Insurance news

• M&G has a long way to go after Prudential’s demerger of unequals

  14-03-2018 22:30 via ft.com
  The UK and European unit has been cramping chief Mike Wells’s style
  
  Read more

• Opinion: Too sunny in Naples?

  14-03-2018 20:25
  Word out of theAssociation of Insurance and Financial Analysts (AIFA)
  conference in Naples, Florida, last week was that there was an
  "undercurrent of ebullience", as one analyst dispatch put
  it, because of the full valuation XL Group attracted from acquirer
  Axa.
  Were things just a little too sunny in Florida?
  Certainly there is a case to be made that interesting M&A
  times may be in the offing.
  The bid for XL provided ballast to the notion that others on...
  
  Read more

• Marsh joins Ethereum blockchain development group

  14-03-2018 20:25
  Marsh has become the first insurance broker to join the
  Enterprise Ethereum Alliance (EEA), a network of over 400 companies
  developing open-source blockchain technology.
  The organisation works to create international standards for
  using blockchain, using the building blocks established by
  Ethereum, a type of distributed online ledger technology that
  supports smart contracts.Ethereum is perhaps best known as a cryptocurrency and rival to
  bitcoin.
  Members of EEA include American Family Insurance,
  
  Read more

• Aeolus backers Elliott and Wand Partners buy Prosperity

  14-03-2018 20:25
  Financial investors Elliott Management Corporation and Wand
  Partners have furthered their investment in the insurance space
  with the acquisition of Prosperity Life Insurance Group.
  Reservoir Capital and Black Diamond have agreed to sell 100
  percent of the US life insurer for an undisclosed sum to an
  investor consortium including Elliott, Wand Partners and Prosperity
  CEO Anurag Chandra.
  The deal marks further M&A activity in the insurance sector
  by Elliott and Wand Partners after the January
  
  Read more

• Advertisement

• Prudential split adds to shake-up of insurance sector

  14-03-2018 19:40 via ft.com
  Separation of US-Asia division from UK arm is unlikely to be final move for the group
  
  Read more

• Aviva targets medium sized SMEs

  14-03-2018 18:07 via insuranceage.co.uk
  Aviva's Phil Bayles, MD of UK intermediaries, says insurer is in a good position compared to some of its competitors.
  
  Read more

• Positives and pitfalls in PMI

  14-03-2018 17:11
  Brian Walters warns brokers not to underestimate the challenges of breaking into and growing in the PMI market.
  
  Read more

• UK General launches cyber personal lines product

  14-03-2018 17:00
  UK General has launched a personal lines cyber insurance product to cover loss from cyber bullying, defamation and insured data held on smart devices.
  
  Read more

• Advertisement

• Tom to move to pay-per-use model in 2019

  14-03-2018 16:32
  The Target Operating Model (Tom) is set to transition to a
  "user pays" model, as trade associations seek to curtail
  the amount of existing funding planned for 2019.
  Under the current arrangements, the trade associations hand over
  large cheques to pay for Tom projects such as Placing Platform
  Limited (PPL) and slip data capture.
  The Insurance Insider understands that
  both the Lloyd's Market Association (LMA) and the International
  Underwriters' Association (IUA) are keen to reduce the level of
  Tom
  
  Read more

• Florida's Anchor gets $17mn capital injection

  14-03-2018 16:32
  Florida homeowners' carrier Anchor Insurance Holdings has
  bolstered the surplus of its operating subsidiaries, raising at
  least $17.14mn in the last four months, The Insurance
  Insider can reveal.
  Investors in the equity financing include Miami-based private
  equity firm Ambina Partners and New York alternative investment
  asset manager Atalaya Capital Management.
  One of the St. Petersburg, Florida-based insurer's operating
  subsidiaries, Anchor Property & Casualty Insurance Company, is
  among th
  
  Read more

• DL Dale hires Frost and Loader from Aspen

  14-03-2018 16:32
  Liability specialist DL Dale has appointed Richard Frost and
  Richard Loader as senior class underwriters.
  The pair joins DL Dale's Syndicate 2525 from Aspen.
  Prior to the new role Frost was head of liability at Aspen,
  while Loader was responsible for underwriting at Aspen's
  casualty division.
  The two underwriters take up their roles at Syndicate 2525 with
  immediate effect and report to active underwriter David Dale.
  Dale said: "Their specialist expertise and experience will
  significantly enhance
  
  Read more

• UK General launches personal lines cyber cover

  14-03-2018 13:32 via insuranceage.co.uk
  Provider claims cyber cover has traditionally focused on corporate and high net worth markets.
  
  Read more

• Canopius hires tech veteran Davison as COO alongside CFO Meyer

  14-03-2018 13:14
  The Lloyd's carrier Canopius has recruited a new CFO and
  COO, days after management closed a Centerbridge-backed$952mn buyout of the business from Sompo Holdings.
  The insurer confirmed that Nigel Meyer would join later this
  year asCFO from Brit , as reported earlier today.Meanwhile, Laurie Davison joins in April from Exari Group, a
  technology company where she was COO. She was previously CEO at
  Adensa, a technology peer which Exari bought last year.
  Davison spent almost six years...
  
  Read more

• Aeolus backers Elliott and Wand Partners buy Prosperity Life

  14-03-2018 13:14
  Financial investors Elliott Management Corporation and Wand
  Partners have furthered their investment in the insurance space
  with the acquisition of Prosperity Life Insurance Group.
  Reservoir Capital and Black Diamond have agreed to sell 100
  percent of the US life insurer for an undisclosed sum to an
  investor consortium including Elliott, Wand Partners and Prosperity
  CEO Anurag Chandra.
  The deal marks further M&A activity in the insurance sector
  by Elliott and Wand Partners after the January
  
  Read more

• Prudential/M&G: upwardly mobile

  14-03-2018 13:09 via ft.com
  UK life insurer could really fly if the capital consumptive US business is dropped
  
  Read more

• Mark Collins replaces Robin Challand as CIO at Ageas

  14-03-2018 12:51
  Mark Collins will replace Robin Challand as chief information officer at Ageas following Challand’s appointment as claims director at the company in January of this year.
  
  Read more

• Canopius appoints Davison and Meyer to COO and CFO after buyout

  14-03-2018 12:45
  Canopius has named Laurie Davison as group chief operating officer and Nigel Meyer as group chief financial officer.
  
  Read more

• David Cahoon steps up as MD at Rural Insurance

  14-03-2018 12:34 via insuranceage.co.uk
  Previous boss Ian Barclay left last July.
  
  Read more

• Loss adjusting and insurtech gains fail to stem Charles Taylor profit decline at full year

  14-03-2018 12:09
  Well-publicised gains in Charles Taylor’s loss adjusting and insurtech arms saw revenues jump 25% in 2017 but failed to push the insurance services provider to profit.
  
  Read more

• Canopius follows up buyout with new COO and CFO

  14-03-2018 11:54 via insuranceage.co.uk
  Nigel Meyer joins from Brit.
  
  Read more

• Charles Taylor 2017 profits grow 3.5%

  14-03-2018 10:03
  Adjusted pre-tax profits at insurance services firm Charles
  Taylor grew 3.5 percent to £15.3mn ($21.3mn) in 2017.
  Group revenue for the year increased by 24.6 percent to
  £210.8mn, driven predominantly by a 66.0 percent jump in
  revenues at its insurance support services unit. These came in at
  £78.0mn.
  Charles Taylor said the insurance support services business unit
  benefitted from a full year's contribution from medical
  assistance specialist CEGA, which it acquired in 2016.
  Howe
  
  Read more

• Brit COO Meyer to take finance role at Canopius

  14-03-2018 10:03
  Brit chief operating officer Nigel Meyer is to leave the carrier
  for the position of CFO at newly independent peer Canopius.
  Meyer leaves Brit after almost seven years. He has been COO
  since 2013.
  He was previously deputy CFO, though had filled in as CFO in
  2012 before Brit lured Andrew Baddeley from Atrium to replace Scott
  Egan.
  From 2008 to 2011 Meyer was deputy UK finance director at RSA,
  and before that he worked at Allianz.
  At Canopius Meyer...
  
  Read more

• Prudential to divide into two with M&G spin-off

  14-03-2018 09:33 via ft.com
  Insurer to split UK business from faster-growing Asian and US operations
  
  Read more

• Prudential to divide into 2 with M&G spin-off

  14-03-2018 09:33 via ft.com
  Insurer to split UK business from faster-growing Asian and US operations
  
  Read more

• Prudential to split into two with M&G spin-off

  14-03-2018 08:24 via ft.com
  Insurer to divide UK business from US and Asian operations
  
  Read more

• Blog: Video killed underinsurance

  14-03-2018 07:00
  The technology that can radically change household insurance has nothing to do with smart home devices, argues Charlotte Halkett, managing director of insurance product at Buzzvault, who bets on video surveys.
  
  Read more

• Elliott Management looks to target life insurance with US acquisition

  14-03-2018 06:00 via ft.com
  The US activist hedge fund is likely to use the acquisition as a springboard for other deals
  
  Read more

• Starr's Blakey shuffles lead roles in casualty group

  14-03-2018 02:10
  Starr Companies' newly named insurance head Steve Blakey has
  reorganised his casualty group and made some leadership changes in
  the process, the company said today.
  The insurer is consolidating financial lines and professional
  liability under senior vice president Brian Inselberg. Inselberg
  also will assume responsibilities for political risk and crisis
  management.
  Executive vice president Dan Conway will oversee energy,
  environmental, transportation and warranty.
  Conway, who has more than 30 ye
  
  Read more

• Markel names Chu as chief of ceded reinsurance

  14-03-2018 02:10
  Markel has appointed Julia Chu as chief global ceded reinsurance
  officer, effective immediately.
  Chu will lead ceded re functions across Markel's product
  lines and international insurance operations.
  The addition comes months after this publication broke the news that managing director of
  reinsurance Robert Blazer would leave the specialty carrier. At the
  same time, Britt Glisson, who had de facto oversight of ceded
  reinsurance, was expected to retire.
  Once new managers were in place, sources to
  
  Read more

• FedNat swings to Q4 gain and sets another segment exit

  14-03-2018 02:10
  Federated National plans to further narrow its focus by exiting
  the commercial general liability segment, announcing the change
  when it posted fourth results that swung to a gain from a loss in
  the year-earlier period.
  The Florida-focused carrier posted net income of $6.3mn, or
  $0.48 a share, rebounding from an $8.8mn loss, or $0.65 per share,
  in the year-earlier period, when Hurricane Matthew pummelled the
  Sunshine State. Net premiums earned rose almost 14 percent to
  $87.5mn, FedNat said late t
  
  Read more

• Arch confirms Freddie Mac reinsurance pilot

  14-03-2018 02:10
  Arch Capital Group has confirmed its involvement in a mortgage
  credit risk transfer programme with Freddie Mac that it says will
  support market stability through economic cycles.
  The Bermuda-based carrier explained that Arch MRT, a new US
  subsidiary, is participating in a Freddie Mac programme called
  "Imagin" - for Integrated Mortgage Insurance - to
  "attract a diversified and robust capital base to the US
  housing market, in a highly efficient structure".
  It added that Washington-based Arch MRT w
  
  Read more

Follow @Insurance_UKnws on Twitter!