Insurance news

• Opinion: Return to RIMS

  20-04-2018 18:07
  I was last at RIMS almost 20 years ago, and what struck me most
  about my return this week was not the increased scale of the
  conference, but the heightened assault on the insurance industry
  when it comes to the risks it faces and the future it must now
  navigate.
  San Antonio could not have been a more temperate place or
  hospitable host after the tumultuous year the industry has had. The
  breezy 70-degree weather was a blissful respite from...
  
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• IG selects XoL reinsurance tender shortlist

  20-04-2018 18:07
  The International Group of P&I clubs has shortened the list
  of firms being considered to broker its landmark excess of loss
  (XoL) reinsurance programme to four, The Insurance
  Insider can reveal.
  Miller, Aon Benfield, Willis Towers Watson and Guy Carpenter
  have reached the next stage of a tender process to take on the
  placement of the XoL programme, which is the largest by limit in
  the world of its type, stretching to $8.1bn.
  The four brokers were selected two weeks...
  
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• Cobalt exploring internal restructure to launch at Lloyd's

  20-04-2018 18:07
  Shariah-compliant start-up Cobalt is exploring an internal
  restructure that would see Armour executives Brad Huntington and
  John Williams put additional money into the company via investment
  vehicle Trebuchet, The Insurance Insider
  can reveal.
  Cobalt's plans to launch a Lloyd's syndicate have been
  stuck in limbo since it received approval from the Corporation in
  2016.
  Trebuchet, which was part of legacy-focused business Armour
  Holdings until Aquiline's buy-in earlier this year, is already
  a mino
  
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• Ardonagh picks up selected renewal rights from Ageas Retail in £7m deal

  20-04-2018 17:46
  Ageas says sale to Autonet gives customers peace of mind across Kwik Fit Insurance Services, Auto Direct, Cover Direct and Regal.
  
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• Hiller to join Alesco as UK construction chair

  20-04-2018 15:43
  Alesco Risk Management Services has hired Martin Hiller as
  chairman of its UK construction team, The Insurance
  Insider can reveal.
  In his new role, Hiller will report to John Thompson, managing
  partner for construction and energy at Alesco.
  Sources said Hiller would join the AJ Gallagher-owned wholesaler
  on completion of his employment obligations at Willis Towers
  Watson, where he is currently head of international construction
  within its corporate risk and broking unit.
  Hiller joined Willisin S
  
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• Channel Syndicate's A&H head Watson departs

  20-04-2018 15:43
  Gavin Watson, head of accident and health (A&H) at Channel
  Syndicate, has left the firm, The Insurance
  Insider understands.
  Watson had worked at the Scor-backed syndicate since May 2016,
  having moved across from Canopius, where he was latterly head of
  international A&H.
  It is understood that A&H underwriter Natalie Kabban will
  run Channel Syndicate 2015's A&H book for the foreseeable
  future, working with assistant underwriter Leigh McGonagle.
  Kabban has worked at the syndicate si
  
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• CFC terrorism leader moves to ACN

  20-04-2018 15:43
  Luke Overall, a former property and terrorism team leader at
  CFC, has moved to ACN Insurance Brokers, The Insurance
  Insider understands.
  Overall has joined wholesale broker ACN as development manager
  of its program business.
  ACN is owned by Insurance Office of America (IOA), the 12th
  largest retail broker in the US in 2017, according to an
  Insurance Business ranking of premium income. IOA is
  headquartered in Longwood, Florida.
  Overall joined CFC in 2012 from Hiscox. In March 2016 he become...
  
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• Campaigners call for ONS to collate motor data for policymakers

  20-04-2018 15:20
  Exclusive: Campaigners have called for the Office of National Statistics to collate motor insurance statistics for use in parliament.
  
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• US spring storms cause 'hundreds of millions' in losses

  20-04-2018 12:51
  A powerful spring storm system affecting two-thirds of the US
  last week has caused "hundreds of millions" of
  dollars' worth of insured losses, Aon Benfield said.
  In its weekly Impact Forecasting report, the broker said the
  storm system that swept across central and eastern sections of the
  US on 13, 14 and 15 April caused at least six fatalities.
  The storm began in Iowa, Minnesota and Wisconsin with 80 mph
  winds and golf ball-sized hail, the report said.
  "Explosive" thunderstorms...
  
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• Stubbings and Wood leave Guy Carpenter for Aon Benfield

  20-04-2018 12:51
  Guy Carpenter Bermuda CEO Peter Stubbings has resigned from the
  reinsurance broker to join Aon Benfield, The Insurance
  Insider can reveal.
  Aon Benfield has also hired Guy Carpenter managing director Jon
  Wood, who was part of the team that established UK flood
  reinsurance pool Flood Re, according to sources.
  It is understood Stubbings will take up the role of deputy CEO
  of Aon Benfield's Global ReSpecialty division, the broker's
  largest team. He will relocate to London for the role.
  Stubbings...
  
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• RLI president criticises MGAs for 'irrational' pricing

  20-04-2018 12:51
  The president of specialty insurer RLI has accused some MGAs in
  the US market of "irrational behaviour", with business
  still being written at unsustainable rates.
  "To be clear, we are not in a hard market," RLI
  president and COO Craig Kliethermes said on an earnings call on 19
  April.
  He continued: "We still see irrational behaviour in several
  places where MGAs have been given the pen, or standard markets are
  trying to gain a foothold in the specialty space."
  Kliethermes...
  
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• Opinion: Curbing the CFPB

  20-04-2018 12:51
  Insurers and brokers have found a US Senate ally in their drive
  to keep federal regulators from encroaching on the state-based
  system that has guided the industry for more than a century.
  South Carolina Republican Tim Scott, joined by another
  Republican and two Democrats, rolled out a bill on Wednesday (18
  April) that would formally constrain the Consumer Financial
  Protection Bureau (CFPB) when it comes to people involved in a
  state-regulated insurance activity.
  The Business of Insurance Regulat
  
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• Nationwide E&S pulls back from NY construction

  20-04-2018 12:51
  Nationwide's excess and surplus lines (E&S) operation
  has exited the brokered New York construction market amid continued
  challenging underwriting conditions in the segment, The
  Insurance Insider can reveal.
  The E&S giant took the decision to write no new business
  with New York construction exposure from 15 April, with policies
  expiring on or after 1 June 2018 to be non-renewed.
  Sources described the carrier as a leading player in the market,
  with a book of business thought to exceed $10
  
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• Aon's Schultz sees M&A uptick bolstering ILS sector

  20-04-2018 12:51
  Increased (re)insurance M&A activity may spark an increase
  in reinsurance buying and bring more risk to ILS markets, according
  to Aon Securities CEO Paul Schultz.
  Speaking at sister publication Trading
  Risk's London ILS Conference this
  morning, Schultz said that newly combined carriers were initially
  likely to cede out more risk from their combined portfolios in the
  short term to smooth their transition after merging.
  At the same time, the "organic pressures" of rising
  expenses and strong co
  
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• Car insurance prices fall for the third quarter running

  20-04-2018 12:32
  Premiums average £660, as new rules on personal injuries take effect
  
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• This week: Proceedings and premiums

  20-04-2018 11:41
  This week the UK has been focused on court cases and Inquiries.
  
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• Quizzical questions: 20 April 2018

  20-04-2018 11:37
  Test your knowledge of the week's news with our topical quiz.
  
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• Home insurance nudges down in first quarter 2018

  20-04-2018 11:02 via insuranceage.co.uk
  Average premium for a buildings policy same as beginning of 2011.
  
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• One Indemnity adds legal indemnities cover to portfolio

  20-04-2018 11:01
  Division is part of One Broker group.
  
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• Brunel Insurance Brokers achieves chartered status

  20-04-2018 10:47
  Broker says chartered status endorses its professionalism.
  
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• AIG sets up “Brexit-resilient” structure

  20-04-2018 10:43 via insuranceage.co.uk
  AIG has authorised two entities, one in the UK and one in Luxembourg, ahead of the UK leaving the European Union.
  
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• Car premiums dropped in Q1 2018, AA Insurance Index shows

  20-04-2018 10:05 via insuranceage.co.uk
  Reduction means insurance costs are now lower than a year ago.
  
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• US Risk sets up lawyers' liability risk purchasing group

  20-04-2018 09:53
  US Risk Underwriters, a unit of P&C wholesaler US Risk, has
  set up a risk purchasing group to underwrite lawyers'
  professional liability coverage, the company said today.
  The underwriting platform was created to serve firms with up to
  25 lawyers, according to the Dallas-based global specialty lines
  wholesaler.
  The group was established in conjunction with the
  intermediary's Specialty Programs team and "an AM Best A
  rated stable admitted carrier partner".
  US Risk declined to name the insurer.
  
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• East Bay quake could cause $30bn insured loss: CoreLogic

  20-04-2018 09:53
  A hypothetical rupture of the Hayward fault along San
  Francisco's East Bay could create a $30bn insured loss,
  according to CoreLogic, a real estate data and analysis firm.
  The insured loss would account for less than 20 percent of the
  overall private property damage in the region, which could amount
  to $170bn, the company said.
  The $140bn financing shortfall is largely due to the low
  purchase rate of earthquake insurance and "presents a real
  risk to effective regional recovery", CoreLogic...
  
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• AM Best lifts outlook for AmeriTrust companies

  20-04-2018 09:53
  AM Best has revised its outlook for AmeriTrust group companies
  from stable to positive and affirmed their financial strength
  rating of B++.
  The agency also affirmed the companies' long-term credit
  rating of bbb+, reflecting AmeriTrust's "very strong"
  balance sheet, AM Best said.
  It said the positive outlook was a result of AmeriTrust's
  new executive team and their efforts to improve underwriting
  results and develop a sustainable business plan.
  However, the agency warned that unfavourable operati
  
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• My other life: Mark Murray, Allianz Insurance, Countdown champion

  20-04-2018 07:00
  When not working as a credit controller at Allianz Insurance Mark Murray is a champion of the TV quiz show Countdown
  
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• WR Berkley taps Gilbert to oversee certain operations

  20-04-2018 00:57
  James Gilbert has been given oversight responsibilities over
  "certain" WR Berkley operating units, the carrier said
  today, without identifying the businesses.
  Gilbert, whose official title will be executive vice president,
  will be succeeded as president of BerkleyNet Underwriters by Brian
  Douglas.
  President of BerkleyNet since 2014, Gilbert has nearly 30 years
  of experience in the property and casualty (P&C) industry, the
  Greenwich, Connecticut-based insurer said. A company representative
  de
  
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• BB&T Insurance income sags as organic growth doubles

  20-04-2018 00:57
  Insurance income fell 4.8 percent at BB&T Corporation during
  the first quarter, the big US regional bank said today.
  Its brokerage business, however, recorded a 3 percent organic
  revenue growth rate.
  The bank cited an improving economic environment for helping to
  deliver an 11.8 percent increase in new business production in the
  insurance group, up from 3.7 percent in the fourth quarter, and
  doubling its organic growth rate from the 1.5 percent range last
  year.
  The purchase of Regions Insura
  
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• An East Bay quake could mean $30bn loss: CoreLogic

  20-04-2018 00:57
  A hypothetical eruption of the Hayward fault along San
  Francisco's East Bay could create a $30bn insured loss,
  according to CoreLogic, a real estate data and analysis firm.
  The loss would only account for less than 20 percent of the
  overall private property damage in that region, where the eruption
  of the highly dangerous fault line could create $170bn in damage,
  the company said.
  The $140bn financing shortfall is largely due to the low
  purchase rate of earthquake insurance and...
  
  Read more

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