Insurance news

• Cyber risk climbs to top of US concerns: Allianz

  16-01-2018 22:37
  Cyber risk rose to become the top concern among respondents to
  the Allianz Risk Barometer survey this year, surpassing business
  interruption in the seventh annual polling.
  Risks such as hacking, the failure of information systems and
  data breaches were among the specific sorts of incidents cited by
  45 percent of the 468 survey respondents in the US who classed the
  exposure as their top concern, Allianz said today.
  Business interruption, including of supply chains, and natural
  catastrophes were l
  
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• Nexus exploring 2018 IPO or stake sale

  16-01-2018 19:57
  Independent MGA Nexus is gearing up for a listing on the London
  Stock Exchange or a partial sale of the business later this
  year.
  As part of its preparation for a change in shareholding Nexus
  has hired Mike Sibthorpe as CEO of insurance and reinsurance, with
  executive chairman and largest shareholder Colin Thompson resuming
  his former position as group CEO.
  A new non-executive chairman will be appointed soon, with
  current CEO Tim Coles moving to become chief operating officer.
  In...
  
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• Canopius hires Argo's Kelly for US professional lines

  16-01-2018 19:57
  Canopius has hired William Kelly as a senior vice president in
  its US management and professional lines team.
  The executive is based in New York and reports to Laurie Banez,
  head of US management and professional lines.
  He joined Canopius from Argo, where until November he was senior
  vice president for the Argo Pro errors and omissions team,
  according to his LinkedIn profile.
  Canopius said the hire reflected its plans to build a
  "diverse profitable platform of US management and...
  
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• Rockhill renewal deal to 'scale' CapSpecialty book

  16-01-2018 17:22
  CapSpecialty's renewal rights deal for the environmental
  liability book written by State Auto subsidiary Rockhill will allow
  the Alleghany business to grow quickly in a space where it would
  not otherwise be possible, according to CapSpecialty CEO Stephen
  Sills.
  Earlier today, CapSpecialty announced that it had struck a deal to take on the renewal rights,
  which are believed to represent almost $30mn of premiums. As part
  of the arrangement 27 staff will move across, with offices in
  Slidell, Louisi
  
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• Italian tax change to bolster home insurance: Fitch

  16-01-2018 17:22
  An Italian tax change to encourage the purchase of catastrophe
  cover could spur a slight increase in home insurance premiums,
  according to Fitch Ratings.
  The agency said measures introduced at the beginning of January
  were likely to offer a "small positive credit" for the
  country's non-life insurers.
  From 1 January, premiums for natural catastrophe cover are
  exempt from Italy's 22.5 percent insurance premium tax and are
  also partly deductible from taxable income.
  The extra business will help ins
  
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• Colm Holmes swaps Aviva UK post for Canada

  16-01-2018 17:18 via insuranceage.co.uk
  Rob Townend to lead UK GI business with Phil Bayles taking on extra responsibility.
  
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• Broker Network buys Saffron Insurance

  16-01-2018 17:15
  The organisation said the East Anglian broker is its “fourth regional powerhouse”.
  
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• Rob Townend replaces Colm Holmes as Aviva UK GI CEO

  16-01-2018 17:12
  Rob Townend has been appointed UK general insurance CEO at Aviva, replacing Colm Holmes who will become president and CEO of Aviva Canada.
  
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• Rob Townend replaces Colm Holmes as Aviva UK GI boss

  16-01-2018 17:12
  Rob Townend has been appointed managing director of UK general insurance at Aviva, replacing Colm Holmes who will become president and CEO of Aviva Canada.
  
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• Ex-Insure the Box CEO's insurtech to launch in Q2 2018

  16-01-2018 15:55
  A telematics solution that uses Amazon Alexa to warn drivers of dangerous driving behaviour will be launched in the second quarter of the year.
  
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• Investment bank regulation flagged as next Brexit flashpoint

  16-01-2018 15:32 via ft.com
  European peers take more sceptical view around benefits of international markets
  
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• UK government rejects competition 'primary' for PRA

  16-01-2018 15:13
  The UK government has ridden to the rescue of the Prudential
  Regulation Authority (PRA) by opposing a proposal to put promoting
  competition at the top of the regulator's "to-do"
  list.
  The Treasury was responding to the cross-party Treasury Select
  Committee (TSC)'sOctober report about the Solvency II insurance capital
  framework. The report was critical of the PRA in several areas and
  accused the regulator of being intransigent about reforms to the
  EU-wide system.The TSC in October also called for
  
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• Thomas Miller in talks to take on Navigators' P&I book

  16-01-2018 15:13
  Marine specialist MGA Thomas Miller looks set to acquire
  Navigators' fixed-premium protection and indemnity (P&I)
  book, which is understood to amount to more than $15mn of
  premium.
  Thomas Miller and Navigators announced today that they were in
  exclusive talks to transfer the book.
  The New York-listed specialty insurer will continue to put
  capacity behind the book after it moves to expansive MGA Thomas
  Miller.
  It is understood that Navigators will also continue to have
  exposure to the P&I
  
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• Tax rewrite forces change but may miss revenue goals

  16-01-2018 15:13
  Revisions in the US tax code designed to improve America's
  international competitiveness are expected to provide material
  gains for domestic insurers but may not deliver the revenue boost
  for the Treasury that lawmakers envisioned.
  For example, the base erosion and anti-abuse tax (Beat)
  provision - which targets affiliate reinsurance transfers between
  the US and Bermuda - was forecast to raise $149.6bn over 10 years,
  starting this year. But many insurance industry leaders doubt the
  measure will
  
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• RenRe continues diversification strategy with Langhorne Re

  16-01-2018 15:13
  RenaissanceRe's joint venture (JV) with Reinsurance Group of
  America (RGA) will bring a diversifying stream of asset management
  earnings to the Bermudian's third-party capital management arm,
  while also giving it access to a wider pool of investors.
  Bermuda-headquartered life reinsurance vehicle Langhorne Re,
  unveiled last week, has initial capital commitments of $780mn and
  will target in-force life and annuity blocks.
  Because of low interest rates and regulatory developments such
  as Solvency II
  
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• (Re)insurers start adjusting to US-Bermuda tax change

  16-01-2018 15:13
  Bermuda-based reinsurers that do business with US affiliates
  began examining their options well before the ink dried last month
  on a reform bill that took aim at tax arbitrage strategies which
  have helped make the island an industry hub.
  For some, dealing with changes such as the base erosion and
  anti-abuse tax (Beat) provision will likely mean setting up a new
  vehicle registered as a US taxpayer to receive new intra-company
  quota shares, and keeping earlier transfers in the existing...
  
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• Opinion: Still a pioneer

  16-01-2018 15:13
  For some, the move to launch Langhorne Re might seem like a stretch
  even further beyond the competencies of a one-time property cat
  specialist.
  But for those that have followed the evolution of RenaissanceRe
  more closely in recent years, it will come as no surprise.
  The Bermudian's mantra has been about deploying capital
  where it is needed, whether that is through the use of its own
  balance sheet or third-party investor funds it is managing.
  And the move to invest...
  
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• Maiden takeover prospects rise after AmTrust offer

  16-01-2018 15:13
  The $1.37bn offer to take AmTrust private raises questions over
  the future of closely linked companies Maiden Holdings and National
  General.
  In particular, eyes will fall on Bermudian reinsurer Maiden,
  which is heavily reliant on assumed reinsurance premiums from
  AmTrust.
  Maiden's trajectory is uncertain at this stage following the
  bid from the Karfunkel-Zyskind family and Stone Point to take
  AmTrust private, but it seems likely to move in one of three
  directions.
  The business could shrink meani
  
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• Leading ILS managers surpass $60bn asset base

  16-01-2018 15:13
  The top 10 insurance-linked securities (ILS) managers grew their
  assets under management (AuM) to $62bn at January 2018, according
  to figures from sister publication Trading
  Risk's latest biannual survey of the sector.
  The group's asset base increased by almost 10 percent in the
  second half of 2017, highlighting the ease of the reloading that
  took place after last year's losses.
  Post-event fundraising led to some reshuffling of the
  leaderboard, as Securis leapfrogged Stone Ridge and Fermat to ta
  
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• JLT recruits Willis Towers Watson PI broker

  16-01-2018 15:13
  Colin Taylor has joined JLT specialty as a partner, covering
  professional indemnity (PI) insurance and risk management, from
  Willis Towers Watson.
  Taylor was an executive director in the Willis Finex team, where
  he specialised in risk management consultancy. He joined Willis in
  2013 with its acquisition of Prime Professions, the Lloyd's
  broker at which he headed risk management services.
  JLT said around 1,000 law firms use the broking house to place
  PI insurance, with other clients including cha
  
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• AmTrust's annus horribilis

  16-01-2018 15:13
  2017 is a year the management board at AmTrust will be keen to
  put behind it.Featuring reserve strengthening, earnings misses, an exhausted
  adverse development cover (ADC), executive departures and public
  courtroom spats, investors would also agree that it was one to
  forget.
  In the calendar year, AmTrust's shares - always a volatile
  stock given the firm's regular sparring matches with short
  sellers - fell more than 63 percent.
  The troubles began in late February when the firm revealed a...
  
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• AmTrust take-private offer: the final countdown

  16-01-2018 15:13
  Stone Point, AmTrust CEO and chairman Barry Zyskind and the
  Karfunkel family have three months to get their proposed
  take-private deal for AmTrust over the line, according to
  filings.
  As per the joint bidding agreement submitted on 9 January,
  Trident Pine Acquisition - the Stone Point acquiring vehicle -
  Zyskind and the Karfunkels' offer to buy the shares they do not
  already own will terminate on completion of the deal or three
  months from the offer date.
  As previously reported,...
  
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• AIG on the M&A trail under Duperreault

  16-01-2018 15:13
  Analysts have estimated AIG has $6bn-$7bn of capital to deploy
  on M&A deals, as the insurance giant's shift from seller to
  buyer under the leadership of new CEO Brian Duperreault seems to be
  in train.
  News of potential acquisition targets identified by AIG has
  emerged over the last week. In late 2017, the US insurer made anapproach to life insurer Voya Financial . The deal would have
  valued the business at $10bn, Bloomberg reported, but discussions
  broke down in...
  
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• Industry braced for losses in wake of Carillion collapse

  16-01-2018 14:16
  The trade credit sector is braced for heavy losses following the collapse of construction giant Carillion.
  
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• Turnover up but profit down at Bruce Stevenson in 2017

  16-01-2018 13:16
  CEO Edward Bruce confirms broker is looking to make acquisitions.
  
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• Japanese insurer completes buyout of Insure the Box owner

  16-01-2018 13:11
  Japanese insurer Aoioi Nissay Dowa Insurance Europe, has completed the buy out of Box Innovation Group, which includes Insure the Box and the Drive Like a Girl brand.
  
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• Hiscox contests costs for body parts lawsuits

  16-01-2018 12:59
  Bermuda-headquartered insurer Hiscox has brought an action in a US
  district court in Illinois to avoid paying further legal defence
  costs for a company alleged to have sold human body parts for
  profit.
  In a suit against the Biological Resource Center of Illinois
  (BRCI) and its owners filed on 8 January the carrier sought legal
  judgments to cap payouts at $2mn after BRCI was named in 10
  separate legal proceedings across US states.
  Hiscox provided BRCI with professional liability and...
  
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• Ian Gosden steps down as Higos MD to focus on deals

  16-01-2018 11:44
  He becomes chair of the GRP-owned broker as Neil Thornton steps up to the interim managing director role.
  
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• XL Group names Bermuda compliance chief

  16-01-2018 10:53
  XL Group has hired Leila Madeiros from the Association of
  Bermuda Insurers and Reinsurers (ABIR) as head of compliance and
  regulatory affairs in Bermuda.
  At the ABIR, where she worked for the last 12 years, Madeiros
  was senior vice president, deputy director and corporate
  secretary.
  Prior to joining the trade body, Madeiros was the deputy
  director of policy, research and communications at the Bermuda
  Monetary Authority (BMA).
  Madeiros will report to Sean McGovern, XL Group's chief
  compliance off
  
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• Opinion: Deal delusions

  16-01-2018 10:53
  Insurers embroiled in thecollapse of Carillion are just one of many groups that will be
  hit by the infrastructure services company's demise.
  The group announced its liquidation yesterday, in a bitter blow
  for its 43,000 employees, as well as its shareholders, creditors,
  legions of suppliers and customers now confronting delays and
  confusion around critical projects.
  But, to look on the bright side after Blue Monday, it could have
  been worse had erstwhile Carillion takeover target Balfour Beatty
  
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• Hextall becomes CEO of legal finance firm Vannin

  16-01-2018 10:53
  Former MS Amlin chief finance and operations officer Richard
  Hextall is set to join legal finance company Vannin Capital after
  stepping
  down from the (re)insurer in March.
  He moves into the role of chief executive at Vannin Capital as
  it considers an initial public offering, according to a report in
  The Times.
  Vannin, which was set up in 2010, provides upfront capital to
  corporate plaintiffs in return for a portion of any financial
  recovery. It is currently considering options for...
  
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• CapSpecialty acquires Rockhill environmental renewal rights

  16-01-2018 10:53
  CapSpecialty subsidiary Capitol Indemnity Corporation (CIC) has
  acquired the renewal rights for Rockhill Insurance Group's
  environmental book of business.
  The terms of the deal have not been disclosed, but CapSpecialty
  said CIC will begin quoting for renewals and new business brought
  to Rockhill in the first quarter.
  CapSpecialty is a unit of Alleghany Corporation and writes
  insurance for small to medium-sized businesses across a range of
  lines including property and casualty and professional
  li
  
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• Brit adds construction expert to US professional lines team

  16-01-2018 10:53
  Brit Specialty USA (BGSU) has built out its professional lines
  team with the hire of construction specialist Rich Hartman.
  Hartman joins from Arch, where he led the design and
  environmental division. Prior to this he was with Zurich's
  North American construction team.
  Based in Brit's New York office, Hartman will be senior vice
  president and construction professional, reporting to Tom Bongi,
  whom Brit Specialty USA hired in August last year to establish a
  professional lines offering for the subs
  
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• Axa hires John Heaney as head of schemes

  16-01-2018 10:53
  Axa has appointed John Heaney to the newly-created role of head of schemes.
  
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• Axa appoints John Heaney to newly created head of schemes role

  16-01-2018 10:45
  New role part of revamped schemes unit as provider also hires former ERS chief operating officer Tim Yorke as director of transformation.
  
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• Japanese insurer completes Insure The Box-owner buyout

  16-01-2018 10:31
  Provider bought three quarters of the business in 2014.
  
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• Insurers compete with fund managers for lucrative pension pots

  16-01-2018 06:00 via ft.com
  The £1.6tn sitting in UK defined benefit schemes is up for grabs
  
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• Koh Wei Lee takes on bancassurance for Chubb in Singapore

  16-01-2018 04:56
  Chubb's head of accident and health for Singapore has also taken on the responsibility for bancassurance.
  
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