Insurance news

• Williamson's HNW start-up to launch this month

  10-10-2017 19:36
  High net worth (HNW) start-up Vault is set to launch this month,
  having secured backing from Allied World and Mike Millette's
  Hudson Structured Capital Management.
  As revealed by The Insurance Insider
  last week,Vault will be led by former AIG private client president and
  Tower Hill CEO Charles Williamson. The start-up will have a soft
  launch in Florida, with plans to expand up the US Eastern seaboard
  and into California, eventually establishing a 50-state
  footprint.
  Vault's products will include
  
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• UK motor rates down 1.1% in Q3 amid Ogden hopes

  10-10-2017 19:36
  Average comprehensive motor insurance premiums in the UK fell by
  1.1 percent to £838 ($1,105) in Q3, as insurers adjusted their
  prices in anticipation of a change to the Ogden discount rate,
  according to the latest pricing survey from Willis Towers
  Watson.
  The decline was the largest quarterly reduction in premiums seen
  in more than three years, and bucked a rising trend over the past
  12 months which has seen the average rate increase by more than
  £100, or 14...
  
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• Reinsurance capital cushioned for HIM blow

  10-10-2017 19:36
  The reinsurance industry's capital position is stronger than
  at any time since the 1970s and should be comfortably able to
  absorb losses from recent catastrophes, according to JLT Re's
  global head of analytics David Flandro.
  The broker estimated that as at 30 June, the reinsurance sector
  could draw on $328bn of dedicated balance sheet capital, including
  insurance-linked securities market capacity, with expected premiums
  for the year of $257bn.
  This produces a solvency margin ratio of 128 percent
  
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• Opinion: Vault - primed for growth

  10-10-2017 19:36
  For a start-up, getting the timing right is often a key driver of
  success.
  AndVault looks to be entering a high net worth (HNW) sector where
  already attractive growth opportunities could be boosted by the
  prospect of a hardening property market.
  The HNW segment is already seen as growing three times faster
  than the US economy and has been outpacing GDP growth for a number
  of years.
  It is also viewed as being more profitable than other areas of...
  
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• Norwegian Hull Club notifies reinsurers of $105mn Sunsail loss

  10-10-2017 19:36
  The mutual marine insurer Norwegian Hull Club has warned
  reinsurers of a large loss from Hurricane Irma, The
  Insurance Insider can reveal.
  Sunsail is a holiday company owned by Travelopia, a portfolio
  company of private equity firm KKR. It made the claim in the wake
  of Irma.
  Reinsurers have been given provisional loss advice of $105mn
  worth of damage.
  Norwegian Hull Club is understood to have a retention in the low
  single-digit millions.
  Two of Sunsail's yacht fleets were wrecked...
  
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• Northern Californian wildfires point to heavy losses

  10-10-2017 19:36
  Homeowners' and commercial property insurers operating in
  northern California are braced for potential losses in the low
  billions of dollars after at least 15 wildfires spread across the
  wine-growing area of Sonoma and Napa counties.
  The fires have killed at least 10 people so far, and some 1,500
  homes and commercial buildings had been damaged as of yesterday,
  according to the California Department of Forestry and Fire
  Protection.
  The property damage is said to be among the worst seen in...
  
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• Nate primary loss to add $1.5bn-$3bn to record cat toll

  10-10-2017 19:36
  Hurricane Nate may not go down in the annals along with Harvey,
  Irma and Maria when the history of this remarkable period of
  catastrophe losses is written, but the fourth US landfalling
  hurricane of the season has added fresh pain for already-suffering
  carriers.
  Modelling firm Karen Clark & Company issued a quick-fire
  industry loss estimate for the storm of $500mn, comprising wind and
  storm surge damage.
  A number of industry sources expressed scepticism around the
  Karen Clark figure. Provisi
  
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• Motor (re)insurers brace for rising terrorism compensation

  10-10-2017 19:36
  Motor underwriters and their representatives are holding
  high-level talks with government officials and state agencies about
  the issue of terrorist attacks using vehicles, as the prospect of
  unlimited industry liability threatens to force up reinsurance
  rates and tighten conditions at the 1 January renewals.
  Three such attacks in London this year - at Westminster Bridge
  in March, and in London Bridge and outside Finsbury Park Mosque in
  June - have highlighted this growing risk, which came to the
  
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• Integro's leverage in spotlight as Tysers deal nears

  10-10-2017 19:36
  US broker Integro was recently running a pro forma
  debt-to-Ebitda ratio in excess of 9x, numbers from Moody's
  show, as it enters exclusive takeover talks with independent London
  broking house Tysers.
  Earlier this month,this publication revealed private equity-backed Integro had
  fought off competition from Tysers' long-term suitor RFIB and
  US wholesale giant AmWins to secure exclusivity.One banking source suggested that the purchase price was in the
  region of £120mn ($159mn), or more than 1
  
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• HIM losses: what price to reload?

  10-10-2017 19:36
  The impact of hurricanes Harvey, Irma and Maria (HIM) means the
  insurance-linked securities (ILS) sector is in line for one of its
  more complicated 1 January renewals, despite the fact the
  market's share of losses will be much more contained than it
  might have been.
  Irma is set to be a major driver of the reinsurance losses that
  will impact ILS managers as a result of the storms.
  Florida market leaders such as Nephila and Mt Logan sponsor
  Everest Re...
  
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• Ex-Dual CEO Bains eyes MGA start-up on four continents

  10-10-2017 19:36
  Former Dual CEO Talbir Bains is set to return at 1 January with
  a start-up MGA known as Volante that will look to commence
  underwriting operations across four continents, The
  Insurance Insider can reveal.
  It is understood that Bains, working with Aon Benfield, has
  raised almost £15mn ($20mn) of working capital to launch the
  "super MGA" and is aiming to hire around 10 teams for the
  first half of 2018.
  The capital is believed to have come from a single...
  
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• Duo leave RKH Bermuda office amid strategic rethink

  10-10-2017 19:36
  RK Harrison (RKH) has let go of two members from its three-strong
  Bermuda team, including Bermuda head of specialty Russell Williams,
  as part of a change in strategy for the island office.
  The Insurance Insider understands all three members -
  Russell Williams, divisional director Bonnie Wells and account
  handler Roxann Daniels - had their roles made redundant, but that
  Daniels has agreed to a new position as office manager.
  RKH has elected to let its broking teams from around the...
  
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• Brexit contract, data issues on regulatory radar

  10-10-2017 19:36
  Contract continuity and data issues arising from Brexit are
  climbing up regulators' priority list even as doubt remains
  about any transition period after the UK leaves the EU in March
  2019.
  Insurers and their representatives, including the London Market
  Group, have long argued that Brexit would stymie their ability to
  service contracts unless special arrangements are made.
  Outbound carriers writing risk in the EU will be particularly
  affected, since UK law differentiates between "effecting"
  and
  
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• Blockchain and robotics to 'take over': Catlin

  10-10-2017 19:36
  Distributed ledger technology is here to stay, former XL Catlin
  deputy chairman Stephen Catlin told a gathering of London market
  chief executives.
  Blockchain, a way of storing and sharing data across a network,
  "will probably take over existing systems in the next five
  years", Catlin told the London 100
  group last week, in a wide-ranging discussion on the impact of
  technology in the industry.
  Catlin said that insurers needed to look at innovative ways to
  change both underwriting and risk...
  
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• Ardonagh plans to acquire Carole Nash in £60mn deal

  10-10-2017 19:36
  Expansive insurance group Ardonagh is set to seal a deal to acquire
  UK motorcycle specialist Carole Nash for just over £60mn
  ($78mn) from French insurer Groupama, The Insurance
  Insider can reveal.
  Banking sources said that the insurance group, led by former AJ
  Gallagher International CEO David Ross, had fought off competition
  for the broker from New York private equity house JC Flowers, which
  acquired major MGA UK General earlier this year.
  Ardonagh already has a major foothold in speciali
  
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• Dive In Festival confirmed for 2018 following this year's high turn out

  10-10-2017 16:09
  Dive In Festival has been confirmed for another year, with 2017 counting the highest number of events, attendees, sponsors and participating countries to date.
  
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• XL Catlin launches private client product suite

  10-10-2017 12:09
  The products will be distributed through the insurer’s broker panel and are aimed at the ultra high net worth client.
  
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• Ogden reform drives car insurance price drop, but fall 'will be short-lived'

  10-10-2017 11:50
  Car insurance prices have fallen by an average of 1.1% in the third quarter of 2017, the largest reduction in more than three years, however the effects will be short-lived, analysts said.
  
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• Aviva appoints former Marsh boss to head international brokers

  10-10-2017 11:31
  Aviva has appointed former Marsh boss Graeme MacMillan as director for international brokers.
  
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• Last day for ICO's GDPR consultation

  10-10-2017 11:17
  Today is the last day of consultation on the General Data Protection Regulation for insurers.
  
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• Beazley begins writing out of Dublin base

  10-10-2017 11:03
  Beazley has underwritten its first policies from its base in Dublin.
  
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• Validus sees $379mn in Q3 cat losses

  10-10-2017 10:48
  Validus expects to report $378.9mn in losses stemming from
  third-quarter catastrophes, including the impact on premiums earned
  and losses attributable to AlphaCat.
  Excluding the net effect on earned premiums, its share of net
  losses and related expenses came to $412.7mn, Validus said late
  yesterday.
  An aggregate loss at that level would contract the company's
  H1 average shareholder's equity by 8.8 percent, an analysis by
  The Insurance Insider shows.As such,
  the erosion is relatively limited, giv
  
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• Validus predicts third quarter cat losses of $379mn

  10-10-2017 10:48
  Validus expects to report $378.9mn in losses stemming from
  third-quarter catastrophes, including the impact on premiums earned
  and losses attributable to AlphaCat.
  Excluding the net effect on earned premiums, its share of net
  losses and related expenses came to $412.7mn, Validus said late
  yesterday.
  An aggregate loss at that level would contract the company's
  H1 average shareholder's equity by 8.8 percent, the second
  highest erosion among companies that have pre-announced loss
  estimates, an anal
  
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• Santa Rosa wildfires cause destruction

  10-10-2017 10:48
  Homes, hotels, farms and vineyards in Santa Rosa, California,
  have been destroyed by fires, according to reports, amid fears of
  blazes in other areas of the state.
  At least 10 people have reportedly been killed by the fires,
  according to US news outlets.
  The California Department of Forestry and Fire Protection
  Services said yesterday more than 73,000 acres had burned in the
  previous 12 hours, with flames exacerbated by 50mph winds.
  JLT Re has published estimates that over 1,500 structures...
  
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• Opinion: Swiss Re and the big three

  10-10-2017 10:48
  The Japanese big three have a long history of refusing to trade
  together. And in the past they have been pretty ruthless in cutting
  out reinsurers that are related to their rivals.
  Swiss Re'srecent life deal with MS&AD is more interesting to a
  P&C audience viewed through this lens.
  Kiln was immediately cut out when it was acquired by Tokio
  Marine, while Canopius was told the day after its deal with Sompo
  was announced that it would be ejected...
  
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• Kinsale shares drop on analyst downgrade

  10-10-2017 10:48
  Kinsale Capital shares plunged as much as 9 percent yesterday
  after a William Blair analyst downgraded his rating of the excess
  and surplus lines (E&S) specialist to market perform from
  outperform.
  After recovering some of its loss, Kinsale ended the day at
  $40.22, down 7.1 percent in New York trading. It was the
  company's lowest close in almost a month.
  William Blair analyst Adam Klauber reportedly cut his rating on
  Kinsale even though he remains a long-term bull on the...
  
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• AIG forecasts up to $3.1bn Q3 cat losses

  10-10-2017 10:48
  American International Group has pegged its third-quarter
  pre-tax catastrophe losses at as much as $3.1bn net of reinsurance
  recoveries, citing three hurricanes and the major earthquakes in
  Mexico.
  Breaking down the expected losses, AIG said $1.1bn to $1.2bn in
  pre-tax losses would stem from Hurricane Harvey. Another $1.0bn to
  $1.1bn would result from Hurricane Irma and $600mn to $700mn from
  Hurricane Maria.
  About $150mn in additional cat losses expected during the period
  would include those tie
  
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• Biba unveils 'innovation' theme of next year's conference

  10-10-2017 10:41
  The British Insurance Brokers’ Association has announced 'Innovate Evolve Thrive’ as the theme for its 2018 conference and exhibition which will be held in Manchester in May 2018.
  
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• Ogden hope sees car premiums fall

  10-10-2017 10:30 via insuranceage.co.uk
  Comprehensive car insurance prices have dropped 1.1%, the largest quarterly reduction seen in more than three years.
  
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• #insagepeople 9 - 15 October 2017

  10-10-2017 09:59
  Keep up to date with th latest people moves.
  
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• Biba reveals 2018 conference theme

  10-10-2017 09:54
  ‘Innovate Evolve Thrive’ will be the focus for the conference and exhibition which takes place in Manchester on 17 and 17 May next year.
  
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• AIG expects $3bn hit from Q3 losses

  10-10-2017 08:40
  US-headquartered global insurer AIG has announced preliminary estimates for natcat losses in the third quarter of 2017.
  
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• Car insurance costs dented after years of increases

  10-10-2017 06:01
  Slight fall in premiums may reflect personal injury ruling
  
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