Insurance news

• XL puts Q3 cat loss at $1.48bn

  11-10-2017 23:44
  XL Group put its pre-tax losses for the third quarter at
  $1.48bn, net of reinsurance.
  The Bermuda-based (re)insurer tied $1.33bn of the losses to
  Hurricanes Harvey, Irma and Maria, in a statement released late
  today. Overall, the losses were divided evenly between XL's
  insurance and reinsurance segments.
  On an after-tax basis, XL said the losses for the quarter would
  be approximately $1.35bn.
  "Our estimated losses are largely in line with our
  expectations," CEO Mike McGavick said.
  Pre-tax losses
  
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• California wildfires widen, charring homes and wineries

  11-10-2017 23:44
  Wildfires in Northern California have scorched over 115,000
  acres, destroyed more than 2,000 buildings and left at least 21
  dead since they began burning on Sunday and the flames continued to
  spread today, driven by winds gusting as high as 70mph.
  Video posted on the internet from the scene showed dozens of
  homes in large tract neighbourhoods levelled.Among the largest insurers in the state are mutual carrier State
  Farm, which leads all others in homeowners' multi-peril
  insurance with $1.5bn...
  
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• MMA's Eslick takes CIAB chairman role

  11-10-2017 19:59
  David Eslick, the chairman and CEO of US mid-market insurance
  broker Marsh & McLennan Agency (MMA), is to take the chairman
  role at the Council of Insurance Agents & Brokers (CIAB) in
  2018.
  Eslick was elected to the position at the CIAB's annual
  Insurance Leadership Forum in Colorado Springs, Colorado. He will
  succeed Robert Cohen, chairman and CEO of IMA Financial Group.
  At the CIAB, Eslick will lead a team of industry representatives
  including vice chairman Martin Hughes, chairman and.
  
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• Axis appoints duo to US programs division

  11-10-2017 19:59
  Axis Insurance has promoted Tim McGee to the newly created role
  of senior vice president and US programs underwriting director.
  McGee, who joined Axis in 2010, was previously program manager
  for the US programs division. He will continue to be based in the
  carrier's Alpharetta, Georgia, office.
  Axis has additionally hired Franklin Maccotan as vice president
  for US programs, also a newly created role.
  Maccotan joins from Seattle-based Berkley North Pacific, where
  he led the home-office underwriti
  
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• AIG hires Halm to manage oil and petrochemicals

  11-10-2017 19:59
  Christian Halm, underwriting manager for power and utilities at
  Inter Hannover, is to leave the firm to become oil and
  petrochemicals manager for AIG in London, The Insurance
  Insider can reveal.
  Halm, who leads a team of three other underwriters at Inter
  Hannover, will report to Gordon Browne, head of energy and
  construction for AIG Europe, and is expected to start in the new
  year once he has completed his notice period.
  The executive has worked at Inter Hannover since...
  
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• Ardonagh’s Mastercover deal “symbolic”

  11-10-2017 17:11
  Janice Deakin reveals that Mastercover will be part of the advisory division of Towergate and it’s the first acquisition for that part of the business since 2012.
  
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• Hiscox predicts ‘market turn’ following record catastrophe losses

  11-10-2017 16:39
  Hiscox will increase its capacity by £450m next year in anticipation of a “widespread market turn”.
  
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• Marsh makes bid for sharing economy cover

  11-10-2017 16:26
  Marsh has laid out a plan to help communications, media and
  technology (CMT) clients better insure the sharing economy, in a
  report that urges such firms to raise their insurance game.
  Speaking at the launch of the "Economy 4.0" report in
  London, Carrick Lambert, the broker's industry practice leader
  for CMT UK and Ireland, said it was time for sharing economy firms
  - such as Uber and Airbnb - to address "grey areas" for
  insurance coverage.
  Lambert said: "I think...
  
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• Fractal to build terror and cyber underwriting platform

  11-10-2017 16:26
  Virginia-based tech firm Fractal Industries is developing a
  terrorism and cyber-focused underwriting platform after hiring a
  five-strong team of (re)insurance specialists to increase its
  presence in the sector.
  The (re)insurance vertical for Fractal, which specialises in
  artificial intelligence offerings, is being led by Raveem Ismail, a
  former specialty treaty underwriter at Ariel Re Bermuda. Ismail has
  also held roles at Validus and Aon Benfield.
  At Fractal, Ismail and his team will develop an
  
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• Arch makes swath of management changes

  11-10-2017 16:26
  Arch has moved Jerome Halgan, the president and CEO of Arch
  Reinsurance Company in the US, to Bermuda, while creating a new CEO
  position for its North American reinsurance operation.
  Halgan will become CEO of Arch Reinsurance Ltd in Bermuda, Arch
  said today. In another change, Matt Dragonetti, who heads the
  property team at the Bermuda reinsurance operation, will take on
  the additional role of president.
  Also at the Bermudian reinsurance entity, chief financial
  officer Michelle Seymour-Smith wil
  
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• US rideshare insurtech looks to expand globally

  11-10-2017 16:16
  Munich Re’s Digital Partners has entered a strategic partnership with Inshur, to develop and distribute commercial auto insurance products through a mobile technology platform.
  
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• The Blog Spot: Insurance – where women are still second class citizens

  11-10-2017 15:58
  Siân Barton explores the impact of ingrained sexism in the insurance sector and reveals the incident that prompted her to speak out.
  
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• Commercial Legal adopts 'lie detector'-type technology in claims process

  11-10-2017 13:44
  Commercial Legal, part of the One Call Group has adopted lie detector technology within its claims operation.
  
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• Commercial Legal adopts 'lie detector' technology in claims process

  11-10-2017 13:44
  Commercial Legal, part of the One Call Group has adopted lie detector technology within its claims operation.
  
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• Renewable energy needs better insurance products: Swiss Re

  11-10-2017 13:28
  The renewable energy industry is the commercial sector most in need
  of innovative insurance products, according to Swiss Re's most
  recent Sigma report.
  The sector has grown rapidly in the past few years, driven by
  rapid technological progress and policy incentives in many
  countries, and it will likely make up a large fraction of future
  infrastructure investments, the report said.
  This emerging sector is also highly capital intensive and mostly
  funded by private or institutional investors. In add
  
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• Hiscox requests Lloyd's pre-emption of £450mn

  11-10-2017 13:28
  Hiscox Syndicate 33 plans to increase its 2018 stamp capacity by
  £450mn ($594mn) to £1.62bn to take advantage of an
  expected "widespread market turn" following recent major
  catastrophe events.
  "The increase in capacity is driven by an anticipated
  improvement in market conditions and a desire to have sufficient
  capacity available to participate in a widespread market
  turn," Hiscox said in a statement today.
  The move follows a period of significant catastrophe activity in
  which more th
  
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• “No plans to change Carole Nash” after £65m Ardonagh deal

  11-10-2017 13:01
  Janice Deakin and Ian Donaldson pledge stability for the motorbike broker and say that it will be working with Autonet to enhance digital capabilities.
  
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• Octo buys telematics assets of Willis

  11-10-2017 12:33
  Octo Telematics will acquire the usage-based insurance assets of Willis Towers Watson, including its Drive Ability solution.
  
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• Industry needs to educate public on 'big ticket' Ogden decision, City Minister warns

  11-10-2017 11:27
  Industry needs to join government in educating the public on the change to the Ogden discount rate, City Minister Stephen Barclay MP said.
  
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• In-depth - High net worth: Great expectations

  11-10-2017 11:22
  High net worth customers demand the very best in service. Sam Barrett explains what brokers must do to meet private client requirements
  
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• Opinion: Time for change

  11-10-2017 11:01
  The P&C insurance industry is often described as a model
  example of the forces of demand and supply in action.
  When it comes to moving a market though, psychology can play a
  critical role too, even when it is not clear exactly how the
  balance of demand and supply has shifted.
  And despite huge uncertainty over the quantum of losses from
  Harvey, Irma, Maria and the smaller cats of recent weeks, the CIAB
  annual Insurance Leadership Forum was proof of...
  
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• Motor (re)insurers brace for terrorism compensation

  11-10-2017 11:01
  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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• Hiscox names London Market CEO

  11-10-2017 11:01
  Hiscox has promoted Kate Markham to the newly-created role of
  London Market CEO.
  Markham was previously managing director of Hiscox's direct
  consumer operations in the UK.
  In her previous role she led 200 people across underwriting,
  sales, marketing, operations, and has driven growth of 30 percent
  over five years, Hiscox said.
  Prior to her time at Hiscox, Markham was head of international
  enterprise at Vodafone. She began her career at Anderson Consulting
  (now Accenture).
  In her new role, Markha
  
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• Californian wildfires still 'uncontained'

  11-10-2017 11:01
  Wildfires sweeping through northern California have now
  destroyed around 2,000 structures and killed more than 15 people,
  according to news reports.
  Entire neighbourhoods and a trailer park in the town of Santa
  Rosa, 55 miles from San Francisco, have already been destroyed,
  along with a Hilton hotel, according to local reports.
  It has also been reported two wineries - Signorello Estate
  Winery and Paradise Ridge Winery - were destroyed and that portions
  of another, Stags' Leap, were also burned.
  
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• Bermuda expects to pay 25% of HIM losses: ABIR

  11-10-2017 11:01
  Bermudian (re)insurers expect to pay a quarter or more of the
  approximately $100bn of losses from hurricanes Harvey, Irma and
  Maria, according to the Association of Bermuda Insurers and
  Reinsurers (ABIR).
  The Bermuda share of hurricane losses will come from commercial
  insurers and reinsurers; captive, or self-insurance companies;
  catastrophe-focused MGAs, and alternative capital risk funds and
  pools, the ABIR said.
  Based on historical experience, regulatory stress tests, and
  publicly announced p
  
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• Hiscox appoints Kate Markham as CEO of London Market business

  11-10-2017 10:53
  Hiscox has appointed Kate Markham to its newly created role of CEO of its London Market business.
  
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• Predicted losses from cybercrime hits £4.54trn

  11-10-2017 10:43
  Losses from cybercrime are only likely to increase because of far-reaching global connectivity, with predicted losses set to reach as high as $6trn (£4.54trn).
  
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• Predicted losses from cyber crime hits £4.54trn

  11-10-2017 10:43
  Losses from cyber crime are only likely to increase because of far-reaching global connectivity, with predicted losses set to reach as high as $6trn (£4.54trn).
  
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• Towergate-owner Ardonagh Group to buy Carole Nash

  11-10-2017 10:33
  The Group revealed that contracts have been exchanged in the deal which is valued at between £60m and £65m and also announced it is set to purchase Mastercover.
  
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• Analysis: Legacy: Changing legacy

  11-10-2017 07:00
  Once neatly shunted to one side as an IT issue, legacy now casts a long, darkening shadow across the insurance industry
  
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• Fairfax unit jumps into US E&S wholesale brokerage mix

  11-10-2017 04:05
  Fairfax's Hudson Insurance Group has opened a wholesale
  brokerage facility for commercial casualty excess and surplus
  (E&S) lines that is geared toward small and mid-sized risks in
  the booming US construction sector as well as manufacturing and
  distribution segments.
  Primary limits being offered by the operation top out at $2mn,
  the New York-based specialty insurer said today.
  Hudson brought on former XL Catlin underwriter Connie Verdile to
  run the new operation from a just-opened office in
  
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• Universal projects $35mn in net pre-tax cat losses

  11-10-2017 01:17
  Universal Insurance Holdings expects to be hit with gross
  catastrophe losses of as much as $450mn from Hurricane Irma but
  added that reinsurance recoveries would reduce that figure to a net
  $35mn pre-tax cat loss.
  The insurer also noted that if it recovers more from reinsurance
  for losses related to Irma outside Florida, that $35mn would be
  further reduced.
  Universal said that at the level of losses anticipated, which may
  be as little as $350mn gross, it still has $2.65bn...
  
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• The Hanover taps Roche for CEO as Zubretsky departs

  11-10-2017 01:17
  The Hanover's CEO Joe Zubretsky plans to leave the insurer
  barely 18 months after he took on the job in June 2016.
  The company named a unit president, John "Jack" Roche, as
  his replacement at the helm today.
  "We have every confidence we will continue our positive
  momentum under Jack's leadership, and we wish Joe all the
  best," chairman Kevin Condron said.
  Zubretsky joined the Worcester, Massachusetts-based company from
  health insurer Aetna, and began reshaping the property and casualty
  carrier..
  
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• Clear Blue cements commercial auto fronting deal

  11-10-2017 01:17
  Texas MGA QEO Group and fronting specialist Clear Blue Financial
  officially unveiled their alliance involving QEO's commercial
  auto insurance program, confirming areport in The Insurance Insider last
  month.Clear Blue takes over from State National in fronting the program,
  which is thought to generate more than $100mn of premiums each
  year, this publication hasreported .http://www.insuranceinsider.com/clear-blue-adds-100mn-qeo-auto-program
  Fronting specialist Clear Blue has signed an exclusive de
  
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• AIG cat losses top estimates yet remain 'manageable'

  11-10-2017 01:17
  American International Group's estimated $2.9bn to $3.1bn
  pre-tax catastrophe losses for the third quarter surpassed some
  securities analysts' projections but were deemed
  "manageable" and left the giant insurer's stock
  unchanged.But the company's announcement yesterday led several analysts
  to widen their loss estimates for AIG both for the just-ended
  quarter and for the current year.At Morgan Stanley, analysts Kai Pan and Michael Phillips doubled
  their Q3 loss projection to $0.70 per share from
  
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