Insurance news

• Maria industry loss put at $40-$85bn by AIR Worldwide

  25-09-2017 23:21
  Hurricane Maria left as much as $85bn in insured losses after
  devastating Caribbean islands from Dominica to Puerto Rico, where
  most of the worst damage occurred, AIR Worldwide said today.
  The catastrophe modeller put the low end of the industry insured
  loss at $40bn.
  In Puerto Rico, which accounted for about 85 percent of the
  loss, AIR summed up some of the worst damage - at least one dam in
  imminent danger of collapse, forcing some 70,000 residents
  downstream to...
  
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• Mapfre warns its cat bill may reach EUR200mn

  25-09-2017 23:21
  Mapfre has warned investors that it is facing net costs of up to
  EUR200mn ($236.8mn) from a string of hurricanes and earthquakes
  that have plagued the industry in recent weeks.
  The Spanish (re)insurer said a preliminary estimate indicated that
  recent natural disasters in North America and the Caribbean would
  cost the company between EUR150mn and EUR200mn against its annual
  results.
  It blamed the "exceptional size and frequency" of the
  events as it warned that the effects on both its primary...
  
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• Intact wins approvals to close $1.7bn OneBeacon deal

  25-09-2017 23:21
  OneBeacon's $1.7bn acquisition by Canadian property and
  casualty insurer Intact Financial is expected to be completed by
  Thursday after regulators gave final approval to the transaction,
  Intact said today.
  After the $18.10 per share deal closes, One Beacon will continued
  to operate as One Beacon Insurance Group in the US as a wholly
  owned Intact subsidiary, the company said. The Bermuda-domiciled
  carrier focuses on small to mid-size businesses.
  As Canada's largest property and casualty insurer,
  
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• Thomas Miller Specialty hires XL Catlin team

  25-09-2017 19:59
  Thomas Miller Specialty, the underwriting arm of the insurance
  services provider Thomas Miller, has set up a general aviation
  division.
  The underwriting unit will be headed by Nic Vine, a
  Guernsey-based underwriter who joins from XL Catlin along with
  Bruce Dovey.
  A third underwriter, Simon Ingrouille, is also joining the
  business from XL Catlin.
  Thomas Miller said that the MGA receives backing from both
  Lloyd's and London company market insurers.
  The aviation team will underwrite on paper provid
  
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• MarketScout launches $25mn InsurTech fund

  25-09-2017 19:59
  Texas-based MGA and insurance exchange MarketScout has announced
  the formation of a $25mn venture fund for tech-enabled insurance
  distribution.
  The initial funding for the MarketScout InsurTech (MIT) fund has
  been provided by MarketScout Corporation, with the fund targeting
  between 10 and 12 investments.
  Richard Kerr, founder and CEO of MarketScout, commented:
  "MarketScout was founded as a web-enabled insurance exchange
  back in 2000. Over the past 17 years, we have learned a lot about
  how to suc
  
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• Hurricane Maria weakens off US East Coast

  25-09-2017 19:59
  Hurricane Maria weakened to Category 1 strength over the weekend
  and is moving north off the US East Coast with sustained winds of
  about 80mph (129kph), and could send tropical storm force winds
  over the Outer Banks of North Carolina, the National Hurricane
  Center (NHC) said today.
  Maria is forecast to veer northeast later in the week away from
  US shores, according to both the NHC and private weather
  forecasters. The storm was about 315 miles (505km) southeast of
  Cape...
  
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• AIG: What’s in a name

  25-09-2017 19:20
  Reshuffle of deckchairs leaves investors unmoved
  
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• Schimek to leave AIG amid leadership changes

  25-09-2017 17:29
  Rob Schimek, AIG's CEO of commercial insurance, is to exit
  the company, as group CEO Brian Duperreault embarks on his
  reorganisation of the insurance giant.
  Schimek will leave AIG at the end of October "to pursue
  other interests", the company said today.
  AIG said it would eliminate the separation between its consumer
  and commercial insurance business units, with Peter Zaffino taking
  on the combined portfolio under the banner of General
  Insurance.
  Zaffino joined AIG
  from Marsh, where he was CEO,.
  
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• LMG confirms Charles Taylor delegated authority win

  25-09-2017 17:29
  The London Market Group (LMG) has confirmed the selection of
  Charles Taylor InsureTech as the preferred vendor for its delegated
  authority data project.
  The Insurance Insider first reported
  last month that the LMG would pick the insurgent technology
  division of Charles Taylor for the scheme.
  Charles Taylor beat proposals from IBM, Accenture, Verisk and
  Xchanging to take on the project, which involves more efficiently
  processing data from MGAs writing business on behalf of London
  market carriers.
  
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• Esser's AFL establishes energy practice with Tysers hires

  25-09-2017 17:29
  Lloyd's broker AFL has moved into energy with the
  appointment of two brokers from Tysers.
  Dominic Quick and Simon Pearce will head a new practice serving
  AFL's clients as well as customers from other independent
  brokers connected to AFL through the Worldwide Broker Network.
  Before Tysers, Quick held positions at JLT Specialty, Lloyd
  & Partners, JMD Specialist Insurance Services and Guy
  Carpenter, while Pearce's former jobs include roles at JLT
  Specialty, RFIB Group and Swiss Re.
  The hires co
  
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• Former Aviva CEO Patrick Snowball joins Sabre board

  25-09-2017 17:18
  Snowball has been appointed ahead of rumoured IPO.
  
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• Thomas Miller Specialty launches general aviation business

  25-09-2017 16:20
  Thomas Miller Specialty has taken aim at the aviation insurance sector with the launch of a general aviation facility.
  
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• AIG to restructure operations into three units

  25-09-2017 16:18
  AIG is restructuring its business into three separate units and is disposing of its commercial and consumer businesses.
  
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• Is mortgage protection insurance necessary when buying a house?

  25-09-2017 16:12
  I have a high BMI and think I’d be turned down for coverQ I have been reading articles regarding mortgage life insurance cover. Unfortunately I have a higher-than-wanted body mass index (BMI) count, and from what I’ve read I believe I would find it hard to get insurance.If I wanted to sell my existing property and buy a new place, but couldn’t get mortgage life insurance due to my BMI, is it compulsory to have cover to be accepted for a mortgage? Would my lender still lend to m
  
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• Co-op Insurance names former Axa CEO Hubbard as chair

  25-09-2017 16:00
  Co-op Insurance has named former Axa CEO Peter Hubbard as chairman of the board.
  
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• Thomas Miller Specialty hires XL Catlin underwriters

  25-09-2017 13:44
  Thomas Miller Specialty, the underwriting arm of the insurance
  services provider Thomas Miller, has set up a general aviation
  division.
  The underwriting unit will be headed by Nic Vine, a
  Guernsey-based underwriter who joins from XL Catlin along with
  Bruce Dovey.
  A third underwriter, Simon Ingrouille, is also joining the
  business.
  Thomas Miller said that the MGA receives backing from both
  Lloyd's and London company market insurers.
  Thomas Miller Specialty is a specialist MGA that offers marine,
  
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• Sullivan named Texas insurance commissioner

  25-09-2017 13:44
  Texas governor Greg Abbott has named Kent Sullivan as the
  state's commissioner of insurance.
  Sullivan is a partner at law firm Jackson Walker and was
  previously a justice on the Fourteenth Court of Appeals, first
  assistant attorney general for the Texas Office of the Attorney
  General and a state district court judge.
  He has been appointed as insurance commissioner for a term
  ending 1 February 2019. His predecessor, David Mattax, died in
  April after a battle with cancer....
  
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• Sabre considering Snowball as chair ahead of IPO

  25-09-2017 13:44
  Specialist motor insurer Sabre is lining up former Aviva UK
  group executive director Patrick Snowball as chairman ahead of its
  much-publicised IPO, The Insurance
  Insider understands.
  Snowball has already been made a non-executive director at
  Sabre, sources told this publication, but the management team is
  understood to be keen to appoint him as chairman ahead of the
  firm's public listing.
  As previously reported by this publication, Sabre decided toopt for an IPO after its auction process failed
  
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• Opinion: Taking the plunge

  25-09-2017 13:44
  TheDive In Festival for diversity and inclusion in insurance
  formally begins tomorrow, having kicked off in both senses over the
  weekend with the inaugural Community Football Cup.
  Plenty of ideas will be kicked around too during the two-day
  series of events in locations ranging from the palm-fringed streets
  of Bermuda to downtown Leeds.
  It's sometimes tempting to yawn when the "d" word
  is mentioned, or at least question its place near the top of so
  many corporate to-do lists...
  
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• North Carolina island to evacuate as Maria skims coast

  25-09-2017 13:44
  Tourists on Ocracoke island are to be evacuated amid fears the
  edge of Hurricane Maria will cause storm surge damage to the
  low-lying island off the coast of North Carolina.
  Hyde County, the local municipality, has declared a state of
  emergency and recommended visitors leave the island from 5am local
  time on Monday.
  Although Hurricane Maria is very unlikely to make a second US
  landfall, the edge of the storm is set to skim the NC coast,
  according to the...
  
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• LSM appoints LatAm reinsurance head

  25-09-2017 13:44
  Liberty Specialty Markets (LSM) has promoted José Ernesto
  Ospina to the new role of LatAm reinsurance regional manager, as
  part of a strategy overhaul for its Latin American treaty
  reinsurance operation.
  Ospina was previously LSM's general manager for Colombia. In
  his new role he will report to Kirk Maddern, LSM's group chief
  operating officer in London, and Miguel Martinez, LSM head of
  reinsurance business development.
  Before joining LSM, Ospina worked with the World Bank, and with
  Allia
  
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• London broker AG launches sale

  25-09-2017 13:44
  Independent London broker AG, formerly known as Alston Gayler,
  has kicked off a formal sale process, The Insurance
  Insider can reveal.
  A spokesperson for the company chose to deny the story, which
  has been verified with multiple well-placed sources.
  "AG continues to be the subject of various inaccurate
  rumours about its ownership structure and commercial
  strategy," the spokesperson said.
  "This rumour is no different and, as in previous instances,
  we have a policy of not commenting on market spec
  
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• Hiscox's Green joins rebranded Sciemus

  25-09-2017 13:44
  Former Hiscox property and energy class underwriter Ian Green
  has joined Argon Underwriting, the MGA formerly known as Sciemus,
  the company said.
  Green started at the firm earlier this month as director of
  energy and natural resources. He has previously worked at Aegis,
  AIG and Ace and is a former chairman of the Lloyd's Market
  Association power committee.
  Green's arrival follows an injection of capital into the
  business earlier this month.
  Hudson Structured Capital Management (HSCM) Bermuda sai
  
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• Former CIRC chief to be handed to authorities: Reuters

  25-09-2017 13:44
  China's Communist Party has reportedly expelled the
  country's former top insurance regulator Xiang Junbo, and plans
  to hand him over to prosecutors.
  The Central Commission for Discipline Inspection said on its
  website on Saturday (23 September) that Xiang, former chairman of
  the China Insurance Regulatory Commission (CIRC), had
  "committed serious violations of political discipline and
  rules" in order to serve personal political interests,
  according to Reuters.
  The statement added suspected bribe
  
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• Workplace culture 'needs to change', says insurance sector

  25-09-2017 13:39
  Seven out of ten insurance professionals believe their workplace culture needs to change, according to survey findings.
  
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• Dive In 2017: Workplace culture 'needs to change', says insurance sector

  25-09-2017 13:39
  Seven out of ten insurance professionals believe their workplace culture needs to change, according to survey findings.
  
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• Ogden reform could see fewer shocks to industry

  25-09-2017 13:18
  Ogden reform could see fewer shocks from discount rate changes in future, AM Best said.
  
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• Innovation brings its own rewards

  25-09-2017 12:47
  Are you recouping costs for research and development? Moore Stephens’ Eyad Hamouieh urges brokers to know their rights on innovation.
  
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• Ex-Aviva and Suncorp CEO Patrick Snowball joins Sabre board to help oversee IPO - updated

  25-09-2017 12:44
  Exclusive: Motor insurer Sabre has recruited UK insurance veteran Patrick Snowball – a man who once sold the business – to its board, as it gears up for its IPO.
  
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• #Insagepeople: 25 September - 1 October

  25-09-2017 12:31
  Keep up to date with all the latest people moves.
  
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• NIG adds Farm Combined to FarmWeb e-trade platform

  25-09-2017 11:29
  The insurer added Farm Motor to the platform in 2016.
  
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• Optimism among brokers falls slightly

  25-09-2017 10:58
  CBI/PwC survey shows growth in business volumes stalls, but overall profitability is up.
  
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• Mexico earthquake insured losses won't top $1.2bn: RMS

  25-09-2017 09:46
  Modelling firm RMS has said insured losses from the Mexican
  earthquake on 19 September will not be more than $1.2bn, due to low
  insurance penetration in the country.
  RMS expects economic losses from the earthquake to be between
  $4bn and $8bn, based on building damage data from the Mexican
  government.
  Few Mexican households have home insurance that covers quake
  damage. RMS added that it does not expect post loss amplification
  to be a "significant factor" in terms of total insured...
  
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• RSA's James Gearey on finding the right balance

  25-09-2017 07:00
  After a 10-year break from general insurance, James Gearey, managing director of commercial risk solutions at RSA, finds the industry has moved on a lot but still needs to work on responsiveness and communications with customers.
  
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• Foil's Nigel Teasdale on engaging with Europe after Brexit

  25-09-2017 07:00
  The UK's Brexit Withdrawal Bill is making its way through parliament but Nigel Teasdale, president of the Forum of Insurance Lawyers and partner at DWF, believes this will make interactions with the European Union even more important for the insurance sector.
  
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• ZhongAn launches insurtech concept to world

  25-09-2017 02:28
  Investors excited about idea of merging insurance with big data and internet sales
  
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