Insurance news

• Travelers alum Donner joins FTI Consulting

  17-04-2018 22:04
  Fred Donner has joined FTI Consulting as senior managing
  director in the firm's global insurance services practice in
  New York, the company said today.
  Donner will advise clients on issues involving accounting,
  transactions, risk management and finance. He will also serve as an
  expert in disputes and litigation.
  Before Donner came to FTI, he had worked at Travelers, where
  most recently he was executive vice president of enterprise risk
  management and CFO for its business and international insura
  
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• Irma's Florida toll tops $8bn in insured losses

  17-04-2018 22:04
  Estimated losses from Hurricane Irma in Florida have surpassed
  $8.6bn while more than 40 percent of commercial claims from the
  September storm remain unresolved, new state data show.
  Insureds have filed 924,439 Irma-related claims totalling almost
  $8.1bn, according to the latest figures from the Florida Office of
  Insurance Regulation. More than 4-in-5 involved residential
  property losses.
  While commercial property claims represent just 6.3 percent of
  the total, the group includes the largest pro
  
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• Axa-XL deal will pay Morgan Stanley a fee bonanza

  17-04-2018 22:04
  Morgan Stanley will collect $42mn in investment banking fees
  once Axa's acquisition of XL Group is completed, triggering
  what may be a memorable bonus round for the bank's financial
  institutions team.
  Morgan Stanley acted as XL's financial adviser on the deal,
  with support from boutique investment bank Ardea Partners.
  Skadden, Arps, Slate, Meagher & Flom provided legal counsel
  to XL, while Cravath, Swaine & Moore served as Axa's
  outside legal advisers. JP Morgan served as financial advis
  
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• SunPoint appoints former Enstar CFO to board

  17-04-2018 19:25
  Former Enstar CFO Richard Harris has joined the board of
  Fosun-backed legacy carrier SunPoint in a non-executive role.
  Harris has more than 30 years of experience in the legacy
  market, having served as CFO of Enstar from 2003 to 2015. Before
  that he spent 10 years at Riverstone, where he was CEO until
  2003.
  At SunPoint, Harris will rejoin former Enstar executive Karl
  Wall, who has been CEO of SunPoint since its launch in August last
  year.
  Harris' appointment was...
  
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• JLT denies breach of duty to Australian local councils

  17-04-2018 19:25
  JLT has refuted claims by a Sydney law firm that it misadvised
  local government councils in their purchase of insurance, leading
  to "excessive premium" being charged on the resulting
  policies.In a statement yesterday Quinn Emanuel Urquhart & Sullivan (QE)
  said it was exploring a possible class action against JLT as it
  believed local councils may have paid excessive insurance premiums
  while members of insurance schemes administered by the broker.
  Speaking to The Insurance Insider a JLT spokes
  
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• IGI to revisit Lloyd's plans with Coverys

  17-04-2018 19:25
  International General Insurance (IGI) has reignited its
  Lloyd's start-up ambitions and is working with turnkey managing
  agent Coverys, The Insurance Insider
  understands.
  Sources told this publication that IGI, which has long held
  Lloyd's ambitions, is eyeing a syndicate launch for 2019.
  The Lloyd's operating environment is currently highly
  challenging, with underlying returns in the market at roughly zero
  and new syndicates heavily loss-making.
  In a statement Andreas Loucaides, CEO of IGI UK, sa
  
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• Brockwell Capital completes team with Graham and Goodair

  17-04-2018 19:25
  Andrew Graham, former head of M&A insurance at Allied World,
  has joined MGA start-up Brockwell Capital, confirming earlier
  reports by this publication.
  It was announced today that the Brockwell Capital team was now
  at full strength following the arrival of Graham and former CNA
  Hardy financial institutions class underwriter Alec Goodair.
  This publication revealed the launch of the transactional
  liability specialist MGA inDecember last year, when former Allied World underwriters Lee
  Amerigo a
  
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• Ex-Das CEO Paul Asplin stands trial for fraud

  17-04-2018 19:12
  Asplin and five others are charged with conspiracy and fraud.
  
  Read more

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• InsurTech Futures: PwC and Early Metrics launch programme to scale start-ups

  17-04-2018 15:22
  Programme aims to create commercial opportunities and promote best practice.
  
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• Insurance Cares: Trekking for dementia

  17-04-2018 15:15 via insuranceage.co.uk
  Jonathan Swift spoke to Covéa’s commercial lines and high net worth director and Insurance United Against Dementia board member, Simon Cooter, about how the industry is working together to conquer the Mont Blanc Massif and how brokers can help.
  
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• XL proxy account to turn up heat on Axa's Buberl

  17-04-2018 14:18
  Pressure on Axa CEO Thomas Buberl is set to intensify after
  XL's proxy filing showed the French carrier had bid around $2bn
  more than the only other indicative offer the Bermudian
  received.
  Axa's share price was hammered in the wake of the XL
  agreement, falling by as much as 16 percent in the three weeks
  after the 5 March deal announcement before regaining some of the
  lost ground in a strong European equities market.
  The negative re-rating of the stock,...
  
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• USAA seeks $175mn from Residential Re cat bond

  17-04-2018 14:18
  USAA has launched the $175mn Residential Re 2018-1 cat bond, which
  will provide US multi-peril cover, sister publication
  Trading Risk reported.
  The cat bond is made up of two tranches, the one-year class 11
  notes and the four-year class 13 notes.
  The higher-risk class 11 notes are being marketed with an
  initial size of $75mn and a zero-coupon structure at 86.75 percent
  to 87.75 percent of par value. This equates to a yield of between
  1,396 basis points (bps) and...
  
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• US D&O risks face capacity crunch as losses spook underwriters

  17-04-2018 14:18
  Higher loss experience and increasing levels of litigation have
  led to restricted capacity for US directors' and officers'
  (D&O) risks.
  Sources told this publication that London carriers were now
  increasing retentions and putting down smaller lines after a number
  of markets had their fingers burned. As a result, there has been a
  small uptick in rates, they said.
  US rates are up in the single digits on average, sources said,
  with loss-hit risks renewing substantially higher.
  "Anything with US
  
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• Tight ILS pricing strains Florida renewal

  17-04-2018 14:18
  Tumbling cat bond prices continue to exert pressure on the wider
  reinsurance market and are likely to curb rate increases at the
  upcoming Florida renewal.
  With a clear picture on mid-year rates yet to emerge, some of
  the insurance-linked securities (ILS) benchmarks set amid a muted
  April renewal will raise questions over how much of a pricing
  reaction to Hurricane Irma losses may be achievable.
  On the other hand, underwriters are pointing to jitters over
  whether Irma losses will track...
  
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• ILWs on watch as Harvey losses rise

  17-04-2018 14:18
  PCS has increased its loss number for Hurricane Harvey to $17.1bn
  from $15.7bn, according to Trading
  Risk sources.
  This has taken the loss tally for aggregate industry loss
  warranties (ILWs) covering US perils to $38.7bn for hurricanes Irma
  and Harvey as well as the Tubbs wildfire.
  This includes PCS' most recent $14.2bn US-related Irma
  figure and its $7.7bn tally for the Californian wildfire.
  Aggregate ILWs typically only cover US states and therefore
  exclude offshore territories such as Puerto
  
  Read more

• Bankers scour market for buyers as M&A fever eases

  17-04-2018 14:18
  Appetite for acquisitions at the rich multiples targeted by
  sellers is more limited than the feverish speculation of recent
  weeks may have suggested, according to an initial canvass of
  bankers working in the sector.
  M&A has been the sector's preoccupation this year after
  Brian Duperreault's AIG struck a deal to buy Validus for
  $5.6bn, or 1.6x book, while Axa prevailed against Allianz to
  acquire XL for $15.3bn, or 1.5x book.
  And these stories were followed by a succession of businesses...
  
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• Axa trumped rival by about 15.2% for XL

  17-04-2018 14:18
  Axa outbid a rival suitor for XL by about 15.2 percent in the
  final throes of a process that involved seven potential bidders, a
  pre-merger proxy statement revealed.
  XL CEO Mike McGavick held preliminary discussions with an
  unnamed "Party 1" - widely believed to be Allianz - as
  early as June 2017 before entering into negotiations with Axa that
  culminated in their $15.3bn takeover agreement.
  Axa's $57.60-per-share share offer, which was made on 23
  February, followed a bid three days...
  
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• Aviation rates make ground at 1.4

  17-04-2018 14:18
  Pricing on loss-free airline all-risk accounts showed muted
  upward movement at the 1 April renewals amid continued overcapacity
  and an uptick in claims.
  Aviation sources speaking to The Insurance Insider described a
  mixed picture, with some markets achieving rate increases of 5-10
  percent on lead terms and following carriers managing to push
  through more substantial rises that exceeded 20 percent on some
  accounts.
  The majority of sources canvassed by this publication agreed the
  gap between leade
  
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• Battle with former chairman set to cost AA £1m in legal fees

  17-04-2018 12:44 via ft.com
  Breakdown cover group close to expanding its board to improve governance
  
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• SEIB eyeing buys to support ongoing organic growth

  17-04-2018 12:33
  Firm delivered rising revenue and profits in 2017.
  
  Read more

• #Insagepeople: 16 - 20 April 2018

  17-04-2018 12:22 via insuranceage.co.uk
  Keep up to date with all the latest people moves.
  
  Read more

• MIB members gain vote on vehicle terror attack liability

  17-04-2018 12:14
  The Motor Insurers' Bureau (MIB) is to ballot its members
  about whether to put claims resulting from vehicles being used in
  terrorist attacks back into the industry pool from next year.
  The decision follows a member consultation and
  comes after reinsurers including Hannover Re threatened toexclude cover for terrorist attacks from UK motor excess of
  loss (XoL) policies from 1 January 2019.
  "We are going to put to the members a
  resolution for them to vote on," said MIB...
  
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• Axa trumped rival by 15.2% for XL

  17-04-2018 12:14
  Axa outbid a rival suitor for XL by 15.2 percent in the final
  throes of a process that involved seven potential bidders, a
  pre-merger proxy statement revealed.
  XL CEO Mike McGavick held preliminary discussions with an
  unnamed "Party 1" - widely believed to be Allianz - as
  early as June 2017 before entering into negotiations with Axa that
  culminated in their $15.3bn takeover agreement.
  Axa's $57.60-per-share share offer, which was made on 23
  February, followed a bid three days earlier...
  
  Read more

• Video: A broking minute with Graham Coates of Hamilton Fraser

  17-04-2018 11:51
  It's your chance to hear from the broker's chief operating officer.
  
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• Cyber: Are you ready if you get hacked?

  17-04-2018 11:46 via insuranceage.co.uk
  Learn everything you need to know at the Insurance Age Hack Day which is taking over the website on 26 April.
  
  Read more

• Axa enters capacity deal with Gresham Underwriting

  17-04-2018 10:48
  Axa has entered into a £20m three-year capacity deal with Gresham Underwriting, the managing general agent arm of Tasker Insurance Group.
  
  Read more

• Axa partners with Gresham in £20m deal

  17-04-2018 10:35 via insuranceage.co.uk
  Axa now provides in excess of £100m in capacity to MGAs.
  
  Read more

• AA’s insurance division sees 11% hike in revenue

  17-04-2018 10:31
  Insurance Ebitda up but policy numbers fall slightly.
  
  Read more

• Perils lifts Friederike loss estimate to EUR1.63bn

  17-04-2018 10:01
  Catastrophe data aggregator Perils lifted its estimate for insured
  damage from windstorm Friederike to just under EUR1.63bn ($2bn), up
  about 11 percent from its initial calculation.
  The second loss tally for Friederike, which is also known as
  David, compared with aFebruary estimate of EUR1.47bn.
  The storm stuck the UK, Belgium, the Netherlands and Germany on
  17 and 18 January and killed eight people.The majority of the insured losses occurred in Germany and the
  Netherlands.
  The strongest winds w
  
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• Opinion: Springtime in London

  17-04-2018 10:01
  Our London readers will have been pleasantly surprised by the
  spring-like start to this week.
  For those who are living across the pond, I'll tell you that
  for the past few weeks London has been subjected to endless grey
  misery. That drizzly, cold and oppressive weather unique to the
  British climate, which both chills your bones and dampens your
  spirit.
  It dragged out the winter and made us all miserable. Brits love
  talking about the weather, but we were all...
  
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• Axa's Bertrand Poupart-Lafarge on why inclusion must not be to the detriment of the majority

  17-04-2018 07:00
  Diversity and inclusion efforts must not be seen as something that is only for people from minority groups, explains Bertrand Poupart-Lafarge, chief financial officer and executive sponsor for diversity and Inclusion at Axa UK.
  
  Read more

• Legal & General targets companies over gender balance

  17-04-2018 05:00 via ft.com
  Major UK investor to vote against chairs if their boards are less than 25% female
  
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• The Hanover pegs Q1 cat hit at up to $76mn

  17-04-2018 01:35
  The Hanover Insurance Group estimated its net pre-tax
  catastrophe losses at between $66mn and $76mn, or 5.5 percent of
  its earned premiums for the first quarter.
  The figure reflected winter storms in the Midwest and Northeast
  in January and last month, the Worcester, Massachusetts-based
  carrier said late today. It also includes favourable development of
  approximately $9.5mn on earlier cat losses, mainly tied to last
  year's hurricanes and California wildfires.
  The estimated losses exceeded the in
  
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• EMC cuts Q1 earnings guidance as non-cat losses rise

  17-04-2018 01:35
  EMC Insurance Group sharply lowered its expectations for first
  quarter results, citing an unanticipated pick up in non-catastrophe
  losses and a "significant reduction" in favourable
  reserve development.
  The property and casualty insurer now expects operating results
  to range from earnings of $0.18 to $0.22 per share for the
  just-ended period, while it also lowered its full-year outlook for
  operating results to $1.10 to $1.30 per share, down from $1.40 to
  $1.60.
  The combined ratio came in at abou
  
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