Insurance news

• Week in review, April 7

  06-04-2018 23:04
  Spotify’s debut, Disney and Sky, Hyundai pressure, SoftBank’s US obstacles and Anbang
  
  Read more

• Sompo taps AIG and Axis for US development executives

  06-04-2018 21:45
  Specialty property and casualty (re)insurer Sompo International
  named Jonathan Monks and Ben Tasse to the newly created roles of
  senior vice president, business development, for its US insurance
  platform, the Bermuda-based carrier said today.
  Monks joined Sompo from AIG, where he was regional managing
  director in New York, and Tasse came aboard from Axis Capital,
  where he was vice president, professional liability underwriter and
  manager with the private equity and venture capital team.
  Previous
  
  Read more

• Apollo lines up among Aspen bidders

  06-04-2018 21:45
  Global investment giant Apollo Global Management is among the
  potential acquirers that have engaged with up-for-sale Bermudian
  Aspen, The Insurance Insider can
  reveal.
  Sources said that New York-based Apollo is one of a number of
  financial bidders that have signed the non-disclosure agreement to
  obtain investor information ahead of an informal bid deadline
  believed to be around the first week of May.
  Banking sources have suggested that there is relatively little
  interest from strategic bidders i
  
  Read more

• Maiden strategic review plan bolsters shares

  06-04-2018 18:59
  Shares in Maiden Holdings rose more than 2 percent in early
  trading on Nasdaq after the company confirmed it has hired Bank of
  America Merrill Lynch to conduct a strategic review.
  Maiden said the bank will "assist the company in evaluating
  strategic alternatives to enhance value".
  The short statement followed areport by this publication that the bank would help it sell its
  $800mn-premium diversifed reinsurance business.Shares in the company were up 2.3 percent at $6.80 by 15.00
  London...
  
  Read more

• Advertisement

• Insurers anticipate $2.5bn Adnoc claim

  06-04-2018 18:59
  The downstream energy market is expecting Abu Dhabi National Oil
  Company (Adnoc) to seek to push the claim for a refinery fire last
  year as high as $2.5bn, The Insurance
  Insider can reveal.
  This marks yet another substantial deterioration in the claim
  and would make the Adnoc fire one of the worst risk losses the
  insurance market has ever suffered if it is paid out in full.
  Total losses from the Ruwais refinery in Abu Dhabi, which was
  damaged by...
  
  Read more

• BB&T expands retail footprint with Regions acquisition

  06-04-2018 18:59
  BB&T Insurance has agreed to acquire Regions Insurance Group
  for an undisclosed sum, the carrier's parent company said
  today.
  Regions Insurance serves more than 60,000 clients across the US
  Southeast, Texas and Indiana and offers property and casualty and
  employee benefits products to businesses through a retail
  network.
  The selling shareholder is Regions Financial, a Birmingham,
  Alabama-based bank with $124bn in assets.
  The bank said the insurance group has over 600 professional
  employees i
  
  Read more

• Hayes Parsons achieves chartered status

  06-04-2018 17:21 via insuranceage.co.uk
  Bristol-based broker says the award will reinforce high standards of professionalism.
  
  Read more

• Blog: Sports and sponsorships

  06-04-2018 16:30
  What do Dele Alli, Ashley Young and the Singapore Swimming Association all have in common?
  
  Read more

• Advertisement

• Opinion: Inbetweeners

  06-04-2018 16:18
  It is not only the deals generating the biggest headlines that
  shed light on current M&A dynamics in the property and casualty
  sector.
  Next to AIG's move for Validus and the proposed Axa-XL
  tie-up, White Mountains' deal to take a majority stake in
  program administrator NSM likely generated little interest with
  many industry observers.
  After all the $368mn in cash the financial services holding
  company will pay for the platform looks like small change compared
  to the $5.56bn AIG will...
  
  Read more

• Maiden unit sale plan bolsters shares

  06-04-2018 16:18
  Shares in Maiden Holdings rose more than 2 percent in early
  trading on Nasdaq after The Insurance
  Insider reported that it was preparing to sell
  $800mn-premium diversified reinsurance business.
  The company hashired Bank of America Merrill Lynch to advise on the process,
  this publication reported.Shares in the company were up 2.3 percent at $6.80 by 15.00
  London time, which is 10.00 in New York.
  The prospective sale of the reinsurance business places the
  future of Maiden Holdings in...
  
  Read more

• Insurers breach FCA rules on renewal premiums for customers

  06-04-2018 13:54
  Study finds that motorists are wasting millions each year in ‘loyalty tax’
  
  Read more

• Pure brings new whole-account quota share to market

  06-04-2018 13:44
  High-net-worth (HNW) specialist Privilege Underwriters
  Reciprocal Exchange (Pure) is looking to place a new whole-account
  quota share at 1 June as it consolidates existing covers and adds
  exposures it previously kept net, The Insurance
  Insider can reveal.
  The expansive carrier is also believed to be pushing up the
  attachment point and limit bought on its catastrophe cover.
  According to sources, Pure's reinsurance broker Guy
  Carpenter has gone to the market with a submission to combine
  expiring h
  
  Read more

• Merna takes over as head of Chubb NA major accounts

  06-04-2018 13:44
  Chubb has promoted Matthew Merna to the role of division
  president of North America major accounts, replacing Christopher
  Maleno, who moves to head up the field operations division.
  The North America major accounts division serves the large
  corporate market in the US and Canada. Merna was previously chief
  operating officer of the division.
  As division president of field operations, Maleno will have
  oversight of Chubb's 48 branch and regional offices in the US
  and Canada.
  He succeeds Gerard Butle
  
  Read more

• Markel reorganises trade credit operation

  06-04-2018 13:44
  Markel has split its trade credit operation into three
  sub-divisions.
  The insurer has made several internal promotions and
  restructured the business segment into trade credit, political
  risk, and surety.
  Within the trade credit operation, Simon Moon becomes head of
  risk underwriting and Carl Titterton becomes head of commercial
  underwriting.
  Nicola Marriage takes on the position of head of political risk,
  while Damian Manning remains head of surety.
  In addition to reorganising the management str
  
  Read more

• GDPR quiz

  06-04-2018 12:53
  The GDPR is almost here. Are you ready? Take our quiz and share your score!
  
  Read more

• Month in Post: He’s back and will bite at your ankles

  06-04-2018 12:48
  There is always something troubling about a disembodied head. More so, when it is Arnie’s head and it is shouting at people at the bus stop.
  
  Read more

• Penny Black's Social World - April 2018

  06-04-2018 12:02
  Princes and paralympians, beach clean and ice scene
  
  Read more

• Co-op Insurance reports £12m operating loss

  06-04-2018 11:54
  Co-op Insurance has reported an operating loss of £12m for 2017, compared to a loss of £18m in the previous year.
  
  Read more

• Quizzical questions: 6 April 2018

  06-04-2018 11:43 via insuranceage.co.uk
  Test your knowledge of the week's news with our topical quiz.
  
  Read more

• Co-op posts insurance operating loss for 2017

  06-04-2018 11:34 via insuranceage.co.uk
  Combined operating ratio came in at 101.2%.
  
  Read more

• Opinion: Aspen's self-help

  06-04-2018 11:17
  Sometimes if a job is difficult to do, then it is best to just
  get on and do it yourself.
  On Tuesday The Insurance Insider ran
  through thekind of plays that strategics and private equity houses are
  weighing up as they consider making bids for Aspen.
  These included breaking the group up and selling off pieces of
  it; using the legacy market to release capital; increasing the
  capital efficiency of the business by using its Lloyd's
  platform; and aggressively...
  
  Read more

• Lloyd's opens Casablanca office

  06-04-2018 11:17
  Lloyd's has opened its new office in Morocco's
  Casablanca Finance City (CFC).
  The Casablanca Finance City Authority (CFCA) granted Lloyd's
  Casablanca Finance City status in September, allowing managing
  agents to appoint service companies and coverholders to underwrite
  business on their behalf.
  This includes both primary marine, aviation and other classes of
  specialist risk where cover cannot be found locally and reinsurance
  within the country and outside Morocco.
  After approval was obtained last
  
  Read more

• Howden to buy Turkish broker ACP in expansion push

  06-04-2018 11:17
  Howden has agreed to acquire a majority stake in Turkish broker
  ACP as it seeks to grow market share in the Turkey, Middle East and
  Africa (TMEA) region.
  Hyperion Group-owned Howden will pay private equity fund
  Mediterra Capital an unspecified sum for the business.
  ACP produces annual premiums of about 200mn Turkish lira
  ($49.5mn), with core business areas that include medical coverage,
  employee benefits, corporate liability, property and construction
  risk.
  The deal takes the premium placed annu
  
  Read more

• Lloyd’s launches Casablanca office

  06-04-2018 10:45
  Lloyd's has opened an office in Morocco’s Casablanca Finance City as the market targets growth in North Africa.
  
  Read more

• Blog: What is Amanda Blanc’s legacy at Axa as she heads to Zurich?

  06-04-2018 10:41
  Following the news yesterday that Amanda Blanc is to leave Axa to join Zurich as its CEO for Europe, Middle East & Africa, Jonathan Swift looks back at her time at the French insurer and assesses her legacy.
  
  Read more

• Endeavour launches cyber coverage

  06-04-2018 10:10 via insuranceage.co.uk
  Ensconce designed to protect manufacturers from physical damage.
  
  Read more

• Blog: Intellectual property insurance still under valued despite rise of cyber attacks

  06-04-2018 07:00
  There still appears to be a significant disconnect between the understanding of cyber risks and the response to them at board level. RGL Forensics partner Ben Hobby explains that as a result companies might have already suffered, or are about to suffer, a cyber-attack resulting in a loss of intellectual property.
  
  Read more

• Maiden places $800mn third-party business up for sale

  06-04-2018 02:02
  Maiden Holdings has retained Bank of America Merrill Lynch as it
  seeks to find a buyer for its $800mn-premium diversified
  reinsurance business, The Insurance
  Insider can reveal.
  The development will place the future of Maiden Holdings in
  question and comes after it emerged that legacy specialist Catalina had
  built a 5 percent stake in the Bermuda-based reinsurer on the open
  market.
  Sources told this publication that Bank of America's
  investment banking group started approaching Bermudian and US
  
  Read more

• California market tops UK with $322bn in 2016 premiums

  06-04-2018 02:02
  Insurers collected $332bn in premiums last year, a volume that
  pushed the Golden State past the UK and placed it behind only the
  US as a whole, Japan and China, state regulators said today.
  Combining all US states and American territories, the total
  premium came to $2.14tn in 2016, according to the California
  insurance department. That represented almost 39 percent of the
  global market, the agency said, citing data from various
  sources.
  Japan ranks second with 8.5 percent of all...
  
  Read more

Follow @Insurance_UKnws on Twitter!