Insurance news

• Herbert replaces Blakey as Starr Managing Agents CEO

  04-04-2018 21:43
  Jim Herbert, the chief underwriting officer for Starr Companies,
  has been named as CEO for the Starr managing agency, according to
  annual Lloyd's filings.
  Blakey resigned his CEO role at the managing agency on 1
  January, but remains a non-executive director, the filings said.As reported in December, Blakey was named CEO of Starr's global insurance
  operation, replacing outgoing Charles Dangelo, who is retiring.
  The Lloyd's filings also revealed that Starr's Syndicate
  1919 saw its profits shrink b
  
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• Underwriters Adanio and Boylan leave Markel Bermuda

  04-04-2018 19:10
  Markel and the CUOs of its property and casualty units in
  Bermuda have parted company, The Insurance
  Insider can reveal.
  According to sources, Lou Adanio has left his position as
  executive vice president and CUO for property.
  Meanwhile John Boylan departed his role as Markel's
  executive vice president and CUO for casualty on the island at the
  end of February.
  Reasons for the exits are not known at this stage, but sources
  suggested that the Virginia-based specialty insurer remains
  committed...
  
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• Reinsurance cushions Syndicate 457 underwriting profit

  04-04-2018 19:10
  Munich Re Syndicate 457 improved its underwriting performance in
  2017 as reinsurance buying protected it from catastrophe
  claims.
  The syndicate posted a combined ratio of 88 percent and a profit
  of £43.6mn ($61.9mn) for 2017, compared with 91 percent and
  £42.7mn, respectively, a year earlier.
  Gross written premiums rose almost 19 percent to £423.5mn
  as parent Munich Re pursued its strategy of making the syndicate
  its primary operation for direct marine, energy and specialty
  bus
  
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• Liberty Syndicate 4472 swings to $118.7mn 2017 loss

  04-04-2018 19:10
  Liberty Syndicate 4472 fell to a $118.7mn loss last year amid a
  high volume of major losses from three major North Atlantic
  hurricanes, California wildfires and the Adnoc refinery explosion.
  In 2016, the syndicate reported a bottom-line profit of
  $196.2mn.
  Last year's loss was driven by a $244.4mn underwriting
  deficit, compared to a $32.2mn underwriting gain in 2016.
  The 2017 combined ratio surged by 18 points to 116 percent - 2
  points higher than the Lloyd's market result of 114...
  
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• Brokers warn against cutting corners on renewal transparency

  04-04-2018 17:25
  Firms advised not to take the regulator's message lightly.
  
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• JLT Re North America reshuffles leadership

  04-04-2018 15:50
  JLT Re has made three senior appointments as it continues the
  expansion of its North American operation.
  George Daddario steps into the newly created role of executive
  chairman of JLT Re (North America) and will lead business
  development in the US and Canada.
  Daddario has been deputy CEO of the North American unit since
  2014 following JLT's acquisition of the reinsurance business of
  Towers Watson.
  As executive chairman, he will work alongside JLT Re North
  America CEO Ed Hochberg.
  In...
  
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• Fema plans to make ILS flood debut in July

  04-04-2018 15:50
  The US Federal Emergency Management Agency (Fema) plans to turn
  to the insurance-linked securities (ILS) market to bolster its
  flood cover through a July placement.
  In a public notice published on Monday, Fema said it would
  secure additional reinsurance for the National Flood Insurance
  Program (NFIP) through an ILS transaction on or around 1 July,
  sister publication Trading Risk
  reported.
  This will be the first time the agency has turned to the capital
  markets and will expand the role of...
  
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• “No excuse” for renewal transparency failings

  04-04-2018 14:00
  Brokers urged to heed the latest “shot across the bows” from the FCA.
  
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• Find out about changes to Broker Expo and learn about our cyber hack day

  04-04-2018 13:32
  Broker Expo is being refreshed and revamped - stay tuned for updates! And later this month Insurance Age is running a special cyber hack day which is unmissable for brokers who wish to learn more about this growing market.
  
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• Former LV GI boss O'Roarke joins Aviva

  04-04-2018 13:25
  Exclusive: Former LV general insurance boss John O’Roarke has taken a role as a non-executive of the Aviva general insurance and life businesses.
  
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• Interview: Matthew Reed, Equipsme

  04-04-2018 12:57
  A veteran of brokers Towergate and Hyperion Group, and latterly insurer Axa, Matthew Reed is now fronting his own insurtech. Here he speaks to Jonathan Swift about how the managing general agent plans to make it easier for brokers to sell corporate private medical insurance and the advantages of boardroom experience when it comes to turning start-up ideas into reality
  
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• Editor's comment: Raising them right

  04-04-2018 12:54
  As the mother of a nine-year-old, I’ve passed the stage (I hope) of having to tell my son not to pull hair or bite other people, or order him to share his toys and tidy up after himself.
  
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• V3 COO Janitschke takes president job

  04-04-2018 12:28
  Program administrator and MGA V3 Insurance Partners has promoted
  Brian Janitschke to the role of president following the departure
  of Susan Rivera.
  Janitschke takes the position afterjoining the business as chief operating officer in February.Rivera, who was both president and CEO of V3, left the businessearlier this month to join Tokio Marine HCC as COO.V3 said it would also be forming an executive committee to
  assist Janitschke and smooth the transition.
  V3 chairman Jim Stanard said...
  
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• Opinion: The art of persuasion

  04-04-2018 12:28
  Neatly done.
  Industry protagonists including the International Underwriting
  Associationspotted a problem with the Prudential Regulation Authority
  (PRA)'s post-Brexit branches-versus-subsidiaries largesse for
  European Economic Area (EEA) carriers.
  They told the regulator and itamended its plans.
  Proof that the watchdogs aren't lying through their teeth
  when they say they are listening.
  The concession marked yet another notch on the bedpost for the
  renowned Romeo that is the insurance industry, wh
  
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• M&A 'on the table' for Corporate Solutions: Swiss Re CEO

  04-04-2018 12:28
  Swiss Re is actively looking for acquisitions to bolster its
  corporate solutions arm, but lofty valuations are deterring the
  reinsurer, CEO Christian Mumenthaler said today.
  Speaking to journalists ahead of the firm's investors'
  day, the executive said M&A was "definitely on the
  table" for its corporate solutions division, which has become
  an area of scrutiny for analysts following poor results.
  Mumenthaler insisted that Swiss Re saw good prospects for the
  commercial insurance arm, and the f
  
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• Fairfax $8bn short-selling lawsuit dismissed

  04-04-2018 12:28
  A long-standing $8bn lawsuit between Fairfax Financial and
  billionaire investor Steven Cohen has been thrown out of court.
  Fairfax alleged that the SAC Capital founder had spread false
  rumours about the Canadian firm to drive down its share price.
  According to a Reuters report, New Jersey superior court judge
  Frank DeAngelis said the case, which has been going on for nearly
  12 years, did not belong in that jurisdiction.
  The judge said there was not enough evidence SAC Capital and...
  
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• Former Jelf boss Alex Alway joins Broker Network as chairman

  04-04-2018 11:39
  Alway steps up as chairman of both Broker Network and Compass following the purchase of Compass by HPS and MDP.
  
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• News analysis: Could and should Compass and Broker Network merge?

  04-04-2018 11:37
  Speculation over the future of the two networks as brokers respond to HPS’s Compass buy
  
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• Swiss Re flags 10% cap on mooted SoftBank stake purchase

  04-04-2018 09:27
  Japanese Internet and telecoms investor SoftBank would probably
  buy no more than 10 percent of Swiss Re, the carrier said, as talks
  between the two parties continue.
  The announcement, made before Swiss Re's investors' day,
  is likely to disappoint shareholders after a Bloomberg report last
  week said talks were focusing onthe purchase of a 25 percent holding by the Japanese group.Swiss Re reiterated today that it would not issue new capital to
  the would-be shareholder and that its...
  
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• Anbang to seek new investors after $9.7bn bailout

  04-04-2018 09:27
  Chinese conglomerate Anbang Insurance Group is to receive a
  60.8bn yuan ($9.7bn) capital injection from the government's
  China Insurance Security Fund (CISF) prior to a search for new
  investors, it announced today.
  In a statement, the firm's interim management working group
  said the funds would be "supportive of strengthening
  Anbang's risk management, ensuring ample liquidity and
  maintaining the stability of its operations".
  The injection will bring Anbang's registered capital to
  61.9bn yuan.
  Th
  
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• China’s Anbang to receive $10bn bailout from industry rescue fund

  04-04-2018 08:36
  Equity injection intended as temporary while insurer seeks outside investors
  
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• Anbang to receive $10bn bailout from industry rescue fund

  04-04-2018 08:36
  Equity injection intended as temporary while Chinese insurer seeks outside investors
  
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• Mudslide-hit Chubb posts $380mn in Q1 cat losses

  04-04-2018 02:08
  Chubb racked up $380mn in net pre-tax catastrophe losses in the
  first quarter, including $125mn from the mudslides that hit
  fire-scorched Southern California in January, the carrier said late
  today.
  The global insurer also cited two Nor'easters that struck
  the US East Coast over the past winter, with one on 3 January
  resulting in $115mn in pre-tax damages and the other on 1 March
  that left $80mn in pre-tax losses.
  Cat losses in all other locations over the quarter resulted...
  
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• Maiden in play as Catalina buys 5% stake

  04-04-2018 02:08
  Catalina has built up a 5 percent stake in Maiden Holdings for
  $27.3mn in a move which some will interpret as a signal that it
  could take a run at the Bermudian reinsurer.
  According to a regulatory filing, Catalina bought the shares via
  20 open-market transactions executed during the past 60 days.
  The 21 March purchase of 350,000 shares at $6.848 apiece tipped
  Catalina over the 5 percent reporting benchmark, at 5.01
  percent.
  Catalina used its working capital to fund...
  
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• Insurer IAT enters new market with IFIC Surety deal

  04-04-2018 02:08
  Acquisitive carrier IAT Insurance Group plans to enter the
  surety market by buying IFIC Surety Group.
  IAT, which last month agreed to buy renewal rights to a $40mn book of business
  from State Auto's Rockhill unit, said an agreement to acquire
  IFIC for undisclosed terms would bring it a 220-employee firm with
  over $150mn in gross written premium.
  The group is ranked the eighth largest surety writer in the US,
  Raleigh, North Carolina-based IAT said in announcing the deal. Both...
  
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