Insurance news

• Generali agrees to $669mn Belgian unit sale to Athora

  18-04-2018 22:14
  Generali took another step toward narrowing its focus with a
  EUR540mn ($669.6mn) agreement to sell its Belgian business to
  Apollo Global Management-backed life specialist Athora
  Holdings.
  The transaction is expected to yield a EUR150mn capital gain to
  Generali at the group level, the company said today.
  Under the cash deal, Generali will hand over Belgium's 11th
  largest insurer with over 1,000 brokers in its network selling
  property and casualty policies, including auto and homeowners, as
  well a
  
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• Auto insurer 21st Century downgraded after acquisition

  18-04-2018 22:14
  Auto insurer 21st Century National suffered a downgrade today as
  AM Best cut its financial strength rating one notch to A-, citing
  its acquisition by Plymouth Rock Group on 1 April.
  The deal to buy New York-domiciled National from Farmers
  Insurance Group affiliates opened the door to the big Empire State
  market for Plymouth Rock when the acquisition was approved by
  regulators. AM Best said the rating downgrade reflected the A-
  grades given other operating units of the Boston-based
  acquirer....
  
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• Ex-DAS CEO Asplin's fraud trial enters second day

  18-04-2018 19:43
  Former DAS chief executive Paul Asplin conspired to defraud the
  company by working to conceal the ownership of two firms contracted
  by DAS, a court heard today.
  In the second day of a trial at Southwark Crown Court
  prosecution barrister Richard Whittam QC said Asplin had sought to
  hide thousands of pounds worth of financial interests held by
  himself and other defendants in medico-legal company Medreport and
  solicitors firm CW Law.
  Asplin and former DAS claims director David Kearns set...
  
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• Diamond market turns to blockchain to help price risk

  18-04-2018 19:43
  Lloyd's jewellery underwriters can now use blockchain to see
  data on the diamonds they are insuring, after a collaboration
  between technology company Everledger and the Diamond Durability
  Laboratory (DDL).
  Everledger said today that customers could now view DDL's
  risk reports on an online blockchain platform.
  Lloyd's covers the risk of diamonds being damaged when they
  are cut. DDL is one of the vendors that supply reports used by
  underwriters to price diamond damage risk.
  A blockchain is a secur
  
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• Bermuda targets ICO candidates in fintech push

  18-04-2018 19:43
  Bermuda plans to "roll out the red carpet and retract the
  red tape" for companies looking to launch initial coin
  offerings (ICO) in a bid to make the island the global home for
  fintech.
  As part of a wider strategy designed to put Bermuda front and
  centre for financial technology, National Security Minister Wayne
  Caines recently tabled the Companies and Limited Liability Company
  (Initial Coin Offering) Legislation.
  The bill, which will have its second reading on 27 April,
  creates a...
  
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• Das v Asplin: Prosecution outlines arguments on fraud charges

  18-04-2018 18:09
  Asplin and others have been charged with conspiracy and fraud and are currently standing trial.
  
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• Marsh's Denny to run UK financial and professional lines

  18-04-2018 17:04
  Marsh has appointed Paul Denny as UK financial and professional
  (Finpro) practice leader.
  He has worked for Marsh since 1989 in a variety of roles. Most
  recently, he was Finpro leader for the northeast US and US errors
  and omissions leader.
  Denny will report to Paul Moody, CEO of the UK specialties
  division. Moody vacated the Finpro leader role in December, when he
  waspromoted to his current job.Denny will be responsible for Marsh's UK management
  liability, financial services...
  
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• Axis Re hires AIG's Thomas as CUO

  18-04-2018 17:04
  Axis Re has appointed Megan Thomas to the new role of chief
  underwriting officer (CUO), the firm announced today.
  Thomas will report to Axis Re CEO Steve Arora and will be based
  in New York.
  She joins from AIG, where she worked for 12 years, most recently
  as global CUO of liability lines in New York. Prior to that she
  worked as CUO of cat excess liability in Bermuda.
  Thomas has also worked in various excess casualty underwriting
  roles and...
  
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• InsurTech Futures: Gadget and motor products go live on Brolly

  18-04-2018 15:37
  Broker says smartphone app will help customers find "better options" for cover using AI.
  
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• InsurTech Futures: Brolly launches gadget and motor cover

  18-04-2018 15:37
  Broker says smartphone app will help customers find "better options" for cover using AI.
  
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• Aviation market showing pricing discipline: JLT

  18-04-2018 14:41
  Aviation underwriters are maintaining their position and pricing
  discipline for the first time in many years, JLT Specialty has
  claimed.
  In its Q1 Plane Talking report, the broker said in general
  aviation rates were holding flat, and underwriters were, at the
  moment, continuing to prioritise profitability above volume or
  market share.
  "Underwriters now seem committed to preventing a further
  decline in aviation insurance rates, working to stabilise them at a
  level they believe is more sustainable
  
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• The Blog Spot: Filling in the Blanc?

  18-04-2018 14:37
  There has been a lot of chat about how Axa might fill Amanda Blanc’s distinctive shoes but no real suggestions as to who could take her place. Siân Barton writes.
  
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• Brexit sends Anglo-American trade deal into disarray

  18-04-2018 13:58
  The uncertainty surrounding Britain’s departure from the European Union has sent the prospect of a possible Anglo-American trade deal into question, the Lloyd’s market has heard.
  
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• Lycetts posts increased turnover but lower profit

  18-04-2018 12:38
  Broker flags continuing investment in staff and IT.
  
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• Interview: Varun Dua, Acko

  18-04-2018 12:29
  When Post published its top 100 Insurtech firms at the start of the month, eyebrows were raised by the inclusion of Indian digital insurer Acko at number two. To find out more about this start-up, Jonathan Swift spoke to its CEO and founder Varun Dua.
  
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• Securis-Axis joint venture to be disbanded

  18-04-2018 12:06
  Axis has given notice on the Securis special purpose arrangement
  (SPA) that was originally set up by the top-five insurance-linked
  securities (ILS) fund manager and Novae in 2016, The
  Insurance Insider has learned.
  Sources told this publication that Securis will need to find
  another managing agent to partner with if it wants to keep SPA 6129
  going into 2019, as Axis' £467mn ($666.7mn) acquisition of
  Novae continues to shake out.
  The joint venture was one of the biggest forays from...
  
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• PPL expands to accident and health

  18-04-2018 12:06
  Accident and health (A&H) has become the latest class of
  business to go live on Placing Platform Limited (PPL).
  The line joined the electronic placement platform on 16
  April.
  PPL chairman Bronek Masojada said: "Our ambition is to
  drive adoption from 15 percent to 80 percent of London risks. With
  A&H going live, almost all classes of business are on the
  platform which means that underwriters and brokers are able to
  quote and bind risks across most of the market....
  
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• Opinion: Buberl's knockout blow

  18-04-2018 12:06
  Axa CEO Thomas Buberl had very real issues in selling the
  $15.3bn acquisition of XL to his shareholders even before
  yesterday.
  Axa's investors voted with their feet in the days after the
  deal, with the stock price giving up 16 percent at its lowest
  point.
  The size of the deal clearly blindsided investors. There was
  scepticism around the pivot from life towards P&C and
  particularly into reinsurance.
  And at 1.5x book - or close to 2x tangible book - the...
  
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• Gresham Underwriting signs Axa capacity deal

  18-04-2018 12:06
  The commercial lines MGA Gresham Underwriting has signed a
  three-year capacity deal with Axa for £20mn ($28.6mn), the
  company announced in a Tweet.
  The MGA is also a Lloyd's coverholder. The coverholder
  provides insurance to the retail sector, office owners, the leisure
  industry and landlords. It also provides commercial cover to
  factories, warehouses and other industrial sites.
  Its chief underwriting officer is Robin Munden, a former senior
  executive at Travelers....
  
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• CNA Hardy expands in Asia with Labuan licence

  18-04-2018 12:06
  Lloyd's and company market insurer CNA Hardy has been given
  the green light to open a new licensed office in Malaysia, further
  expanding its presence in Asia.
  Principal officer Rob Hands said having a base in the financial
  centre of Labuan would enable CNA Hardy to lay solid foundations
  for relationships with clients and producers in the region.
  "Our immediate focus in Malaysia will be on the same
  classes of business we offer through our Singapore office," he
  said. These...
  
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• Ex-AA boss Mackenzie sues group for £255m

  18-04-2018 11:25
  Ex-AA CEO Bob Mackenzie has filed a claim seeking £225m in damages from the group.
  
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• Ex-AA boss Bob Mackenzie seeking up to £225m in damages

  18-04-2018 10:20
  Former chairman removed from role in August 2017.
  
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• Motor premiums have already started to fall: Fitch

  18-04-2018 09:29
  Insurers have already started to reduce motor premiums ahead of the government’s proposed whiplash and discount rate reforms.
  
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• Motor premiums have already started to fall

  18-04-2018 09:29
  Insurers have already started to reduce motor premiums ahead of the government’s proposed whiplash and discount rate reforms.
  
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• Blog: Time to talk about psychological rehab 

  18-04-2018 07:00
  Insurers must embrace psychological rehabilitation in the same way that they have physical, explains Jonny Cook, founder and chairman of Corporé.
  
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• European insurers turn to equities in hunt for returns

  18-04-2018 06:00
  Since 2011 €200bn has been moved out of fixed-income investments
  
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• Munich Re names Homm as InsurTech unit CFO

  18-04-2018 01:04
  Munich Re Digital Partners named Angela Homm as global CFO and
  senior director of risk and finance for the group's US
  team.
  For the US business, Homm will oversee enterprise risk
  management, compliance and financial reporting, the company said
  yesterday in a posting on Facebook. In her global role, Homm will
  focus on non-technical accounting, budgeting and planning.
  The executive will start her new job with Munich Re's
  InsurTech-enabling unit on 23 April. The group has worked with
  startups such.
  
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• Fitch stays negative on P&C (re)insurance outlook

  18-04-2018 01:04
  Fitch is maintaining its negative outlook on the property and
  casualty (re)insurance sector, citing an excess of capital and
  strains on pricing.
  (Re)insurers continue to have difficulty raising rates to
  generate sufficient underwriting results and produce adequate
  returns on capital, the credit ratings provider said yesterday in a
  report.
  "Competitive market conditions and low investment yields,
  particularly in the US and UK, are making it difficult for
  (re)insurers," said Mark Rouck, group cred
  
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• Broker M&A eases off record pace of 2017: Optis

  18-04-2018 01:04
  Merger and acquisition activity involving insurance brokers fell
  24 percent in the first quarter but remained at an historically
  high level in North America, investment bank Optis Partners said
  today.
  The number of announced deals in the January through March
  quarter fell to 142, down from 186 in the 2017 period, the
  Chicago-based boutique investment bank said. For all of last year,
  the number of transactions surged 33 percent to 611, a record,
  according to Optis data.
  But the dynamics...
  
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