Insurance news

• The Hartford names western middle-market leader

  27-10-2017 21:23
  The Hartford has promoted Gretchen Thompson to lead sales and
  underwriting for its middle markets division across the western
  region.
  The new role will see Thompson take responsibility for middle
  market operations in cities including Los Angeles, San Francisco,
  Phoenix, Denver and Seattle.
  Before the promotion she served as a regional vice president
  based in California having joined the insurer in 2005.
  She will report to Tracey Ant who heads up field sales and
  execution for The Hartford's middl
  
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• Seeman Holtz adds another Texas broker

  27-10-2017 21:23
  Expansive broker Seeman Holtz has added yet another Texas
  intermediary, further extending its reach in the Lone Star
  State.
  Its latest acquisition - Confimex Services Insurance - is at
  least its third acquisition in Texas after it announced a duo of
  deals earlier this year.
  Confimex, which provides auto, home, health, commercial, and
  life insurance, will become part of Seeman Holtz' Primera
  Capital team in Texas.
  "Confimex has an especially solid history of success in the
  Houston suburbs," said
  
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• Opinion: E&S opportunity

  27-10-2017 18:25
  The fall conference season has been dominated by talk of the
  opportunities - real or imagined - for underwriters to push for
  price rises, from retro down through reinsurance to the primary
  business.
  And the dialogue has extended to third quarter earnings calls,
  where carrier CEOs have emphasised the need for rate increases
  across much of their books, while their broker counterparts have
  pointed to strong industry capital levels and the need to renew
  based on individual experience.
  But one...
  
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• Opinion: CDL's Nigel Phillips on embracing the InsurTech future

  27-10-2017 17:16
  Embracing the InsurTech future: Nigel Phillips is excited about InsurTech and explains why brokers should be too
  
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• EU targets aviation brokers in antitrust probe

  27-10-2017 15:25
  European Commission (EC) regulators have launched an antitrust
  investigation into aviation broking, taking on the mantle from UK
  watchdogs.
  The probe was disclosed by Marsh & McLennan Companies (MMC)
  CEO Dan Glaser on an analysts' call to discuss the
  company's third quarter results. He said Brussels regulators
  had taken on the case from the UK's Financial Conduct Authority
  (FCA).
  Glaser told analysts that in early October MMC received a notice
  from competition authorities in Brussels stating
  
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• Aon reinsurance arm posts 7% organic growth

  27-10-2017 15:25
  Revenue at Aon's reinsurance operations grew by 7 percent
  year-on-year on an underlying basis to reach $355mn in the third
  quarter.
  The result is an improvement on the 6 percent organic growth
  recorded at the reinsurance solutions unit, which includes Aon
  Benfield, in Q2.
  Aon said the reinsurance solutions unit had seen growth across
  every major product line, particularly in treaty placements, which
  registered "record" new business generation. This was
  partially offset by a modest unfavourable m
  
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• This week in Post: Mergers, Microbreweries and Millennials

  27-10-2017 15:19
  This week, the cold has crept in and we are bringing back our winter coats while shoving on our summer clobber to one side.
  
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• Interview: Martin Oliver moves on

  27-10-2017 12:58
  Oliver admits he is relishing not knowing what the future holds as he says goodbye to Arthur J Gallagher and reflects on his time with the broker.
  
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• Chubb predicts higher premiums after spate of natural disasters

  27-10-2017 12:38 via ft.com
  Chief Evan Greenberg forecasts insurance industry losses of $100bn from hurricanes and earthquakes
  
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• Willis launches Finex panel on new platform

  27-10-2017 12:21
  Willis Towers Watson North America (WTWNA) has consolidated a
  number of Finex offerings in the US into a single panel on its
  recently launched Connected Broking platform, The
  Insurance Insider can reveal.
  According to sources, the new Finex panel covers a spectrum of
  financial lines and executive liability classes of business such as
  directors' and officers' (D&O) and cyber/errors and
  omissions (E&O) for small and middle-market companies.
  The panel was soft-launched last month with the s
  
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• Opinion: Pulling levers

  27-10-2017 12:21
  That Aspen has an expenses problem in need of a solution will have
  come as no surprise to investors and analysts following the
  Bermudian.
  The company widely flagged its drafting in of McKinsey earlier
  this year to address a deteriorating expense ratio that has been
  several points worse than that of its competitors on the island in
  the last couple of years.
  And Wednesday evening's unveiling of a $160mn cost-cutting
  programme met with a positive response as shares traded up...
  
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• Lloyd's says CTMA falling short of governance standards

  27-10-2017 12:21
  Lloyd's has informed Charles Taylor Managing Agency (CTMA)
  that it "does not meet Lloyd's Governance Minimum
  Standards" even though the Corporation approved the
  company's 2018 business plan for The Standard Syndicate 1884,
  including capital requirements, a disclosure form shows.
  The judgment from Lloyd's may further slow CTMA's
  efforts to provide turnkey services to help establish new
  syndicates in the market, which is part of its growth strategy.
  In the document filed yesterday, CTMA also state
  
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• Meet the Broker Apprentices 2017: Luke Perkins

  27-10-2017 11:45
  The penultimate competitor in this year's Broker Apprentice
  
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• Modest increase in home insurance premiums

  27-10-2017 11:29
  The AA Insurance Premium Index for Q3 2017 shows a small rise but includes warning that costs could increase if bad weather and IPT bite.
  
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• Quizzical Questions: 27 October 2017

  27-10-2017 11:20
  Have you been paying attention this week? Test out your knowledge with our topical news quiz.
  
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• Treasury Committee calls for changes to Solvency II post-Brexit

  27-10-2017 11:12
  Committee wants discussion between the PRA and the industry in response to "practical difficulties" of Solvency II.
  
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• MPs urge PRA to review Solvency II

  27-10-2017 10:58
  The Prudential Regulation Authority must develop proposals to remove the limitations of Solvency II for the insurance market, MPs have said.
  
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• Car premiums drop in third quarter 2017

  27-10-2017 10:25
  Research by the AA shows first decline since Q1 2016.
  
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• Hastings sees GWP growth continue into Q3

  27-10-2017 09:44
  Hastings has seen a 25% spike in gross written premiums over the course of the year, up to £714m from £572.8m for the same period in 2016.
  
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• QBE names interim CEO for Australian and NZ unit

  27-10-2017 09:24
  QBE has appointed Inder Singh as interim CEO of its Australian and
  New Zealand operations, after Pat Regan was named as the
  carrier's next group CEO.
  Singh is currently CFO of the Australian and New Zealand
  operations. His appointment is effective on 1 November.
  Regan, who currently holds the CEO role for the business unit,
  will take over will take over from John Neal as group CEO of QBE
  from 1 January.
  A search for a permanent CEO for the...
  
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• Markel expects $40mn-$80mn Californian wildfires impact

  27-10-2017 09:24
  Markel has estimated it will take a $40mn-$80mn hit as a result
  of the Californian wildfires.
  In the firm's third quarter earnings report, Markel said
  this range was based on preliminary industry loss estimates, policy
  level reviews and direct contact with insureds and brokers when
  possible.
  However, Markel warned that it was still gathering loss data
  from policy holders and cedants and expects additional losses to be
  notified. It also said potential losses associated with business
  interruption
  
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• Barbican and Toa Re secure in-principle approval for SPA

  27-10-2017 09:24
  Barbican and Japanese reinsurer Toa Roe have gained in-principle
  approval from Lloyd's to establish special purpose arrangement
  6132.
  The SPA will be backed exclusively by Toa Re and managed by
  Barbican Managing Agency Limited with an initial capacity of
  £31.4mn ($41.5mn).
  SPA 6132 will start underwriting on 1 January, subject to formal
  approval.
  Toa Re is the sole domestic professional reinsurer in Japan
  providing both life and non-life coverages.
  The SPA will support the expansion of Toa
  
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• Singh appointed QBE interim CEO for Australia and New Zealand

  27-10-2017 08:44
  Australian giant QBE has appointed Inder Singh, chief financial officer of its Australian and New Zealand operations as interim ANZO CEO.
  
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• Greenberg sees "firming price environment" after Q3 Chubb loss

  27-10-2017 07:06
  Evan Greenberg, chairman and CEO of global insurer Chubb, said his firm intends to demonstrate leadership regarding rates following years of soft pricing and a series of natural catastrophes in the third quarter.
  
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• Blog: Reacting to turmoil

  27-10-2017 07:00
  Political, social and economic turmoil continues on a daily basis and Michael Lynch, head of partnerships for Minster Law, believes insurers can use this opportunity to create trust and a certainty among those they help.
  
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• XL Catlin appoints cyber leader in Asia-Pacific

  27-10-2017 06:15
  Global (re)insurer XL Catlin has recruited from Allianz for a senior Asia-Pacific cyber leadership role.
  
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• UK asset managers under pressure to boost capital buffers

  27-10-2017 06:00 via ft.com
  Regulator wants fund houses to beef up reserves by an additional 82% on average
  
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• Validus exceeds expectations with a $255mn loss

  27-10-2017 02:26
  Validus has outperformed the expectations of analysts, reporting
  a $254.5mn net operating loss in a third quarter that saw the
  Bermudian sustain $367.3mn of catastrophe losses.
  The $3.22 per share loss was not as severe as the $3.30
  consensus estimate of nine Wall Street analysts surveyed by
  MarketWatch.
  But it fell well shy of the $83mn profit the firm reported last
  year. The loss came after a string of third quarter catastrophes -
  mainly Hurricanes Harvey, Irma and Maria -...
  
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• Prime Risk buys financial lines broker Gunn Steers

  27-10-2017 02:26
  Broker consolidation platform Prime Risk Partners (PRP) has
  acquired financial lines broker Gunn, Steers & Company.
  Established in 1925 as a full-service domestic and international
  brokerage and financial services firm in New York, Gunn Steers has
  over the last three decades focused its efforts on brokering and
  servicing financial institution-related clients, PRP said.
  "Gunn Steers has established a trusted reputation and
  nationally recognized expertise for [financial institutions] and
  asset
  
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• Gallagher just beats Street as organic growth rises

  27-10-2017 02:26
  Acquisitive broker AJ Gallagher narrowly exceeded Wall Street
  estimates in posting a third quarter profit of $0.81 per share as
  organic revenue growth edged higher to 3.5 percent in its brokerage
  segment.
  Gallagher was projected to earn $0.79 a share, the consensus
  view of 16 analysts compiled by MarketWatch.
  In the broker segment, organic revenue rose to $900mn, the
  Rolling Meadows, Illinois-based company said late today. Brokerage
  organic growth came in at 3.4 percent in the year-earlier perio
  
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• Cincinnati Financial beats with $97mn profit

  27-10-2017 02:26
  Cincinnati Financial surpassed the expectations of analysts to
  deliver a $97mn third quarter operating profit despite forecasting
  up to $114mn in cat losses.
  The $0.58 per share result was higher than the $0.52 per share
  consensus estimate of seven Wall Street analysts surveyed by
  MarketWatch.
  However, profit fell $46mn from the same period of last year
  after a heavy Q3 cat season. The Cincinnati, Ohio-based carrier had
  previously announced that cat losses could total up to $114mn.
  "As previousl
  
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• Chubb tops Street views even as it falls to a loss

  27-10-2017 02:26
  Chubb posted a third quarter operating loss that was
  significantly better than Wall Street estimates despite $1.893bn in
  net pre-tax catastrophe losses in the period.
  The giant insurer formed by the combination of Switzerland-based
  Ace and New Jersey's Chubb said late today that it fell to an
  operating loss of $60mn, or $0.13 a share, for the quarter.
  A consensus of analysts' views called for a $0.24 per share
  loss, according to a MarketWatch compilation of 19 estimates.
  Excluding cat...
  
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• California wine country wildfires may cost $3bn: AIR

  27-10-2017 02:26
  A string of wildfires that struck northern California's wine
  region earlier this month will lead to an estimated $2bn to $3bn in
  industry insured losses, AIR Worldwide said.
  The catastrophe modelling firm said the loss estimates related
  to the Tubbs, Pocket, Nuns, Atlas, Redwood and Sulphur fires that
  raged north of San Francisco, but also highlighted other wildfires
  that continue to burn.
  The estimates include residential, mobile home, commercial and
  auto losses, as well as the impact of busine
  
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• Rolet cashes in as he bids farewell to the LSE

  27-10-2017 01:03 via ft.com
  Outgoing chief sold more than 117,000 of his company’s shares, mopping up some £4.5m
  
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• US Treasury rejects stress tests for asset managers

  27-10-2017 01:02 via ft.com
  Pro-industry recommendations unveiled to make oversight more ‘effective’
  
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• Insurance watchdog urged to rethink solvency rules

  27-10-2017 01:01 via ft.com
  MPs point out detrimental impact of regulatory regime
  
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