Insurance Industry News

 

Insurance Industry News

Insurance Industry News:

 

  • Munich Re CEO says firm would welcome anchor investor
    Munich Re would be open to a long-term investor taking a large stake in the company, chief executive Joachim Wenning has said. Speaking to Reuters, the CEO said the reinsurer would welcome a primary investor "in principle". However, he added that it was not looking for such an investor and declined to confirm whether Munich Re had received approaches. Wenning's comments come as Japanese technology investor SoftBank is in talks to take a stake in ... read more
    Insurance Insider
  • Munich Re CEO says firm would welcome anchor investor
    Munich Re would be open to a long-term investor taking a large stake in the company, chief executive Joachim Wenning has said. Speaking to Reuters, the CEO said the reinsurer would welcome a primary investor "in principle". However, he added that it was not looking for such an investor and declined to confirm whether Munich Re had received approaches. Wenning's comments come as Japanese technology investor SoftBank is in talks to take a stake in ... read more
    Insurance Insider
  • Lassa fever outbreak slows, reducing risk to pandemic cat bond
    According to the latest official World Health Organisation (WHO) data, the spread of the recent Lassa fever outbreak in Nigeria has slowed and as a result the number of confirmed cases has risen much more slowly in recent weeks, reducing the risk posed to investors in the World Bank’s pandemic swaps and catastrophe bonds. Lassa fever is one of the pandemic risks covered under the terms of the Class B tranches of pandemic swaps and ... read more
    ArtemisBy Artemis
  • Southwest giving passengers $5,000 checks on accident flight
    Business Insurance
  • Lloyd’s CEO Beale and DFID back InsurTech solutions for developing countries
    Beale and Mordaunt showcased how science and technology are promoting the development of innovati ... read more
    Insurtech News
  • Australia’s Tathra and Victoria bushfire losses reach $45mn as clean-up begins
    The Insurance Council of Australia (ICA) has reported that re/insured losses from the Tathra and Victoria bushfires, which struck south-eastern Australia over the 17th and 18th of March 2018, have reached AUD $45 million (USD $35 million), with 1050 claims lodged as the clean-up begins. 65 homes were destroyed by the fire in Tathra, New South Wales, which is believed to have been started by an electrical infrastructure failure. Meanwhile, fires in south-western Victoria burned ... read more
    Reinsurance NewsBy Matt Sheehan
  • InsurTech Tapoly lines up Lloyd’s capacity with Beazley
    Tapoly, a London-based start-up digital MGA, has signed an insurance capacity deal with Beazley, The Insurance Insider can reveal. The agreement means Tapoly is now writing commercial cover on behalf of the Lloyd's carrier. In May, the company will launch on-demand insurance - cover that can be turned on and off over short periods - in the UK and Ireland. As of this month, the company has started selling annual policies using Beazley capacity. Tapoly ... read more
    Insurance Insider
  • Clyde & Co reveals six insurance team partner promotions
    Global law firm Clyde & Co has strengthened its insurance division with six partner promotions focused on varied lines of business across its international network. Two of the firm’s UK insurance sector partner promotions were in its expanding national casualty insurance unit, and includes the promotion of Tony Cawley in the London casualty insurance team, who is set to be joined by the lateral hires of Jennette Newman and Jonathan Edwards from BLM in May, 2018. ... read more
    Reinsurance NewsBy Luke Gallin
  • Louisiana Recovery Group Marshals Cash, Volunteers to Help Flood Victims
    Leslie Garon pressed her right hand to her chest and choked back tears as she addressed more than a dozen green-shirted volunteers in her living room earlier this month. “From the bottom of my heart, I appreciate every one of … ... read more
    Claims JournalBy CAROLINE GRUESKIN, The Advocate
  • Massachusetts Rail System Addressing Engineers With Bad Driving Records
    Massachusetts Governor Charlie Baker is taking steps ensure that commuter rail engineers with poor personal driving records aren’t putting passengers’ safety at risk. The Boston Globe reports the Republican governor notified the Federal Railroad Administration this week that commuter rail … ... read more
    Insurance Journal
  • Connecticut Pizza Shop Owner Pleads Guilty to Fraud Stemming From Fire
    The owner of a Connecticut pizza parlor has pleaded guilty to a fraud charge for setting fire to his own business and then collecting insurance money. Federal prosecutors say 32-year-old Mustafa Zabana, an Iraqi national living in Westfield, Massachusetts, pleaded … ... read more
    Insurance Journal
  • Is 2018 the year of big-ticket M&A deals?
    Deal volume might go down, but dollars could go up ... read more
    Insurance Business MagazineBy Insurance Business
  • Is 2018 the year of big-ticket M&A deals?
    Deal volume might go down, but dollars could go up ... read more
    Insurance BusinessBy Insurance Business
  • Three Men Sentenced in Delaware Murder-For-Hire Scheme
    Three men found guilty in a murder-for-hire scheme in Delaware have been sentenced. News outlets report 46-year-old Ryan Shover, 53-year-old Michael Kman and 55-year-old Paul Disabatino are the last of four men sentenced in the plot in which 43-year-old Wayne … ... read more
    Insurance Journal
  • Munich Re would welcome an anchor investor, CEO says
    Business Insurance
  • New tool to keep your kids safe behind the wheel
    Monitoring solution puts the power in the hands of the parents ... read more
    Insurance Business MagazineBy Insurance Business
  • Lloyd’s collaborates with consulting and InsurTech specialists on Innovation Lab
    Lloyd’s of London, the specialist insurance and reinsurance marketplace, is to collaborate with The Boston Consulting Group (BCG) and innovation and InsurTech specialist, L Marks on the development and operation of its planned technology Innovation Lab. Announced in February, the Lab is set to launch in September 2018 and will focus on designing and testing technology-driven solutions for the Lloyd’s market, with support and active involvement from Lloyd’s market participants. BCG will work alongside the ... read more
    Reinsurance NewsBy Matt Sheehan
  • Blue Capital among ILS funds hit by hurricane loss creep in March
    Stock exchange listed ILS and collateralized reinsurance investment strategy the Blue Capital Alternative Income Fund, suffered a -2.62% loss in March 2018, as hurricane Irma loss estimates were increased by counterparties, a factor that has negatively affected a number of ILS funds for the month. Ever since the major hurricanes of 2017, in particular Harvey and Irma, some ILS funds have been finding that losses are creeping upwards as counterparties gain increasingly clarity over their ... read more
    ArtemisBy Artemis
  • Let’s call it what it is.
    Opioid prescriptions continue to drop, down 22% from 2013 – 2017. That’s great news indeed…but there are still far too many. The press release from the AMA calls for more Medication-Assisted Therapy, expanded treatment and access to that treatment  – all needed. One statement in the AMA release really bothers me: Physicians and other stakeholders accept that bold action is needed. We go where the evidence leads us. Bullshit. Reality is, too many prescribers went ... read more
    Joe PadudaBy Joe Paduda
  • Gibraltar guaranteed post-Brexit access to UK markets
    The UK government has guaranteed continued access to UK markets until 2020 for Gibraltar-based financial services firms, regardless of the Brexit deal ... read more
    Captive Insurance Times
  • Nissan captive ratings gear up
    Nissan Global Reinsurance has had its financial strength rating upgraded from A- (Excellent) to A (Excellent) and its long-term issuer credit rating upgraded from “a-” to “a” by A.M. Best ... read more
    Captive Insurance Times
  • Sedgwick acquires Cunningham Lindsey
    Sedgwick has completed the acquisition of claims management and risk solutions firm Cunningham Lindsey ... read more
    Captive Insurance Times
  • MGAA Launches Chrysalis Initiative for Next Generation of Insurance Professionals
    The UK-based Managing General Agents’ Association (MGAA) hopes its launch of Chrysalis, a dedicated community for MGAs to share innovation and expertise, will represent the interests of the next generation of industry professionals. The group sees Chrysalis encouraging change through … ... read more
    Insurance Journal
  • Alesco appoints Martin Hiller as Chairman of UK Construction team
    Alesco Risk Management Services has announced the appointment of Martin Hiller as Chairman of its UK Construction team. Hiller joins Alesco from Willis Towers Watson, where he was most recently Head of International Construction within its corporate risk and broking unit. Before this, he spent 10 years at JLT, first as Managing Director of the company’s Construction division, and later as Head of Specialty. He is due to take up his new position as Chairman ... read more
    Reinsurance NewsBy Matt Sheehan
  • Stenson joins Conyers Dill in Cayman
    Conyers Dill and Pearman has appointed Derek Stenson as partner in its Cayman Islands corporate practice ... read more
    Captive Insurance Times
  • Kansas passes new captive bill
    The Kansas state government has passed a bill to update and modernise its captive insurance law ... read more
    Captive Insurance Times
  • Barbican considering RITC for 2016 and prior years
    Barbican is exploring the possibility of a reinsurance-to-close (RITC) transaction for the 2016 and prior years of account (YoAs), The Insurance Insider understands. The Lloyd's carrier has asked Aon Benfield to initiate soft conversations with RITC carriers to explore its options for a transaction, although there is no certainty a deal will eventually be agreed. The reserves which would come under any RITC deal would likely run into the hundreds of millions of pounds, sources ... read more
    Insurance Insider
  • Willis Re Reinsurance Market Report April 2018: Results for year-end 2017
    The report provides in-depth analysis of the size and performance of the reinsurance industry, based on the Willis Reinsurance Index group of companies. ... read more
    Willis Insights
  • WTW appoints global captive practice lead
    Willis Towers Watson has promoted Ciaran Healy to head of international development and consulting of their global captive practice. ... read more
    Captive Insurance Times
  • Sedgwick appoints new CEO for Ireland
    Sedgwick, a provider of technology-enabled business solutions in the risk and benefits space, has appointed Malcolm Hughes as CEO for Ireland ... read more
    Captive Insurance Times
  • Rating of Redding Funding secured notes affirmed
    A.M. Best has affirmed the long-term issuer credit rating of “a+” on the initial $1.2 billion of 5.75 percent secured notes issued by Redding Funding, a wholly owned subsidiary of Wilton Re ... read more
    Captive Insurance Times
  • Zurich drafts in KPMG for £1.6bn UK EL legacy disposal
    Zurich has appointed KPMG to advise on the long-awaited disposal of its £1.6bn ($2.24bn) legacy UK employers' liability (EL) book, The Insurance Insider can reveal. Sources told this publication KPMG was likely to invite a select pool of run-off carriers to the bidding process, given the size of the portfolio. At around £1.6bn of reserves, legacy acquirers of suitable scale would include Enstar, Catalina, Berkshire Hathaway, Swiss Re and Riverstone. It is further understood that ... read more
    Insurance Insider
  • Munich Re open to offer from anchor investor: CEO Wenning
    At a time when reinsurers have been increasingly under pressure, it seems having major financial backers is becoming increasingly attractive and now reinsurance giant Munich Re is said to be open to having an anchor investor on-board. In an interview with Reuters, Munich Re CEO Joachim Wenning said that he would “welcome” an anchor investor in the firm, in principle. The statement comes at a time when competitor Swiss Re is deep in talks with ... read more
    Reinsurance NewsBy Steve Evans
  • Texas welcomes 8 captives in 2017
    Texas saw eight new captive formations last year, according to figures from the Texas Captive Insurance Association ... read more
    Captive Insurance Times
  • Reinsurance market stable in 2017 despite catastrophe loss activity
    The reinsurance market remains stable in 2017 despite catastrophe loss activity according to the Willis Re Reinsurance Market Report ... read more
    Captive Insurance Times
  • The hard truth on insurance and telematics
    Whiplash, staged accidents, Ogden, fronting, ghost broking – you name it, motor insurers ha ... read more
    Insurtech News
  • How the insurtech wave revitalized the insurance talent pool
    One of the challenges the insurance industry has been battling over the past decade or so has bee ... read more
    Insurtech News
  • Vegard Nilsen named CEO at Securis, Procter to focus on investments
    Securis Investment Partners LLP, the London-based ILS investment manager, has named long-standing employee and previous Chief Operating Officer Vegard Nilsen as the firm’s new Chief Executive Officer, while co-founder Rob Procter continues as Chief Investment Officer. Nilsen has been with Securis since the ILS fund manager began in 2005, working his way up to the Chief Operating Officer (COO), leading the investment managers operations through a time of growth and expansion. Now, Nilsen takes on ... read more
    ArtemisBy Artemis
  • Lloyd’s picks L Marks and BCG for innovation lab
    Lloyd's has selected Boston Consulting Group (BCG) and venture capital and innovation adviser L Marks to work on the Lloyd's Lab project, a testing area for market innovation. In February Lloyd's said it would create a research and development area on the fourth floor of One Lime Street. L Marks has worked with companies including EDF Energy and BMW. BCG has been deeply involved in the London InsurTech start-up community. BCG principal Paolo Cuomo was ... read more
    Insurance Insider
  • Lloyd’s picks L Marks and BCG for innovation lab
    Lloyd's has selected Boston Consulting Group (BCG) and venture capital and innovation adviser L Marks to work on the Lloyd's Lab project, a testing area for market innovation. In February Lloyd's said it would create a research and development area on the fourth floor of One Lime Street. L Marks has worked with companies including EDF Energy and BMW. BCG has been deeply involved in the London InsurTech start-up community. BCG principal Paolo Cuomo was ... read more
    Insurance Insider
  • Willis: Alternative capital up 17% to $88bn
    Alternative reinsurance capital increased by 17 percent to $88bn by year-end 2017, despite last year's catastrophe losses, Willis Re has said in its latest Reinsurance Market Report. This put the total $13bn ahead of the broker's $75bn year-end 2016 figure. The firm's percentage increase is higher than the 10 percent reported in Aon Benfield in its market outlook report, with the difference reflecting a differing view on the level of alternative capital prior to 2017. ... read more
    Trading Risk
  • Willis: Alternative capital up 17% to $88bn
    Alternative reinsurance capital increased by 17 percent to $88bn by year-end 2017, despite last year's catastrophe losses, Willis Re has said in its latest Reinsurance Market Report. This put the total $13bn ahead of the broker's $75bn year-end 2016 figure. The firm's percentage increase is higher than the 10 percent reported in Aon Benfield in its market outlook report, with the difference reflecting a differing view on the level of alternative capital prior to 2017. ... read more
    Trading Risk
  • Nilsen named new CEO of Securis
    Vegard Nilsen has been promoted to the role of chief executive officer of London-based ILS manager Securis Investment Partners after a fresh organisational restructure. Nilsen was previously chief operating officer at the firm, where he has worked for 13 years after joining in 2005 as one of its earliest team members. Before joining Securis, he was operations manager at ORN Capital. Nilsen takes over day-to-day running of the firm from CEO and chief investment officer ... read more
    Trading Risk
  • Nilsen named new CEO of Securis
    Vegard Nilsen has been promoted to the role of chief executive officer of London-based ILS manager Securis Investment Partners after a fresh organisational restructure. Nilsen was previously chief operating officer at the firm, where he has worked for 13 years after joining in 2005 as one of its earliest team members. Before joining Securis, he was operations manager at ORN Capital. Nilsen takes over day-to-day running of the firm from CEO and chief investment officer ... read more
    Trading Risk
  • IAG to sell Southeast Asian businesses
    Insurance Australia Group Ltd. plans to sell its four Southeast Asian businesses in deals that could be valued at about $500 million. ... read more
    Business Insurance
  • IAG to sell Southeast Asian businesses
    Insurance Australia Group Ltd. plans to sell its four Southeast Asian businesses in deals that could be valued at about $500 million. ... read more
    Business Insurance
  • Miners granted more time to negotiate claims worth billions of dollars
    A Brazilian court has granted an additional 66 days until June 25 for miners Australia-based BHP Billiton Group, Brazil-based Vale S.A. and their joint venture Samarco Mineracao S.A. to negotiate a settlement of civil claims worth billions of dollars. ... read more
    Business Insurance
  • Miners granted more time to negotiate claims worth billions of dollars
    A Brazilian court has granted an additional 66 days until June 25 for miners Australia-based BHP Billiton Group, Brazil-based Vale S.A. and their joint venture Samarco Mineracao S.A. to negotiate a settlement of civil claims worth billions of dollars. ... read more
    Business Insurance
  • Rail freight disruption causes nearly $2.5 billion in economic losses: Report
    A report found that the August 2017 Rastatt Tunnel collapse in Germany disrupted rail freight traffic on the Karlsruhe-Basel line of the Rhine-Alphine Corridor for seven weeks and caused more than €2 billion ($2.4 billion) in economic losses. ... read more
    Business Insurance
  • Rail freight disruption causes nearly $2.5 billion in economic losses: Report
    A report found that the August 2017 Rastatt Tunnel collapse in Germany disrupted rail freight traffic on the Karlsruhe-Basel line of the Rhine-Alphine Corridor for seven weeks and caused more than €2 billion ($2.4 billion) in economic losses. ... read more
    Business Insurance
  • Dozens of shops looted amid protests in Nicaragua
    Protests against social security reforms led to looting of dozens of shops in the Nicaraguan capital Managua on April 22. ... read more
    Business Insurance
  • Dozens of shops looted amid protests in Nicaragua
    Protests against social security reforms led to looting of dozens of shops in the Nicaraguan capital Managua on April 22. ... read more
    Business Insurance
  • Saudi insurers’ profit declines 55%: Report
    A report by U.S.-based S&P Global Ratings Inc. found that Saudi Arabian insurers' aggregate net income declined 55% to more than 1 billion Saudi Arabian riyals ($267 million) in 2017 from SAR 2.5 billion in 2016. ... read more
    Business Insurance
  • Saudi insurers’ profit declines 55%: Report
    A report by U.S.-based S&P Global Ratings Inc. found that Saudi Arabian insurers' aggregate net income declined 55% to more than 1 billion Saudi Arabian riyals ($267 million) in 2017 from SAR 2.5 billion in 2016. ... read more
    Business Insurance
  • Egyptian insurers’ profit rises nearly 70%
    Data from Egypt's Financial Regulatory Authority showed that local insurers' aggregate profits grew 68% year over year to more than 4 billion Egyptian pounds ($237 million) for the financial year ended June 30, 2017. ... read more
    Business Insurance
  • Egyptian insurers’ profit rises nearly 70%
    Data from Egypt's Financial Regulatory Authority showed that local insurers' aggregate profits grew 68% year over year to more than 4 billion Egyptian pounds ($237 million) for the financial year ended June 30, 2017. ... read more
    Business Insurance
  • XL Catlin binds first political risk policy on London market’s PPL
    Bermuda-based XL Catlin has become the first insurer to bind a political risk policy on the London Market Group’s (LMG) electronic placing platform, PPL, the company has announced. PPL, the London market’s electronic placing platform, went live in July 2016, and recently announced the addition of Accident & Health (A&H) business to its suite of risk classes available to both brokers and underwriters in the marketplace. Now, global insurer and reinsurer XL Catlin has announced ... read more
    Reinsurance NewsBy Luke Gallin
  • Trapped retro capital may prove to be lost
    An "awful lot" of trapped ILS capital may turn out to be lost capital as 2017 claims evolve, chief underwriting officer at QBE Re Jonathan Parry said during a panel debate yesterday at Trading Risk's London ILS event. Parry was among a group of industry experts discussing the retro market's reaction to last year's losses at the event. Kinesis CEO Darren Redhead noted that losses at some retro funds were already significantly higher than when ... read more
    Trading Risk
  • Trapped retro capital may prove to be lost
    An "awful lot" of trapped ILS capital may turn out to be lost capital as 2017 claims evolve, chief underwriting officer at QBE Re Jonathan Parry said during a panel debate yesterday at Trading Risk's London ILS event. Parry was among a group of industry experts discussing the retro market's reaction to last year's losses at the event. Kinesis CEO Darren Redhead noted that losses at some retro funds were already significantly higher than when ... read more
    Trading Risk
  • South Korea Insurers’ RBC Ratio Declined in 2017
    South Korean insurance companies posted a decline in their risk-based capital ratio in 2017 as interest rate increases and dividend payouts reduced their available capital, according to the Financial ... read more
    AM Best TV
  • Swiss Re shareholders approve new board members, buy-back & dividend plans
    At the company’s Annual General Meeting (AGM) in Zurich, Swiss Re’s shareholders approved all proposals put forward by the Board of Directors, which included the election of three new board members, a public share buy-back plan, and a 3.1% increase in regular dividend to CHF 5.00 per share. Shareholders authorised a CHF 1.0 billion public share buy-back programme, which was proposed in March alongside adjustments to regular dividend rates. They also endorsed the election of ... read more
    Reinsurance NewsBy Matt Sheehan
  • Business News: Sedgwick, Verisk, CLARA Analytics
    Sedgwick has finalized the purchase of global loss adjusting, claims management and risk solutions firm Cunningham Lindsey and its subsidiaries. The combined organization—including the subsidiaries of Sedgwick, Vericlaim and Cunningham Lindsey, with select exceptions—will move toward operating globally under the … ... read more
    Claims Journal
  • Business News: Sedgwick, Verisk, CLARA Analytics
    Sedgwick has finalized the purchase of global loss adjusting, claims management and risk solutions firm Cunningham Lindsey and its subsidiaries. The combined organization—including the subsidiaries of Sedgwick, Vericlaim and Cunningham Lindsey, with select exceptions—will move toward operating globally under the … ... read more
    Claims Journal
  • Stubbings to join Aon Benfield retro team
    Peter Stubbings has resigned from his role as Guy Carpenter Bermuda CEO and is set to join the retro team at Aon Benfield, sister publication The Insurance Insider reported. 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 was made CEO of Guy Carpenter's Bermuda operations in 2016. Aon Benfield has also hired ... read more
    Trading Risk
  • Stubbings to join Aon Benfield retro team
    Peter Stubbings has resigned from his role as Guy Carpenter Bermuda CEO and is set to join the retro team at Aon Benfield, sister publication The Insurance Insider reported. 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 was made CEO of Guy Carpenter's Bermuda operations in 2016. Aon Benfield has also hired ... read more
    Trading Risk
  • Opinion: Part VII procrastination
    And it's off, sweeping past its rivals and getting into its stride. The ground is soft, the fences are steep but it's looking determined. Could it, possibly, win the day? AIG Europe may not have the grace and agility of Grand National winner Tiger Roll. And there will be no £500,000 prize for CEO Anthony Baldwin for restructuring his business into new UK and European Economic Area (EEA) entities in time for Brexit. But by ... read more
    Insurance Insider
  • Opinion: Part VII procrastination
    And it's off, sweeping past its rivals and getting into its stride. The ground is soft, the fences are steep but it's looking determined. Could it, possibly, win the day? AIG Europe may not have the grace and agility of Grand National winner Tiger Roll. And there will be no £500,000 prize for CEO Anthony Baldwin for restructuring his business into new UK and European Economic Area (EEA) entities in time for Brexit. But by ... read more
    Insurance Insider
  • Hurricane Harvey Research Shows Most Fatalities Occurred Outside Flood Zones
    A Dutch-Texan team found that most Houston-area drowning deaths from Hurricane Harvey occurred outside the zones designated by government as being at higher risk of flooding: the 100- and 500-year floodplains. Harvey, one of the costliest storms in US history, … ... read more
    Claims Journal
  • Hurricane Harvey Research Shows Most Fatalities Occurred Outside Flood Zones
    A Dutch-Texan team found that most Houston-area drowning deaths from Hurricane Harvey occurred outside the zones designated by government as being at higher risk of flooding: the 100- and 500-year floodplains. Harvey, one of the costliest storms in US history, … ... read more
    Claims Journal
  • Alternative capital grew 17% in 2017, driving reinsurance capacity higher
    Alternative reinsurance capital was once again largely responsible for the expansion of global reinsurance capacity in 2017, as insurance-linked capacity grew by 17% to $88 billion by the end of the year, outpacing traditional reinsurance capital significantly, according to Willis Re. The result is a global reinsurance market once again characterised by excess capacity, which has helped to dampen the hoped for rate rises at renewals so far this year. James Kent, Global CEO, Willis ... read more
    ArtemisBy Artemis
  • IAG sells Asian businesses: report
    Australian carrier IAG is set to dispose of its four businesses in Southeast Asia in deals worth around $500mn, according to a Reuters report. The carrier is understood to be selling its operations in Malaysia, Thailand, Vietnam and Indonesia following a review of its Asian operations. IAG's move to exit Southeast Asia comes as the insurer continues to struggle with the performance of its Asian business segment. The carrier's Asian segment reported a A$3mn ($2.3mn) ... read more
    Insurance Insider
  • IAG sells Asian businesses: report
    Australian carrier IAG is set to dispose of its four businesses in Southeast Asia in deals worth around $500mn, according to a Reuters report. The carrier is understood to be selling its operations in Malaysia, Thailand, Vietnam and Indonesia following a review of its Asian operations. IAG's move to exit Southeast Asia comes as the insurer continues to struggle with the performance of its Asian business segment. The carrier's Asian segment reported a A$3mn ($2.3mn) ... read more
    Insurance Insider
  • Price drops 15% for Pelican Re cat bond
    Pricing for the Pelican IV Re 2018-1 cat bond has decreased 15 percent, despite the new inclusion of thunderstorm risk. Louisiana Citizens Property Insurance Corporation is now offering a spread guidance of 200-225 basis points (bps) for the single tranche Pelican Re class A notes, while the size of the layer has remained fixed at $100mn. The cat bond will provide the insurer with protection against named storms and severe thunderstorms in the state of ... read more
    Trading Risk
  • Price drops 15% for Pelican Re cat bond
    Pricing for the Pelican IV Re 2018-1 cat bond has decreased 15 percent, despite the new inclusion of thunderstorm risk. Louisiana Citizens Property Insurance Corporation is now offering a spread guidance of 200-225 basis points (bps) for the single tranche Pelican Re class A notes, while the size of the layer has remained fixed at $100mn. The cat bond will provide the insurer with protection against named storms and severe thunderstorms in the state of ... read more
    Trading Risk
  • IRC: Auto Injury Claims Costs Outpace Inflation, Lawyer Involvement Increases
    A new study from the Insurance Research Council (IRC) shows that claimed economic losses for auto bodily injury liability (BI) insurance claims increased 10 percent annualized from 2012 to 2017, substantially above the medical inflation rate of 3 percent over … ... read more
    Claims Journal
  • IRC: Auto Injury Claims Costs Outpace Inflation, Lawyer Involvement Increases
    A new study from the Insurance Research Council (IRC) shows that claimed economic losses for auto bodily injury liability (BI) insurance claims increased 10 percent annualized from 2012 to 2017, substantially above the medical inflation rate of 3 percent over … ... read more
    Claims Journal
  • Insurers contend with blowback toward IoT initiatives
    Insurance companies are embracing the Internet of Things and connected devices at a growing rate, ... read more
    Insurtech News
  • Ping An Good Doctor Starts Preparing $1.1 Billion Hong Kong IPO
    Ping An Good Doctor, a unit of China’s biggest insurer by market value, attracted cornersto ... read more
    Insurtech News
  • More reinsurance capital to deploy in spite of losses, reports Willis Re
    Willis Re, the reinsurance arm of international broker Willis Towers Watson, has reported that shareholders’ equity in 34 reinsurance firms tracked via the Willis Reinsurance Index increased to $371 billion at the end of 2017, with alternative capital increasing also, to $88 billion. The year-on-year growth in shareholders’ equity of 7.8% to $371 billion occurred despite the impacts of 2017 catastrophe events, which, according to Willis Re led to a weighted combined ratio of 104.8%, ... read more
    Reinsurance NewsBy Luke Gallin
  • Liberty Mutual hits insurance agent with trade secrets lawsuit
    Former sales representative sued for allegedly referring customer to a competitor ... read more
    Insurance Business MagazineBy Insurance Business
  • Guest  Post: The State of Securities Litigation After Cyan
    As I noted at the time, on March 20, 2018, the U.S. Supreme Court issued its unanimous decision in Cyan, Inc. v. Beaver County Employees Retirement Fund, holding that state courts retain concurrent jurisdiction for liability actions under the Securities Act of 1933. In the following guest post, Doug Greene, Jessie Gabriel, Marco Molina, and Brian Song of the Baker & Hosteler law firm take a comprehensive look at the decision, including its context and ... read more
    D&O DiaryBy Kevin LaCroix
  • Green earthquake alert (Magnitude 5.6M, Depth:10km) in Indonesia 23/04/2018 08:13 UTC, About 60000 people within 100km.
    On 4/23/2018 8:13:58 AM, an earthquake occurred in Indonesia potentially affecting About 60000 people within 100km. The earthquake had Magnitude 5.6M, Depth:10km. ... read more
    Global Disaster
  • Green earthquake alert (Magnitude 5.6M, Depth:10km) in Indonesia 23/04/2018 08:13 UTC, About 60000 people within 100km.
    On 4/23/2018 8:13:58 AM, an earthquake occurred in Indonesia potentially affecting About 60000 people within 100km. The earthquake had Magnitude 5.6M, Depth:10km. ... read more
    Global Disaster
  • Reinsurer ex-cat AY combined ratio 94.6% for 2017: Willis Re
    The average ex-cat accident-year (AY) combined ratio at global reinsurers stood at 94.6 percent for 2017, a 0.1-point deterioration on 2016 and 4.4 points worse than 2011, according to Willis Re's latest Reinsurance Market Report. In its analysis, Willis Re compared the 2017 underwriting result with those of 2005 and 2011, the last two years which also suffered severe catastrophe losses. Since 2005, the global reinsurers studied by Willis Re have taken an additional 5.4 ... read more
    Insurance Insider
  • Mitchell: Workers’ Comp Billing Errors Could Be Costing Payors
    Inappropriate coding and unbundling were two of the most common billing issues Mitchell found during their medical billing audit. The analysis was presented in Mitchell’s Q1 2018 Industry Trends Report. The author of the first in a three part series … ... read more
    Claims Journal
  • N.J. High Court Rules That Phantom Vehicles Can Be Allocated Fault
    The New Jersey case of Mark R. Krzykalski v. David T. Tindall involves an auto accident where both the plaintiff and the defendant were in the left lane turning left through an intersection. An unidentified driver turned unexpectedly from the … ... read more
    Claims JournalBy Denise Johnson
  • What Happens When a Plane Ruptures: Violent Winds, Flying Debris
    When even a small hole suddenly opens in a jetliner flying miles above the Earth, it unleashes hurricane-like forces. Everything that’s not strapped down flies toward the opening. The wind can easily lift a person up and out of the … ... read more
    Claims JournalBy Alan Levin and Ryan Beene
  • Louisiana Citizens $100m Pelican IV Re 2018 follows cat bond price trend (down)
    The latest catastrophe bond from Louisiana Citizens Property Insurance Corporation looks set to follow the market trend in 2018, as the price guidance gets reduced, falling below the initial marketed range for its $100 million Pelican IV Re Ltd. (Series 2018-1) cat bond. Louisiana Citizens returned to the cat bond market recently, seeking what will be its first multi-peril source of collateralized reinsurance from the cat bond market. For the property insurer of last resort ... read more
    ArtemisBy Artemis
  • Insurance distribution M&A’s increased in 2017 in drive for scale & efficiency: Conning
    2017 was a trail-blazing year for insurance distribution and services mergers & acquisitions (M&A) with the distribution space leading the way driven by the search for greater scale and efficiency, according to a recent Conning report. Matt Sternat, Vice President, Insurance Research at Conning, said; “2017 global insurance distribution merger and acquisition transaction counts eclipsed both the prior year and the previous five-year average. “Despite all-time highs in private valuations, retail agent and broker acquisitions ... read more
    Reinsurance NewsBy Staff Writer
  • Hayward quake scenario warns of $170bn damages to San Francisco area
    Property analytics company CoreLogic has assessed the financial implications of the HayWired earthquake scenario, a study that modelled the impact of a hypothetical magnitude 7.0 earthquake along the Hayward fault, finding that property damage could total US $170 billion – most of which would be uninsured. USGS satellite photo of the San Francisco Bay Area The Haywired scenario calculated the potential impact of a Hayward fault earthquake on the surrounding San Francisco Bay Area, and ... read more
    Reinsurance NewsBy Matt Sheehan
  • Best’s Market Segment Outlook: Italian Non-Life Sector is Stable
    LONDON--(BUSINESS WIRE)--A.M. Best has a stable outlook on the Italian non-life insurance market. The sector has a good record of technical profitability, which is expected to be maintained in the medium term. A.M. Best estimates that over the period 2012 to 2016 inclusive, its net combined ratio averaged 94%, which compares favourably with that of other European countries. Strong competition is putting pressure on rates for motor business, which represents about half of the market’s ... read more
    AM Best
  • A.M. Best’s Market Segment Outlook: Prospettive Stabili per il Mercato Assicurativo Italiano per il Ramo Danni
    LONDRA--(BUSINESS WIRE)--A.M. Best ritiene che le prospettive del mercato assicurativo italiano per il ramo danni siano stabili. Storicamente, il comparto vanta buoni risultati in termini di redditività tecnica, che si prevede possa essere mantenuta nel medio periodo. Secondo le stime di A.M. Best, tra il 2012 ed il 2016, il combined ratio netto medio si è attestato al 94%, tra i migliori a livello europeo. Sebbene l’elevato livello di concorrenza continui ad esercitare pressioni sui ... read more
    AM Best
  • Best of Artemis, week ending 22nd April 2018
    Here are the ten most popular news articles, week ending 22nd April 2018, covering catastrophe bonds, ILS, reinsurance capital and related risk transfer topics. To ensure you never miss a thing subscribe to the weekly Artemis email newsletter updates or get our email alerts for every article we publish.Tickets are available now for our upcoming insurance-linked securities (ILS) conference in Asia. ILS Asia 2018 will be held in Singapore on July 12th 2018. Tickets are ... read more
    ArtemisBy Artemis
  • Hartford Insurtech Hub Gives 10 Startups Shots at Partnerships with Insurers
    Emerging from a 10-week accelerator program, 10 technology-powered insurance startups presented their ideas for enhanced customer engagement, cyber security, digital health, smart home products and supply chain management at the first annual Demo Day sponsored by Hartford InsurTech Hub last … ... read more
    Insurance JournalBy Pamela Simpson
  • AssuredPartners Acquires The Elan Group of Florida
    AssuredPartners, Inc. has acquired The Elan Group of Tampa, Fla., an employee benefits firm specializing in the design, enrollment and service of employee benefits plans. The company’s staff of 21 will remain under the leadership of CEO Ross Hays and … ... read more
    Insurance Journal
  • AssuredPartners Acquires The Elan Group of Florida
    AssuredPartners, Inc. has acquired The Elan Group of Tampa, Fla., an employee benefits firm specializing in the design, enrollment and service of employee benefits plans. The company’s staff of 21 will remain under the leadership of CEO Ross Hays and … ... read more
    Insurance Journal
  • K&K Insurance Launches Program for eSports Teams, Events
    K&K Insurance Group, Inc., a subsidiary of Aon plc has launched a new insurance program designed for the emerging market of eSports teams and events. Coverage offered includes sanctioned events, office premises, scheduled premises of the eSport team practices, participation … ... read more
    Insurance Journal
  • A.M. Best Downgrades Credit Ratings of Florida-Based MedMal Direct Insurance
    A.M. Besthas downgraded the Financial Strength Rating to B- (Fair) from B++ (Good) and the Long-Term Issuer Credit Rating to “bb-” from “bbb” of MedMal Direct Insurance Co., headquartered in Jacksonville, Fla. The outlook of these Credit Ratings (ratings) has … ... read more
    Insurance Journal
  • A.M. Best Downgrades Credit Ratings of Florida-Based MedMal Direct Insurance
    A.M. Besthas downgraded the Financial Strength Rating to B- (Fair) from B++ (Good) and the Long-Term Issuer Credit Rating to “bb-” from “bbb” of MedMal Direct Insurance Co., headquartered in Jacksonville, Fla. The outlook of these Credit Ratings (ratings) has … ... read more
    Insurance Journal
  • Reinsurance sector’s capital levels unmoved by disasters
    Cost of last year’s hurricanes and earthquakes offset by investment returns ... read more
    Financial Times
  • DWS CEO on turbulence at the top of Deutsche Bank
    Nicolas Moreau discusses the first few weeks since spinning off the asset management arm ... read more
    Financial Times
  • DWS CEO on turbulence at the top of Deutsche Bank
    Nicolas Moreau discusses the first few weeks since spinning off the asset management arm ... read more
    Financial Times
  • U.S., Europe Order Emergency Checks on 700 Engines Like One in Southwest Accident
    U.S. and European airline regulators on Friday ordered emergency inspections within 20 days of nearly 700 aircraft engines similar to the one involved in a fatal Southwest Airlines engine blowout last week, citing risks of a similar mishap. The directives … ... read more
    Insurance JournalBy David Shepardson and Tim Hepher
  • U.S., Europe Order Emergency Checks on 700 Engines Like One in Southwest Accident
    U.S. and European airline regulators on Friday ordered emergency inspections within 20 days of nearly 700 aircraft engines similar to the one involved in a fatal Southwest Airlines engine blowout last week, citing risks of a similar mishap. The directives … ... read more
    Insurance JournalBy David Shepardson and Tim Hepher
  • Australia Looks to Heavy Fines to Punish Financial Services Wrongdoing
    Australia’s competition watchdog on Monday supported massive increases in financial penalties for companies caught doing the wrong thing, after widespread misconduct was exposed by an ongoing inquiry into the financial sector. Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims … ... read more
    Insurance JournalBy Paulina Duran
  • Australia Looks to Heavy Fines to Punish Financial Services Wrongdoing
    Australia’s competition watchdog on Monday supported massive increases in financial penalties for companies caught doing the wrong thing, after widespread misconduct was exposed by an ongoing inquiry into the financial sector. Australian Competition and Consumer Commission (ACCC) Chairman Rod Sims … ... read more
    Insurance JournalBy Paulina Duran
  • Building for Resilience: How to Avoid a Catastrophe Model Failure: Part I
    Imelda Powers, Global Chief Catastrophe Modeler Contact Since commercial catastrophe (CAT) models were first introduced in the 1980s, they have evolved as new scientific discoveries and claims... ... read more
    GC Capital IdeasBy GC Editor
  • Facebook to Keep 70% of Users from Falling Under EU’s New Privacy Protections: Reuters
    If a new European law restricting what companies can do with people’s online data went into effect tomorrow, almost 1.9 billion Facebook Inc. users around the world would be protected by it. The online social network is making changes that … ... read more
    Insurance JournalBy David Ingram
  • Facebook to Keep 70% of Users from Falling Under EU’s New Privacy Protections: Reuters
    If a new European law restricting what companies can do with people’s online data went into effect tomorrow, almost 1.9 billion Facebook Inc. users around the world would be protected by it. The online social network is making changes that … ... read more
    Insurance JournalBy David Ingram
  • Wells Fargo to Pay $1 Billion Fine for Mortgage, Insurance Sales Abuses
    Wells Fargo & Co. will pay $1 billion to settle with U.S. regulators who say the bank wrongly layered insurance on hundreds of thousands of drivers and routinely hit homebuyers with excessive fees, officials said on Friday. The penalty was … ... read more
    Insurance JournalBy Patrick Rucker
  • Blackstone Wants to Manage More Insurance Money
    Bets on Spanish housing and oil assets helped Blackstone Group LP mitigate stock market jitters that weighed on it in the first quarter, with earnings at the world’s largest manager of alternative assets falling less than expected. Profits have soared … ... read more
    Insurance JournalBy Joshua Franklin
  • ProSight Specialty Kicks Off Direct Sales Platform With Online Offering for DJs
    ProSight Specialty Insurance (ProSight) has launched ProSight Direct, an online sales platform that allows potential insureds purchase insurance coverage through a simplified application. Because of ProSight’s experience in the live entertainment segment, it has kicked off the new Direct platform … ... read more
    Insurance Journal
  • ProSight Specialty Kicks Off Direct Sales Platform With Online Offering for DJs
    ProSight Specialty Insurance (ProSight) has launched ProSight Direct, an online sales platform that allows potential insureds purchase insurance coverage through a simplified application. Because of ProSight’s experience in the live entertainment segment, it has kicked off the new Direct platform … ... read more
    Insurance Journal
  • Southwest Sends $5K to Each Passenger on Engine Failure Flight
    Southwest Airlines Co. confirmed Friday it has sent $5,000 checks to passengers aboard a flight that made an emergency landing this week after an engine failed, killing a passenger. The airline confirmed news reports from passengers it had sent the … ... read more
    Insurance JournalBy David Shepardson
  • 2017 Comp Laude® – MSP Series: Preparing to Settle: Taking Medicare’s Interests Into Account
    This breakout session was part of the MSP Series at the 2017 Comp Laude® Gala. ... read more
    WC CentralBy WorkCompCentral
  • Green earthquake alert (Magnitude 5.8M, Depth:10km) in Western Indian-Antarctic Ridge 21/04/2018 19:44 UTC, No people within 100km.
    On 4/21/2018 7:44:16 PM, an earthquake occurred in Western Indian-Antarctic Ridge potentially affecting No people within 100km. The earthquake had Magnitude 5.8M, Depth:10km. ... read more
    Global Disaster
  • BB&T insurance deal expected to net $200mn for Regions
    Regions Financial expects the sale of its insurance group to BB&T will result in an approximately $200mn after-tax gain, the company said today in reporting its first quarter results. The insurance group earned an $8mn after-tax profit in the just-ended quarter, down from earning $15mn in the 2017 fourth quarter, the Birmingham, Alabama-based US regional bank said. The sale of Regions Insurance Group to Winston-Salem, North Carolina-based BB&T, another regional US bank is expected to ... read more
    Insurance Insider
  • NatGen’s Wells Fargo CPI business still under scrutiny
    Wells Fargo's $1bn fine over force-placed auto insurance may end that woeful chapter for the third-largest US bank but National General, the carrier entangled in the scandal, remains under scrutiny, The Insurance Insider understands. Sources say a probe begun last year by New York state regulators is still ongoing. The inquiry had to do with how NatGen worked with the San Francisco-based bank when it came to providing collateral protection insurance (CPI) on autos purchased ... read more
    Insurance Insider
  • NatGen’s Wells Fargo CPI business still under scrutiny
    Wells Fargo's $1bn fine over force-placed auto insurance may end that woeful chapter for the third-largest US bank but National General, the carrier entangled in the scandal, remains under scrutiny, The Insurance Insider understands. Sources say a probe begun last year by New York state regulators is still ongoing. The inquiry had to do with how NatGen worked with the San Francisco-based bank when it came to providing collateral protection insurance (CPI) on autos purchased ... read more
    Insurance Insider
  • Cannabis businessowners policy developed for California
    Business Insurance
  • California appeals court rules for insurers in railroads’ coverage dispute
    Business Insurance
  • Settlement allows pizzerias to digest a piece-ful coexistence
    The saga of two battling New York pizzerias came down to Earth on Thursday after being tossed around in federal court. ... read more
    Business Insurance
  • Calif. settles with eight doctors in ‘underground regulations’ case
    The California Division of Workers Compensation on Thursday settled with eight doctors who accused regulators of relying on “underground regulations” to its medical billing rules to deny their reappointment as qualified medical evaluators, an attorney representing the doctors confirmed Friday. ... read more
    Business Insurance
  • Ohio comp bureau can subrogate benefits costs: State high court
    Business Insurance
  • AIG unit not obligated to pay interest in dispute with seat-belt maker
    An American International Group Inc. unit is not obligated to pay post-judgment interest in products liability litigation filed against a seat belt manufacturer under its excess policy, said a federal appeals court Friday, in affirming a lower court’s ruling. ... read more
    Business Insurance
  • AIG unit not obligated to pay interest in dispute with seat-belt maker
    An American International Group Inc. unit is not obligated to pay post-judgment interest in products liability litigation filed against a seat belt manufacturer under its excess policy, said a federal appeals court Friday, in affirming a lower court’s ruling. ... read more
    Business Insurance
  • Ohio secures five comp fraud-related convictions in March
    The Ohio Bureau of Workers Compensation secured five fraud-related convictions in March, with restitution orders totaling more than $41,000 and bringing this year’s total to 12, according to a press release. ... read more
    Business Insurance
  • Ohio secures five comp fraud-related convictions in March
    The Ohio Bureau of Workers Compensation secured five fraud-related convictions in March, with restitution orders totaling more than $41,000 and bringing this year’s total to 12, according to a press release. ... read more
    Business Insurance
  • Irma loss increase pushes Blue Capital to March loss
    The London-listed Blue Capital Alternative Income Fund reported a 2.62 percent drop in net asset value (NAV) for the month of March, due to spiralling Hurricane Irma losses. Its return for the first quarter has been a 2.2 percent loss, as January earnings partly offset losses in the past two months. The Sompo Endurance subsidiary had previously taken a small 0.03 percent loss in February. Increased losses to its reinsurance investments were broadly in line ... read more
    Trading Risk
  • Irma loss increase pushes Blue Capital to March loss
    The London-listed Blue Capital Alternative Income Fund reported a 2.62 percent drop in net asset value (NAV) for the month of March, due to spiralling Hurricane Irma losses. Its return for the first quarter has been a 2.2 percent loss, as January earnings partly offset losses in the past two months. The Sompo Endurance subsidiary had previously taken a small 0.03 percent loss in February. Increased losses to its reinsurance investments were broadly in line ... read more
    Trading Risk
  • Business Risk Partners Partners With Aspen on Agents Professional Liability Coverage
    Program administrator Business Risk Partners (BRP) has released an expanded professional liability form for insurance agents and brokers through Aspen American Insurance Co., part of Aspen Insurance Holdings Limited. The policy targets a range of insurance agents and brokers – … ... read more
    Insurance Journal
  • Business Risk Partners Partners With Aspen on Agents Professional Liability Coverage
    Program administrator Business Risk Partners (BRP) has released an expanded professional liability form for insurance agents and brokers through Aspen American Insurance Co., part of Aspen Insurance Holdings Limited. The policy targets a range of insurance agents and brokers – … ... read more
    Insurance Journal
  • Cyber insurance becoming a ‘true specialty area’ for insurance brokers
    More training needed in massively complex area, says one expert ... read more
    Insurance Business MagazineBy Insurance Business
  • Woman Injured at Ohio Fair Gets $1.8M from Ride Owner, Inspection Companies
    A woman who suffered a traumatic brain injury in a thrill ride accident at last year’s Ohio State Fair will receive $1.8 million. A judge this week approved the settlement that calls for the ride’s owner, Amusements of America, and … ... read more
    Insurance Journal
  • Houston-Area Flood Control District: $155M Needed for Harvey Damage Study, Repairs
    The Houston-area flood control district has estimated needing $155 million to study and fix damaged infrastructure after Hurricane Harvey. Workers this week are assessing the storm’s destruction to the Harris County Flood Control District’s 2,500 miles of bayous, creeks and … ... read more
    Insurance Journal
  • Firefighters Hope Better Weather Will Aid Oklahoma Wildfire Fight
    Firefighters are hoping higher humidity and milder winds will help them fight wildfires in Oklahoma, though conditions are critical in Arizona and New Mexico. U.S. Forest Service spokesman Todd Schroeder said on April 19 that a fire near Leedey, about … ... read more
    Insurance Journal
  • Florida Lawyer Gets Prison for $23M Auto Insurance Fraud Scheme
    A Florida man has been sentenced to more than a year in prison for his role in a $23 million auto insurance fraud involving chiropractors’ clinics. The SunSentinel reports 55-year-old Jason Dalley wept in court April 16 as a judge … ... read more
    Insurance Journal
  • Florida Lawyer Gets Prison for $23M Auto Insurance Fraud Scheme
    A Florida man has been sentenced to more than a year in prison for his role in a $23 million auto insurance fraud involving chiropractors’ clinics. The SunSentinel reports 55-year-old Jason Dalley wept in court April 16 as a judge … ... read more
    Insurance Journal
  • 6 Students Injured in Florida School Bus, Semi Collision
    A school bus and a semitractor-trailer collided in Florida, slightly injuring six high school students. News outlets report the bus was carrying about 18 students when it crashed Wednesday in Brooksville, about 50 miles (80 kilometers) north of Tampa. The … ... read more
    Insurance Journal
  • 6 Students Injured in Florida School Bus, Semi Collision
    A school bus and a semitractor-trailer collided in Florida, slightly injuring six high school students. News outlets report the bus was carrying about 18 students when it crashed Wednesday in Brooksville, about 50 miles (80 kilometers) north of Tampa. The … ... read more
    Insurance Journal
  • Technology will transform reinsurers’ efficiencies, says RenRe’s O’Donnell
    In the company’s Annual Report, reinsurer RenaissanceRe’s (RenRe) President and Chief Executive Officer (CEO), Kevin J. O’Donnell, has maintained that technologies like artificial intelligence (AI) and big data are key to transforming efficiencies, and will not diminish the value of reinsurers. O’Donnell stressed that RenRe continues to maximise shareholder value by utilising innovative technology, just as it did in 1993 when it entered the property catastrophe market by harnessing new computational power to generate better ... read more
    Reinsurance NewsBy Matt Sheehan
  • Louisiana Man Admits Setting 9 Fires in Neighborhood, Gets 2 Years
    A 44-year-old Louisiana man has admitted setting nine fires in his neighborhood — the last six on his own street. Authorities say he confessed while being interviewed about the last fire, which was set in a car outside his home. … ... read more
    Insurance Journal
  • Louisiana Man Admits Setting 9 Fires in Neighborhood, Gets 2 Years
    A 44-year-old Louisiana man has admitted setting nine fires in his neighborhood — the last six on his own street. Authorities say he confessed while being interviewed about the last fire, which was set in a car outside his home. … ... read more
    Insurance Journal
  • West Virginia Regulators Monitoring Collapsed Section of Dam
    West Virginia regulators are monitoring a damaged dam in the northern part of the state that could potentially fail. The state Department of Environmental Protection says in a news release a worker with the town of Lumberport notified authorities Wednesday … ... read more
    Insurance Journal
  • West Virginia Regulators Monitoring Collapsed Section of Dam
    West Virginia regulators are monitoring a damaged dam in the northern part of the state that could potentially fail. The state Department of Environmental Protection says in a news release a worker with the town of Lumberport notified authorities Wednesday … ... read more
    Insurance Journal
  • German Prosecutors Eye Investigation of Auto Supplier Bosch over Emissions Scandal
    German prosecutors may widen an investigation into auto supplier Robert Bosch over its suspected involvement in emissions test cheating to include dealings with Fiat, Ford, General Motors and Hyundai, according to the Stuttgart public prosecutor’s office. German weekly der Spiegel … ... read more
    Insurance Journal
  • Tractors Worth $50K Stolen from Scottie Pippen’s Arkansas Farm
    Authorities in rural Arkansas are investigating the theft of more than $50,000 worth of equipment from a farm owned by former NBA star Scottie Pippen. Investigator Mark Griever of the Ashley County Sheriff’s Office says two tractors were stolen from … ... read more
    Insurance Journal
  • Wisconsin Governor Requests Federal Waiver for Reinsurance Program
    Gov. Scott Walker’s administration filed a request with the federal government seeking a waiver that would allow Wisconsin to offer a $200 million reinsurance program designed to lower premiums and attract more providers to the private marketplace. Walker told reporters … ... read more
    Insurance JournalBy Scott Bauer
  • How Insurance Brokers, Risk Managers View the Political Dysfunction in Washington
    Congress is headed for a “major showdown” over the flood insurance program, according to an insurance broker lobbyist who notes that the program expires July 31, right in the middle of hurricane season. That also happens to be the very … ... read more
    Insurance JournalBy Andrew G. Simpson
  • Ratings Outlooks Revised to Positive for Michigan’s AmeriTrust Insurance Group
    Ratings agency A.M. Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “bbb+” for the members of the AmeriTrust Insurance Group … ... read more
    Insurance Journal
  • A.M. Best Assigns Issue Credit Rating to Fidelity & Guaranty Life Holdings, Inc.’s Senior Unsecured Notes
    OLDWICK, N.J.--(BUSINESS WIRE)--A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $550 million 5.5% senior unsecured notes due 2025 issued by Fidelity & Guaranty Life Holdings, Inc. (FGLH) (Delaware). The outlook assigned to the Credit Rating (rating) is positive. FGLH’s Long-Term Issuer Credit Rating of “bb+” with a positive outlook and the Credit Ratings of its operating insurance subsidiaries are unchanged. The debt issuance will be used to repay ... read more
    AM Best
  • IG selects XoL reinsurance tender shortlist
    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 ... read more
    Insurance Insider
  • Wells Fargo Bank Hit With $1 Billion Fine Over Auto Insurance, Mortgage Practices
    Wells Fargo Bank will pay $1 billion in fines to the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency over the bank’s administration of a mandatory insurance ... read more
    AM Best TV
  • Judge Rules in Favor of Great American in $2.4 Million Estefan Restaurant Dispute
    A federal judge has ruled in favor of Great American Insurance Co. of New York in litigation by singer Gloria Estefan and her husband, Emilio, over $2.4 million in property damage to a Miami Beach ... read more
    AM Best TV
  • Cyber Specialist Envelop Risk Names Chief Underwriting Officer
    Envelop Risk said it has appointed Aritra Chatterjee as its chief underwriting officer. He was formerly the lead cyber underwriter with Hannover Re (Bermuda), according to the specialty cyber ... read more
    AM Best TV
  • BAM utilises capital markets for $100mn of financial guarantee reinsurance
    Build America Mutual (BAM), a mutual bond insurance company, has announced that it will bolster its claims paying resources by issuing US $100 million of bonds to the capital markets via an insurance-linked securities (ILS) arrangement with Bermudian special purpose insurer (SPI), Fidus Re. This collateralized reinsurance arrangement will cover losses on a pre-defined portion of BAM’s financial guarantee insurance portfolio, and on an aggregate basis for losses in excess of $165 million. Fidus Re, ... read more
    Reinsurance NewsBy Matt Sheehan
  • Lance Armstrong settles federal fraud case for $5M
    (Reuters) — Former cycling champion Lance Armstrong on Thursday agreed to pay $5 million to settle a federal suit claiming he defrauded his sponsor, the U.S. Postal Service, by using performance-enhancing drugs, his attorney and federal officials said. ... read more
    Business Insurance
  • Gerber Life a Fit, Torchmark Exec Says
    Gerber Life would be a good fit for middle income life and health insurer Torchmark, a company executive said recently. Gerber Life targets young families on a limited budget through a captive distribution channel. “It does have controlled distribution, so I think at least at this point in time we’d be interested, but to our knowledge no process has started at this point in time,” said Torchmark CFO Frank M. Svoboda in a call with ... read more
    Insurance News Life InsuranceBy Cyril Tuohy
  • Wells Fargo agrees to pay $1 billion to settle customer abuses
    Business Insurance
  • Five New York Residents Charged in More Than $31.7M Fraud Scheme
    Five New York residents have been arrested in a staged slip-and-fall accident scheme that attempted to defraud New York City-area businesses and their insurance companies of more than $31.7 million. Peter Kalkanis, Bryan Duncan, Kerry Gordon and Ryan Rainford, all … ... read more
    Insurance Journal
  • iXledger partners with online info hub on self-insurance marketplace
    iXledger, a London-based blockchain InsurTech start-up and Gen Re collaborator, has partnered with online information hub Self Insurance Market to develop a marketplace for the growing self-insurance risk management sector. The companies plan to leverage iXledger’s blockchain platform to navigate the complex, data-intensive processes of self-insurance, and to provide the visibility, workflow, and resource management to receive cost-effective bids for appropriate services. Self-insurance is a growing sector, particularly in regard to employee health insurance, as ... read more
    Reinsurance NewsBy Matt Sheehan
  • Copperfield Takes Stand in Tourist Injury Case in Nevada
    David Copperfield testified this week that he didn’t know until he was sued that a British tourist claimed to have been seriously injured while taking part in an illusion during a performance on the Las Vegas Strip in 2013. Although … ... read more
    Insurance JournalBy Ken Ritter
  • Optimistic & open to JV’s, but re/insurance CEO’s still fear tech change: PwC
    Insurance and reinsurance sector CEO’s are currently in “surprisingly optimistic” mood about the prospects for their own organisations growth over the coming years, but are increasingly open to joint-ventures or strategic alliances to help them grow and at the same time still terrified of the pace of technological change.This is according to the results of PwC’s latest and 21st Global CEO Survey, which saw 100 CEO’s from the re/insurance sector participate and give their views ... read more
    ArtemisBy Artemis
  • Waze Causing L.A. Traffic Headaches, Councilman Wants Legal Action
    Los Angeles should consider legal action against Waze over complaints that the traffic navigation app is recklessly guiding motorists off thoroughfares and into residential neighborhoods in search of shorter or quicker routes, a city council member said. Councilman David Ryu … ... read more
    Insurance Journal
  • Mumbai insurtech receives $22m in funding
    Coverfox, an online insurtech startup based in Mumbai, has raised $22 million in Series funding, ... read more
    Insurtech News
  • Tokio Marine Kiln Unveils Australia Insurtech Strategic Agreement
    Tokio Marine Kiln said it entered a strategic agreement with insurtech firm Evari that will give the insurer access to a digital insurance platform in Australia. According to Tokio Marine Kiln, the ... read more
    AM Best TV
  • Valen Analytics in Colorado Names Marr President
    Denver, Colo.-based Valen Analytics has named Kirstin Marr president of the firm. Dax Craig, who was Valen’s president and CEO since co-founding the company in 2004, will remain with Valen in an advisory role. Marr lead growth and marketing initiatives … ... read more
    Insurance Journal
  • Valen Analytics in Colorado Names Marr President
    Denver, Colo.-based Valen Analytics has named Kirstin Marr president of the firm. Dax Craig, who was Valen’s president and CEO since co-founding the company in 2004, will remain with Valen in an advisory role. Marr lead growth and marketing initiatives … ... read more
    Insurance Journal
  • Investors braced for growing Caelus cat bond losses
    The insurance-linked securities (ILS) investor base is braced for the potential for losses to grow from U.S. primary insurer Nationwide Mutual Insurance Company’s $375 million Caelus Re V Ltd. (Series 2017-1) catastrophe bond, as the insurers aggregated natural catastrophe losses rise further. ILS and catastrophe bond investors have known they were on the hook for paying some of Nationwide’s losses, under the reinsurance agreements between the insurer and special purpose vehicle Caelus Re V Ltd., ... read more
    ArtemisBy Artemis
  • Opinion: Return to RIMS
    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 ... read more
    Insurance Insider
  • Opinion: Return to RIMS
    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 ... read more
    Insurance Insider
  • Idaho Workers’ Comp Rates to Decrease Another 3.4% in June
    The Idaho Department of Insurance has approved a proposal from the National Council on Compensation Insurance for another 3.4 percent decrease to workers’ compensation insurance rates. The decrease is effective for policies issued or renewing after May 31, 2018. This … ... read more
    Insurance Journal
  • Idaho Workers’ Comp Rates to Decrease Another 3.4% in June
    The Idaho Department of Insurance has approved a proposal from the National Council on Compensation Insurance for another 3.4 percent decrease to workers’ compensation insurance rates. The decrease is effective for policies issued or renewing after May 31, 2018. This … ... read more
    Insurance Journal
  • Do Your Claims Letters Contain the Appropriate Tone?
    There’s no good reason to make an enemy of the claimant or, if in litigation, the opposing attorney. We reveal ourselves in our claims letters and their tone. Is the tone nasty? Negative? Arrogant? Your job is to make your … ... read more
    Claims JournalBy Gary Blake
  • Do Your Claims Letters Contain the Appropriate Tone?
    There’s no good reason to make an enemy of the claimant or, if in litigation, the opposing attorney. We reveal ourselves in our claims letters and their tone. Is the tone nasty? Negative? Arrogant? Your job is to make your … ... read more
    Claims JournalBy Gary Blake
  • SEC Proposes New Broker-Dealer Rules to Depose DOL Fiduciary Standards
    The U.S. Securities and Exchange Commission released a proposed package of new rules for brokers, dealers and investment advisers to overhaul conflict-of-interest standards and supplant the suspended ... read more
    AM Best TV
  • M&A will drive short-term reinsurance boost: Schultz
    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 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 to smooth their transition after merging. In the long term, consolidated businesses would likely retain more risk than at present due to their ... read more
    Trading Risk
  • M&A will drive short-term reinsurance boost: Schultz
    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 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 to smooth their transition after merging. In the long term, consolidated businesses would likely retain more risk than at present due to their ... read more
    Trading Risk
  • Citing ‘Intact’ Excess Capacity, Singapore Re Posts First-Quarter Profit Rise
    Singapore Reinsurance Corp. Ltd. said global excess reinsurance capacity remained “intact” as the company posted a 10.9% rise in first-quarter net income. First-quarter net income rose to S$5.2 ... read more
    AM Best TV
  • UK motor premiums fall ahead of whiplash & Ogden reforms: Fitch
    Fitch Ratings has reported that UK motor insurance premiums appear to be declining as re/insurers anticipate reforms to curb whiplash claims and revise the Ogden discount rate, which will reduce lump-sum payments for long-term care costs and lost earnings. UK motor premium prices have risen for the last three years, driven by rising claims costs and shrinking margins, but price comparison website confused.com has reported a 7% quarter-on-quarter drop in average prices for Q1 2018, ... read more
    Reinsurance NewsBy Matt Sheehan
  • NYC Slip and Fall Scheme Defrauded Businesses, Insurers of More Than $31M
    Five New York City men were charged with conspiracy to commit mail and wire fraud in connection with a scheme to obtain fraudulent insurance reimbursement and other compensation for fraudulent slip-and-fall accidents, according to a joint announcement by the United … ... read more
    Claims Journal
  • NYC Slip and Fall Scheme Defrauded Businesses, Insurers of More Than $31M
    Five New York City men were charged with conspiracy to commit mail and wire fraud in connection with a scheme to obtain fraudulent insurance reimbursement and other compensation for fraudulent slip-and-fall accidents, according to a joint announcement by the United … ... read more
    Claims Journal
  • Cobalt exploring internal restructure to launch at Lloyd’s
    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 minority investor in ... read more
    Insurance Insider
  • Cobalt exploring internal restructure to launch at Lloyd’s
    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 minority investor in ... read more
    Insurance Insider
  • Ontario expands firefighter cancer presumption for comp
    With the expanded presumption, firefighters diagnosed with three additional types of cancers will encounter an expedited process for workers compensation benefits, according to the Ontario Ministry of Labor. ... read more
    Business Insurance
  • Ontario expands firefighter cancer presumption for comp
    With the expanded presumption, firefighters diagnosed with three additional types of cancers will encounter an expedited process for workers compensation benefits, according to the Ontario Ministry of Labor. ... read more
    Business Insurance
  • A.M. BestTV at RIMS: Coverage for On-Site Violence Is ‘Business as Unusual,’ Says Risk Panel on Active Shooter Incidents
    In this A.M.BestTV episode at the Risk and Insurance Management Society, Inc.’s (RIMS) conference in San Antonio, TX, according to insurers and risk experts, demand for coverage against the costs of ... read more
    AM Best TV
  • Sedgwick announces international and UK executive appointments
    Sedgwick has announced the structure of its new UK leadership team with the appointments of Ian Muress as Chief Executive Officer (CEO), International, Stewart Steel as CEO, UK, and Paul White as Chief Operating Officer (COO), UK. The team will lead Sedgwick’s new combined business operations in the UK, and the announcement follows the completion of Sedgwick’s acquisition of Cunningham Lindsey, a global loss adjusting, claims management, and risk solutions firm. Although he will be based ... read more
    Reinsurance NewsBy Matt Sheehan
  • Axis Re swoops for AIG’s Thomas to head underwriting
    Axis Re has hired Megan Thomas from AIG as its CUO, based in New York. She will report directly to Steve Arora, Axis Re CEO. In her new role, Thomas will join the reinsurance leadership team, and will assume responsibility for product and portfolio management within Axis Re. Thomas was previously global CUO of liability lines in New York for AIG, and before that held the dual position of CUO and head of AIG cat ... read more
    Inside FAC
  • Environmental market prepares for rating rebound
    Players in the environmental casualty facultative space will be cheered by suggestions from Willis Towers Watson that the rating environment, at least at the primary level, is set for meaningful firming in forthcoming renewals. The suggestion is significant given that environmental-related losses have been very much on the casualty facultative radar screen of late given the scale of recent pay-outs, including those in relation to the tailings dam failure for Brazilian mining enterprise Samarco and ... read more
    Inside FAC
  • Fitch still down on reinsurance for 2018
    In yet another Eeyore-ish report, Fitch Ratings' 2018 outlook for the reinsurance sector is negative, as high catastrophe losses, competitive premium rates and low interest rates worldwide combine to produce the gloomy prognosis. Unsurprisingly, Fitch observed that market premiums are under negative pressure as a result of robust capital levels, partly attributable to widespread alternative forms of capital, with low interest rates leading to disappointing investment yields. Reserve redundancies are also declining and are unlikely ... read more
    Inside FAC
  • AssuredPartners Appoints Several Executives
    AssuredPartners Inc. has made several management changes as it continues to expand. Colin Lowe was appointed national practice leader for select commercial and personal insurance. He will work with ... read more
    AM Best TV
  • Illusionist Copperfield Testifies in Las Vegas Tourist Injury Case
    David Copperfield testified Wednesday that he didn’t know until he was sued that a British tourist claimed to have been seriously injured while taking part in an illusion during a performance on the Las Vegas Strip in 2013. Although Copperfield … ... read more
    Claims JournalBy KEN RITTER
  • Primary retentions in spotlight as reinsurance capacity climbs to $605bn
    In a record-breaking catastrophe year, global reinsurance capital continued its seemingly endless rise in 2017 to reach some $605bn, according to Aon Benfield. Traditional reinsurance capital crept up by $2bn to $516bn while capacity from alternative capital providers rose by around 10 percent to $89bn. Aon Benfield has said the 2017 cat losses cost the industry $136bn. Of key interest to the fac market will be the observation that the primary sector absorbed around two-thirds ... read more
    Inside FAC
  • Lloyd’s assigns major loss code to Maersk Honam
    In a clear affirmation of the potential scale of claims facing the market, Lloyd's has assigned a major loss code to the 'Maersk Honam' fire on 6 March. According to the latest Q1 2018 Major losses bulletin, the incident has been assigned the XIS catastrophe code '33 HONA'. The catastrophe code is only the second one given for major losses facing the market in the first quarter, alongside one for potential losses as a result ... read more
    Inside FAC
  • Friederike cost climbs to $2bn
    Catastrophe loss data aggregator Perils lifted its estimate for insured damage from windstorm Friederike to just under EUR1.63bn ($2bn), an 11 percent upflit from its initial calculation. The second loss tally for Friederike, which is also known as David, compared with a February loss estimate of EUR1.4bn. 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 ... read more
    Inside FAC
  • Aerospace infrastructure market shocked by Chicago capitulation
    The aerospace infrastructure market, after a relatively profitable 2012-16 period of profitability, is now facing the prospect of severe losses with the market especially concerned about significantly increased liability payments going forward. Such is the warning from broker JLT in its latest 'Plane Talking' report, which highlights January's City of Chicago Airport loss, whereby a single passenger at the airport was awarded in excess of $100mn for her injuries. The loss is being picked up ... read more
    Inside FAC
  • Liberty raids Axa for German specie expansion
    Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, will begin underwriting fine art and specie in Germany, following the appointment of Ulrike Janvier as senior underwriter, Fine Art and Specie. Janvier joins LSM from Axa Art, where she also served as senior underwriter, and has over 23 years' experience in the (re)insurance sector. LSM's expansion into the German market follows its Fine Art and Specie launches in the Netherlands and France in April ... read more
    Inside FAC
  • Aerospace infrastructure market shocked by Chicago capitulation
    The aerospace infrastructure market, after a relatively profitable 2012-16 period of profitability, is now facing the prospect of severe losses with the market especially concerned about significantly increased liability payments going forward. Such is the warning from broker JLT in its latest 'Plane Talking' report, which highlights January's City of Chicago Airport loss, whereby a single passenger at the airport was awarded in excess of $100mn for her injuries. The loss is being picked up ... read more
    Inside FAC
  • Lloyd’s assigns major loss code to Maersk Honam
    In a clear affirmation of the potential scale of claims facing the market, Lloyd's has assigned a major loss code to the 'Maersk Honam' fire on 6 March. According to the latest Q1 2018 Major losses bulletin, the incident has been assigned the XIS catastrophe code '33 HONA'. The catastrophe code is only the second one given for major losses facing the market in the first quarter, alongside one for potential losses as a result ... read more
    Inside FAC
  • Primary retentions in spotlight as reinsurance capacity climbs to $605bn
    In a record-breaking catastrophe year, global reinsurance capital continued its seemingly endless rise in 2017 to reach some $605bn, according to Aon Benfield. Traditional reinsurance capital crept up by $2bn to $516bn while capacity from alternative capital providers rose by around 10 percent to $89bn. Aon Benfield has said the 2017 cat losses cost the industry $136bn. Of key interest to the fac market will be the observation that the primary sector absorbed around two-thirds ... read more
    Inside FAC
  • Friederike cost climbs to $2bn
    Catastrophe loss data aggregator Perils lifted its estimate for insured damage from windstorm Friederike to just under EUR1.63bn ($2bn), an 11 percent upflit from its initial calculation. The second loss tally for Friederike, which is also known as David, compared with a February loss estimate of EUR1.4bn. 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 ... read more
    Inside FAC
  • Houston-Area District Expects $155M in Damage Repairs From Harvey
    The Houston-area flood control district has estimated needing $155 million to study and fix damaged infrastructure after Hurricane Harvey. Workers this week are assessing the storm’s destruction to the Harris County Flood Control District’s 2,500 miles (4,023 kilometers) of bayous, … ... read more
    Claims Journal
  • Houston-Area District Expects $155M in Damage Repairs From Harvey
    The Houston-area flood control district has estimated needing $155 million to study and fix damaged infrastructure after Hurricane Harvey. Workers this week are assessing the storm’s destruction to the Harris County Flood Control District’s 2,500 miles (4,023 kilometers) of bayous, … ... read more
    Claims Journal
  • K&K Insurance expands into emerging eSports market
    Competitive community has grown beyond the bounds of hardcore fans over the past few years ... read more
    Insurance Business MagazineBy Insurance Business
  • K&K Insurance expands into emerging eSports market
    Competitive community has grown beyond the bounds of hardcore fans over the past few years ... read more
    Insurance BusinessBy Insurance Business
  • Starr Companies lifts industry veterans to new roles
    They have a combined 68 years' experience in the industry ... read more
    Insurance Business MagazineBy Insurance Business
  • Excavator Blamed for Island-Wide Blackout in Puerto Rico
    An island-wide blackout hit Puerto Rico on Wednesday after an excavator accidentally downed a transmission line, officials said, as the U.S. territory struggles to repair an increasingly unstable power grid nearly seven months after Hurricane Maria. Officials said it could … ... read more
    Claims JournalBy DANICA COTO
  • New York Governor Presses Banks, Insurers to Weigh Risk of NRA Ties
    New York Governor Andrew Cuomo on Thursday ramped up pressure on banks and insurers to revisit whether their ties to the National Rifle Association and other gun rights groups harm their reputations and the public interest. Cuomo, a Democrat, noted … ... read more
    Insurance JournalBy Jonathan Stempel
  • Specialty Program Group Launches New Heights Insurance Solutions in Pennsylvania
    Specialty Program Group LLC (SPG), an insurance holding company for specialty brokerages and underwriting facilities, has launched Eastern Pennsylvania-based New Heights Insurance Solutions (New Heights). New Heights President Megan Rose joined SPG as part of its Norman-Spencer Crane acquisition and … ... read more
    Insurance Journal
  • Optimistic, open to JV’s, but re/insurance CEO’s still fear tech change: PwC
    Insurance and reinsurance sector CEO’s are currently in “surprisingly optimistic” mood about the prospects for their own organisations growth over the coming years, but are increasingly open to joint-ventures or strategic alliances to help them grow and at the same time still terrified of the pace of technological change.This is according to the results of PwC’s latest and 21st Global CEO Survey, which saw 100 CEO’s from the re/insurance sector participate and give their views ... read more
    ArtemisBy Artemis
  • Optimistic, open to JV’s, but re/insurance CEO’s still fear tech change: PwC
    Insurance and reinsurance sector CEO’s are currently in “surprisingly optimistic” mood about the prospects for their own organisations growth over the coming years, but are increasingly open to joint-ventures or strategic alliances to help them grow and at the same time still terrified of the pace of technological change.This is according to the results of PwC’s latest and 21st Global CEO Survey, which saw 100 CEO’s from the re/insurance sector participate and give their views ... read more
    ArtemisBy Artemis
  • European reinsurers’ Q1 results expected to normalise: Deutsche Bank
    Deutsche Bank has reported that European reinsurance results for the first quarter of 2018 are expected to return to normal after a challenging 2017, with technical profits anticipated to be up due to the absence of severe natural catastrophe claims. Q1 reports should reflect a solid earnings season, although results have been offset by pressure on investment income, resulting in a normal level overall, said Deutsche Bank. While there were a series of global Q1 ... read more
    Reinsurance NewsBy Matt Sheehan
  • W.R. Berkley Names Gilbert as Executive VP, Douglas as President of BerkleyNet
    W. R. Berkley Corp. has named James B. Gilbert as an executive vice president with oversight responsibility for certain of the company’s operating units. Brian P. Douglas is succeeding Gilbert as president of BerkleyNet Underwriters. Gilbert has 30 years of … ... read more
    Insurance Journal
  • New York’s PIA Management Services Hires Lachut
    PIA Management Services Inc. has hired Bradford J. Lachut as director of Government and Industry Affairs for the five PIA state affiliates managed by the Glenmont, N.Y.-based group. Lachut previously served as PIA’s government affairs counsel prior to working as … ... read more
    Insurance Journal
  • Aspen’s Kendall Re cat bond prices at low end of guidance
    Aspen Bermuda's Kendall Re cat bond has priced at 525 basis points, at the lowest end of the reinsurer's revised forecasts, Trading Risk understands. The spread on the deal settled 9 percent below the mid-point of its initial target range at 550-600 bps, before the range was lowered to 525-550 bps. The size of the Kendall Re 2018-1 deal has settled at $225mn, up 50 percent from the initial $150mn that Aspen Bermuda was seeking. ... read more
    Trading Risk
  • Aspen’s Kendall Re cat bond prices at low end of guidance
    Aspen Bermuda's Kendall Re cat bond has priced at 525 basis points, at the lowest end of the reinsurer's revised forecasts, Trading Risk understands. The spread on the deal settled 9 percent below the mid-point of its initial target range at 550-600 bps, before the range was lowered to 525-550 bps. The size of the Kendall Re 2018-1 deal has settled at $225mn, up 50 percent from the initial $150mn that Aspen Bermuda was seeking. ... read more
    Trading Risk
  • XL’s Vidovich Joins AIG’s General Insurance as Chief Claims Officer
    American International Group, Inc. announced that Anthony Vidovich will join the company as chief claims officer for General Insurance, effective May 14, 2018. In this role, Vidovich will be responsible for claims governance and policy, settlement authorities, handling and global … ... read more
    Insurance Journal
  • Channel Syndicate’s A&H head Watson departs
    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 since June ... read more
    Insurance Insider
  • CFC terrorism leader moves to ACN
    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. ... read more
    Insurance Insider
  • Arch obtains $375mn of mortgage reinsurance from capital markets
    Arch Mortgage Insurance Company (Arch MI), a subsidiary of Bermudian insurance and reinsurance group Arch Capital, has secured $374.46 million of indemnity reinsurance from the capital markets through Bellemeade Re 2018-1 Ltd., a special purpose insurer (SPI). The reinsurance protection provides Arch MI with fully collateralised coverage for a portfolio of mortgage insurance policies it issued last year, and will be funded by Bellemeade Re through the issuance of three tranches of notes with ten-year terms, ... read more
    Reinsurance NewsBy Matt Sheehan
  • AIG Prepares for Brexit with Authorization of UK, Luxembourg Subsidiaries
    American International Group Inc. announced the authorization of new insurance companies in the United Kingdom and Luxembourg in preparation for the UK’s exit from the European Union. The formation of the two new units provides clients certainty of uninterrupted UK … ... read more
    Insurance Journal
  • AIG Prepares for Brexit with Authorization of UK, Luxembourg Subsidiaries
    American International Group Inc. announced the authorization of new insurance companies in the United Kingdom and Luxembourg in preparation for the UK’s exit from the European Union. The formation of the two new units provides clients certainty of uninterrupted UK … ... read more
    Insurance Journal
  • A.M. Best Affirms Credit Ratings of Ansvar Insurance Limited
    A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Ansvar Insurance Limited (Ansvar) (Australia). The outlook of these Credit ... read more
    AM Best TV
  • BestWeek: Active Shooter Panel Says Violence Coverage Is ‘Business as Unusual’
    As demand for coverage against the costs of active shooter and similar incidents is rising, insurers are developing a wide array of coverages against losses from crises in schools, workplaces and ... read more
    AM Best TV
  • A.M. Best Assigns Issue Credit Rating to Fidelity & Guaranty Life Holdings, Inc.’s Senior Unsecured Notes
    A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $550 million 5.5% senior unsecured notes due 2025 issued by Fidelity & Guaranty Life Holdings, Inc. (FGLH) ... read more
    Best’s Insurance News
  • A.M. Best Assigns Issue Credit Rating to Fidelity & Guaranty Life Holdings, Inc.’s Senior Unsecured Notes
    A.M. Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “bb+” to the $550 million 5.5% senior unsecured notes due 2025 issued by Fidelity & Guaranty Life Holdings, Inc. (FGLH) ... read more
    AM Best TV
  • New bill aims to prevent insurers checking education levels, incomes
    State legislation wants to eliminate consumer discrimination and improve insurance affordability ... read more
    Insurance Business MagazineBy Insurance Business
  • Beecher Carlson makes executive changes
    Beecher Carlson Insurance, a large account risk management broker, has promoted Joseph Siech to CEO and Scott Davis to COO ... read more
    Captive Insurance Times
  • Hiller to join Alesco as UK construction chair
    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 Willis ... read more
    Insurance Insider
  • A.M. BestTV at RIMS: Cyber Is Growing Into the Risk That Connects Them All, Says Risk Panel
    In this A.M.BestTV episode at the Risk and Insurance Management Society, Inc.’s (RIMS) conference in San Antonio, TX, a panel of insurance and risk management executives said more insured are ... read more
    AM Best TV
  • Insurers look to partner to share oil risks, benefits
    Ugandan insurers are looking to partner to share risks and benefits related to the oil sector following the country's plan to begin oil production in 2020. ... read more
    Business Insurance
  • Financial firms could face steep fines for corporate wrongdoings
    The Australian government plans to fine financial services companies up to $9.4 million Australia ($7.3 million) or three times the benefits gained or 10% of the firm's annual turnover. ... read more
    Business Insurance
  • Singapore Reinsurance’s premiums rise 22%
    Singapore Reinsurance Corp. Ltd.'s gross written premiums grew more than 22% to $39.5 million Singapore ($30 million) in the first quarter from SGD 32.4 million in the first quarter of 2017. ... read more
    Business Insurance
  • Bermuda to send captive delegation to Canada
    Captive insurance experts from Bermuda will head to Canada in May to promote the benefits of setting up captives on the island ... read more
    Captive Insurance Times
  • Spanish town offers to help Gibraltar insurers retain EU access
    Juan Franco, mayor of Spanish town La Linea de la Concepcion, is inviting Gibraltar-based insurers to set up units in the town so that they can continue to service clients in the European Union post Brexit. ... read more
    Business Insurance
  • Spanish town offers to help Gibraltar insurers retain EU access
    Juan Franco, mayor of Spanish town La Linea de la Concepcion, is inviting Gibraltar-based insurers to set up units in the town so that they can continue to service clients in the European Union post Brexit. ... read more
    Business Insurance
  • $1 billion-plus tab to improve safety in garment industry: Report
    A report by U.S.-based NYU Stern Center for Business and Human Rights found that the cost to remediate working conditions in Bangladesh's ready-made garment factories will surpass $1 billion. ... read more
    Business Insurance
  • $1 billion-plus tab to improve safety in garment industry: Report
    A report by U.S.-based NYU Stern Center for Business and Human Rights found that the cost to remediate working conditions in Bangladesh's ready-made garment factories will surpass $1 billion. ... read more
    Business Insurance
  • Io Yama volcano erupts in Japan
    The Io Yama volcano in Japan erupted on April 19 shooting clouds of smoke and rock into the sky. ... read more
    Business Insurance
  • Io Yama volcano erupts in Japan
    The Io Yama volcano in Japan erupted on April 19 shooting clouds of smoke and rock into the sky. ... read more
    Business Insurance
  • Brexit, cyber attacks key risks to EU financial firms: Report
    A report by the joint committee of the European Union supervisory authorities said that Brexit and cyber attacks are two of the key risks to the EU financial system. ... read more
    Business Insurance
  • Brexit, cyber attacks key risks to EU financial firms: Report
    A report by the joint committee of the European Union supervisory authorities said that Brexit and cyber attacks are two of the key risks to the EU financial system. ... read more
    Business Insurance
  • Credit insurers prosper as tech investment increases: Moody’s
    Moody’s Investors Service has reported that the global credit insurance sector is currently benefitting from a supportive economic environment and new technologically-driven capabilities. Underwriting profitability for the credit sector has been strong since the financial crash, and the average combined ratio of the three leading insurers, Atradius Credito y Caucion S.A., Compagnie Francaise d’Assurance pour le Comm., and Euler Hermes SA are well above their long-term average. Moody’s found that the moderate growth and low ... read more
    Reinsurance NewsBy Matt Sheehan
  • Talanx’s unit to raise stake in Vietnamese insurer
    German insurer Talanx A.G.'s unit HDI Global S.E. is seeking to raise its stake in Vietnam-based insurer PVI Holdings to 49%. ... read more
    Business Insurance
  • Talanx’s unit to raise stake in Vietnamese insurer
    German insurer Talanx A.G.'s unit HDI Global S.E. is seeking to raise its stake in Vietnam-based insurer PVI Holdings to 49%. ... read more
    Business Insurance
  • Premiums rise 28% in Azerbaijan
    Azerbaijan's Financial Market Supervisory Authority said that local insurers' premiums grew more than 28% year over year to 193 million Azerbaijani manats ($113.5 million) in the first quarter. ... read more
    Business Insurance
  • Premiums rise 28% in Azerbaijan
    Azerbaijan's Financial Market Supervisory Authority said that local insurers' premiums grew more than 28% year over year to 193 million Azerbaijani manats ($113.5 million) in the first quarter. ... read more
    Business Insurance
  • RRGs report $286.9m net income in 2017
    Risk retention groups (RRGs) remain financially stable and continue to provide specialised coverage to their insureds after reporting a net income of $286.9 million in 2017, according to a report by Douglas Powell ... read more
    Captive Insurance Times
  • Cyber risk underwriting firm set up in UK
    Envelop Risk Analytics Ltd. has been set up in the United Kingdom to focus on cyber risk underwriting and analytics. ... read more
    Business Insurance
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