Insurance news

• Lloyd’s goes to court to stop ‘trespassing’ climbers

  14-01-2018 18:03
  ‘Urban explorers’ post selfies and videos of themselves scaling famous building
  
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• Zurich names former Generali COO as German head

  14-01-2018 11:32
  Zurich has appointed Carsten Schildknecht as the new CEO of its
  German operations.
  The executive will move into the role on 1 February, replacing
  Marcus Nagel, who took the helm of the German operation in March
  2016 and is now leaving to pursue other opportunities.
  Schildknecht follows Zurich CEO Mario Greco to the Swiss
  insurer, having served as chief operating officer at Generali
  between 2013 and 2016, when Greco was CEO there.
  In 2017 Schildknecht worked as an adviser and...
  
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• Verisk's ISO sets up program for homeowner flood cover

  14-01-2018 11:32
  Verisk's ISO business is offering a personal lines flood
  insurance program that it expects to make available to participants
  across most of the US, joining a commercial lines program it
  started over last summer.
  The program lets carriers enter the market currently dominated
  by the federally subsidised National Flood Insurance Program to
  provide flexible coverage options and policies designed for
  property owners that goes beyond NFIP plans.
  "The ISO program lets insurers offer coverages and
  deduc
  
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• Trade credit insurers stop writing Carillion covers

  14-01-2018 11:32
  Trade credit insurers, including market leader Euler Hermes,
  have ceased writing new coverage for suppliers to Carillion,
  The Insurance Insider understands.
  Other trade credit underwriters, including Tokio Marine HCC and MGA
  Nexus, have also told clients they will not insure deliveries to
  the ailing contractor, sources said.
  Trade credit insurance protects companies against the risk that
  a customer goes insolvent.
  Carillion's share price fell 28.95 percent today amid reports
  EY is set to be appo
  
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• Tobin brings Aon property team to Alliant

  14-01-2018 11:32
  Al Tobin and a trio of property broking executives have moved to
  Alliant from Aon Risk Services (ARS), The Insurance
  Insider can reveal.
  New York-based Tobin is a prominent figure in the US commercial
  property market and was most recently chairman of the US property
  practice at ARS.
  He has taken the position of executive vice president at
  expansive Newport Beach, California-based broker Alliant.
  Tobin has been joined at Alliant's New York operation by
  Vincent Flood, Christine Simone and Dave...
  
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• Perils holds Egon loss estimate unchanged at EUR275mn

  14-01-2018 11:32
  Catastrophe data aggregator Perils has finalised its property
  insured loss estimate from extratropical cyclone Egon at EUR275mn
  ($329mn).
  The fourth and final estimate isunchanged from the third , which was issued on 12 July.Movements in the loss figures at the individual country level
  offset each other and the overall figure for Europe remained
  unchanged, Perils said.
  Egon brought high winds, heavy rain and snowfall to parts of
  France and Germany in January last year....
  
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• PCS loss figure for October fires surpasses $10bn

  14-01-2018 11:32
  PCS has released an updated loss number of $10.4bn for the
  wildfires that hit California in October - up 42 percent from its
  initial figure of $7.3bn, The Insurance
  Insider can reveal.
  Market sources have previously pointed to expected insured
  losses of around $10bn.
  The $10.4bn figure, which does not comprise loss adjustment
  expenses and some portions of losses picked up in the marine
  market, suggests that the overall insured loss has deteriorated
  meaningfully.
  The Tubbs fire was the largest...
  
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• Opinion: when nice pays

  14-01-2018 11:32
  Can you be nice strategically?
  I have been reflecting on this question since Ipicked up a whisper earlier in the week that Aquiline had
  agreed a deal to sell its majority stake in Beach to Acrisure.
  My sources tell me thatthe deal was done on a bilateral basis. The private equity firm
  led by Jeff Greenberg opted not to put Grahame Millwater and the
  Beach management team through the ordeal of a formal sale
  process.
  Had Aquiline done...
  
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• Opinion: Berkshire's biblical challenge

  14-01-2018 11:32
  Berkshire's Jain versus Abel rivalry masks bigger
  challenge.
  Setting aside the competition between Ajit Jain and Greg Abel,
  with all its evocatively biblical intonations, their twin
  appointments as vice chair this week highlighted a critical issue
  for Berkshire Hathaway: allocating capital in a post-Warren Buffett
  future.
  Whoever succeeds Buffett at the top will have the sort of
  problem most CEOs would die for: how to spend a mountain of cash
  that seems to get a new infusion every year.
  Buffett.
  
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• McCafferty leaves Axa after less than a year

  14-01-2018 11:32
  Brendan McCafferty, CEO of Axa's intermediated and direct
  insurance business in the UK, is to leave the firm with immediate
  effect as part of a wider management restructure at its UK
  operations.
  The former Flood Re CEO had been in the position less than a
  year, after joining Axain February 2017."Brendan came in at a tough time with several unexpected
  issues hitting the insurance industry almost simultaneously but he
  and the team managed them effectively," said Amanda Blanc,...
  
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• Lemonade's Wininger calls out Amazon for poaching

  14-01-2018 11:32
  Amazon.com has rubbed one InsurTech the wrong way as it gently
  wades into the insurance arena.
  Shai Wininger, co-founder and president of Lemonade, took first
  to LinkedIn on Thursday to chide the internet giant for
  "actively targeting and trying to poach" his
  company's employees. The New York-based startup uses artificial
  intelligence systems to provide renters' and homeowners'
  insurance online.
  "I wonder if that's their idea of supporting the
  startup ecosystem. Reconsidering Amazon AWS," Wining
  
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• JenCap agrees to buy wholesaler Genesee General

  14-01-2018 11:32
  Carlyle-backed JenCap Holdings has agreed to buy privately held
  MGA, program administrator and wholesale broker Genesee General,
  The Insurance Insider can reveal.
  According to sources, the deal - the seventh acquisition by the
  consolidator - will take JenCap to around $700mn in annual written
  premium, making it one of the top ten wholesalers in the US. Terms
  were not disclosed.
  Alpharetta, Georgia-based Genesee General was founded in 1982
  and has been led by Roger Ware since 1998, with around 10
  
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• Gallagher expands with AquaSurance buy in Houston

  14-01-2018 11:32
  Acquisitive broker Arthur J Gallagher has acquired Houston-based
  AquaSurance, a specialty property and casualty agency that serves
  water utilities in Texas, to expand its public-sector
  offerings.
  Under the agreement, AquaSurance co-founders Harry Peyton and
  Marshall Schoth and their associates will relocate to
  Gallagher's office in the Houston Galleria, under the direction
  of Bret VanderVoort, Gallagher said today in announcing the
  acquisition.
  VanderVoort is head of Gallagher's South Central re
  
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• Florida House passes AOB reforms, again

  14-01-2018 11:32
  The Florida House of Representatives by an 82-20 vote today
  approved a measure that would make significant changes to state law
  relating to assignment of benefits and related legal fees in
  property insurance cases.The legislation, HB 7015 from Representative Jay Trumbull, a Panama
  City Republican, now heads to the state Senate, which blocked a
  similar AOB reform effort that passed the House last year.
  Florida's AOB law lets repair contractors stand in an
  insured's place in pursuing claims for...
  
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• California slide losses may top $100mn: Aon Benfield

  14-01-2018 11:32
  Mudslides created by torrential rainfall on burned-over, bone
  dry hillsides along the Southern California coast between Santa
  Barbara and Los Angeles produced losses that will likely rise above
  $100mn, Aon Benfield said late Thursday.
  A slide in Montecito near Santa Barbara caused at least 17
  deaths as it destroyed or damaged over 500 residences, Aon Benfield
  said in its latest Impact Forecasting report, adding that at least
  eight commercial buildings were also destroyed. Local reports
  indicate
  
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• Bad weather returns in the wake of historic cold snap

  14-01-2018 11:32
  Insurers trying to assess the damage from two of the coldest
  weeks ever in the Midwest and Northeast will have to brace for more
  potential havoc, as rain and sleet hit those regions ahead of the
  weekend and plunging temperatures are set to return.
  As of Jan. 9, State Farm reported approximately 7,370 homeowner
  claims across 12 states connected to a 4 Januarywinter storm,
  with the heaviest concentrations in Illinois (1,050 claims), New
  York (870 claims), Virginia (760 claims)...
  
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• Aviation market takes 'baby steps' to hardening

  14-01-2018 11:32
  The global aviation market is starting to harden, with loss-hit
  accounts achieving rate increases in the fourth quarter, according
  to JLT Specialty.
  In JLT's latest Plane Talking report, the broker's head
  of aerospace Nigel Weyman said underwriters had for the most part
  succeeded in halting buyer demands for further rate cuts.
  Weyman said: "By the fourth quarter the renewal results and
  market consensus confirmed that conditions have hardened.
  "In 2017, we saw for the first time in many years a..
  
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• Aspen Re to shutter Paris and Cologne offices

  14-01-2018 11:32
  Aspen Re is to close its Paris and Cologne offices following a
  review that will see it restructure the way it writes its
  international property facultative account, The
  Insurance Insider can reveal.
  In addition, Aspen Re will write the bulk of new property
  facultative business in Asia Pacific from Sydney.
  Sources said that Aspen Re had opted to shut down the Paris and
  Cologne offices in the first quarter of this year, having decided
  that it no longer made economic...
  
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• Aon sues Tobin property team over joining Alliant

  14-01-2018 11:32
  Aon has filed a lawsuit alleging breach of restrictive covenants
  against a quartet of its former property executives led by Al Tobin
  after they joined Alliant Insurance Services earlier this
  month.
  As The Insurance Insider revealed earlier today, Vincent Flood,
  Christine Simone and Dave Potts followed Tobin to the expansive
  retail broker's New York office.
  Tobin is a prominent figure in the US commercial property market
  and was most recently chairman of the US property practice at Aon
  Risk Servi
  
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• Allianz cleared for EUR1.1bn Euler Hermes tender offer

  14-01-2018 11:32
  Allianz will open the tender offer for the remaining shares in
  trade credit insurer Euler Hermes after it was granted approval
  from the French markets regulator AMF.
  The firm announced in December that it planned toacquire the 24.2 percent Euler Hermes stake Allianz did not
  already own at a price of EUR122 per share.Allianz has since acquired almost 1.6 million shares in Euler
  Hermes through an off-market transaction at the EUR122 per share
  offer price, leaving just 20.6...
  
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• Acrisure-Beach tie-up 'deeply strategic': Millwater

  14-01-2018 11:32
  Beach's sale to acquisitive Midwestern broking powerhouse
  Acrisure is a "deeply strategic" move that will fuel the
  growth of both businesses, according to Beach group CEO Grahame
  Millwater.
  The deal gives Acrisure access to global reinsurance markets,
  and paves the way for the $1.2bn-revenue broker to expand beyond
  the domestic US market, where its top line has grown rapidly in the
  12 years since it was founded.
  Speaking to The Insurance Insider,
  Millwater emphasised the cultural fit between the
  
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