Insurance news

• The Hartford VA sale in trouble as Atlas talks stall

  29-09-2017 23:08
  The Hartford's proposed $3.5bn sale of its variable annuity
  run-off business Talcott Resolution to Bob Diamond's Atlas
  Merchant has run into issues, putting the deal in question,
  The Insurance Insider understands.
  Following a drawn-out sales process, the two sidesentered exclusive talks in the summer and the principles of a
  deal including a roughly $3.5bn cash consideration had been agreed
  by July.
  However, sources have said that The Hartford started approaching
  underbidders in the sales process
  
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• Upstream insurers to dig in heels over rates in Q4: JLT

  29-09-2017 19:28
  A combative round of renewals negotiations looms in the upstream
  energy market as carriers vie for increases of as much as 10
  percent, according to JLT Specialty's quarterly round-up of the
  energy market.
  Offshore energy assets in the upstream market escaped almost
  unscathed from the hurricane season and upstream insurers in
  general have experienced a low loss ratio in the 2017 year of
  account, with the full year set to be potentially record breaking
  in this respect, JLT said.
  The...
  
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• Senate blocks bid to open US flood market to industry

  29-09-2017 19:28
  A measure to pry open the US flood insurance market to private
  insurers that passed the House of Representatives yesterday
  foundered in the Senate, where Louisiana Senator Bill Cassidy moved
  to strip the provision from hurricane relief legislation.
  Cassidy, a Republican, had Senate Majority Leader Mitch
  McConnell introduce an amendment to the bill to take out the flood
  measure that passed the House by a 264-155 vote earlier
  yesterday.
  The amended bill - minus the flood insurance provision - then
  
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• Opinion: Hurricane hardening

  29-09-2017 19:28
  Reinsurers contemplating the prospect of a year in which cat
  losses reach well over $100bn may be faulted for spotting a glimpse
  of a silver lining in the disasters wreaked by hurricanes in Texas,
  Florida and Puerto Rico over the past several weeks.
  And even some industry analysts have broached the idea in
  comments on the mounting catastrophe losses, including earthquakes
  in Mexico and calamities in other parts of the world.
  But for now at least there remains so much...
  
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• Cat events could prompt a turn in reinsurance market

  29-09-2017 19:28
  The prolonged soft market cycle could be set to turn after a
  series of catastrophes that senior executives in the market predict
  could cost the sector up to $150bn.
  "If you look at [Hurricanes] Harvey, Irma and Maria,
  individually none of them is a huge event for the industry but put
  together… the cost estimates are anywhere between $100bn to
  $150bn of insured loss," president and CEO of Scor US
  Jean-Paul Conoscente said.
  "That turns out to be a very...
  
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• UK regulator weighs temporary licences for overseas groups after Brexit

  29-09-2017 18:03 via ft.com
  FCA looks at options to enable companies to operate in London after UK quits EU
  
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• Online betting operator gains license to establish its own insurance company

  29-09-2017 17:21
  Online betting operator, Lottoland, has established its own insurance company, Fortuna Insurance, in order to insure its own risks.
  
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• Tokio Marine Asia CEO Lee resigns

  29-09-2017 15:32
  Tokio Marine Holdings said the CEO of its Singapore-based Asian
  unit has resigned.
  In a two-line statement it said Arthur Lee, CEO of Tokio Marine
  Asia Pte Ltd., stands down tomorrow.
  Lee's LinkedIn profile shows he has held the CEO job since
  June 2011.
  He previously spent 13 years at Asian General Holdings, most
  recently as managing director.
  Tokio Marine Asia is 100 percent-owned by Tokio Marine Holdings,
  and itself owns regional subsidiaries with operations in Singapore,
  Malaysia, Thailand, H
  
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• KCC puts Hurricane Maria losses at $30bn

  29-09-2017 15:32
  Karen Clark & Company (KCC) has estimated insured losses from
  Hurricane Maria at $29.8bn.
  The modelling company broke down the losses into $28.4bn for
  Puerto Rico, $789mn for the US Virgin Islands, $445mn for Dominica,
  $119mn for Guadeloupe, and $94mn for other territories, which
  include the British Virgin Islands, Dominican Republic, Martinique,
  Saint Kitts and Nevis, and Turks and Caicos.
  Modelled estimates include wind losses to residential,
  commercial, and industrial properties.
  Maria wa
  
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• Insurance Institute names Sanders and Aubert to top roles

  29-09-2017 15:32
  The Insurance Institute has named Lighthouse Group director
  Roger Sanders and Willis Towers Watson GB CEO Nicolas Aubert
  president and deputy president, respectively.
  Sanders and Aubert took the roles after the Insurance
  Institute's annual general meeting on Monday, with Sanders
  replacing Swiss Re life and health head Russell Higginbotham.
  Aubert now occupies the deputy president role previously filled
  by Sanders.
  Sanders has been director of workplace distribution and industry
  affairs at Lighth
  
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• Clear Blue adds $100mn QEO auto program

  29-09-2017 15:32
  Fronting specialist Clear Blue has signed an exclusive deal with
  QEO to front the Texas-based MGA's commercial auto insurance
  program, The Insurance Insider can
  reveal.
  According to sources, Clear Blue is set to take over from State
  National on the program, which is thought to generate over $100mn
  of premiums annually.
  It is also understood that the fronting specialist has secured
  reinsurance support for the QEO program from a trio of carriers,
  which includes MS Amlin and Qatar Re.
  QEO...
  
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• Beazley shares rise after $175mn-$275mn loss estimate

  29-09-2017 15:32
  Beazley shares rose 6 percent in early trading this morning
  after the firm warned the combined losses from hurricanes Harvey,
  Irma and Maria could shave $150mn off 2017 earnings.
  The Lloyd's carrier forecast losses from the storms and the
  recent Mexico earthquakes at $175mn to $275mn in a stock exchange
  filing today.
  "The company is holding substantial catastrophe margins and
  estimates that at the midpoint these losses would reduce 2017
  earnings by approximately $150mn," Beazley said.
  The compan
  
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• AGCS names Warfel head of North American aviation

  29-09-2017 15:32
  Allianz Global Corporate & Specialty (AGCS) has promoted
  David Warfel to the role of head of aviation for North America.
  The promotion of Warfel, who has spent the past five years as
  New York-based head of major risks for aviation, followsMike Hansen's move to the post of global head of aviation
  from the North American leader in May.Warfel, whose appointment is effective from Sunday, will report
  to John Barnwell, regional head of specialty lines for North
  America. He...
  
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• Lemonade vows to ‘rebuild insurance’ with zero deductible product

  29-09-2017 14:08
  Insurtech disruptor Lemonade has launched an upgrade to its products, allowing customers to file up to two claims each year without rate hikes.
  
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• Cvrd rebrands to Nimbla and sets launch date

  29-09-2017 14:06
  Insurtech start-up Cvrd has rebranded to Nimbla and plans to launch in October this year.
  
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• Ingenin attracts 60 start-ups to Nottingham Innovation Hub

  29-09-2017 13:58
  Exclusive: Ingenin has brought in 60 tech start-ups to its newly-launched Innovation Hub.
  
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• Ceta to develop IT platform following MBO

  29-09-2017 13:47
  New CEO John Bibby outlines the broker's plans for the future.
  
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• FCA paid £4.9m in production costs on Schwarzenegger PPI advert

  29-09-2017 13:41
  Exclusive: The Financial Conduct Authority spent £4.9m in production costs on a TV advert featuring the robotic head of Arnold Schwarzenegger.
  
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• This Week in Post: Deal or no deal?

  29-09-2017 13:30
  “You can watch Go Jetters if you let me tie your hair” is the type of deal you sometimes need to strike with your toddler if you want to get things done. Of course, you shouldn’t negotiate with mini-terrorists but there is nothing wrong with a win-win situation.
  
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• Dive In: Overall company culture needs to be changed to generate diversity at senior level

  29-09-2017 13:25
  Businesses need to change their entire culture before achieving diverse executive boards, insurers have said.
  
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• HNW Forum: Book your place today

  29-09-2017 13:19
  Have you reserved your space at the HNW Forum which features keynote speeches from Gallagher’s Martin Oliver and Giles Greenfield from Markham Private Clients?
  
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• Quizzical questions: 29 September 2017

  29-09-2017 12:57
  Test your knowledge of the week's news with our topical quiz.
  
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• Underwriting Service Awards 2017: Shortlist revealed

  29-09-2017 12:48
  The shortlist for this year’s prestigious Underwriting Service Awards has been announced.
  
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• Ceta completes MBO

  29-09-2017 12:47
  Existing shareholders set to retire from the business as John Bibby takes on chief executive role and Swiftcover's Andrew Blowers becomes chair.
  
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• Opinion: Lloyd's reserving

  29-09-2017 11:55
  I lost a bet with one of my colleagues when theLloyd's first half results came out yesterday morning.
  I had wagered that they would come in north of 100 percent; they
  thought Lloyd's underwriting result would remain in the
  black.
  I am probably a bearish person by nature, but everything had
  seemed to point the way of my gloomy inclinations.
  Rates had continued to fall through 2016 - even if the pace was
  slowing somewhat - and that has...
  
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• Hurricanes to prompt 'material' rate rises: Jefferies

  29-09-2017 11:55
  Reinsurance prices are set to rise materially in the wake of the
  hurricanes Harvey, Irma, Maria and the Mexican earthquake,
  according to Jefferies.
  Analyst Philip Kett said in a note today that given the losses,
  he expects that Lloyd's could report a combined ratio of 112.5
  percent for 2017.
  The price rises will first be felt in the run up to 1/1
  reinsurance renewals, said Kett.
  The figure is based on Lloyd's own estimate for the cost of
  hurricanes Harvey...
  
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• Beazley up 6% after $175mn-$275mn loss estimate

  29-09-2017 11:55
  Beazley shares rose 6 percent in early trading this morning
  after the firm warned the combined losses from hurricanes Harvey,
  Irma and Maria could shave $150mn off 2017 earnings.
  The Lloyd's carrier forecast losses from the storms and the
  recent Mexico earthquakes at $175mn to $275mn in a stock exchange
  filing today.
  "The company is holding substantial catastrophe margins and
  estimates that at the midpoint these losses would reduce 2017
  earnings by approximately $150mn," Beazley said.
  The compan
  
  Read more

• Portfolio career in the arts? You'll spend hours defending what you do

  29-09-2017 11:00
  Comedian, novelist, stadium announcer ... Caimh McDonnell finds his many jobs never seem to impress banks or insurance firmsHi, my name is Caimh, and I have a portfolio career problem. There should be a support group for people like me. I am a comedian, novelist, stadium announcer and writer for TV. Experience has taught me, when asked what I do for a living, lying is definitely the best way to go. There are only so many times a taxi driver can ask “have I heard of you?” before you s
  
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• Aviva sells stake in Italian JV for £233m

  29-09-2017 10:11
  Aviva has sold its £233m stake in its Italian business Avipop Assicurazioni.
  
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• Blog: ILWs for cyber

  29-09-2017 07:00
  Industry loss warranties could play a bigger role in cyber as it becomes a long-tail risk, explains Tom Johansmeyer, assistant vice-president at Verisk Insurance Solutions
  
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• Florida Irma claims rise to almost $4bn

  29-09-2017 03:05
  Just 17 days after Irma ravaged Florida, raking the Keys with
  130mph winds and sweeping up the western side of the state, nearly
  $4bn in damage claims have been filed with insurers.
  The Florida Office of Insurance Regulation reported 622,210 claims
  had been filed as of late yesterday totalling $3.975bn.
  Ranked by number of claims, Miami-Dade County had the most, with
  73,594, followed by Orlando's Orange County with 52,421 and
  Broward County, which abuts Miami-Dade on the north, with 49,221....
  
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