Insurance news

• Edison Motor goes live on Volante platform

  17-01-2018 18:54
  International MGA platform Volante Global has launched its first
  underwriting cell, Edison Motor.
  Former QBE underwriters Steven Dickie and Doug Ockwell have been
  appointed as joint managing directors of the operation, which
  focuses on providing commercial motor insurance products to niche
  markets in the UK.
  Edison's lines of business include public sector risks -
  including police forces, fire and rescue services and ambulance
  fleets - hazardous goods and haulage. The MGA writes on AA+ rated
  pap
  
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• Dual Commercial launches marine energy unit

  17-01-2018 18:54
  Dual Commercial, the Florida-based arm of Dual Group, has added
  a new marine energy unit to its energy, industrial and utility risk
  solutions division.
  The new operation will focus on US middle-market marine
  business.
  It will be led by Michael Jacobs and offer cover including
  marine general liability, ship repairers', terminal
  operators', employers' liability, hull and protection and
  indemnity.
  Prior to working at Dual, Jacobs was a senior underwriter at XL
  Catlin and worked at Ace USA in the fi
  
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• CEO Junke leaves Deutsche Rückversicherung

  17-01-2018 18:54
  Arno Junke, the CEO of Deutsche Rückversicherung, has left the
  reinsurer.
  The company said his departure at year-end followed a decision
  by the executive and supervisory chiefs to "end the
  cooperation".
  It added that Junke remained available to the company in an
  advisory role.
  Deutsche Rückversicherung said Junke had also stood down as
  CEO of the Association of Public Insurers.
  The Düsseldorf-based reinsurer was founded more than 60
  years ago and is owned by German public insurers
  
  Read more

• P2P insurer Insure Pal in talks with UK carriers over white label plans

  17-01-2018 17:13
  Insure Pal is in capacity talks with three major UK insurers over a H1 entry into the motor market, its CEO said.
  
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• Global run-off market 'extremely buoyant' at $730bn in 2017

  17-01-2018 16:59
  The value of the global non-life discontinued business market exceeds $700bn, according to research from PWC.
  
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• Axis faces $130m nat cat loss in fourth quarter

  17-01-2018 16:59
  Axis Capital estimates it will take a $130m hit as a result of fourth quarter catastrophe and weather-related losses.
  
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• The Blog Spot: Accelerate now to stay in the game

  17-01-2018 16:20
  Ida Axling discusses the impact of driverless vehicles on the motor insurance industry and why brokers should act now.
  
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• Beazley predicts to beat analysts on 2017 earnings

  17-01-2018 16:19
  Lloyd’s carrier Beazley said it expects to post a pre-tax profit for 2017, ahead of market expectations and in despite of hefty nat cat bills in the fourth quarter.
  
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• Smith joins Probitas from QBE

  17-01-2018 16:09
  Lloyd's insurer Probitas has expanded its financial lines
  team with the hire of Mark Smith from QBE.
  Smith will become senior underwriter for Syndicate 1492's
  management liability book.
  At QBE, Smith was portfolio manager for commercial financial
  lines, management liability and kidnap and ransom business.
  Before joining QBE in 2008, he worked at Chubb and AIG, having
  begun his insurance career at Aviva.
  The casualty team at Probitas is led by Neila Buurman, chief
  underwriting officer for casualt
  
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• Fears rise of war, cyber-attacks and environmental disaster: WEF

  17-01-2018 16:09
  The World Economic Forum (WEF)'s annual risk report presents
  a bleak picture of escalating political tension and an impending
  "ecological Armageddon".
  The paper was produced by the WEF in coordination with Zurich
  Insurance Group and Marsh.
  Speaking at the launch of the report today, John Drzik,
  president of global risk and digital at Marsh, said that
  cyber-attacks were the top concern for executives in advanced
  economies.
  Drzik said: "Looking forward, the scale and sophistication
  of cyber-attack
  
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• Axis predicts $130mn in cat losses in Q4

  17-01-2018 16:09
  Axis Capital has estimated its net losses from Q4 catastrophe
  and weather events at $130mn.
  The Q4 figure includes $54mn of losses from the October
  California wildfires, up from itsprevious estimate of $35mn-$45mn.The total Q4 estimate also includes a preliminary loss figure of
  $38mn related to the most recent wildfires in Southern California
  in December, as well as $38mn related to other events.
  "Other event losses are primarily attributable to an
  aggregate excess of loss reinsurance cover whic
  
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• Ariel Re specialty head Rumball resigns

  17-01-2018 16:09
  Charlie Rumball, head of specialty reinsurance at Ariel Re, has
  left the firm, The Insurance Insider
  understands.
  Rumball had been with the reinsurer since 2006, and remained at
  the firm after its $235mn takeover by Argo closed last
  February.
  His next destination is unknown but he is thought to be on
  gardening leave until the summer.
  The specialty reinsurance business is said to write around $75mn
  in premium. The majority of the portfolio is understood to be
  marine and energy...
  
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• Nexus considering sale, IPO and further options

  17-01-2018 16:04
  Mike Sibthorpe joins as CEO of insurance and reinsurance.
  
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• Opinion: A Bermudian evolution

  17-01-2018 13:40
  What does it mean to be a Bermudian (re)insurer?
  For decades now, Bermuda and P&C reinsurance have always
  been mentioned in the same breath, bringing to mind a collective of
  carriers with cat-focused books, growing and shrinking with the
  ebbs and flows of the (re)insurance cycle.
  But RenaissanceRe'slife reinsurance launch gives further evidence that the
  Bermudian model is evolving.
  Diversification - both in risk and in capital - is now the name
  of the game on the island.
  Several...
  
  Read more

• JLT Specialty taps Marsh for North American casualty head

  17-01-2018 13:40
  JLT Specialty has hired Marsh's Paul Woodward to the new
  position of head of North American casualty.
  Woodward returns to JLT, where he had worked until 2011 before
  joining Marsh's casualty team. His most recent focus was US
  Fortune 500 company risks, construction risks and the emerging risk
  issues associated with the sharing economy and automation.
  Woodward will be based in London.
  Richard Gurney, CEO of JLT's construction business, said:
  "We have identified casualty as providing some exciting
  
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• Global run-off liabilities reach $730bn in 2017: PwC

  17-01-2018 13:40
  The value of non-life run-off liabilities has reached an
  estimated $730bn globally, according to PwC.
  In its annual run-off survey, PwC estimated the size of North
  American non-life run-off liabilities at $350bn - almost equal to
  the $380bn tally for the rest of the world.
  The North American estimate does not include liabilities from US
  healthcare business, due to the complexity and ongoing uncertainty
  around the class.
  If health liabilities had been included, it is likely that the
  US-only estim
  
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• Duperreault warns of insurance 'brain drain'

  17-01-2018 13:40
  A severe brain drain continues to be a major challenge for the
  insurance sector, according to AIG CEO Brian Duperreault, who said
  today that "we as an industry have to keep paying attention to
  attracting talent to understand risk".
  Some 400,000 people will leave the industry over the next few
  years, robbing the sector of vital institutional knowledge and
  expertise, Duperreault said during a leadership panel discussion at
  the Insurance Information Institute's Joint Industry Forum 2018
  in New York
  
  Read more

• Aviva moves Holmes to Canada role

  17-01-2018 13:40
  Colm Holmes, the CEO of Aviva UK general insurance (GI) and head of
  global corporate and specialty business, has been appointed
  president and CEO of the firm's Canadian business.
  Holmes will remain in charge of the global commercial insurance
  business.
  Greg Somerville, currently president and CEO of Aviva Canada,
  will become a non-executive director of the subsidiary.
  Aviva said Rob Townend, currently UK claims director, has been
  made managing director of UK GI.
  Townend will report to UK insuran
  
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• Single cyber attack could cost insurers more than Hurricane Katrina

  17-01-2018 13:23
  Losses from a single cyber attack could see the industry fork out more than a major loss natural catastrophe like Hurricane Katrina.
  
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• Moving away from brokers would be a “major dereliction of duty”, says Phil Bayles

  17-01-2018 13:20
  Aviva boss explains the thinking behind the insurer’s latest management reshuffle.
  
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• InsurTech Futures: InsurePal raises £15m ahead of UK motor launch

  17-01-2018 12:40
  Start-up uses blockchain technology and aims to offer lower premiums for customers able to gain ‘social proof’ guarantees from friends and family.
  
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• Start-up P2P insurer to enter UK motor in H1

  17-01-2018 12:24
  A peer-to-peer insurer has raised £15m in an initial coin offering to fund its UK motor launch in H1 2018.
  
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• Incoming Aviva GI boss promises continuity in business

  17-01-2018 11:37
  The high turnover in the top job in UK general insurance at Aviva in recent years will not detract from the business’s overall strategy, Rob Townend said.
  
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• The Institutes teams up with Insurance Thought Leadership

  17-01-2018 11:24
  The American Institute for Chartered Property Casualty
  Underwriters (The Institutes) has partnered with consultancy
  Insurance Thought Leadership (ITL) through a strategic investment
  and a new distribution agreement.
  The Institutes, based in Malvern, Pennsylvania, provides risk
  management and P&C research and education. It said the tie-up
  will "raise the profile of the technology and innovation
  drivers that are transforming the insurance and risk management
  industry".
  Based in Roseville, Cali
  
  Read more

• Opinion: A Bermudian revolution

  17-01-2018 11:24
  What does it mean to be a Bermudian (re)insurer?
  For decades now, Bermuda and P&C reinsurance have always
  been mentioned in the same breath, bringing to mind a collective of
  carriers with cat-focused books, growing and shrinking with the
  ebbs and flows of the (re)insurance cycle.
  But RenaissanceRe's life reinsurance launch gives further evidence
  that the Bermudian model is evolving.
  Diversification - both in risk and in capital - is now the name
  of the game on the island.
  Several...
  
  Read more

• Moving from Simr to SM&CR conduct rules

  17-01-2018 11:24
  Large insurers already caught by a banking-inspired UK conduct,
  governance and accountability regime will have to implement initial
  changes ahead of the conversion to a successor framework in a
  matter of weeks.
  The Prudential Regulation Authority (PRA) and Financial Conduct
  Authority (FCA) are finalising the Senior Managers &
  Certification Regime (SM&CR), which replaces the Senior
  Insurance Managers Regime (Simr) later this year.
  The new framework, designed to unify the rules for banks a
  
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• Beale calls on insurers to offer better cyber training

  17-01-2018 11:24
  Lloyd's chief executive Inga Beale has called on the insurance
  industry to do more to counter the threat of cyber-attacks.
  Speaking at the Asian Financial Forum in Hong Kong, Beale said
  Lloyd's was working with insurers on ways to counter
  cyber-attacks but that individual firms must provide staff with
  better training.
  Beale drew attention to the risks posed to firms by their own
  employees and said cyber insurers needed to help companies train
  staff more effectively.
  "Staff training is thus...
  
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• AmWins picks Purviance to succeed DeCarlo as CEO

  17-01-2018 11:24
  Broker AmWins has named Scott Purviance as the successor to CEO
  Steven DeCarlo.
  From 1 May Purviance will move from his role as chief operating
  officer to the top job at the Charlotte, North Carolina-based
  broker. He has been part of the firm's leadership since June
  2001 and had previously served as CFO.
  The appointment ends Steven DeCarlo's 17-year tenure as CEO,
  though the executive will remain at the company in the new role of
  executive chairman and as chairman...
  
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• UK government rejects competition 'primacy' for PRA

  17-01-2018 09:29
  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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• Talent drain tops concerns for insurers: Duperreault

  17-01-2018 09:29
  A severe brain drain continues to be a major challenge for the
  insurance sector, with AIG CEO Brian Duperreault saying today that
  "we as an industry have to keep paying attention to attracting
  talent to understand risk."
  Some 400,000 people will leave the industry over the next few
  years, robbing the sector of vital institutional knowledge and
  expertise, Duperreault said during a leadership panel discussion at
  the Insurance Information Institute's Joint Industry Forum 2018
  in New York.
  In helpin
  
  Read more

• Beazley predicts above-forecast 2017 earnings

  17-01-2018 09:29
  Beazley is expecting pre-tax profits for 2017 to beat market
  expectations, and to remain in the black at the combined ratio
  level.
  The London-listed insurer said today it expected to report a
  combined ratio of 99 per cent for the year.
  That represents a deterioration from 89 per cent in 2016 but is
  1 point better than the "around 100 percent" combined
  ratio Beazley predicted in November. Pre-tax profit in 2016 was
  $293.2mn.The year-on-year deterioration in the combined ratio...
  
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• Q&A: Nigel Edwards, EXL

  17-01-2018 07:00
  Nigel Edwards, senior vice-president and head of Europe at EXL, spoke to Jonathan Swift about the incoming General Data Protection Regulation and its impact on insurers.
  
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• California insurers may face wildfire cost hikes

  17-01-2018 02:00
  California wildfire victims may get more time to sue their
  insurers and be able to force their carriers to be more flexible in
  applying benefits to help them recover if legislative proposals put
  forward today win passage.
  Measures unveiled by lawmakers and state Insurance Commissioner
  Dave Jones would require insurers to let policyholders apply unused
  benefits for outbuildings and other structures, as well as contents
  and living expense coverage, to rebuilding a fire damaged home, if
  needed.
  In
  
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• Trump spending plans offer surety benefits and risks

  17-01-2018 00:28
  The potential boon to the construction industry from the Trump
  administration's infrastructure rebuilding plans poses benefits
  and risks for the surety sector, according to AM Best.
  The future of the US surety market "should remain
  bright" if plans to rebuild US bridges, highways and other
  infrastructure come to pass over the next year, the ratings agency
  said yesterday in a report.
  "The wealth of opportunities for contractors associated
  with this undertaking should bring improved margins, and p
  
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• Talent drain tops concerns for insurance CEOs

  17-01-2018 00:28
  A severe brain drain continues to be a major challenge for the
  insurance sector, with AIG CEO Brian Duperreault saying today that
  "we as an industry have to keep paying attention to attracting
  talent to understand risk."
  Some 400,000 people will leave the industry over the next few
  years, robbing the sector of vital institutional knowledge and
  expertise, Duperreault said today during a leadership panel
  discussion at the Insurance Information Institute's Joint
  Industry Forum 2018 in New York.
  In
  
  Read more

• Lockton promotes Mundy as Petrosino retires

  17-01-2018 00:28
  Lockton has promoted Nate Mundy to COO of its US Pacific
  operations in place of Gary Petrosino, who is retiring after less
  than two years in the role.
  Mundy has been with the firm 13 years and was most recently
  senior vice president of operations of the Pacific Series at the
  firm.
  The executive, who began his career at JLT in London, has held
  various client service and business development roles at
  Lockton.
  Petrosino joined Lockton as COO of the...
  
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