Insurance news

• Vault Reciprocal Exchange gets A- rating from AM Best

  12-10-2017 22:11
  High net worth (HNW) startup Vault has been granted an A- rating
  by AM Best for its reciprocal exchange vehicle as it prepares to
  begin underwriting in Florida this month.
  As previously revealed by The Insurance
  Insider, the new carrier is backed by Allied World
  and Mike Millett's Hudson Structured Capital Management (HSCM)
  and led by former AIG Private Client president and Tower Hill CEO
  Charles Williamson.
  In a statement, AM Best said the A- financial strength and
  credit ratings...
  
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• Starr adds to funding of InsurTech venture CoverWallet

  12-10-2017 22:11
  CoverWallet, an InsurTech startup backed by companies including
  Maurice "Hank" Greenberg's Starr group, said it had
  raised $18.5mn in added funding to help it improve its product
  targeting the small business market.
  The company founded early last year uses data and technology to
  assist small business operators obtain needed coverage online.
  The Series B funding round was led by Foundation Capital and
  included investments from CV Starr, Two Sigma Ventures, Union
  Square Ventures and Index Ventures
  
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• California fires spread as loss toll mounts

  12-10-2017 22:11
  Wildfires ravaging northern California's wine country have
  consumed over 160,000 acres and destroyed more than 1,300
  buildings, the latest state data show. At least 23 deaths have been
  reported as well.
  State Farm, one of the largest carriers, reported today that it
  had already received 1,900 homeowners' claims and over 700
  against auto policies. It did not list any commercial claims and
  also did not provide any loss values.
  In the area of Santa Rosa where the wildfires roared through,...
  
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• Axa and Partner Re join RemitRadar in InsurTech deal

  12-10-2017 22:11
  Artificial intelligence driven InsurTech and data firm
  RemitRadar has linked up with Axa and PartnerRe to tackle the
  protection gap for uninsured migrant workers.
  RemitRadar acts as price comparison site for online money
  transfer services. The company has amassed a pool of data on how
  workers return funds to their families. Its insurance proposition
  is to sell life and workers' compensation policies to these
  workers, with the company acting as a digital distribution platform
  for global insurers.
  
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• Trump signs order to weaken Obamacare rules

  12-10-2017 19:06 via ft.com
  President acts to undermine health reforms after hitting impasse in Congress
  
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• S&P revises Lloyd's outlook to negative on cat losses

  12-10-2017 19:04
  S&P Global Ratings has affirmed Lloyd's A+ financial
  strength rating, but revised its outlook for the market from stable
  to negative following the trio of hurricanes in the just-ended
  quarter.
  Lloyd's has already announced an estimated net loss of
  £3.3bn ($4.3bn) from hurricanes Harvey and Irma. In changing
  its outlook, S&P said today that it expected further major
  losses from Hurricane Maria and other potential catastrophes in the
  current quarter.
  "These losses are significant rel
  
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• Lemonade develops API to sell insurance via online retailers

  12-10-2017 17:00
  US insurtech firm Lemonade has developed its own application programme interface which will allow web developers to offer the firm’s policies via their own websites.
  
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• PCS issues initial Maria claims number of $21.9bn

  12-10-2017 16:20
  Data provider Property Claim Services (PCS) has issued an
  initial estimate for Hurricane Maria of $21.89bn for US
  territories, The Insurance Insider
  understands.
  The claims tally implies that Maria - which has been subject to
  the greatest degree of uncertainty - will be more expensive than
  Hurricane Harvey and could rival Hurricane Irma as the most
  expensive loss event of the year.
  Some senior sources, including reinsurance brokers and carriers
  with major exposures, had still been talking about
  
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• 'Innovation economy' calls for new insurance playbook: WEF

  12-10-2017 16:20
  A paucity of data about emerging issues means carriers will need
  alternative information sources in the so-called fourth industrial
  revolution, according to a World Economic Forum-backed report.
  The white paper, entitled "Mitigating Risk in the
  Innovation Economy", is the upshot of a year-long
  collaboration between insurers and technology companies. Insurance
  industry representatives on the steering committee included
  Lloyd's CEO Inga Beale, Marsh president John Doyle, Willis
  Towers Watson CEO J
  
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• Hyperion in talks as it seeks fresh capital

  12-10-2017 16:20
  Distribution giant Hyperion is in talks with a number of
  financial investors as it looks to raise substantial additional
  equity capital, The Insurance Insider can
  reveal.
  Sources said the MGA and broker has retained Morgan Stanley to
  advise and is looking for buy-in from a long-term capital backer
  like a pension fund or a sovereign wealth fund.
  With run-rate Ebitda believed to be approaching £150mn
  ($197mn), the business could attract a valuation in the range of
  £1.5bn-£1.8bn b
  
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• Cincinnati predicts up to $114mn in Q3 cat losses

  12-10-2017 16:20
  Cincinnati Financial has announced that it expects to take
  pre-tax catastrophe losses of $102mn to $114mn in the third
  quarter.
  This is equivalent to up to 1.5 percent of shareholders'
  equity as at the end of June this year, and an 8.6 to 9.6
  percentage point impact on the combined ratio. Cincinnati said its
  10-year Q3 historical average contribution from cat losses was 4.8
  points.
  The company estimated its third quarter P&C combined ratio
  will be in the range of...
  
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• Video: A broking minute with Marc Loud

  12-10-2017 15:39
  The Park Insurance partner faces the camera for this month's challenge.
  
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• Lloyds Banking Group buys Zurich’s UK pensions and savings unit

  12-10-2017 14:52 via ft.com
  Lender boosts its Scottish Widows business as deal brings in 500,000 customers
  
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• Chinese regulator bars HNA insurance unit from funding parent

  12-10-2017 14:22 via ft.com
  Bohai Life banned from providing capital to owner and related parties for 6 months
  
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• London D&F market faces $45mn-$50mn Digicel loss

  12-10-2017 14:07
  Caribbean telecoms company Digicel is expected to claim
  $45mn-$50mn of losses on its property policy as a result of damage
  from Hurricane Irma, The Insurance
  Insider understands.
  Sources told this publication Tokio Marine Kiln (TMK) is the
  leader on the property direct and facultative (D&F) placement,
  the remainder of which is placed broadly in the London market.
  JLT is thought to be the broker on the placement.
  It was suggested that Digicel holds a retention on the policy at
  the...
  
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• BPL Global forges New York joint venture with EIA

  12-10-2017 14:07
  Political risk insurance broker BPL Global has signed a joined
  venture with EIA Global to set up a business in New York.
  The operation will be branded BPL Global and be run by John
  Lavelle, EIA Global's senior managing director.
  BPL, which is widely regarded in the political risk space as the
  top broking firm in the market, said the venture would focus on
  offering credit and political risk insurance to global financial
  institutions.
  Depending on client demand, the broker...
  
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• Brokerbility survey sees Allianz ranking highest for overall satisfaction

  12-10-2017 13:16
  The latest satisfaction survey from Brokerbility has revealed the insurers that ranked highest for their claims, underwriting and accounts processes between April and September 2017.
  
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• Allianz swoops into top spot in Brokerbility survey

  12-10-2017 12:55 via insuranceage.co.uk
  Axa retains lead spot in claims category.
  
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• HNW Forum: Raising awareness of kidnap and ransom

  12-10-2017 12:54
  Giles Greenfield, CEO of Markham Private Clients, is speaking at the HNW Forum next week on crisis solutions for wealthy clients.
  
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• Hammond admits post-Brexit loss of passporting could ‘create legal uncertainties’

  12-10-2017 11:53
  The UK government has admitted it is aware of the legal challenges posed by a potential loss of passporting rights.
  
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• The productivity gap

  12-10-2017 11:47
  Biba’s Steve White argues that the heavy burden of regulation is stifling productivity for brokers.
  
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• Pre-tax profit grows to £3.2m for Devitt in 2016

  12-10-2017 11:19
  Motorcycle broker looking to buy books of business.
  
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• NBC Universal loses $6.9m case against insurer over ‘war’ exclusion

  12-10-2017 11:17
  NBC Universal has lost a legal battle with its insurer after it was forced to relocate the filming of a TV series when conflict broke out in Jerusalem.
  
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• Suncorp trims management roster as Day departs

  12-10-2017 11:08
  Suncorp has named Gary Dransfield as its new head of insurance
  among a series of management changes at the Australian financial
  services group.
  Dransfield, who is currently CEO of customer platforms at
  Suncorp, replaces Anthony Day at the helm of the insurance
  business. Day, who had also previously served as CEO of
  Suncorp's commercial insurance division, is to leave the
  company after almost 10 years.
  Among other changes, Suncorp is rolling the customer platforms,
  customer experience and strateg
  
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• Opinion: A hard market?

  12-10-2017 11:08
  Is Hiscox calling a hard market?
  When you look at the£450.0mn ($594.1mn) pre-emption that the business has
  requested from Lloyd's for next year, it is impossible to avoid
  asking the question.
  Has one of the most astute and successful underwriters of
  primary cat-exposed property and property treaty just called a
  market turn?
  Because on the surface it certainly looks like it.
  This top-quartile Lloyd's business has requested permission
  from the Corporation to boost the stamp for Syndicate 33
  
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• Chubb hires Rayfield as Singapore's head of casualty

  12-10-2017 11:08
  Chubb has promoted Edward Rayfield to the position of head of
  casualty in Singapore.
  In his new role he reports to Liam Burrell, head of Chubb's
  Singapore P&C business.
  Rayfield was most recently casualty manager at Chubb in the
  global broker unit for New South Wales and Australian Capital
  Territory.
  Prior to moving to Australia, he was a casualty underwriter for
  Chubb in Europe.
  In Singapore, Rayfield will be responsible for the day-to-day
  management of the casualty and work injury...
  
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• Advent enters European partnership with Van Ameyde

  12-10-2017 11:08
  Advent Claims has entered into a partnership agreement with
  pan-European claims specialist Van Ameyde in a move designed to
  expand its geographical reach.
  As part of the agreement, Van Ameyde has made a strategic
  investment in Advent Claims, providing capital to help accelerate
  growth through the development of products and services, and
  potentially acquisitions.
  The move follows similar joint ventures in the US, Canada and
  Australia
  which give third-party administrator Advent access to around 8
  
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• Booth named Barbican Managing Agency underwriting director

  12-10-2017 08:42
  Barbican Insurance Group has promoted Syndicate 1955 active
  underwriter David Booth to the new role of director of underwriting
  for Barbican Managing Agency Ltd (BMAL).
  Deputy active underwriter Andy Caldwell has taken the positon of
  active underwriter.
  In his new role, Booth will assume responsibility for the
  agency's underwriting and reinsurance strategy, as well as
  overseeing the performance of all managed syndicates.
  Booth will work closely with Iain Bremner, managing director of
  BMAL, to fu
  
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• Chubb appoints head of casualty for Singapore

  12-10-2017 08:01
  Global insurer Chubb has recruited from its Australia operations for a senior position in Singapore.
  
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• Marsh's Joe Grogan on listening to the ‘silent middle’

  12-10-2017 07:00
  Mid-market firms contribute significantly to the economy, yet the insurance offering for them is disjointed and complex, according to Joe Grogan, CEO of corporate division at Marsh.
  
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• International: Escape to Canada

  12-10-2017 07:00
  The Canadian market offers unique opportunities for UK brokers, explains Servca's managing director Nomaan Jamal.
  
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• Terrorism insurance costs cut for small UK businesses

  12-10-2017 06:03 via ft.com
  Government-backed Pool Re will halve price it charges for some types of cover
  
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• Cost of terrorism insurance cut for small UK businesses

  12-10-2017 06:03 via ft.com
  Government backed Pool Re will halve the price it charges
  
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• XL Catlin estimates $1.48bn of losses from third quarter natcats

  12-10-2017 05:35
  Global insurer XL Catlin is estimating $1.48bn (£1.12bn) of losses from natural catastrophes in the third quarter.
  
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• XL Catlin estimates $1.48bn of losses from Q3 natcats

  12-10-2017 05:35
  Global insurer XL Catlin is estimating $1.48bn (£1.12bn) of losses from natural catastrophes in the third quarter.
  
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• XL puts Q3 pre-tax cat loss at $1.48bn

  12-10-2017 02:43
  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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• Markel puts Q3 cat losses at $503mn before taxes

  12-10-2017 02:43
  Specialty insurer Markel estimated it would have a pre-tax
  underwriting loss of $503mn for the third quarter, net of
  reinsurance recoveries, because of Hurricanes Harvey, Irma and
  Maria as well as the two major earthquakes in Mexico.
  The preliminary assessment is based on claims received, reviews
  of policies and in-force contracts, industry loss estimates and
  predictive modelling results, the Virginia carrier said late
  today.
  "These significant losses fell within our
  expectations," co-CEO Richar
  
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• House panel forgives $16bn NFIP debt but omits reforms

  12-10-2017 02:43
  The National Flood Insurance Program would have $16bn erased
  from the estimated $30bn it owes the US Treasury under a bill that
  passed the Appropriations Committee of the House of Representatives
  late Tuesday.
  But the measure leaves out reforms of the NFIP, as the programme
  is known, sought by the White House, including one to phase out
  availability of the government paper for newly built homes and
  commercial structures.
  The NFIP debt relief is part of an $36.5bn disaster aid...
  
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