, Ambant Limited, which will see a new insurance division being formed within the group.
  
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• Meet the Expo Leeds panellists: PIB's Michael Eardley

  15-09-2017 11:29
  The director of professions at PIB Insurance Brokers urges brokers to attend the event taking place next week.
  
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• Quizzical questions: 15 September 2017

  15-09-2017 11:28
  Test your knowledge of the week's news with our topical quiz.
  
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• ERS appoints ex-Pen CUO Martin Hall as active underwriter

  15-09-2017 10:28
  Lloyd’s syndicate ERS has appointed ex-Pen chief underwriting officer, Martin Hall, as active underwriter.
  
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• Downey replaces Hall as CUO for Pen

  15-09-2017 10:27
  Tom Downey has been promoted to chief underwriting officer for Pen Underwriting, replacing Martin Hall.
  
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• QuestGates launches real estate division

  15-09-2017 10:18 via insuranceage.co.uk
  The loss adjuster said the division has been designed to provide a bespoke service to property investors and property managers in the UK.
  
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• Pen CUO Martin Hall moves to ERS

  15-09-2017 10:06
  Martin Hall has moved from Pen Underwriting to ERS to take on active underwriter role.
  
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• Martin Hall moves to ERS as active underwriter from Pen

  15-09-2017 10:06 via insuranceage.co.uk
  Pen announced today (15 September) that it had promoted Tom Downey as chief underwriting officer with effect from 1 October.
  
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• Pen promotes Tom Downey to CUO role

  15-09-2017 09:51 via insuranceage.co.uk
  Downey's promotion also sees two other members of Pen’s leadership team start executive-level responsibility from 1 October.
  
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• Greenberg wins round in Spitzer legal battle

  15-09-2017 09:18
  Maurice "Hank" Greenberg won a round in his pursuit of
  former New York Attorney General Eliot Spitzer as a state appeals
  court ruled that the former AIG CEO could seek a defamation
  judgment against his legal nemesis.
  The case revolves around comments Spitzer made in television
  appearances in 2012 and in a book published the following year,
  Protecting Capitalism Case by Case.
  Greenberg sued Spitzer for defamation later in 2013, citing
  statements in which the former prosecutor included him among..
  
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• Blog: Claims handlers vs robots

  15-09-2017 07:00
  Steve Grieve, chief information officer at Claims Consortium Group, explores whether machines really can take over from humans in a claims environment.
  
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• ‘Huge variations’ in company pension default funds

  15-09-2017 06:00
  Investments chosen for staff can amount to a lottery
  
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• Irma NFIP losses may reach $12bn

  15-09-2017 02:48
  Hurricane Irma may produce $12bn in losses for the National
  Flood Insurance Program, JLT Re said, citing estimates from
  catastrophe modeller Enki Research.
  The losses largely stem from storm surge and flooding along the
  east coast of Florida as well as in coastal Georgia and South
  Carolina, JLT Re said in a blog entry posted on its website.
  Yesterday, the chief administrator for the government-run NFIP
  estimated claims from Hurricane Harvey, which flooded much of
  Houston and parts of southeaster
  
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