Insurance news

• Third Point Re jumps on S&P Small Cap inclusion

  21-09-2017 21:20
  Total return reinsurer Third Point Re surged over 11 percent in
  early New York trading after Standard & Poor's added the
  Bermudian to its Small Cap 600 index.
  By midday, the stock was trading around $15.45, up over 7.6
  percent.
  Third Point, which is allied with Dan Loeb's New York-based
  Third Point LLC hedge fund, will replace Sanderson Farms in the
  S&P index effective 26 September, the ratings company said late
  yesterday.
  At yesterday's close Third Point Re shares had...
  
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• ATL hires Stagg to run InsurTech platform

  21-09-2017 21:20
  Marine and energy intermediary ATL has recruited an RK Harrison
  broker to run an insurance technology incubator, according to the
  company.
  George Stagg, a terrorism and political violence broker at RK
  Harrison, will join ATL as head of innovation at the end of
  November.
  Stagg joined RKH in 2013 from the headhunting firm Mackenzie
  Stuart.
  Last month, The Insurance Insider reported that former Cooper Gay boss Toby Esser
  planned to acquire a majority stake in ATL from the Finch family,...
  
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• Wildee exits Aspen Insurance

  21-09-2017 18:49
  Chris Wildee, head of international marine and international
  upstream energy at Aspen Insurance, has left the firm,
  The Insurance Insider understands.
  Wildee had worked at Aspen since 2013. He joined the firm from
  Chaucer Singapore, where he was CEO for almost eight years.
  Earlier, Wildee was head of energy at Wellington Underwriting
  for almost 11 years.
  Aspen confirmed that Wildee had left the business, but declined
  to comment further.
  Last month, Aspen's head of credit and political risk Paul
  
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• Pioneer gains in-principle approval for Lloyd's syndicate

  21-09-2017 18:49
  Pioneer Underwriters has secured preliminary approval from
  Lloyd's Franchise Board to establish a full syndicate, with
  Asta acting as its third-party managing agent.
  The two companies said they were aiming to secure permission for
  Syndicate 1980 to underwrite business from 1 January, although they
  gave no indication of its stamp size.
  This publication first reported in May that Pioneer was
  working on a full
  Lloyd's syndicate start-up with Asta. At the time, sources
  suggested Liberty Specialty Ma
  
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• Oak HC/FT hires Robinson as executive in residence

  21-09-2017 18:49
  Venture capital firm Oak HC/FT has hired former Crawford &
  Company COO Andrew Robinson as an executive in residence, the firm
  announced today.
  In his new role, Robinson will focus on developing InsurTech
  businesses both by building firms from scratch and through
  investing in existing companies.
  Robinson has more than 30 years of global experience in strategy
  consulting and executive operating roles in insurance and financial
  services.
  While at Crawford he oversaw its four businesses, which a
  
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• Maria causes devastating floods in Puerto Rico

  21-09-2017 18:49
  Hurricane Maria's 70-mile trail across Puerto Rico triggered
  devastating floods, as some rivers rose 20 feet or more in a matter
  of hours.
  Maria caused blackouts across the entire US territory, leaving
  about 3.4 million people in the dark as emergency flash flood
  warnings blanketed the area. It was the strongest storm to hit the
  island in more than 80 years.
  Social media videos show the streets of Guayama inundated with
  rapidly moving muddy water, while another shows the Rio...
  
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• Ironshore names Smith and Rozario to lead Bermuda property

  21-09-2017 18:49
  Ironshore has promoted from within to bolster the ranks of its
  Bermuda property unit after a quartet of executives led by Nick
  Wills left to join Argo.
  The Liberty Mutual-owned carrier said it had appointed Ian Smith
  as senior vice president and head of Bermuda property, with Shane
  Rozario taking the position of COO at the division.
  Last month The Insurance
  Insider revealed that Wills, who was most recently
  senior vice president at Ironshore,had left the company along with...
  
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• Biba launches scheme for transportation risks

  21-09-2017 16:22
  Trade body partners with M R Ratcliffe Consultants.
  
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• R&Q agrees $24mn deductible deal

  21-09-2017 15:59
  Randall & Quilter Investment Holdings (R&Q) has completed a
  deal to take on $24mn of deductible liabilities from a US
  corporate, it announced today.
  Detailing the transaction, the firm explained that the
  deductible related to workers' compensation policies issued
  between 1988 and 2012 issued by a large US carrier. The deal allows
  the corporate to pass on its deductible liability to R&Q, with
  the US carrier remaining on risk for any claims above that
  deductible.
  The deal brings finali
  
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• P2P insurer Guevara shuts up shop

  21-09-2017 15:59
  UK peer-to-peer (P2P) consumer insurance pioneer Guevara has
  closed its operations after it was unable to establish a fully
  capitalised underwriting vehicle, The Insurance
  Insider can reveal.
  Guevara, which initially launched in 2013 as a broker, allowed
  customers to pool their premiums in order to lower the individual
  premium spend on their motor insurance.
  Its lead investor at the Series A funding stage was Mosaic
  Ventures, according to Crunchbase.
  Guevara co-founder Paul Anderson confirmed th
  
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• Allstate predicts $553mn net Harvey hit

  21-09-2017 15:59
  Allstate has forecast its August cat losses will more than treble
  from the month before, with the vast majority stemming from
  Hurricane Harvey.
  The Illinois carrier estimated its August pre-tax cat losses at
  $593mn, net of reinsurance.
  "Catastrophe losses occurring in August comprised six
  events at an estimated net cost of $591mn, pre-tax, plus
  unfavourable reserve re-estimates of prior reported catastrophe
  losses," the company explained.
  Allstate said Harvey-related gross losses of $576mn befor
  
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• Start-up Guevara closes for business after failing to establish capitalised underwriting vehicle

  21-09-2017 15:23
  Insurtech peer to peer start-up, Guevara, has closed its business after four year due to failing to establish a capitalised underwriting vehicle.
  
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• AIG steps up campaign to shed ‘too big to fail’ status

  21-09-2017 15:19 via ft.com
  Insurer wants Sifi label dropped but a looming regulatory vote could be close
  
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• Fadata to make more acquisitions as it looks to further penetrate Africa and Europe

  21-09-2017 15:02
  Fadata is planning to expand its presence in the European insurance market following on from its acquisition of Munich-based insurance technology specialist Impeo.
  
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• AIA/CBA: simplify, simplify

  21-09-2017 13:39 via ft.com
  Deal makes sense for both sides and helps address an image problem
  
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• XL Catlin Iberia picks Marsh broker to head political risk

  21-09-2017 12:50
  XL Catlin in Spain and Portugal has chosen a broker to run its
  political risk team in Madrid.
  Santiago Herrero has been appointed head of the carrier's
  political risk, credit and bond business for the Iberia region,
  reporting to Dan Riordan, XL Catlin's global head of PRCB in
  London.
  Herrero was previously at Marsh in Madrid for 17 years.
  XL Catlin writes some of largest lines in the political risk
  market, offering up to $200mn of capacity per risk. Unlike...
  
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• Opinion: Pick a number, any number

  21-09-2017 12:50
  As the biggest cat modelling company, RMS was under intense
  pressure to publish loss forecasts for Hurricane Irma from well
  before it made landfall in the US.
  Yesterday - 10 days after Irma hit Florida - RMS finally broke
  its silence, following the path marked out by its rivals.
  Perhaps cognisant of the modelling sector's historic misses,
  RMS gave itself plenty of room for manoeuvre.
  It published a range ofbetween $35bn and $55bn, split roughly two thirds to one...
  
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• Kanye West lawyers rebut Lloyd's carriers in $10mn suit

  21-09-2017 12:50
  Lloyd's insurers embroiled in a $10mn claims dispute with
  Kanye West have been accused of "post-claim underwriting"
  in the latest installment of a lawsuit over the artist's
  cancelled tour.
  In a 19 September court filing by the claimants, lawyers
  representing Kanye West and his tour company Very Good Touring Inc
  said the contingency insurers on the claim were on a "hunt for
  a contrived excuse not to pay".
  An earlier counterclaim filed by the insurers should be
  "withdrawn or stricken&q...
  
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• IAG CRO Whipp to retire

  21-09-2017 12:50
  Australian insurance giant IAG has announced that its chief risk
  officer (CRO) Clayton Whipp is to retire by the end of March
  2018.
  The carrier said an international search was underway to replace
  him.
  Whipp joined IAG in 2007 as group general manager in the
  corporate finance team before becoming chief strategy officer in
  June 2014. He took on the CRO role in April 2015.
  Prior to his time at IAG, Whipp worked at BHP Billiton for more
  than 10...
  
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• Axa market leader for Mexico quake cover: AM Best

  21-09-2017 12:50
  Axa Seguros is the largest writer of earthquake cover in Mexico,
  followed by Seguros Banorte Generali and Seguros Inbursa, according
  to data from AM Best.
  Mexico suffered a magnitude 7.1 earthquake on Tuesday (19
  September), the second temblor to hit the country within two
  weeks.
  The epicentre of the quake was in central Mexico, roughly 55km
  south-southwest of the city of Puebla and 120km southeast of Mexico
  City, where major damage and hundreds of fatalities have been
  reported.
  The first...
  
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• Brightside’s van MGA to be launched next year

  21-09-2017 12:16
  Launch delayed due to impact from the Ogden rate change.
  
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• Ardonagh Group posts fall in Ebitda but rising income

  21-09-2017 12:10
  Firm says one-off costs impacted the results, while its change programme is reaching its final stages.
  
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• Co-op Insurance sees £15.5m pre-tax operating loss in H1 2017

  21-09-2017 11:55
  Co-op Insurance saw sales drop 21% in H1 2017, reporting an operating loss before tax of £15.5m compared with a loss of £8.6m for the same period in 2016.
  
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• Travel claims added to CUE to tackle rising fraud

  21-09-2017 11:47
  An industry anti-fraud database will now include details of travel claims.
  
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• CEO Sian Fisher on why the CII is supporting Insurance United Against Dementia

  21-09-2017 11:12
  Today is World Alzheimer’s Day which gives the insurance sector an opportunity to raise awareness about the growing threat of dementia and the challenges it poses to our society.
  
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• Brightside to launch MGA Kitsune in Q2 2018

  21-09-2017 10:25
  Brightside’s managing general agent, Kitsune Associates, is set to launch during Q2 next year.
  
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• Broker Expo Leeds: Live updates

  21-09-2017 10:22
  Keep up to date with all the news live from Broker Expo Leeds.
  
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• Broker Expo Leeds: Highlights

  21-09-2017 10:22
  Catch up with all the news from Broker Expo Leeds.
  
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• The Blog Spot: Brokers remain a force to be reckoned with

  21-09-2017 10:12
  Insurance Age has celebrated the best in broking at the UK Broker Awards and Ida Axling sees a bright future for the sector, despite constant rumours of its impending demise.
  
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• Brightside revenue drops by £10m in "very tough" 2016

  21-09-2017 10:01
  Ebitda also fell in 2016 to £3.9m from £7.0m but CEO Mark Cliff insists that the first half of 2017 has seen an uptick in numbers.
  
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• Maria weakens as Jose lingers by New England

  21-09-2017 09:46
  Hurricane Maria, now a Category 3 storm, is moving away from
  Puerto Rico and is expected to pass offshore of the northeastern
  coast of the Dominican Republic later today, according to the US
  National Hurricane Center (NHC).
  In its latest public advisory, the NHC said Maria should then
  move near the Turks and Caicos Islands and the southeastern Bahamas
  tonight and Friday.
  The current forecast track on Tropical Storm Risk shows the
  storm bending north to northeast over the next...
  
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• JLT Specialty USA adds Cornish to construction group

  21-09-2017 09:46
  JLT Specialty USA has named construction specialist Keith Cornish
  as a director, as it continues to beef up its construction
  specialty capability, supporting its partnership with Construction
  Risk Partners.
  Cornish was most recently a regional senior vice president with
  Arthur J Gallagher and led their operations in the segment in the
  Northeast.
  Prior to joining Gallagher, Cornish was director of risk
  management at 2005 start-up Hunter Roberts Construction Group.
  While there, he created a risk m
  
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• Hannover Re, Talanx warn on 2017 profit following cat losses

  21-09-2017 09:46
  Hannover Re today warned it may not achieve its full-year 2017
  profit guidance of more than EUR1bn ($1.20bn) following the string
  of large loss events in the third quarter.
  The reinsurer said it believed its yearly large loss budget of
  EUR825mn would be able to absorb the impact of hurricanes Harvey
  and Irma.
  However, Hurricane Maria and the most recent earthquake in
  Mexico will "give rise to further substantial strains"
  which will exceed the large loss budget, Hannover Re said....
  
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• Ardonagh Ebitda up a fifth in maiden earnings report

  21-09-2017 09:46
  The Ardonagh Group posted adjusted Ebitda of £57.6mn
  ($78.0mn) in the first six months of 2017, a 21.3 percent pro forma
  rise year-on-year, as it reported its first numbers since its
  creation earlier this year.
  The broad-based insurance group, which is headed up former AJ
  Gallagher International CEO David Ross, also disclosed organic
  growth of 3.7 percent, booking half-year revenues of
  £252mn.
  Ardonagh, then known as KIRS, was created in April as HPS
  Investment Partners and Madison D
  
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• XL Catlin's Tania Bensoussan-Arthur on creative underwriting for fine art

  21-09-2017 07:00
  The world of fine art and specie underwriting needs to be as creative as the artworks it insures, explainsTania Bensoussan-Arthur, manager of XL Catlin's Specialty business in France.
  
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• AIA to pay $3bn for CBA’s life insurance unit

  21-09-2017 06:46 via ft.com
  Hong Kong-based group set to become largest life insurer in Australia and New Zealand
  
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• AIA to pay $3bn for CBA life insurance unit

  21-09-2017 06:46 via ft.com
  Hong Kong-based group set to become largest life insurer in Australia and New Zealand
  
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• AIA proposes $3bn buyout of CBA insurance units

  21-09-2017 06:46 via ft.com
  Hong Kong-based group set to become largest life assurer in Australia and New Zealand
  
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• Patrick Frost: ‘CEOs must admit vulnerability’

  21-09-2017 06:01 via ft.com
  The Swiss Life leader on returning to work after cancer treatment
  
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• Florida Irma claims surge as Maria lurks offshore

  21-09-2017 02:44
  Claims for losses from Hurricane Irma have surged in Florida
  even as a fresh storm, Hurricane Maria, has torn up Caribbean
  islands as it moves in the general direction of the US East
  Coast.
  Losses subject to the claims jumped about 40 percent in just two
  days to almost $2.75bn yesterday while the number of claims rose at
  a slightly lower pace, data from the Florida Office of Insurance
  Regulation (FLOIR) shows.
  As of 4pm on 17 September about 330,000...
  
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• Zurich NA CEO Foley steps down to be replaced by Savio

  21-09-2017 00:23
  Zurich North America CEO Mike Foley is stepping down from the
  carrier effective in January 2018 and will be replaced by the
  unit's alternative markets president Kathleen Savio.
  Foley joined the US unit of the Swiss insurer as COO in 2006 and
  rose to CEO in 2008 and will remain "on several of
  Zurich's US boards" as he pursues his next career move,
  the company said today.
  At the helm of Zurich's largest business unit, Foley
  reshaped its operations and...
  
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• Progressive's Harvey loss suggests less industry pain

  21-09-2017 00:23
  Progressive reported sharply lower than expected catastrophe losses
  related to Hurricane Harvey, which led to a nearly 2.9 percent gain
  in its shares yesterday, may indicate less overall insured damage
  than has been forecast from the storm.
  The big US auto and home insurer said it incurred about $254mn
  in cat losses in August, adding 12.6 percentage points to its loss
  ratio for the month, with over 90 percent coming from Harvey.
  Morgan Stanley analysts said the Harvey losses were...
  
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