Insurance news

• WKFC launches $100mn property consortium

  31-10-2017 16:43
  WKFC Underwriting has launched a new property consortium with a
  quartet of high-profile carriers offering up to $100mn of combined
  limit, The Insurance Insider can
  reveal.
  According to sources, the markets supporting the consortium are
  Ascot, AIG, Aspen and RenRe.
  The Ryan Specialty Group-owned MGA confirmed the launch of the
  consortium but would not comment on the identity of the carriers
  backing it, except to say that they included two domestic insurers
  and two Lloyd's syndicates.
  It is though
  
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• Specialty lines in focus after cat losses

  31-10-2017 16:43
  Senior insurance executives and underwriters in Baden-Baden were
  expecting a North Atlantic-hurricane-induced rate increase to
  spread even into unaffected specialty lines, after years of margin
  compression in sectors including marine, energy and aviation.
  Brokers appeared to accept that cedants would have to forgo rate
  cuts, but at the reinsurance meeting they argued vehemently against
  underwriters levying hefty indiscriminate rate rises on unaffected
  accounts.
  However, Munich Re management boar
  
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• Reinsurers see harder retro market driving rate hikes

  31-10-2017 16:43
  After years of malaise, the (re)insurance market may finally be
  facing a sea change following heavy third quarter catastrophe
  losses, as underwriting executives scramble to talk up rates.
  One of the key areas is the retro market, with an expectation in
  many quarters that upward pricing pressure here will drive the
  reinsurance and insurance markets.But a number of canny CEOs have spied an opportunity to take a
  Warren Buffett-style approach and swoop in on a hardening market
  after a...
  
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• Peak Re unfazed by Nagico cat losses

  31-10-2017 16:43
  Losses sustained by Caribbean insurer Nagico during hurricanes
  Irma and Maria have not dented the allure of the business for 50
  percent owner Peak Re.
  Nagico, the dominant insurer in the Dutch Caribbean, was hit
  hard by Hurricane Irma, though chairman Imran McSood Amjad told
  this publication that it had more than enough reinsurance in place
  to cover the losses.
  This included a 50 percent quota share with Peak Re, although
  there was a low catastrophe cap on the risk...
  
  Read more

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• Markel Catco raises $1.8bn in record fundraise

  31-10-2017 16:43
  Markel Catco Investment Management has raised more than $1.8bn
  in the reinsurance market's biggest ever one-off fundraising
  effort, which it said would enable it to fund its 1
  January-renewing portfolio.
  It said both existing and new investors had participated in the
  fundraising, which is continuing via its publicly listed
  Reinsurance Opportunities Fund until the end of October. Proceeds
  from this raise would satisfy additional demand for cover, it
  added.
  With a market cap of £325mn ($428m
  
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• Lower operating costs drive down expense ratios in Q3

  31-10-2017 16:43
  As growing loss ratios continued to pressure underwriting margins,
  third quarter results so far have revealed that (re)insurers turned
  to expense management to improve their results, while reduced
  variable compensation also came to the rescue.
  Expense ratios for the three months to 30 September decreased at
  nearly every company in our coverage universe that has reported so
  far.
  On a simple average basis, the metric dropped by 2.5 percentage
  points year-on-year.
  The biggest improvement was at Val
  
  Read more

• Lloyd's targets Q1 clearance for EU hub

  31-10-2017 16:43
  Lloyd's is aiming to secure regulatory approval for
  Brussels-based Lloyd's Insurance Company early next year and
  believes it has widespread market backing for the structure of its
  post-Brexit subsidiary.
  Speaking about two weeks after Lloyd's submitted its
  application for authorisation with the National Bank of Belgium
  (NBB), chief commercial officer Vincent Vandendael told this
  publication the Corporation would formally consult syndicates early
  next year on how much business they expect to writ
  
  Read more

• Lloyd's targeting double-digit growth in 2018

  31-10-2017 16:43
  A number of Lloyd's syndicates are set to take advantage of
  propitious pricing conditions next year with significant planned
  increases in stamp capacity, The Insurance
  Insider can reveal.
  A range of planned syndicate pre-emptions for non-aligned
  syndicates seen by this publication indicate an average market-wide
  increase of 12.6 percent for 2018.
  If the whole market was to move in line with this planned
  increase then Lloyd's stamp capacity would grow by some
  £3.8bn ($5.0bn) to hit £3
  
  Read more

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• Keating hires Eichhorn and Reardon for growth push

  31-10-2017 16:43
  Independent wholesaler Keating has expanded its senior executive
  team with two high-level hires and restructured its platform to
  drive further growth, The Insurance
  Insider can reveal.
  The Phoenix, Arizona-headquartered firm has hired Breckenridge
  Insurance Services president Michael Eichhorn and Bob Reardon, COO
  of AmWins Brokerage of Georgia.
  The broker's founding chairman and CEO Jim Keating told this
  publication that his aim is to organically expand the business in
  the coming years, with a t
  
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• Industry tries to piece together $100bn loss puzzle

  31-10-2017 16:43
  As third quarter cat loss disclosures roll in with the earnings
  season, a discussion is heating up in the market about whether
  recent events will generate the $100bn industry loss sources had
  been coalescing around.
  A running tally compiled by The
  Insurance Insider for disclosed Q3 cat losses
  currently stands at approximately $31bn, less than a third of the
  $100bn industry loss estimate that has been bandied about the
  market.
  To avoid double-counting, this particular loss tally does not
  include.
  
  Read more

• First post-HIM cat bond shows higher-risk yield increase

  31-10-2017 16:43
  XL Catlin is set to pay a higher coupon for a $150mn top-up to
  its cat bond cover as it agreed pricing terms on a new Galileo Re
  insurance-linked securities (ILS) transaction last week,
  Trading Risk reported.
  The deal was divided into two risk layers, including a notably
  high-risk class of notes that will offer investors an insurance
  coupon of 1,750 basis points (bps).
  This settled at the highest end of XL's target range of
  1,700-1,750 bps, Trading Risk understands....
  
  Read more

• Chan leaves ArgoGlobal Asia

  31-10-2017 16:43
  Ivan Chan, ArgoGlobal Asia's CEO, has left the firm,
  The Insurance Insider understands.
  Chan, who had worked in the carrier's Singapore office for
  the past three years, had his last day there on 20 October,
  according to sources.
  Prior to working at ArgoGlobal Chan spent five years as CEO of
  Travelers Asia, managing Syndicate 5000's Asia Pacific
  business.
  He has also previously worked at XL Insurance and Paris Re Asia
  Pacific.
  Sources indicated that Michael Ng, a property underwriting
  specialist,
  
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• CCR Re seeks partners after split-out

  31-10-2017 16:43
  French state-owned reinsurer CCR Re is looking for strategic
  industry partners and would consider exchanging equity stakes with
  supporters following its operational carve-out early this year from
  parent CCR.
  Speaking to this publication at the Baden-Baden reinsurance
  meeting last week, CEO Bertrand Labilloy and deputy CEO Laurent
  Montador also said the reinsurer expects to beat its business plan
  targets for its initial launch phase now the market is showing
  signs of hardening.
  The reinsurer was
  
  Read more

• BHSI considers Dubai expansion

  31-10-2017 16:43
  Berkshire Hathaway Specialty Insurance (BHSI) is preparing to
  enter the Dubai insurance market, The Insurance
  Insider understands.
  The carrier already has offices in the US, Asia, Australia,
  Canada, Germany, the UK and New Zealand, but is yet to establish a
  presence in the Middle East. The most recent office opening came in
  London in February this year, which launched under the aegis of
  former Lloyd's enforcer Tom Bolt with a trio of underwriting
  hires.
  BHSI brought in Richard Nathan as...
  
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• Asian renewal contest looms after cat spike

  31-10-2017 16:43
  The battle lines are being drawn in Asia between reinsurers and
  cedants ahead of the 1 January renewals, as the sector continues to
  come to terms with the remarkable string of third quarter cat
  losses.
  For the pending US catastrophe reinsurance renewals negotiations
  will concern the extent of increases, while European renewals will
  be focused on whether reinsurers can extract a small rate rise.
  However in Asia, reinsurer sources have sounded a more cautious
  note on pricing, with a number...
  
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• Aioi Nissay Dowa Insurance chooses Luxembourg for European base

  31-10-2017 16:43
  Japanese insurer Aioi Nissay Dowa Insurance (ADI), part of
  MS&AD, has become the latest insurer to announce plans to
  establish its European subsidiary in Luxembourg following the
  UK's decision to leave the European Union.
  DI joins AIG, FM Global, CNA Hardy, Hiscox, RSA, Liberty Mutual as
  well as Japan's Tokio Marine in choosing Luxembourg as the
  location for its European subsidiary.
  MS&AD said it will restructure its European business
  organisation and move Aioi Nissay Dowa Insurance Comp
  
  Read more

• ACR board will not pursue near-term sale

  31-10-2017 16:43
  Asia Capital Re (ACR)'s board will not reopen the sales
  process that led to its $1bn abortive deal with Shenzhen Qianhai
  Financial Holdings and Shenzhen Investment Holdings,
  The Insurance Insider understands.
  Sources said that there was a danger that any attempt to re-run
  the auction held in 2016 would be perceived as a fire sale and
  result in a weak valuation of the reinsurer.
  It is understood instead that the board is minded to hold onto
  the asset and give...
  
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• News analysis: Mind the knowledge gap

  31-10-2017 16:17
  Insurance education shortfall revealed by FCA creates opportunity for brokers
  
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• Japanese Insurer to establish Brexit base in Luxembourg

  31-10-2017 14:00
  Japanese insurer Aioi Nissay Dowa is restructuring its European operations in preparation for Brexit.
  
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• LMA confirms £500mn Xchanging deal with London market

  31-10-2017 13:48
  The London Market Association (LMA), working in conjunction with
  the International Underwriting Association, has concluded a
  five-year deal with long-time service provider Xchanging worth
  £500mn ($658.6mn), aspredicted by The Insurance Insider.
  The contract is between Xchanging Ins-Sure Services (XIS) and
  Xchanging Claims Services (XCS) and dozens of insurers. Xchanging
  is now owned by DXC Technology.
  The LMA said that under the renegotiated contract, which was
  independently evaluated by s
  
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• German insurers face EUR250mn Herwart hit

  31-10-2017 13:48
  Storm Herwart, which hit large parts of northern and central
  Europe over the weekend, is set to cost German property insurers
  some EUR250mn, according to actuarial specialist Meyerthole Siems
  Kohlruss.
  The storm, which achieved speeds of 112mph, moved quickly from
  Norway to southeastern Europe on 28 October, crossing the north and
  east of Germany on Sunday 29 October.
  Herwart knocked down trees, left thousands of homes without
  electricity and caused widespread travel chaos across much of the
  reg
  
  Read more

• Aioa Nissay Dowa Insurance chooses Luxembourg for European base

  31-10-2017 13:48
  Japanese insurer Aioi Nissay Dowa Insurance (ADI), part of
  MS&AD, has become the latest insurer to announce plans to
  establish its European subsidiary in Luxembourg following the
  UK's decision to leave the European Union.
  DI joins AIG, FM Global, CNA Hardy, Hiscox, RSA, Liberty Mutual as
  well as Japan's Tokio Marine in choosing Luxembourg as the
  location for its European subsidiary.
  MS&AD said it will restructure its European business
  organisation and move Aioi Nissay Dowa Insurance Comp
  
  Read more

• Digital Insurance World 2017: Brexit will impact investment into UK insurtech

  31-10-2017 13:12
  There are remaining uncertainties surrounding Brexit contingency plans and how a divorce from the European Union will effect investment into insurtech.
  
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• VisionTrack launches video based telematics camera

  31-10-2017 13:08
  Markerstudy-owned business says offering can be white-labelled by brokers.
  
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• IPT rise would hit rural communities the hardest

  31-10-2017 11:45
  Further increases in the rate of Insurance Premium Tax in the Chancellor’s forthcoming budget would hit farmers and rural communities disproportionately, NFU Mutual has warned.
  
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• Axa launches Broker Future training programme

  31-10-2017 11:44
  The scheme will see trainees attend seminars in Paris along with the winner of Broker Apprentice.
  
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• Brexit could see 75,000 financial services jobs lost

  31-10-2017 11:22
  Reports suggest that the Bank of England believes that many London roles could go overseas if there is no Brexit trade agreement in place.
  
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• Xchanging poised to seal £500mn deal with London market

  31-10-2017 11:10
  Insurers in the London market are on the point of agreeing a
  five-year deal with long-time service provider Xchanging worth
  £500mn ($658.6mn), The Insurance
  Insider can reveal.
  It is understood that contracts for an agreement to extend the
  existing premiums processing and claims services deal are out for
  signature with the members of the Lloyd's Market Association
  (LMA) and the International Underwriting Association (IUA).
  The contract is between Xchanging Ins-Sure Services (XIS) and
  Xchan
  
  Read more

• Townsend returns to AIG to become international GI CEO

  31-10-2017 11:10
  AIG has hired Chris Townsend from MetLife as CEO of its
  international general insurance division.
  The move marks a return to AIG for Townsend, who was CEO of the
  carrier's Asia Pacific region from 2010 to 2012 before he went
  on to join MetLife.
  Most recently, he was president of MetLife's Asia
  region.
  Townsend also serves on the board of the Japan Society and holds
  a number of advisory positions. He is adviser to the Asia Society,
  vice chairman of...
  
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• Qatar Re shakes up Singapore branch as Lee exits

  31-10-2017 11:10
  Qatar Re's Dubai-based head of marine will move to lead
  operations in Singapore following three departures in the recently
  licensed office, The Insurance Insider
  understands.
  The most senior of those departures is Micky Lee, who has led
  the branch office since it received its licence just over a year
  ago.
  Lee is understood to have been followed to the exit by Beng Wah
  Chew, a senior treaty underwriter. The third member of the
  underwriting team is also understood to have...
  
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• Opinion: Free trade

  31-10-2017 11:10
  Delegates gathering in Singapore for the Singapore International
  Reinsurance Conference (SIRC) will, of course, have the 1.1
  renewals uppermost on their minds.
  But they will also be looking to discuss and digest the changing
  regulatory framework across much of Asia's fast-growing
  reinsurance industry.
  Successful mature businesses in continental Europe, London and
  Bermuda provide an obvious model of what can be achieved by states
  keen to nurture the sector.
  Multi-billion dollar franchises have be
  
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• Lloyd's to pay additional FSCS levy

  31-10-2017 11:10
  Lloyd's will make additional contributions to the retail
  pool of the UK Financial Services Compensation Scheme (FSCS)
  following a consultation by the Financial Conduct Authority
  (FCA).
  As an authorised product provider, Lloyd's currently only
  contributes to the costs of failed intermediaries from levies that
  they pay for their own intermediation activities, and also to any
  costs incurred if the retail pool is triggered.
  However, consultation documents published by the FCA yesterday
  showed there
  
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• Catalina to take on $190mn Samsung US legacy book

  31-10-2017 11:10
  Catalina has agreed to transfer a $190mn portfolio of US legacy
  liabilities from the US branch of Samsung Fire & Marine
  Insurance to its Alea subsidiary.
  The portfolio consists mainly of US general liability,
  workers' compensation, auto liability and property. As at 31
  December, it had gross insurance liabilities of $190mn.
  The transfer is subject to regulatory approval and is expected
  to close in the fourth quarter.
  Catalina also recently beat rivals Sirius and Armour to take
  over a book...
  
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• AIG rebrands Hamilton USA

  31-10-2017 11:10
  AIG has rebranded the former Hamilton USA to Blackboard, which
  is run under the leadership of Seraina Macia.
  AIG completed the$110mn acquisition of Hamilton USA on 2 October.The subsidiary is technology focused and aims to change the way
  commercial insurance is provided through the use of digital
  technology, data analytics, and automation.
  Blackboard will operate as a start-up, while backed by the
  resources of AIG. The platform is expected to launch by the second
  half of 2018.
  &quo...
  
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• AGCS opens Beijing office

  31-10-2017 11:10
  Allianz Global and Corporate Specialty (AGCS) is to open an
  office in Beijing, its third in China, as part of a drive to take
  advantage of the country's One Belt, One Road initiative.
  The Beijing office is already operational, but officially
  launches on 14 November as part of Allianz China. Allianz China
  already has a presence in Shanghai and Guangzhou.
  The office is a fully capitalised branch and will underwrite
  purely AGCS business in corporate and specialty risks.
  The Beijing...
  
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• #Insagepeople: 30 October - 05 November 2017

  31-10-2017 10:03
  Keep up to date with all the latest people moves.
  
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• AIG renames Hamilton as Blackboard

  31-10-2017 02:36
  International insurer AIG has decided to rename its newly acquired technology subsidiary Hamilton.
  
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• Keeping resurfaces at QBE North America

  31-10-2017 02:21
  Willis Towers Watson's former head of broking Matt Keeping
  has remerged at QBE North America, the Australian carrier announced
  today.
  In the new role Keeping will take the title of regional
  executive and lead the insurer's go-to-market activities in 20
  eastern states in the US.
  Based in New York, the new recruit will be accountable for
  profitable growth and the development of all agent and broker
  relationships in the region, QBE said.
  The role will see him take responsibility for...
  
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• Investments help offset cat losses at Greenlight Re

  31-10-2017 02:21
  Total return reinsurer Greenlight Re reported a $19.9mn net
  profit for the third quarter despite taking a $37.9mn hit from
  natural catastrophes that sent the carrier to an underwriting
  loss.
  Profits were a third less than the $30mn Greenlight reported
  this time last year and were driven by the Grand Cayman-based
  company's investment division.
  The total return reinsurer's net investment income stood at
  $64mn for the quarter, almost double the $32.9mn it reported this
  time last year.
  Greenlight re
  
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• Townsend to rejoin AIG

  31-10-2017 01:35
  Industry veteran Chris Townsend is to rejoin AIG in a newly created role as CEO, international general insurance.
  
  Read more

• Townsend returns to AIG

  31-10-2017 01:35
  Industry veteran Chris Townsend is to rejoin AIG in a newly created role as CEO, international general insurance.
  
  Read more

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