Insurance news

• Insurer Oman names Axa veteran Josi as new CEO

  29-03-2018 23:19
  Oman Insurance has tapped Jean-Louis Laurent Josi as its new
  CEO, the company said today.
  Josi steps into the role three months after Christos
  Adamantiadis resigned from the position at the Dubai-based
  insurer to become principal executive at Exin Group, a startup
  under Exin Re.
  Josi will begin his new job on 1 April, subject to regulatory
  approval.
  Most recently at Axa, Josi served as chief executive of Axa
  Asia, where he headed the Paris-based insurer's life, savings,
  health and...
  
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• Acappella names Jones as active underwriter

  29-03-2018 23:19
  Acappella Syndicate 2014 named David Jones and Matthew Bellamy
  as active underwriter and deputy active underwriter, respectively,
  the Lloyd's carrier said today.
  Jones has 37 years of London market experience, responsible for
  insurance and reinsurance lines. He joined Acappella in 2015 as
  head of the liability division and underwriter of professional
  indemnity, directors and officers, general liability and crime
  coverage.
  Previously, Jones held senior positions at Sagicor/AmTrust and
  earlier at
  
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• Underwriters fight to hold energy casualty rates: JLT

  29-03-2018 20:45
  US energy casualty underwriters are holding firm and quoting
  "as before" on most loss-free business, according to
  JLT's energy newsletter.
  In its April iteration of the report, the broking house said no
  premium reductions were being given in the offshore sector, even on
  accounts where exposures declined.
  The US international energy casualty market faces an abundance
  of capacity, despite some markets pushing for a nominal rise in
  rates on final premium numbers.
  International casualty remains flat
  
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• Tokio Marine Kiln life syndicate posts 175.1% ratio

  29-03-2018 20:45
  Tokio Marine Kiln's (TMK) Syndicate 308 life insurer has
  reported a 175.1 percent combined ratio for 2017, after the carrier
  put the syndicate into run-off.
  TMK also reported combined ratios of more than 100% in its two
  other syndicates, 510 and 557.
  TMK sought permission from Lloyd's toclose Syndicate 308 in October, while TKM Underwriting withdrew
  capital support.The move came after it emerged that a coverholder for Syndicate
  308 had written a group life policy for members of...
  
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• Scor Global P&C taps Rousseau for deputy CEO

  29-03-2018 20:45
  Laurent Rousseau has been named deputy CEO of Scor Global
  P&C, replacing Benjamin Gentsch, who is leaving effective 1
  April, the French reinsurance giant said today.
  Rousseau, who will join the group's executive committee on 1
  April, will also become chief underwriting officer (CUO) for
  specialty lines and business solutions.
  He currently serves as CUO of Scor Global P&C's EMEA
  treaty business, and has held numerous advisory, strategy, and
  underwriting positions since joining the group i
  
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• Nat cats smash WR Berkley Syndicate 1967

  29-03-2018 20:45
  Third quarter natural catastrophes sent the full-year combined
  ratio for WR Berkley's Syndicate 1967 spiralling to 150.9
  percent.
  The syndicate reported a 33.3-point deterioration in its
  combined ratio as a $26.6mn loss for 2016 plunged to $69.8mn in
  2017.
  Net claims ticked up by 26.1 points to 98 percent as the carrier
  absorbed losses from Harvey, Irma and Maria.
  Meanwhile, gross premiums written by the syndicate decreased 3.1
  percent to $222.4mn.
  In its year-end results active underwriters Sco
  
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• Fairfield: We are still in the race for Ethniki

  29-03-2018 20:45
  Exin is "close" to being in a position to make a fully
  financed bid for Greek state-owned insurer Ethniki and still has a
  superior value proposition to the Chinese bidders lining up to
  challenge it, the group's CEO Matt Fairfield has told
  The Insurance Insider.
  A deadline set by seller National Bank of Greece (NBG) and
  regulator the Bank of Greece passed yesterday without the two
  institutions being satisfied that Exin could close the deal, and a
  decision was taken...
  
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• Axa-XL deal may inspire more life-P&C M&A: Vickers

  29-03-2018 20:45
  Axa's purchase of XL-Catlin could set the mould for more
  primary and life insurers to enter the property and casualty
  (P&C) and reinsurance markets, according to Willis Re
  international chairman James Vickers.
  Speaking to The Insurance Insider on the launch of the
  broker's reinsurance market report, Vickers highlighted the
  pressures that are making the European life business "very
  tough" now and the potential upsides of redeploying capital
  into more diversified P&C lines.
  Last month, Axa
  
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• Argo 1200 reports £112.3mn loss for 2017

  29-03-2018 20:45
  Property claims dogged Argo's Syndicate 1200 in 2017, with
  the carrier reporting a combined ratio of 131.8 percent and an
  operating loss of £112.3mn for the year.
  In its annual report posted today, Argo noted that its syndicate
  had seen its combined ratio deteriorate by 29.5 points over the
  year, with its loss ratio worsening by 29.7 points to 91.3 percent.
  The expense ratio remained flat at 40.5 percent.
  Last year's loss compared with a £3.3mn profit in 2016,
  while...
  
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• XL Syndicate 2003 sinks to $380.8mn underwriting loss

  29-03-2018 17:48
  XL Catlin's Syndicate 2003 swung to a significant
  underwriting loss for 2017 after natural catastrophe claims in the
  second half of the year.
  The syndicate sunk to a loss of $380.8mn from a profit of $9.8mn
  in 2016.
  In its managing agent report XL Catlin said the syndicate had
  absorbed combined losses of $1.1bn from hurricanes Harvey, Irma and
  Maria, the Mexico earthquakes and Californian wildfires.
  Total losses from the catastrophes net of reinsurance stood at
  $290mn, according to the...
  
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• Validus crop unit offers precision enhancements

  29-03-2018 17:48
  The agricultural insurance arm of Validus, Crop Risk Services, has
  added a technology-driven feature based on precision farming
  techniques to its federal and private cover for farmers in the US.
  The enhancements use methods of keeping planting records,
  mapping and production to make record-keeping, auditing and
  claims-filing faster and easier, the Decatur, Illinois-based
  carrier also known as CRS, said today. The techniques were
  developed by TruAcre Technology.
  Agents can participate in a pilot
  
  Read more

• QBE promotes Thompson to Canadian director

  29-03-2018 17:48
  QBE has appointed current head of professional lines Jamie
  Thompson as director of Canada, The Insurance
  Insider can reveal.
  The underwriting manager for QBE's European operations,
  Simon Mantell, will take over Thompson's former role.
  Thompson set up the professional liability division for QBE
  Canada in 2010, when he began a five-year stint in Toronto as a
  senior liability underwriter.
  He then returned to London to run QBE's £200mn
  ($282.7mn) professional lines book.
  Before his time in Can
  
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• Grenfell and HIM hit Aspen Syndicate 4711 profits

  29-03-2018 17:48
  Aspen's Syndicate 4711 has reported a £15.5mn ($21.9mn)
  loss for 2017, after the impact of cat losses from North Atlantic
  hurricanes and increased attritional losses hit its bottom
  line.
  The loss compared with a profit of £6.7mn in 2016.
  The syndicate beat the Lloyd's market's overall combined
  ratio of 114.0 percent, but still recorded an underwriting loss.
  The combined ratio was 105.1 percent, some 7.7 points worse than
  the prior year.
  The claims ratio rose 7.4 points to 64.8 percen
  
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• Former DXC London market head in blockchain venture

  29-03-2018 17:48
  The former head of DXC Technology's London market insurance
  business is to lead a blockchain advisory venture based in
  Singapore, The Insurance Insider can
  reveal.
  Adrian Guttridge has become the CEO of BlockchainWarehouse.
  The company will act as a cryptocurrency fundraising advisory
  firm.
  BlockchainWarehouse is owned by Gary Markham, the founder of
  Axpire and the former CEO of insurance and legal software provider
  LSG.
  Axpire specialises in what it calls spend management
  technologies across va
  
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• Magenta invests in Iprism founder Gary Burke's MGU

  29-03-2018 16:03
  New backer to "support rapid growth" of the managing general underwriter.
  
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• MS Amlin's Lloyd's business posts £500mn loss

  29-03-2018 15:17
  MS Amlin Syndicate 2001 fell to a £500mn ($707mn) loss for
  2017 as its combined ratio soared to 137 percent following a spike
  in catastrophe claims and reserve strengthening.
  The result is 32 percentage points worse than the market average
  and has prompted MS Amlin toput in place a turnaround plan involving a targeted reduction
  in staff costs of 10 percent, alongside attempts to remediate the
  underwriting.The loss represents a quarter of the overall loss for the
  Lloyd...
  
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• Magenta Partners takes minority stake in Eaton Gate

  29-03-2018 15:17
  London-headquartered MGA Eaton Gate has managed to secure a
  much-needed cash injection, bringing in small and medium-sized
  enterprise growth investor Magenta Partners as a minority investor.
  Sources suggested that Magenta's stake in Eaton Gate
  totalled some £10mn.
  Speaking to The Insurance Insider,
  Eaton Gate CEO Gary Burke declined to comment on the size of the
  investment but indicated that more capital would be made available
  if the right opportunities arose.
  Magenta's investment fund ty
  
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• Chaucer set to enter cyber

  29-03-2018 15:17
  Lloyd's carrier Chaucer has said it will look to enter the
  cyber insurance market in 2018.
  In Syndicate 1084's full-year results active underwriter Ed
  Lines said the company would target cyber as it seeks to develop
  "new, future-focused risk coverage areas".
  The news comes after The Hanover confirmed yesterday it would
  put itsLloyd's unit up for sale.The Massachusetts-headquartered insurance group said it was
  exploring "strategic options" for Chaucer, as first
  reported by The Insurance Insider..
  
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• Chaucer places part of 2015 YoA into run-off

  29-03-2018 15:17
  Chaucer is set to reinsure to close (RITC) its UK division's
  book of business for the 2015 year of account (YoA).
  The carrier announced the plan in Syndicate 1084's results
  for 2017. The news followsconfirmation yesterday that Chaucer parent The Hanover is
  considering selling the Lloyd's business.Antares Syndicate 1274 will assume liability for the UK
  division's book for the 2015 YoA for a nominal £1 ($1.41)
  since the reserves were zero as of year-end.
  Chaucer has clearance from...
  
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• Aspen Re chairman Boornazian to exit

  29-03-2018 15:17
  Brian Boornazian, chairman of Aspen's reinsurance segment
  and CEO of Aspen Re, Americas, is to leave the firm at the end of
  April.
  His role will not be replaced, Aspen said in a statement
  today.
  The news emerged the day after The Insurance
  Insider reportedAspen was in discussions with a strategic bidder and a number
  of private equity houses, with a decision taken by the board to run
  a sales process.
  In Aspen's statement it said that Emil Issavi...
  
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• AmTrust Syndicate 1206 combined ratio hits 143.7%

  29-03-2018 15:17
  AmTrust's Syndicate 1206 losses increased 16-fold
  year-on-year to hit £64.7mn ($91mn) amid cat losses and
  intra-company restructuring.
  The syndicate's combined ratio deteriorated by 32.7
  percentage points in the year to 143.7 percent, its annual report
  revealed.
  AmTrust said the loss was due to property exposure to hurricanes
  Harvey, Irma and Maria, California wildfires and the Mexican
  earthquakes.
  The net incurred claims ratio worsened by 27.9 percentage points
  to 97.5 percent year-on-yea
  
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• This week in Post: Caution, doubt and selling out

  29-03-2018 14:49
  This week in Post, there was news of sales, incompetence and unprecedented losses.
  
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• Magenta takes minority stake in Eaton Gate

  29-03-2018 14:48
  SME growth investor Magenta Partners has taken a minority stake in Eaton Gate Holdings and Vigilis Holdings, collectively known as EGV.
  
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• Brokers frustrated as new SSP Pure outage hits during busy renewal period

  29-03-2018 13:44
  SSP users criticise software house as fresh outage impacts before Easter weekend and tax year end.
  
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• Anbang ex-chairman Wu Xiaohui asks court for leniency

  29-03-2018 13:10
  Tycoon shifts tone after initially denying fraud and embezzlement charges
  
  Read more

• Swiss Re shares rise on $9.7bn SoftBank deal 'progress'

  29-03-2018 12:58
  Shares in Swiss Re gained over 3 percent in morning trading
  following a report that negotiations for SoftBank to take a 25
  percent holding worth up to CHF9.23bn ($9.66bn) were gaining
  traction.
  Bloomberg News reported that talks between
  the Japanese tech conglomerate and Swiss Re were progressing, with
  a valuation of about CHF100 to CHF105 a share under
  consideration.
  However, the terms of the stock purchase
  remain fluid, according to the report.
  Swiss Re shares were up 3.2 percent at...
  
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• Opinion: Chaucer sale

  29-03-2018 12:58
  It's a good time to be a seller in this market
  It's an even better time if you're a seller with an
  above-average Lloyd's business at your disposal.
  Yesterday The Insurance Insider
  revealedThe Hanover had appointed Goldman Sachs to run an auction
  process for its Lloyd's business, Chaucer.
  Chaucer has been a great investment for its US parent. The
  Hanover bought the business for £313mn ($443mn) in 2011, and
  since then the Lloyd's carrier has been a consistent driver...
  
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• MS Amlin wholesale liability team in focus amid redundancies

  29-03-2018 12:58
  MS Amlin has made two senior members of its UK liability
  wholesale team redundant as part of a group-wide performance
  review, The Insurance Insider
  understands.
  Sources told this publication Tim Baker, leading class
  underwriter for UK wholesale liability, and Steve Livesey, a senior
  underwriter in the same team, had already left the company.
  As The Insurance Insider previously
  revealed,MS Amlin is conducting a group-wide review of underperforming
  business as part of efforts to remediate its port
  
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• Integro-Tysers deal signed after delays

  29-03-2018 12:58
  Integro has finally signed its long-expected deal to acquire London
  market independent Tysers.
  The New York broker said it would buy 100 percent of Tysers'
  parent Hawkes Bay and will merge its own UK wholesale and UK retail
  operations with the target. It disclosed no price.
  However, sources said that the initial agreed price of
  approximately £120mn ($169.6mn), equivalent to roughly 11x-12x
  Ebitda, was negotiated downwards as Tysers faced challenges.
  The buyer said the addition of Tysers wo
  
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• Ethniki seller assesses plan B after Exin deal collapses

  29-03-2018 12:58
  National Bank of Greece has confirmed the collapse of the June
  2017 deal to sell 75 percent of Ethniki to Matt Fairfield's
  Exin for EUR718mn ($888mn).
  The seller noted today that Exin had not fulfilled its
  contractual obligations under the June agreement by yesterday's
  deadline and said that it would "examine alternative
  options".
  Its short statement comes after this publicationreported yesterday that the bid process had re-opened.The collapse of the agreement leaves last year's
  under-bidder Fos
  
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• Anbang chairman pleads for leniency: report

  29-03-2018 12:58
  Anbang founder and former chairman Wu Xiaohui made a plea for
  leniency at the end of a high-profile,one-day trial in Shanghai for alleged economic crime, according
  to Reuters.The Shanghai No.1 Intermediate People's court said Wu had
  "expressed deep self-reflection, understanding of, and regret
  for the crimes, and expressed deep remorse for his
  actions".
  During the hearing yesterday, Wu raised objections during the
  proceedings, contesting alleged facts and charges, according to
  multiple reports.
  
  Read more

• American Hellenic CEO denies formal contact in drug probe

  29-03-2018 12:58
  American Hellenic Hull CEO Ilias Tsakiris has denied any formal
  contact from Greek prosecutors probing a drug-trafficking case
  involving the cargo vessel Noor One.
  Tsakiris, speaking to The Insurance Insider this week, added
  that he plans to make a formal request to have his name removed
  from the inquiry.
  The executive was reacting to media reports in Greece linking
  him to an investigation believed to target shipping tycoon
  Evangelos Marinakis.
  In the interview with this publication Tsakiris sai
  
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• Integro buys Tysers

  29-03-2018 12:33
  Combined UK wholesale divisions to operate under the Tysers brand.
  
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• Ping An eyes $2bn listing of OneConnect fintech unit

  29-03-2018 12:26
  Top Chinese insurer looks to float subsidiary that sells platforms to small banks
  
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• Blog: What the Oak acquisition means for RSA, Zurich and the wider market

  29-03-2018 12:00
  Jonathan Swift looks at whether RSA selling Oak Underwriting to Zurich is going to trigger a bolt-on bonanza - and if it really equates to Manchester United selling Carlos Tevez to Manchester City.
  
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• Tasker merges its retail brokers

  29-03-2018 11:03
  Maestro Insurance Services and Tasker Southeast brought together to create Tasker Insurance Brokers.
  
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• The Hanover explores Chaucer sale options

  29-03-2018 10:36 via insuranceage.co.uk
  Lloyd’s business had net written premiums of $849.1m in 2017.
  
  Read more

• SoftBank nears up to $9.7bn deal with Swiss Re: report

  29-03-2018 10:32
  SoftBank has moved closer to a deal to take a 25 percent stake
  in Swiss Re for up to CHF$9.23bn ($9.66bn), according to Bloomberg
  News.
  Talks between the Japanese tech conglomerate and Swiss Re are
  understood to be progressing, with a valuation of about CHF100 to
  CHF105 a share under consideration, the news outlet reported.
  However, the terms of the stock purchase remain fluid, according
  to the report.
  Early last month Swiss Reconfirmed it was in talks with SoftBank...
  
  Read more

• Markel lures new Canada chief from Everest

  29-03-2018 10:32
  Markel Canada president Karen Barkley is set to retire and will be
  replaced by the head of Everest Insurance's business in Canada,
  David Crozier.
  In a statement the carrier said Barkley will leave her role at
  the end of the year.
  She departs after a 40-year career in the insurance industry
  that has included spells in executive roles at Zurich, AIG, Cigna
  and Chubb.
  Crozier will take up his new position at the start of 2019,
  although he will join...
  
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• Fosun confirms investment intent

  29-03-2018 10:32
  Chinese conglomerate Fosun has said it intends to spend $3.2bn on
  technology in the next three years after an active 2017 for
  overseas dealmaking, the company's CEO told the Financial
  Times.
  The interview was published as Fosun was contemplating a new bid
  forGreek state-owned insurer Ethniki after Exin Group lost an
  agreement for deal exclusivity on Wednesday.Fosun CEO Wang Qunbin quantified the technology investment
  figure in an interview following the release offull-year results for 2017 which
  
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• Blog: Rehab is the GDPR exposure insurers weren’t expecting

  29-03-2018 07:00
  Insurers need to make sure their rehabilitation providers comply with the General Data Protection Regulation. Anthony Eeles, chief digital and information officer at HCML, shares his checklist to reduce risks of a £20m fine.
  
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• Analysis: Global run-off market remains buoyant

  29-03-2018 07:00
  The perfect storm of conditions that has allowed the legacy sector to boom over the past couple of years looks set to continue throughout 2018 as capital continues to flow into the market, fuelling a pipeline of deals.
  
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• RLI sees strategic gain from InsurTech fund investment

  29-03-2018 02:00
  As it prepares to close its second funding round, Inter-Atlantic
  Stonybrook Insurtech Ventures has already begun producing benefits
  for first-round lead investor RLI, an insurer that sought exposure
  to startups in the property and casualty sector.
  Participating in the fund guided by IA Capital's Andy Lerner
  and Rick Viton provides RLI with a level of access to InsurTech
  startups that the carrier would not have otherwise, Aaron Jacoby,
  vice president for development at the Peoria, Illinois-based
  
  Read more

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