Insurance news

• Broker Expo 2017: The agenda

  16-10-2017 22:18
  Broker Expo and Broker Expo Leeds are the leading exhibitions dedicated to UK insurance brokers, and providing them with a platform to do business.
  
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• Message from the editor

  16-10-2017 21:39
  Broker Expo is the event where brokers do business and we are pleased to welcome you to a special app edition of Insurance Age which is designed to help you get the most out of the day as possible.
  
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• Message from the deputy editor

  16-10-2017 21:39
  Broker Expo is the event where brokers do business and we are pleased to welcome you to a special app edition of Insurance Age which is designed to help you get the most out of the day as possible.
  
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• James River forecasts $10mn HIM loss

  16-10-2017 21:37
  Specialty (re)insurer James River has said that it expects to incur
  losses of only $10mn from Hurricanes Harvey, Irma and Maria.
  The New York-listed carrier, which is casualty-focused, said
  today that it still anticipates a return on tangible equity of 12
  percent or better for the full year.
  The loss estimate is pre-tax and net of reinsurance recoveries
  and reinstatement premiums.
  This is equivalent to 1.4 percent of its second quarter
  shareholder equity, and compares with a simple average of...
  
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• Apollo set to take majority stake in Catalina

  16-10-2017 21:37
  Global investment firm Apollo is poised to make an additional
  investment in Catalina, giving it a majority stake in the legacy
  specialist, The Insurance Insider can
  reveal.
  Banking sources said that as part of the transaction,
  Catalina's other existing backers Caisse de dépôt et
  placement du Québec (CDPQ) and Ontario Teachers' Pension
  Plan will sell down their stakes in the firm.
  As previously revealed by The Insurance
  Insider,Catalina launched a strategic process in May, wit
  
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• RemitRadar enlists Goldman Sachs for fundraising push

  16-10-2017 18:16
  Goldman Sachs has been retained by the InsurTech and data company
  RemitRadar to run a capital raising round, The
  Insurance Insider can reveal.
  The investment bank was brought in by the financial technology
  firm in early October.
  The funding round is expected to close at around the end of the
  year.
  It is understood that the preferred equity investor in the tech
  firm would be a (re)insurer, rather than a venture capital fund.
  The company is also considering raising debt...
  
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• AmWins agrees to buy 15 programs from Willis Towers Watson

  16-10-2017 18:16
  Wholesale distribution giant AmWins has agreed to acquire 15
  programs from Willis Towers Watson for an undisclosed sum, the firm
  said today.
  Among the programs being acquired are MountainGuard, which
  provides underwriting, claims and loss control services to the
  majority of ski resorts in North America, and DealerGuard, which
  provides dealers' open lot and comprehensive package coverages
  for franchised and independent auto, truck and recreational vehicle
  dealers.
  The 15 acquired programs have a
  
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• CII sells Aldermanbury

  16-10-2017 16:41 via insuranceage.co.uk
  The Chartered Insurance Institute is to sell its historic headquarters to the City of London Corporation.
  
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• CII sells historic £19m Aldermanbury office

  16-10-2017 16:01
  The Chartered Insurance Institute will sell its £19m Aldermanbury offices to the City of London Corporation.
  
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• Use of dashcam footage in claims nearly triples in two years

  16-10-2017 15:48
  The use of dashcam footage in car accident claims has risen by 285% in the past two years.
  
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• Cyber risk tops corporate risk agenda in preparation for GDPR

  16-10-2017 15:45
  Cyber risk has reached the top of the corporate agenda as the implementation date of the General Data Protection Regulation draws nearer.
  
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• Markerstudy launches ‘life hack’ app Trice

  16-10-2017 15:08
  Markerstudy has launched a “life hack” multi-lines direct app, in partnership with RDT.
  
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• Rockhill pulls out of E&S property

  16-10-2017 14:49
  State Auto's specialty carrier Rockhill will not write new
  or renewal excess and surplus lines (E&S) property accounts
  after 1 November, The Insurance Insider
  can reveal.
  The move comes just over a month after State Auto revealed it
  had undertaken a strategic review of its E&S business that
  could lead to a sale, and had retained Keefe, Bruyette & Woods
  to advise on its options.
  It also comes only just over a year after the company secured
  the services of...
  
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• Cyber insurance limits fall well short of PMLs: study

  16-10-2017 14:49
  Cyber insureds are currently purchasing cyber insurance limits that
  vastly undershoot their probable maximum loss (PML) for business
  interruption (BI), a study sponsored by Aon Risk Solutions has
  found.
  The research, conducted by the Ponemon Institute, found that
  only 7 percent of cyber insureds have limits exceeding $21mn, which
  falls far below the average PML of $227mn for BI.
  More widely, the report found that insureds vastly
  underestimated the potential for BI losses from a cyber-attack, and
  
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• Ascot names group CFO and COO

  16-10-2017 14:49
  Ascot Group has hired Joe Roberts from Ironshore as CFO and
  appointed Rob Dimsey as group chief operating officer.
  Roberts joins from Ironshore, where he was CFO and a member of
  the executive team from 2013 until his departure for Ascot. Prior
  to this he was CFO of Alterra Capital Holdings.
  His appointment became effective on 2 October.
  Meanwhile, Dimsey has been promoted to COO of Ascot Group, after
  holding the same role at Ascot Underwriting since 2008. The
  appointment...
  
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• Marmalade partners with Ignite on telematics platform

  16-10-2017 13:27
  New project is now being rolled out to Marmalade's broker partners.
  
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• Turnover grows for Stackhouse Poland

  16-10-2017 12:17
  The business bought Lucas Fettes in 2016.
  
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• EMEA organisations falling behind on cyber insurance spend

  16-10-2017 12:14
  Organisations spend on average four times more on insuring physical damage, such as property, plant and equipment insurance, than they do on insuring information assets.
  
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• Watchstone files defence in £637m S&G fraud lawsuit

  16-10-2017 11:58
  Watchstone has filed its defence in the £637m lawsuit launched by Slater & Gordon in June.
  
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• Willis Towers Watson changes CEEMEA leadership

  16-10-2017 11:44
  Willis Towers Watson has appointed Neil Irwin as leader for the
  Central and Eastern Europe, Middle East, and Africa (CEEMEA) region
  with immediate effect.
  In his new role, Irwin will be based in Dubai and will also act
  as the head of corporate risk and broking for CEEMEA.
  He replaces Gianmarco Tosti, who will become Willis Towers
  Watson's head of Italy and head of corporate risk and broking
  for the region.
  Guido de Spirt, the current head of Italy, will...
  
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• TigerRisk names Hodge as head of client consulting

  16-10-2017 11:44
  TigerRisk has recruited Megan Hodge, a former Guy Carpenter
  managing director, as partner and head of client strategy.
  The broking firm said that Hodge's role will focus on
  helping to structure "novel risk transfer products" for
  TigerRisk clients.
  Hodge's position is a new role.
  Hodge previously worked at Metabiota, a company specialising in
  epidemiological risk analysis, where she was global head of
  business development and risk products.
  She began her reinsurance career in 2002 at Aon Benfield
  
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• Opinion: The NFIP bailout à la Trump

  16-10-2017 11:44
  The National Flood Insurance Program (NFIP)'s pending $16bn
  bailout offers a prime example of the deep-seated rot that
  ultimately prompted disgusted American voters to elect Donald Trump
  as president.
  The idea, dreamed up when Lyndon Johnson was creating his Great
  Society programmes, became the NFIP in 1968. It was designed to
  offer an affordable way for property owners to insure against flood
  risk in areas where private carriers would not venture.
  Now nearly 50 years later, the NFIP is in...
  
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• Ireland and UK brace for ex-Hurricane Ophelia

  16-10-2017 11:44
  Flights and ferry crossings have been cancelled as Ireland and
  parts of the UK prepare for ex-Hurricane Ophelia.
  The tropical depression is expected to bring wind gusts of up to
  150kmph - equivalent to 93.2mph - according to Met Éireann,
  with storm surges likely.
  The public has been warned to stay indoors and away from coastal
  areas for the duration of the storm.
  Northern Ireland and Scotland is also expected to be hit by
  "very windy weather", according to the...
  
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• Harvey and Irma to spare FM Global reinsurers

  16-10-2017 11:44
  FM Global has told its reinsurers that it expects its property cat
  excess-of-loss and per-risk treaties to avoid losses from
  hurricanes Harvey and Irma, The Insurance
  Insider can reveal.
  The surprise news strengthens a growing impression in the sector
  that the major single-risk losses seen after other US cats like
  Sandy and Katrina will not be a dominant feature of the recent
  storms.
  FM Global buys a cat tower attaching at around $500mn and an
  inuring per-risk cover believed to...
  
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• BP Marsh takes stake in US broker Mark Edward Partners

  16-10-2017 11:44
  London-listed private equity firm BP Marsh has acquired a 30
  percent minority stake in Mark Edward Partners, a US insurance
  broker.
  BP Marsh has also given the broker access to a $2mn credit
  facility to fund future growth.
  The intermediary has licences to operate in all 50 US states,
  with offices New York, Palm Beach and Los Angeles.
  The broker places financial and liability, property and
  casualty, personal lines, life, cyber and affinity cover.
  BP Marsh said in a stock...
  
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• #Insagepeople: 16 - 22 October 2017

  16-10-2017 10:18
  Keep up to date with the latest people moves.
  
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• Nate damage not expected to be over $500mn: RMS

  16-10-2017 09:07
  Damage from Hurricane Nate, the Category 1 storm that struck the
  southern tip of Louisiana and Mississippi just over a week ago,
  will not be material compared to other 2017 hurricanes, according
  to the modelling company RMS.
  RMS estimates that insured losses from Nate are unlikely to
  exceed $500mn. The figure includes property damage and business
  interruption from wind and coastal flooding for residential,
  commercial, industrial, and auto lines, but does not include
  National Flood Insurance Prog
  
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• Axa's Brendan McCafferty on the future opportunities technology brings

  16-10-2017 07:00
  Staff worry about losing their jobs to artificial intelligence but Brendan McCafferty, CEO of Axa Insurance, believes technology opens up a range of possibilities.
  
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• Aviva sells Taiwan life JV stake for $1

  16-10-2017 04:46
  UK-headquartered insurance group Aviva has exited the Taiwanese market with the sale of its 49% stake in First-Aviva Life.
  
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