Insurance news

• Zurich appoints Singapore commercial CUO

  09-10-2017 21:16
  Zurich has named Anish Jadav as chief underwriting officer for its
  commercial business in Singapore.
  He was previously head of facilities and deputy CUO for the
  carrier's UK commercial business.
  In the newly created role, Jadav will lead underwriting for the
  commercial insurance business in Singapore as well as manage the
  specialty lines of accident and health, financial, marine and
  surety.
  He will work closely with the Asia Pacific regional commercial
  insurance team led by Chris Waterman. The t
  
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• TigerRisk adds Ruff to reinsurance unit

  09-10-2017 21:16
  Intermediary TigerRisk brought on Seth Ruff from Swiss Re to run
  its reinsurance solutions unit.As partner and head of reinsurance solutions, Ruff will work
  with broking teams to provide individualised coverage, the
  Stamford, Connecticut-based company said today."Seth Ruff has a unique talent for understanding client
  needs, and a long history of creating highly creative structured
  products that meet those needs," TigerRisk CEO Rod Fox said.Most recently Ruff was president of Swiss Re's US P&
  
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• Packer resigns as KaylaRe CEO

  09-10-2017 21:16
  Enstar co-founder Nick Packer, who left the legacy giant at the
  end of last year, has resigned as CEO of total return reinsurer
  KaylaRe after less than a year in post, The Insurance
  Insider can reveal.
  Packer's departure from KaylaRe, a joint venture between
  Enstar, Chinese investment firm Hillhouse Capital and private
  equity firm Stone Point, marks the end of a more than two-decade
  association with Enstar and its predecessor firms.
  It is understood that former Deloitte Bermuda senior manager...
  
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• Lloyd's rejigs member charges for 2018

  09-10-2017 21:16
  Lloyd's is to cut member subscription fees by 10 percent for
  2018, but will revise the way it charges for elective services to
  offset the savings.
  In a market bulletin, the Corporation said 2018 members'
  subscriptions will be charged at 0.36 percent of gross written
  premium (GWP), compared to 0.40 percent in 2017.
  This is thesecond consecutive year Lloyd's has chosen to cut its
  subscription fees, as it faces mounting criticism over the cost of
  doing business at the...
  
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• Esser's AFL hires wholesale property head from Lockton

  09-10-2017 21:16
  AFL, the broker backed by former Cooper Gay CEO Toby Esser, has
  hired Neil Crouch to lead its new wholesale property practice.
  Crouch, whose previous role was head of broking at Lockton, will
  initially focus on North American and Caribbean business as AFL
  expands into the space.
  In a statement, AFL executive chairman Esser said that
  "adding a property practice is a natural next step for
  AFL's business profile".
  "Current market conditions make it a compelling case to
  enter this...
  
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• Endeavour hires Loizides to launch cyber facility

  09-10-2017 21:16
  Lloyd's broker Endeavour Insurance Services has launched a
  technology and cyber facility that will be led by Tony Loizides.
  Loizides joins from Safeonline, where he had been head of
  broking since 2010. The business he was responsible for included
  cyber, financial lines, professional and intellectual property
  insurance.
  The executive has 28 years' experience focused largely on
  the North American markets in all specialty business including
  professional indemnity, directors' and officers' (D&O)
  
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• Berkley Re UK CUO exits

  09-10-2017 21:16
  Elaine Perry, the chief underwriting officer at Berkley Re UK,
  has left the firm, The Insurance Insider
  can reveal.
  According to sources, an internal memo detailing Perry's
  departure was sent around the carrier today, with Perry understood
  to already be on gardening leave.
  She took the position in July 2016 in a promotion from her
  previous role as head of casualty treaty, which she held for almost
  five years.
  Prior to this, Perry spent more than seven years at QBE...
  
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• AM Best downgrades ProSight to A-

  09-10-2017 21:16
  ProSight Specialty's financial strength rating has been
  downgraded one notch to A- from A by AM Best, citing "a
  material downturn in operating results" over the past two
  years.The rating cut also reflects "elevated reserve leverage
  measures" and "limited organic surplus growth" over
  the past five years and "operating results that are no longer
  commensurate with the previous rating level" AM Best said on
  Friday.Adverse loss reserve development in commercial auto liability in
  2015 and 2016 was cit
  
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• Erskine Murray buys Offley Insurance Services

  09-10-2017 16:04
  Erskine Murray said the deal would increase its presence in the North West.
  
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• Karen Clark puts Nate loss at $500mn

  09-10-2017 14:45
  Modelling firm Karen Clark & Company (KCC) has estimated
  that insured losses from Hurricane Nate will be close to
  $500mn.
  The loss figure includes insured wind and storm surge damage for
  residential, commercial and auto lines.
  Nate struck the Louisiana and Mississippi coast in the early
  hours of Sunday morning as a Category 1 hurricane. The storm
  skimmed the peninsula south of New Orleans, near Venice, Louisiana,
  before making landfall at Biloxi, Mississippi.
  KCC said the storm dissipated ra
  
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• Eldon Insurance set for £250m float, reports say

  09-10-2017 14:23
  Arron Banks said he was planning to float the business, which owns Go Skippy, early in the New Year.
  
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• Meet the techies: Allianz's Glen Clarke

  09-10-2017 13:16 via insuranceage.co.uk
  Glen Clarke, head of transformational propositions at Allianz, discusses why it is important for brokers to partner with InsurTech start-ups.
  
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• InsurTech Futures: Homelyfe launches home buyer cover via app

  09-10-2017 13:10
  The business, which is an AR of Vibe MGA, is planning multiple lines of insurance on its app platform.
  
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• Market moves: Picking up the pace

  09-10-2017 12:30
  Recruitment activity is picking up again after a slow summer and there has been no shortage of people moves reported by brokers and insurers in the last month
  
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• Court gives Gable creditors extra year to register claims

  09-10-2017 12:26
  Gable’s creditors now have an extra year to register their claims.
  
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• Review: Household help

  09-10-2017 12:16
  Horizon (UW) Longitude – MNW household
  
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• SJL Insurance Services becomes Lloyd’s broker

  09-10-2017 12:08
  The broker has opened a London office following receiving Lloyd’s accreditation.
  
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• Insurance start-up to offer protection against gazumping

  09-10-2017 12:06
  Insurance start-up Homelyfe has launched home buyers insurance which will protect against gazumping.
  
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• Zurich 'half way to $1.5bn savings target': Greco

  09-10-2017 11:52
  Zurich will have cut $700mn from its cost base by the end of
  2017, according to CEO Mario Greco.
  This means by the end of the year the firm will be almost half
  way towards meeting its ultimate goal of achieving $1.5bn in
  savings from its 2015 baseline by 2019.
  The CEO told Swiss daily Neue Zuercher Zeitung his firm was
  "on track".
  He added: "It is a challenge because we must simultaneously
  cut costs as well as invest.&quot...
  
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• Probitas-Saudi Re deal gets green light from regulators

  09-10-2017 11:52
  Probitas has confirmed the completion of its transaction with Saudi
  Re, following the receipt of regulatory approval from both
  Lloyd's and the Saudi Arabian Monetary Authority.
  Saudi Re is to take a 49.9 percent holding in Probitas Holdings,
  a newly structured Bermuda-based holding company which sits above
  Probitas Corporate Capital Limited, Probitas 1492 Services Limited
  and Probitas Holdings (UK) Limited.
  The remaining 50.1 percent is owned by the management team of
  Probitas, including CEO Ash
  
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• PPL launches long-awaited upgrade

  09-10-2017 11:52
  Placing Platform Limited (PPL) has finally released a critical
  update to the electronic insurance exchange to accommodate
  facilities on the platform, among a plethora of other changes.
  The latest version of PPL was expected to go live in
  mid-September, but was delayed after problems moving data across
  from legacy systems.
  David Ledger, chairman of the PPL board and Aon UK chief
  operating officer, said: "This release is what the market has
  been waiting for and we are very grateful for...
  
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• Opinion: The fourth storm

  09-10-2017 11:52
  Loss after loss after loss after loss. They just keep coming.
  If a period without major losses is described as benign, then
  the late summer and early autumn of 2017 is truly a malign period
  for cats.
  It's too early for even the most provisional of guesses as
  to what Hurricane Nate will add to the tally.
  New Orleans was not hit directly and nor was Mobile, and so the
  prognosis is likely to be relatively good, although there are...
  
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• Nate weakens to tropical depression on US mainland

  09-10-2017 11:52
  Former Hurricane Nate, which made US landfall as a Category 1
  hurricane yesterday, has weakened to a tropical depression as it
  moves inland.
  The US National Hurricane Center expected the storm to bring 1-3
  inches of rain across eastern Tennessee, upstate South Carolina and
  western North Carolina overnight on Sunday, while bringing a
  further 1-3 inches across the central and northern Appalachians,
  Ohio Valley and the lower Great Lakes region through Monday.
  Nate is expected to track northeastward
  
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• Zurich's Jadav swaps the UK for Singapore

  09-10-2017 10:44
  Anish Jadav has left Zurich in the UK to join the global insurer's Asia operations in Singapore.
  
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• Nate makes US landfall, weakens to a tropical depression

  09-10-2017 10:42
  Hurricane Nate, the fourth hurricane to make landfall in the US in the past two months, has weakened to a tropical depression.
  
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• Fee transparency vital to avert European pensions crisis

  09-10-2017 10:38 via ft.com
  Efforts to spur workers to save more for retirement can’t solve looming problem alone
  
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• Lockton names Willis P&C co-head to lead global marine

  09-10-2017 10:30
  Lockton has hired Alistair Rivers as global head of marine and transportation.
  
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• Scor forecasts $505mn HIM, Mexico losses

  09-10-2017 08:51
  Scor has estimated pre-tax net losses of EUR430mn ($505mn) from
  hurricanes Harvey, Irma and Maria and the two Mexican
  earthquakes.
  The reinsurer also said based on its own data and modelling
  tools, it expects the total private insured market loss for these
  events would reach $95bn.
  Scor said its net loss estimate at the company level was based
  on that $95bn assumption of market insured losses, analysis of the
  group's exposures and the preliminary information received from
  cedants to date....
  
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• Lancashire sees up to $212mn hit from HIM, Mexico quakes

  09-10-2017 08:51
  London-listed Lancashire has given a $106mn-$212mn preliminary loss
  estimate from hurricanes Harvey, Irma and Maria and the two
  earthquakes that struck Mexico last month.
  The wide range measures the net losses after reinsurance
  recoveries and the impact of outwards and inwards reinstatement
  premiums.It "falls well within the company's modelled loss
  ranges for these types of catastrophe events," Lancashire
  said.
  The company's exposure to the cats comes through its
  Bermuda, UK and Lloyd's operatio
  
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• Blog: The key to successful brand campaigns

  09-10-2017 07:00
  David Radford, chief marketing officer at Allianz, shares his advice on how insurers can design successful brand campaigns.
  
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