Insurance news

• Louisiana's residual insurer exposed to Nate

  06-10-2017 23:40
  Residual insurer, Louisiana Citizens, has $650mn of reinsurance
  cover which could be impacted by tropical storm Nate following the
  National Hurricane Center's (NHC) issuance of a hurricane
  warning for the area of Louisiana stretching from Morgan City to
  the Mississippi border.
  Louisiana's 2017/2018 reinsurance programme provides up to
  $650mn of cover once the $35mn retention has been surpassed.
  Louisiana Citizens also has a $100mn line of credit with Regions
  Bank to provide additional liquidity.
  
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• Beckham takes CEO role at Dual NA

  06-10-2017 23:40
  Expansive program manager Dual North America has announced Jon
  Beckham will succeed Justin Tweedie as CEO from the start of next
  year.
  Tweedie will move up to the position of chairman of the board
  and join parent Dual Group's regional management board.
  Dual North America added that it had passed the milestone of
  $300mn of gross written premium as it continues on its growth
  trajectory.
  The company said that Tracy Keill will remain in the position of
  CFO.
  "The board...
  
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• State Farm running biggest Louisiana exposures

  06-10-2017 20:54
  State Farm is the leading insurer in Louisiana, which is
  currently on hurricane watch as Tropical Storm Nate heads across
  the Gulf of Mexico.
  The storm is expected to strengthen to a strong tropical storm
  or Category 1 hurricane before making landfall in the US late on
  Sunday evening (8 October) within 100 miles of New Orleans,
  according to JLT Re.
  State Farm led market share across multiple lines of business,
  according to 2016 data from the Louisiana Department of...
  
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• Lancashire and Validus have highest Gulf of Mexico PMLs

  06-10-2017 20:54
  Lancashire and Validus have the largest disclosed probable
  maximum loss (PML) figures for Gulf of Mexico wind risk at both the
  1-in-100-year and 1-in-250-year return period, as Tropical Storm
  Nate threatens to bear down on the region at hurricane
  strength.
  Nate is currently gaining strength in the northwest Caribbean,
  and is forecast to make US landfall around Louisiana as a Category
  1 hurricane on Sunday.
  Even though Nate is likely to be a long way
  short of a 1-in-100-year Gulf...
  
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• JLT expects minor insured loss from Nate

  06-10-2017 20:54
  The US remains braced for Tropical Storm Nate to hit the US Gulf
  Coast as a Category 1 hurricane on Sunday morning local time (8
  October).
  JLT predicted the storm would make landfall within 100 miles of
  New Orleans, but it is not expected to be as strong as Harvey, Irma
  or Maria.
  "Rapid intensification to a major hurricane is not
  expected," the broking house said today.
  JLT said there is a 15 percent chance that Nate's wind
  speeds would...
  
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• Opinion: Continued uncertainty

  06-10-2017 18:21
  Weather-worn (re)insurers will be fearing the worst but hoping for
  the best as Nate threatens to open up the fourth quarter with
  another set of insured losses from a US landfalling hurricane.
  And their CEOs heading down to Colorado Springs this weekend may
  feel a little less prepared than usual for meetings with clients
  and brokers.
  The Council of Insurance Agents & Brokers' annual
  Insurance Leadership Forum is typically about nurturing high-level
  relationships and setting expectations for t
  
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• JLT sees minor insured loss from Nate

  06-10-2017 18:21
  The US remains braced for Tropical Storm Nate to hit the US Gulf
  Coast as a Category 1 hurricane on Sunday morning local time (8
  October).
  JLT predicted the storm would make landfall within 100 miles of
  New Orleans, but it is not expected to be as strong as Harvey, Irma
  or Maria.
  "Rapid intensification to a major hurricane is not
  expected," the broking house said today.
  JLT said there is a 15 percent chance that Nate's wind
  speeds would...
  
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• Historic Louisiana Cat 1 storm caused $5.5bn damage

  06-10-2017 18:21
  Tropical Storm Nate is forecast to hit Louisiana, Mississippi
  and Alabama as a Category 1 storm this weekend, almost 32 years
  after Hurricane Juan took a similar path at the same strength and
  caused $5.5bn of damage in today's terms.
  Juan, which struck on 29 October 1985, ranks number 54 in a list
  of damaging historical US storms compiled by Icat.
  Category 1 Isaac, which made its way through Louisiana in 2012,
  has a current-money figure of $2.5bn, while Category...
  
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• Chubb gives Alfieri major accounts role

  06-10-2017 18:21
  Chubb has elevated Ace veteran John Alfieri to a senior position
  in its North American major accounts group as an executive vice
  president.
  Alfieri continues to be based in New York, where he previously
  was the Zurich-based insurer's New York regional executive, the
  company said today. In his new role, he is in charge of field
  operations for major accounts in the US and Canada.
  He reports to North American major accounts COO Matthew Merna.
  Before Ace acquired Chubb early...
  
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• Profile: On the acquisition trail

  06-10-2017 16:54
  With consolidation firmly on the agenda in the broking sector, Ida Axling talks to seven experts in the industry on the opportunities and perils
  
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• Dual North America names new CEO

  06-10-2017 16:49
  Dual North America has promoted Jon Beckham as CEO.
  
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• Mapfre under intense market scrutiny over Maria pick

  06-10-2017 15:46
  Mapfre is being closely watched by the international reinsurance
  market after issuing a loss estimate of only EUR150mn-EUR200mn
  ($176mn-$235mn) for recent cat events despite its huge market share
  in Maria-devastated Puerto Rico.
  A number of senior reinsurance sources have questioned the
  resilience of the loss estimate, with a widespread expectation that
  the carrier will breach the top of its reinsurance programme.
  Mapfre still buys most of its reinsurance regionally and has
  $900mn of cover in pl
  
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• Enstar puts HIM losses after reinsurance at $39mn

  06-10-2017 15:46
  Bermudian (re)insurer Enstar Group has estimated its cat losses
  for the third quarter at $39mn, net of reinsurance.
  Enstar disclosed the preliminary figure in a stock exchange
  filing on 5 October. The bulk of the claims stem from hurricanes
  Harvey, Irma and Maria.
  The loss is equivalent to 1.3 percent of Q2 shareholder equity,
  placing the legacy-to-live player towards the lower end of
  preannounced losses.
  "Given the complexity of these events and potential delays
  in policyholder reporting, actua
  
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• This Month in Post: I met your new robot overlords

  06-10-2017 13:11
  Chatbots are all the rage at present, but a cursory test of a few available systems shows that we’re still a long way from passing the Turing test.
  
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• Price Forbes hires Hansen from JLT

  06-10-2017 13:10
  Price Forbes has appointed Poul Hansen as head of renewable energy,
  as it looks to expand its green energy practice.
  Hansen joins from JLT Specialty, where he served as senior
  partner and head of renewable energy from December 2012.
  He was previously a broker at Danish intermediary Optica.
  Price Forbes CEO James Masterton said Hansen would "lead
  the further expansion of our renewable energy offering".
  Price Forbes is part of the Ardonagh Group of companies, which
  include broker Towergate, health
  
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• MS&AD to acquire 15% stake in Swiss Re's ReAssure

  06-10-2017 13:10
  Japanese insurer MS&AD Insurance Group Holdings has agreed
  to invest up to £800mn ($1.04bn) in Swiss Re's UK closed
  life book consolidator ReAssure.
  The investment will be made over a three-year period, and will
  give MS&AD a maximum shareholding of 15 percent.
  MS&AD has initially taken a 5 percent stake in the company
  for £175mn.
  The remaining £625mn investment will be made through share
  issuances to MS&AD as ReAssure undertakes transactions in the
  future.
  Once
  
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• MS&AD estimates Q3 cat losses at up to $976mn

  06-10-2017 13:10
  MS&AD has estimated pre-tax losses from HIM and recent
  Mexican earthquakes at 70bn yen to 110bn yen ($621mn-$976mn) in the
  third quarter and warned that its fiscal year 2018 profit forecast
  was under review.
  The figure covers cat losses sustained in North America in
  August and September by all group entities.
  It issued a 15bn yen to 25bn yen loss range for Hurricane
  Harvey, a 30bn yen to 50bn yen range for Irma, and a 20bn yen to
  25bn yen...
  
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• Allied World and Hudson back new HNW insurer

  06-10-2017 13:10
  Allied World and Mike Millette's Hudson Structured Capital
  Management are backing Vault, an insurance start-up targeting high
  net worth (HNW) clients led by former AIG private client president
  and Tower Hill CEO Charles Williamson, The Insurance
  Insider can reveal.
  According to sources, the new carrier will have a soft launch in
  Florida this month, with plans to expand up the US Eastern seaboard
  and into California, eventually establishing a 50-state
  footprint.
  Vault is thought to be targeting w
  
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• Fraud Awards 2017: Winners and highly commended

  06-10-2017 12:51
  The leading lights of the claims sector gathered at the Brewery in London on Thursday night to mark this year's fraud fighters.
  
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• MS&AD puts $1bn in Swiss Re’s British subsidiary

  06-10-2017 11:43 via ft.com
  Investment by Japan’s biggest non-life insurer recapitalises ReAssure for deals
  
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• Quizzical questions: 6 October 2017

  06-10-2017 11:07
  Test your knowledge of the week's news with our topical quiz.
  
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• Martin Oliver to leave Gallagher

  06-10-2017 11:06
  Gareth Birch appointed MD for UK small business and personal lines division
  
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• MS&AD invests $1bn in Swiss Re’s British subsidiary

  06-10-2017 10:40 via ft.com
  Japan’s biggest non-life insurer pushes offshore amid slow growth in home market
  
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• Worldwide Facilities appoints new CFO

  06-10-2017 10:30
  US wholesale broker and MGA Worldwide Facilities has appointed
  John Galaviz as CFO.
  Galaviz was previously CFO for Answer Financial, an Allstate
  company providing on-line distribution of P&C insurance.
  He has previously worked in corporate development with Berkshire
  Hathaway-backed financial service company Symetra Financial, and
  has investment banking experience with Lehman Brothers, Dillion
  & Read and Merrill Lynch.
  Galaviz replaces Cameron Kelly, who was CFO from 2009.
  According to hi
  
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• Willis Re and TigerRisk partner on placement platform

  06-10-2017 10:30
  Willis Re and TigerRisk have invested in a third-party company
  that will take the existing X-gRm initiative and develop it into a
  broader, enhanced online placement platform for the reinsurance
  industry.
  The new company, RePlace Holdings LLC, has been set up to take
  the development of the platform to the next stage, two-and-a-half
  years after it was launched by Xchanging with TigerRisk as its
  first client.
  The platform has been rebranded to its original name of
  globalREmarket.
  In its current...
  
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• PartnerRe forecasts $60mn-$90mn Q3 loss after HIM

  06-10-2017 10:30
  PartnerRe is expecting a Q3 loss of $60mn-$90mn, following an
  expected $475mn hit from hurricanes Harvey, Irma and Maria.
  The Bermudian reinsurer gave the profit warning in an investor
  presentation for its parent company Exor. The estimated Q3 loss is
  equivalent to 1-1.5 percent of common equity.
  Yesterday, the reinsurer had estimatedpre-tax net losses in the third quarter from the three storms
  of $475mn, net of reinstatement premiums.The firm said the range of expected losses from the Q3...
  
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• Opinion: Multi-year lock

  06-10-2017 10:30
  The statements that are beginning to flow from insurers and
  reinsurers on how much they stand to lose from the 2017 catastrophe
  events all generally strike a similar tone.
  There will of course be an obligatory reference to the human
  cost behind the financial toll, being ready to help pay claims,
  etc, etc.
  But amid the general solemnity, some carriers might allow an
  element of smug self-congratulation to creep in on one point.
  Anyone who has purchased significant multi-year cover...
  
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• Nate hurricane watch issued for Louisiana

  06-10-2017 10:30
  Tropical Storm Nate is gathering strength and currently moving
  towards the northwest Caribbean sea, according to the US National
  Hurricane Center.
  The NHC has put a hurricane watch in effect for Morgan City in
  Louisiana to the Mississippi/Alabama border, metropolitan New
  Orleans, Lake Pontchartrain and Lake Maurepas, and Punta Herrero to
  Rio Lagartos in Mexico.
  A storm surge watch in also place for Morgan City Louisiana to
  the Alabama/Florida border, and the northern and western shores of
  Lake P
  
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• Argo takes Eccles from Travelers

  06-10-2017 08:19
  Argo Group has lured Steve Eccles from Travelers' London
  platform to become chief underwriting office for its international
  business, The Insurance Insider can
  reveal.
  The executive will report to Argo head of international Jose
  Hernandez and officially starts in the newly created position once
  he has completed his notice period with Travelers.
  The addition of Eccles has been unveiled as Bermuda-based Argo
  also parts company with Bruno Ritchie, director of underwriting and
  active underwriter for
  
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• Blog: Loss adjusters describe Hurricanes Irma and Maria's devastation in Sint Maarten

  06-10-2017 07:00
  Crawford adjusters are continuing to assess the devastation brought by Hurricanes Irma and Maria in Sint Maarten. Director Tim Cramer-Todd and vice-president Rob Kleinveld, who just came back from the Caribbean, recount what they saw on the ground.
  
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• The Hanover estimates cat losses of up to $225mn

  06-10-2017 01:25
  The Hanover estimated its pretax net catastrophe losses at
  between $185mn and $225mn for the third quarter.
  The figure was net of reinsurance recoveries, the Worcester,
  Massachusetts-based carrier said today. It added that the losses
  stemmed from Hurricanes Harvey, Irma and Maria as well as the two
  major earthquakes that struck Mexico during the period.
  Losses from Chaucer, The Hanover's international specialty
  group, will be from $115mn to $135mn, the company said. The largest
  source of Chaucer
  
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• Navigators puts Q3 cat losses at $50mn to $70mn

  06-10-2017 01:25
  Specialty player Navigators has forecast between $50mn and $70mn of
  pre-tax natural catastrophe losses for the third quarter.
  Analysis by The Insurance Insider shows
  the $60mn midpoint of the loss range is equivalent to 5 percent of
  average shareholder equity for the first half of this year. It is
  also 5.5 percent of net earned premium for 2016.
  On a per share basis, the midpoint of the estimated loss equates to
  $2.03 per share. A consensus estimate of analyst expectations...
  
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