Dec. 18 (Bloomberg) -- Marsh & McLennan Cos., the second- largest insurance broker, agreed to pay 135 million pounds ($218 million) to HSBC Holdings Plc for a business that places coverage with corporations in the U.K., Middle East and Asia.

The cash and stock purchase of HSBC Insurance Brokers Ltd. is expected to be completed in the first quarter of 2010, New York-based Marsh & McLennan said today in a statement. Marsh & McLennan will have “preferred access” to provide brokerage business to customers of the London-based bank, the firm said.

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Ukip leader's insurance company at heart of Costa Rica bribe claims

The insurance business that made the fortune of the new leader of the UK Independence party (Ukip) is embroiled in an international bribery scandal that could lead to criminal charges in the UK, according to documents obtained by the Observer.

A detailed indictment served in Costa Rica this month alleges that a subsidiary of PWS, the insurance brokers which Lord Pearson of Rannoch founded and chaired, grossly overcharged the small central American state for its insurance premiums.

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ING Sells Stake In Pacific Antai Life Insurance To CCB

Dutch ING has agreed to sell its 50% stake in Pacific Antai Life Insurance to China Construction Bank as part of its restructuring programme, reported Reuters. Founded in 1998, Pacific Antai Life Insurance sells individual and group life insurance, and has about 300,000 customers.

Reportedly, the Netherlands-based financial group aims to pare back its operations and cut risks after being hit by the credit turmoil and receiving government life line in 2008.

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S&P maintains negative outlook for US insurers

Standard & Poor's (S&P) has predicted that US insurers are set to start 2010 on stronger footing, but that challenges persist. The rating agency maintains a negative outlook on the US life insurance market.S&P’s outlook on the life insurance market has been negative since October 2008 and downgrades continue despite general economic improvement. As such, S&P is remaining cautious in the sustainability of the recovery.

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Prudential Completes Sale Of $4.5bn Stake In Wachovia Securities

Prudential Financial has completed the sale of its minority joint venture interest in Wachovia Securities Financial Holdings, which includes Wells Fargo Advisors (formerly Wachovia Securities) to Wells Fargo & Company.

The company has received $4.5bn in cash at closing of the transaction. In addition, it also received $418.4m in payment of the principal and accrued interest on a subordinated promissory note that Wachovia Securities had issued in connection with the establishment of the joint venture.

A loss of confidence in the economy among older customers helped knock UK sales at life assurer Aviva by 25%, according to the company's third-quarter management statement.

Customers close to retirement delayed purchasing annuities, while pension savers either reduced or stopped their monthly payments, hitting the company's core pensions and annuity businesses over the first three months of the year.

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RBS outlines assets insured by taxpayer

Royal Bank of Scotland has used up nearly half of the £60bn buffer available before it is able to hand 90% of its losses on toxic assets to the taxpayer through the asset protection scheme. Stephen Hester, chief executive of the bank, insisted today that RBS should not need to call upon the insurance for its £282bn of troubled assets through the APS as its impairment charge was levelling off.

The bank has used £27bn of the buffer and today published information about the assets being insured by taxpayer. Some £120bn are in the non-core division created by Hester to hold businesses being sold, while £75bn are contained within the investment bank. In terms of the type of loans, just £15bn are residential mortgages while £51bn are loans connected to commercial property.

RBS admits EU sale plan

Royal Bank of Scotland has admitted for the first time that the European Union is forcing it to sell off more assets than it planned.

RBS told the City this morning that it hopes to have concluded a deal with the EU over its state aid support by the end of this week. The price of this deal, it warned, is that it will have to sell parts of its operations which it hoped to hang on to after it was restructured.

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Flood victims suffer as insurance costs rise

Flood victims continue to face spiralling costs for home insurance as excesses for flood cover rise to levels that are making their properties virtually impossible to sell.

Many have invested thousands to protect their homes from flooding, but these efforts are rarely rewarded by insurers.

"People are coming to us with huge premiums and flood excesses of up to £30,000, which is as good as having no insurance at all and makes their property virtually worthless," says Mary Dhonau, chief executive of the National Flood Forum, a charity that advises flood victims. "The problem has got steadily worse over the past year and we are now being overwhelmed by calls from homeowners who have spent a huge amount protecting their property, but are still being charged ridiculous premiums or refused cover altogether."

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UNIQA To Increase Stake In Albanian Insurance Company To 68.7%

Austria-based UNIQA Group is all set to acquire a further 23% of the share capital in Albanian insurance company, Sigal. The move would increase its share in Sigal and its subsidiaries in Kosovo and Macedonia, to around 68.7%.

The relevant agreements with the former shareholders were signed on November 11, 2009. However, the 13% holding of Albanian American Enterprise Fund (AAEF) in Sigal will remain unchanged. Additionally, UNIQA also has finalised options to purchase the remaining shares over the next few years.

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Willis Names New CEO For Dutch Business

Willis Europe, a division of Willis Group Holdings, has appointed Niek Post as CEO of its Dutch operations, effective immediately. Based in Amsterdam, Mr. Post will report to Adam Garrard, CEO of Willis Continental Europe.

Mr. Post, who has more than 25 years of experience in the Dutch insurance market, joins Willis from Aon Netherlands where he was most recently responsible for strategic global client relationships, with a particular focus on financial institutions.

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The Hartford Enhances Cyber Liability Policy (new product?)

The Hartford Financial Services Group (The Hartford) has introduced its enhanced flagship cyber liability policy to address emerging online reputation and privacy exposures. Drew Bartkiewicz, vice president of cyber and new media risk at The Hartford, said: “We’re seeing widespread adoption of social media technologies among businesses in virtually every industry. At the same time, data is becoming increasingly regulated, which is creating new exposures, particularly in the areas of data privacy and reputational risk.”

With CyberChoice 2.09, The Hartford now offers broader coverage for data privacy breaches and social media liability exposures, such as online defamation, advertising, libel and slander, by employees or casual users of a company’s web site.

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AAA NCNU Selects Exigen Insurance Solutions

Exigen Insurance Solutions, a provider of insurance core systems, has announced that AAA Northern California, Nevada and Utah has selected Exigen Insurance Solutions' underwriting, policy administration and billing solutions for auto, homeowners and all other personal lines of business for its operations spanning 18 states.

The Exigen Suite applications PolicyCore and BillingCore will allow AAA NCNU to rapidly expand and enhance its insurance product offerings and customer service to many members from a technology platform that supports long-term business growth.

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Assurance Teams Up With RiskProNet International

Assurance Limited, a full-service insurance agency in Las Vegas, has joined RiskProNet International, a network of 24 independent insurance brokers in North America. Reportedly, RiskProNet members in 2008 had combined revenues in excess of $688 million and over $6.5 billion in written premium.

Each partner is an equal owner in the association, which gives its members the geographic diversity and shared knowledge base to serve clients with national, international or specialised exposures to risk. Through its alliances with brokers around the world, RiskProNet members can serve clients globally.

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Cooper Gay Purchases Reinsurance Broker

Cooper Gay Holdings, an independent insurance and reinsurance broker, has acquired majority of the shareholding in Reinsurance.com.ar, a Florida-based specialist reinsurance broker. Reinsurance.com focuses on treaty and facultative reinsurance solutions, primarily for the Argentine market. The company was set up in 2006 by Guillermo Pastore.

Mr Pastore has over 20 years’ experience in the Latin American reinsurance sector and was formerly COO of EW Blanch and Benfield Greig in Argentina. Mr Pastore will continue as CEO and will drive expansion in support of Cooper Gay’s strategy for the region.

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Willis Group To Expand Its Commercial Network Internationally

Willis Group Holdings, an insurance broker, has planed to expand its Willis Commercial Network business model for serving independent brokers from its base in the UK to countries around the world. The company has appointed Mark Radburn as CEO of Willis Networks International to oversee the expansion. Mr Radburn, will report to Sarah Turvill, CEO, Willis International.

Mr Radburn joined Willis from JLT in 1996 as Sales & Marketing Director for the Willis UK & Ireland central region. He was appointed as managing director in 2002.

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Farmers Life Appoints New President, CEO

Farmers Group's CEO, Robert Woudstra, and Zurich Financial Services' CEO of Global Life Americas, Kevin Hogan have announced the appointment of Thomas White as president and CEO of Farmers Life, and executive vice president of Farmers Group. Mr White succeeds Paul Patsis, who recently assumed the role of president of market management and executive vice president of Farmers Group.

Mr. White joins Farmers from AIG in Asia, where he was president and CEO of AIA Thailand, and senior regional life division executive responsible for Vietnam and Indonesia.

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Concordis Group Acquires Concordis Insurance

Concordis Group has finalised the acquisition of Concordis Insurance. Concordis Insurance provides a variety of custom-tailored insurance solutions to captive programs, risk retention groups, self-insured clients, insurance companies and both public and private entities.

Trent Sommerville, CEO of Concordis Group, stated, "We are thrilled to finalise this great business opportunity. This acquisition is a tremendous next step for Concordis as it will enable us to bring a greater breadth of services to our customers."

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Hillross To Acquire Rabo Financial Advisors

Hillross Financial Services (Hillross), a wealth management firm which is wholly owned by AMP, has agreed to acquire Rabo Financial Advisors, the financial planning arm of Rabobank Australia & New Zealand.

As part of the transaction, Hillross and Rabobank have also entered into an ongoing alliance where Hillross will be the exclusive provider of financial planning advice to Rabobank’s clients, through a referral agreement between the two companies.

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European liability insurers braced for claims

12 October 2009

D&O and E&O insurers in Europe expect to fare better than their American counterparts in the financial crisis. But the threat of increasing claims still looms.

After more than a year of plummeting share prices, widely-publicised defaults and international fraud scandals, liability insurers across Europe have plenty of reasons to worry. They may not expect to be hit as badly as their North American peers, but the same question will be on their minds: how much is it all going to cost? So far, the much-anticipated surge of liability claims from the financial crisis has not materialised. But insurers across Europe have reported an increase in notifications, many of which are related to the crisis.

“There are figures being suggested by some insurers that they’re seeing up to three times the number of notifications,” says Adam Codrington, executive director in Aon’s directors’ and officers’ liability (D&O) team. “We are certainly seeing more notifications to D&O contracts on commercial accounts, but it’s an increase in frequency rather than severity at the moment.”

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Dutch Delta eyes ING, ASR assets

06 November 2009

Dutch insurer, Delta Lloyd, may purchase the insurance assets of ING Group and ASR Verzekeringen, CEO Niek Hoek said Thursday at an analyst meeting, The Wall Street Journal reports.

Dutch insurer, Delta Lloyd, may purchase the insurance assets of ING Group and ASR Verzekeringen, CEO...

General info on interested buyers of AIG's insurance units

Reuters1

Reuters2

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Climate change to cost insurers: ABI

04 November 2009

Property insurance could become more expensive and harder to obtain as a result of global climate change, according to a new report published by the Association of British Insurers. Property insurance could become more expensive and harder to obtain as a result of global climate change, according to a new report published by the Association of British Insurers (ABI).

The ABI’s report The Financial Risks of Climate Change – which was produced by risk modelling firm AIR Worldwide – looked at the financial implications of the widely predicted temperature increases of two, four...

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Spectre of new regulation looms for insurers

11 November 2009

New financial services regulation could be detrimental to insurers if not handled properly, a panel of insurance and reinsurance executives warned at Reactions’ Global Insurance Conference in Zurich, Switzerland on November 10.

New financial services regulation could be detrimental to insurers if not handled properly, a panel of insurance and reinsurance executives warned at Reactions’ Global Insurance Conference in Zurich, Switzerland on November 10. The panel, which was chaired by Reactions’ editor Michael Loney, included Paolo de Martin, Scor’s chief financial officer; James Illingworth, group chief risk officer of Lloyd’s insurer Amlin; Patrick Liedtke, secretary general and managing director of The Geneva Association; Mark Byrne, chairman and founder of Flagstone Re; and Costas Miranthis, CEO of PartnerRe Europe.

Liedtke kicked off the discussion by referring to a letter his association sent to the G-20 last week, urging it to take into account the specific nature of insurance and reinsurance when devising a new regulatory framework.

“If you look at the scope of this crisis, you can draw the conclusion that insurance as a system actually worked pretty well. This is...

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The Hartford Introduces Benefits Solution

Published:05-November-2009

By Staff Reporter

To offer necessary income protection

The Hartford Financial Services Group has unveiled a total voluntary benefits solution for employers with one thousand or more employees.This new system of people, processes and technology for voluntary group life and disability insurance is the outcome of significant investments by The Hartford.

John Gallant, vice president of service operations for The Hartford’s Group Benefits Division, said: “We understand employers are stretched to their limits in today’s tough economy and are turning to voluntary benefits as an affordable way to offer important income protection to their employees. Our voluntary services can be customised to deliver a flexible benefit program to meet the unique needs of today’s employers.”

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DUAL To Enhance Focus Products Suite

Published:05-November-2009

Appointed new member to its DUAL Focus team

DUAL Corporate Risks, a directors & officers and professional indemnity underwriting agency for mid-market companies, has appointed Liz Hanlon to its DUAL Focus team. The company claims that its DUAL Focus provides specialist insurance solutions for complex financial institution based risks.

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HUB Acquires Mones & Associates Insurance Brokers From Aviva Canada

Transaction to expand Hub's presence in seven new Canadian locations

Hub International has acquired Mones & Associates Insurance Brokers (Mones), a personal and commercial insurance brokers company in Canada, from Aviva Canada. Mones also operates under the name of Arctic Insurance Brokers in select markets. The company said that as a result of this acquisition, it will expand its operations to seven new locations in Canada that include, Edmonton, Calgary, Saskatoon, Prince Albert, Iqaluit, Whitehorse and Yellowknife.

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International Excess Opens Agriculture Business Insurance Unit

Published:11-November-2009

By Staff Reporter

To focus on crop insurance and farm and livestock insurance

US-based insurance broker, International Excess has opend new Agribusiness division which is expected to focus on crop insurance and farm and livestock insurance. The company has appointed Chuck Gabel as divisional vice president of International Excess Agribusiness. He has specialized in crop insurance and farm insurance for more than 20 years. Mr. Gabel said: "Insurance for Agribusiness has become my full-time passion and I'm working to give the farming industry the protection they deserve."

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Marsh & Mclennan Agency Acquires Insurance Alliance

As part of an expansion strategy to cater to the needs of small-to-mid-sized companies across the country

Marsh & McLennan Agency, a subsidiary of insurance broker, Marsh, has acquired Texas-based Insurance Alliance, an independent insurance agency, as part of its expansion strategy. The move is intended to cater to the needs of small-to-mid-sized companies across the country.

Insurance Alliance has annual revenue of $15m and serves over 1,500 commercial clients located primarily in Texas and throughout the Southwest. The firm has specialist teams serving clients in construction, surety, energy and marine, professional services, general property and casualty, and employee benefits.

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FPIC Insurance Completes Acquisition Of Advocate, MD Financial

Published:13-November-2009

By Staff Reporter

Expected to leverage the strengths of both the organizations

First Professionals Insurance, a subsidiary of FPIC Insurance Group, a provider of medical professional liability insurance for healthcare firms, has completed the acquisition of all of the outstanding capital stock of Advocate, MD and its subsidiaries.

Under the terms of the previously announced agreement, FPIC paid total consideration of $33.6m at closing, and may pay up to $12m in additional consideration depending on the performance of Advocate, MD during the two-year period following closing. In connection with the transaction, FPIC also retired all of Advocate MD’s outstanding bank debt, totaling $9m.

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ACE Expands Structured Reinsurance Solutions

Published:13-November-2009

By Staff Reporter

Creates a new role of senior underwriter for structured risks

ACE Tempest Re Europe has appointed David Mann in the newly created role of senior underwriter for structured risks. His appointment is in line with the company's expansion of its product offering across its reinsurance division. The ACE Tempest Re Group oversees the reinsurance operations of the ACE Group of Companies.

Mr. Mann will be responsible for underwriting non-traditional bespoke reinsurance solutions across property, casualty and specialty lines. He will report to Andreas Lewin, managing director, ACE Tempest Re Europe and will be based in its London office. Mr. Mann joins ACE Tempest Re from Aspen Insurance, Bermuda, where he was most recently senior underwriter for structured risks.

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Hobevis af danskere tegner en såkaldt lønforsikring, som skal sikre dem fra at gå fra hus og hjem, hvis de bliver fyret.

Forsikringen kan købes som et supplement til a-kassen og udbetales månedligt oven i dagpengene, hvis man ufrivilligt mister sit arbejde. Men ikke alle firmaer, som udbyder lønforsikringerne, har rent mel i posen.

Får dagligt klager
Firmaet Genworth Financials tilbyder de lovende lønforsikringer og står for cirka halvdelen af de 75.000 lønforsikringer, som indtil videre er blevet tegnet i Danmark. Desværre viser det sig, at klagerne over firmaet ingen ende vil tage. Firmaet holder nemlig ikke, hvad det lover.

Flere forsikringskøbere klager blandt andet over en dårlig sagsbehandling hos firmaet, og at de aldrig har modtaget penge fra firmaet, efter de er blevet fyret.

Kurt Sørensen, der er chef for kunderelationer i Kristelig Fagbevægelse, siger at afdelingen dagligt har en til fire klager over sagsbehandlingen ved Genworth.

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One in ten fail to take out travel insurance

by Richard Kilner

Story link: One in ten fail to take out travel insurance

One in ten of travellers are not taking out travel insurance, according to new research commissioned by Check Safety First.

Chief Executive Officer Mark Harrington has called on the insurance industry to educate consumers about the importance of travel insurance, pointing out that the average medical claim is around £2,500, and clearly worth spending £20 to cover. Rather oddly, two in five of the 2,000 people surveyed stated they had suffered a mishap such as an accident, food poisoning or burn whilst on holiday, all of which would be covered by travel insurance.

Women and the 35-44 age bracket were the most likely to forget to take out insurance. Harrington also expressed his disquiet at the fact that a small number of those surveyed confessed to making fraudulent claims against hotels for medical reasons, a handful even stating they did it regularly.

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CEIOPS to stress test EU insurers

by Gill Montia

Story link: CEIOPS to stress test EU insurers
CEIOPS to stress test EU insurers

The Committee of European Insurers and Occupational Pension Supervisors (CEIOPS) has announced it will run an EU-wide stress test “for large and important insurance groups”, in December 2009.

The body says it will develop the exercise in close cooperation with industry representatives and aims to deliver its findings to EU ministers during the first quarter of 2010.

The test, which will focus on market and credit risks, aims to increase the level of aggregate information among policy makers in assessing the European insurance sector’s potential resilience to shocks.

Findings will also be used to develop an EU-wide consensus on supervisory practices.

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Floods could cost £4bn per year by 2035

by David Masters

Story link: Floods could cost £4bn per year by 2035

Home insurance firms are set to lose £4 billion a year by 2035 on repairing flood water damage unless the industry takes the lead in creating a flood prevention strategy.

Insurance companies should work with the Environment Agency and local authorities on putting flood prevention measures in place and making homes flood proof, Co-operative Financial Services said.

“As insurers we have to look at our own position and we have a responsibility to our customers to speak up when things are progressing too slowly,” said James Hillon, Co-operative head of home insurance.

“Houses are being built with pound signs in developer’s eyes rather than the homeowner’s best interests at heart and local planners don’t understand the areas they are approving building works on,” he added.

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U.S. RE Inks Strategic Alliance With San Segur

Published:28-October-2009

By Staff Reporter

To operate in insurance and reinsurance markets of Argentina, take advantage of other mutual opportunities elsewhere in Latin America

U.S. RE Corporation, a reinsurance brokerage firm, has formed a strategic alliance with San Segur, an insurance and reinsurance broker in Buenos Aires, Argentina with access to the Latin American market.
The alliance between San Segur and U.S. RE will operate in the insurance and reinsurance markets of Argentina and take advantage of other mutual opportunities elsewhere in Latin America.

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CNA Names New SVP For Commercial Segments

Published:29-October-2009

By Staff Reporter

To oversee the profitable growth of middle market business

CNA Financial Corporation, a commercial insurer and a property and casualty company, has named David Rutkowski as senior vice president of Commercial Segments, effective November 2.

In this role, Mr Rutkowski will be responsible for profitability, growth and strategic direction of CNA’s Middle Market customer segments, including construction, CustomXpress, general Industries, technology and product development.

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Chartis Modifies Commercial Umbrella Program With XSEnhanced

Published:29-October-2009

By Staff Reporter

To meet casualty needs of selected industries

Chartis has introduced XSEnhanced, developed by its Excess Casualty Division as a suite of coverage enhancements to its commercial umbrella program with tailored coverages for specific industries.

The first in the suite to be introduced to the market is XSEnhanced for Restaurants, which will address many of the exposures of the food service industry in a single coverage endorsement.

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The Hartford Expands Wrap-Up Capabilities For Public-Private Partnerships

Published:29-October-2009

By Staff Reporter

To create integrated insurance programs for major infrastructure projects

The Hartford Financial Services Group has expanded its construction wrap-up capabilities to create integrated insurance programs designed specifically for major infrastructure projects.

The Hartford has undertaken this step to address the evolving insurance needs of contractors involved in public-private partnerships.

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ING Selects New Global CEO Of Investment Management

Published:29-October-2009

By Staff Reporter

To build investment management business for global success

ING Investment Management has appointed Gilbert Hassel as the global CEO of ING Investment Management. Mr Hassel will report to Tom McInerney who will take on the role of chief operating officer on the ING Management Board Insurance, with day-to-day responsibility for all insurance and investment management activities.

Mr Hassel succeeds Jacques de Vaucleroy, who stepped down on 26 October to pursue other interests. He has nearly 27 years of experience in finance and asset management. He joined ING in 2007 as CEO ING Investment Management Europe and will continue in this role until a successor has been named.

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EPIC Names New Principal, VP

Published:29-October-2009

By Staff Reporter

To identify, mitigate and manage property related risk

EPIC (Edgewood Partners Insurance Center), a retail property, casualty and employee benefits insurance brokerage, has appointed Kenyon Hall as principal. Mr Hall will be based in Atlanta.

For the past 10 years, he has specialised in the design, placement and management of complex property insurance programs for companies facing catastrophic exposures. These companies include clients in the real estate, retail, manufacturing and construction industries.

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Kingsway Sells Zephyr Insurance To ZAC

Published:30-October-2009

By Staff Reporter

Piper Jaffray & Co. acted as the exclusive financial advisor

Kingsway Financial Services has completed the sale of Zephyr Insurance, to Zephyr Acquisition Company (ZAC), an acquisition vehicle of Ocean Harbor Holding and MP Holdings, a Hawaiian-based investor group, for initial gross proceeds of $31.5m, plus a contingent, deferred earn-out amount.

For the first six months of 2009, Zephyr had gross premiums written of approximately US$36m, or 7% of the premiums of the Kingsway group of companies, and produced an underwriting profit.

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IAS Expands Underwriting Alliance With Assurant Solutions

Published:30-October-2009

By Staff Reporter

To include Tire and Wheel

Innovative Aftermarket Systems (IAS), a provider of F&I software and aftermarket programs, has expanded its underwriting alliance with Assurant Solutions to include Tire and Wheel.

IAS and Assurant Solutions currently have a mutual relationship with IAS on programs such as Key Replacement, Independent Dealer GAP and GAP Dealer Reinsurance.

The new five-year underwriting agreement with Assurant Solutions enables the company to provide its agents and dealers with the stability they need. The new coverage is effective December 1, 2009 in virtually all states.

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AIR warns of north-east hurricane risk

28 October 2009

Insurers and reinsurers should not overlook the possibility of a strong hurricane making landfall on the north-east US coast, Ming Lee, president and CEO of AIR Worldwide, and Jayanta Guin, AIR’s senior vice-president of research and modeling, told the PCI Reporter.

Insurers and reinsurers should not overlook the possibility of a strong hurricane making landfall on the north-east US coast, Ming Lee, president and CEO of AIR Worldwide, and Jayanta Guin, AIR’s senior vice-president of research and modeling, told the PCI Reporter.

According to Lee and Guin, Hurricane Bill this year provided a timely reminder that the US coast is not immune from the effects of hurricanes.

When the National Hurricane Centre released its forecast for Hurricane...

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Frustration expressed with homeowners market

27 October 2009

Private insurers are becoming increasingly frustrated with the situation of US homeowners insurance and are leaving the market, Bryon Ehrhart, CEO of Aon Benfield Analytics and chairman of Aon Benfield Securities, has warned.

Keywords (click to search): [homeowners] [Bryon Ehrhart] [Aon Benfield]

Private insurers are becoming increasingly frustrated with the situation of US homeowners insurance and are leaving the market, Bryon Ehrhart, CEO of Aon Benfield Analytics and chairman of Aon Benfield Securities, has warned.

According to Aon Benfield's annual review of the US homeowners market, the prospective return on equity for homeowners insurance has declined to 6.1% from 6.5% in the past 12 months.

"The deterioration of return...

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Ironshore expands property business

19 October 2009

Ironshore has gained approval to write direct and facultative property business on behalf of its Pembroke Lloyd’s syndicate effective October 1, 2009

Keywords (click to search): [Ironshore] [Pembroke] [Rod Todd]

Ironshore has gained approval to write direct and facultative property business on behalf of its Pembroke Lloyd’s syndicate effective October 1, 2009. The team will underwrite a...

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Florida insurer deemed insolvent

13 October 2009

The Florida Department for Financial Services has ordered American Keystone Insurance Company into receivership after it was found to be in an impaired state and unable to pay money owed to private reinsurers and the Florida Hurricane Catastrophe Fund.

Keywords (click to search): [florida]

The Florida Department for Financial Services has ordered American Keystone Insurance Company into receivership after it was found to be in an impaired state and unable to pay money owed to private reinsurers and the Florida Hurricane Catastrophe Fund.

The property/casualty company American Keystone,...

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RBS may be forced to sell insurance arm

02 November 2009

Royal Bank of Scotland today warned that the European Union is forcing it to sell more of its assets than originally planned.

Royal Bank of Scotland today warned that the European Union is forcing it to sell more of its assets than originally planned.

Speculation increased over the weekend that the European Commission...

Addtional info here from Bloomberg and here from Reuters.

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Ironshore launches energy casualty unit

16 September 2009

Ironshore has established a dedicated energy casualty division, as an extension of its global energy unit.

Ironshore has established a dedicated energy casualty division, as an extension of its global energy unit. ...

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Aviva to restructure European business

22 October 2009

Aviva is planning an extensive restructuring of its European activities, following a review of 12 European businesses by division CEO Andrea Moneta.

Moneta and group CEO Andrew Moss are...

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Recession hits cedants hard

26 October 2009

Costas Miranthis, chief executive of PartnerRe Europe, is a spokesman for two companies at this year’s Baden-Baden meeting. Although the integration of recently acquired Paris Re is well underway, the two companies will go through the January 2010 renewal separately.

Costas Miranthis, chief executive of PartnerRe Europe, is a spokesman for two companies at this year’s Baden-Baden meeting. Although the integration of recently acquired Paris Re is well underway, the two companies will go through the January 2010 renewal separately.

“We’re at around 83% share ownership now and plan to have acquired 100% by the end of the year,” Miranthis says. “Our aim is to have an integrated structure in place by July 1.”

Looking ahead to the fully integrated “new” PartnerRe, Miranthis says the company will be bigger and broader as a result of the...

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PZU to launch IPO In July 2010

30 October 2009

Polish insurer, PZU, could hold an initial public offering (IPO) in July 2010 after the end of an eight-year dispute between shareholders, Bloomberg reports.

Polish insurer PZU could hold an initial public offering (IPO) in July 2010 after the end of an...

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WR Berkley hires Spanish exec chairman

20 October 2009

WR Berkley Insurance (Europe) has appointed Javier Esteban as executive chairman. The insurer has hired Esteban as the Presidente Ejecutivo of its Sucursal en España branch.

WR Berkley Insurance (Europe) has appointed Javier Esteban as executive chairman....

To continue reading this article please subscribe or take a free trial to Reactions.

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Aon Benfield adds Benelux trio

26 October 2009

Aon Benfield has expanded its Benelux division with three appointments, the reinsurance broker announced Friday.

Keywords (click to search): [Aon Benfield] [Benelux]

Aon Benfield has expanded its Benelux division with three appointments, the reinsurance broker announced Friday.

Hans Groot, ex-CEO of Cunningham Lindsey, has...

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Ceiops elects new chairman

02 November 2009

European insurance watchdog the Committee of European Insurance and Occupational Pensions Supervisors has appointed Gabriel Bernardino as chairman.

European insurance watchdog the Committee of European Insurance and Occupational Pensions...

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Antallet af trafikulykker er det laveste i årevis, og det får flere forsikringsselskaber til at varsle billigere forsikring, skriver JydskeVestkysten. I årets første ni måneder er der sket 9016 ulykker. Det er 11,5 procent færre end i tilsvarende periode sidste år og hele 19,5 procent færre end i 2007.

Alka og GF er blandt de selskaber, som bebuder, at det faldende antal ulykker og deraf smadrede biler skal komme deres kunder til gode. Til gengæld skal for eksempel Topdanmarks kunder ikke regne med at få udbytte af de færre trafikuheld.

Ifølge selskabet er det nemlig blevet dyrere at reparere skaderne.

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Trygfondens Tryghedsmåling

I løbet af de to år siden Tryghedsmåling 2007 har en række nye trusler og flere ældre trusler fået ny aktualitet. F.eks. drøftes en fremtidig klimakatastrofe nu som en reel mulighed. Internationale terrornetværk taler om Danmark som et nærliggende mål, og lokale sympatisører har – som et par spektakulære retssager har vist – ikke ladet det blive ved snakken. Den såkaldte bandekrig har raset i hovedstadens gader og har krævet sine første civile ofre. Endelig står vi midt i en økonomisk krise, som
en overgang så ud til at true hele verdens finansielle systemer, og som har fået aktier og huspriser til at falde, og ledigheden til at stige.

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Det Bliver Dyrt at Bo for Lavt

Både forsikringsselskaber og kommuner bebuder nu, at klimaændringerne skal påvirke de enkelte husejeres økonomi i langt højere grad end i dag, skriver Politiken søndag.

Dyrere forsikringspræmie og kloakafgift

Før i tiden måtte de, der boede lavt og tæt på vådområder, blot slås med en forhøjet risiko for oversvømmelser. Men nu skal deres forsikringspræmie og kloakafgift afhænge af, om huset ligger højt eller lavt, og af hvad de selv har gjort for at minimere risikoen for oversvømmelser.

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The desire for growth and the potential competitive advantages of size will encourage further consolidation in the broking market, despite strained revenue streams in the economic climate, according to a new report from Advisen.

Keywords (click to search): [broker]

The desire for growth and the potential competitive advantages of size will encourage further consolidation in the broking market, despite strained revenue streams in the economic climate, according to a new report from Advisen.

The report, Insurance Broker Economics: The Carousel of M&As, says a consideration of the drivers and future of mergers and acquisitions suggests that the largest brokers in particular are still looking for new growth opportunities. The US middle market and various specialised niche opportunities seem to be where they are seeing the greatest growth potential.

The report says: “Today, the largest brokers are seeking out new opportunities in the middle market, attempting to expand into parts of the economy where the broker behemoths have had lukewarm success at best. The focus of acquisitions has shifted to breadth and depth, and away from...

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RSA drops $1bn cash call

RSA has dropped plans for a $1bn rights issue, the Daily Telegraph reports. The insurance group has scrapped the multi-million pound fundraising after failing to achieve some of its main targets.

Keywords (click to search): [RSA] [rights issue]

RSA has dropped plans for a $1bn rights issue, the Daily Telegraph reports. The insurance group has scrapped the multi-million pound fundraising after failing to achieve some...

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RSA sells British Engine for £28m

UK insurer RSA is to sell the inwards reinsurance business of British Engine Insurance to Knapton Holdings, a subsidiary of Enstar Group for £28m ($45.5m).

Keywords (click to search): [RSA] [Enstar] [British Engine Insurance] [Knapton Holdings]

UK insurer RSA is to sell the inwards reinsurance business of...

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Solvency II may drive insurers away from EU

Stephen Haddrill, CEO of the Association of British Insurers, outlines his concerns about proposals for the implementation of Solvency II in this op-ed piece for Reactions.

Keywords (click to search): [Stephen Haddrill] [ABI] [Association of British Insurers] [Solvency II]

The European Union’s (EU) Solvency II Directive provides a comprehensive new framework for insurance supervision and regulation, introducing across the EU more risk-based approach to supervision and capital assessment, using market-based valuation of assets and liabilities.

The Directive was agreed in May 2009 and we at the Association of British Insurers continue to support its aims and principles. It has the potential to create a stronger single market for insurance across Europe. And to give consumers assurance that firms have the right level of capital, neither too little nor too much.

However a large number of issues remain to be settled in the implementing of regulations. The regulations will be written by the European Commission next year. The Commission will take into account the advice of Ceiops, a committee of all Europe’s national insurance regulators, including the UK Financial Services Authority (FSA).

Some of the proposals from...

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Ribeiro talks up emerging opportunities

Lloyd’s of London plans to further expand its operations in emerging markets, Jose Ribeiro, director of Lloyd's international markets business, said Wednesday.

Keywords (click to search): [Lloyd’s of London] [Jose Ribeiro]

Lloyd’s of London plans to further expand its operations in emerging markets, Jose Ribeiro, director of Lloyd's international markets business, said Wednesday.

Speaking at an AM Best conference in the City of London, Ribeiro said that Lloyd’s, which already has overseas operations in Brazil, Singapore, and China, is eyeing further growth as those economies grow.

“The growth in...

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About 805,000 Aviva policyholders have voted to share in a one-off payout of £470m, the insurer announced today. Customers with Aviva's GNU and CULAC with-profits funds were asked if they wanted to take part in the reattribution of the insurer's inherited estate – surplus money that has built up in the funds over decades of investment.

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PPI ruling could trigger customer refunds

Thousands of borrowers could potentially benefit from a ruling relating to the way credit card holders are sold payment protection insurance (PPI), it emerged today. A county court judge has decided that an "unfair relationship" had arisen between Lynne Thorius and MBNA because she was advised to take out PPI by the card giant but was not told it would receive a commission from the sale.

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Aviva put up Delta Lloyd for £1bn sale

Aviva, Britain's second largest insurance group, today put a sale sign above its Dutch subsidiary Delta Lloyd in a bid to raise between €1bn and €1.6bn (£919m to £1.47bn) for fresh acquisitions.

The insurer said it wanted to list a minority stake in the business on Euronext's Amsterdam exchange in November, in what will be Europe's largest flotation in more than a year. Most analysts welcomed the decision to boost Aviva's capital base at a time when regulators and investors were concerned about the insurer's balance sheets.

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Indemnity insurance: Protect yourself against unforeseen property risks

The case of a Warwickshire couple forced to sell their farm following a £230,000 bill to fund repairs to a nearby church may have set alarm bells ringing for homebuyers across the country. But there is a way to avoid being hit by the kind of obscure and ancient law that left the Wallbanks liable for part of the upkeep of the 13th-century church in Aston Cantlow: indemnity insurance.

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Equitable Life victims win in high court

Hundreds of thousands more victims of the Equitable Life debacle could now be entitled to compensation after policyholders claimed a high court victory in their long battle with the government over payouts.

Lawyers for Emag, the Equitable Members Action Group, had argued that ministers could not evade the reality of regulatory failures linked to the insurer's near collapse at the start of the decade. Today, Lord Justice Carnwath and Mr Justice Gross quashed the Treasury's decision to reject a number of findings of injustice and maladministration made by the parliamentary ombudsman.

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Fraudster staged almost 100 car crashes and cost insurance firms £1.6m

After dozens of unsuccessful attempts, Mohammed Patel might have been reasonably expected to navigate his car safely around the Eden Point roundabout on the A34 in Stockport.

Yet, to the growing incredulity of staff across the road at the offices of Bovis Homes, the same driver managed to get involved in low-speed crashes again and again at the same spot as he inexplicably slammed his brakes on, leaving the helpless driver behind to hit his car. Today, a court heard the real explanation for the 24-year-old's 93 separate smashes – a fraud that cost the insurance industry £1.6m.

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Aviva CEO backed following affair revelations

Andrew Moss, the chief executive of Aviva, has received the full support of his chairman after it emerged that Moss had an affair with a colleague. Lord Sharman, chairman of Aviva, said last night that he still had "full confidence" in Moss.

News of the relationship between Moss and Deirdre Moffat broke this morning. The Times reported that the chief executive of Britain's biggest insurance company has left his family to live with Ms Moffat, who was a director in Aviva's HR department. She resigned from Aviva 10 days ago.

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Zurich loses personal details of 51,000 customers

Insurance firm Zurich today admitted it had lost a tape containing the personal details of 51,000 UK customers and said it had launched an investigation into the incident. The group said the back-up tape was lost during a routine transfer to a data storage centre in South Africa in August last year.

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Chairman defends Aviva chief over office affair

Aviva's plans to revamp its continental businesses were overshadowed today by revelations that chief executive Andrew Moss had an affair with a junior member of staff. Moss, who became chief executive two and a half years ago, admitted to an affair with Deirdre Moffat, 45, a former member of Aviva's human resources department.

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PPI complaint cases to be reopened

Thousands of consumers who had complaints about payment protection insurance (PPI) turned down could be in line for compensation after the City watchdog told lenders they must reassess their cases.

Rules introduced by the Financial Services Authority (FSA) mean lenders must revisit about 185,000 cases of consumers who have unsuccessfully complained about cover bought alongside unsecured loans since 1 July 2007, and compensate any they find have been mis-sold policies. If the review reveals widespread problems they could be forced to reopen cases going back to 2005 when the FSA took on the regulation of general insurance.

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Great American's Ocean Marine Unit, Avalon Form Strategic Marketing Relationship

Great American Insurance Group’s Ocean Marine division is expanding its role in the international trade community through its strategic marketing relationship with Avalon Risk Management.

Under this partnership, Great American Alliance Insurance, a wholly-owned subsidiary of Great American Insurance and member of the Great American Insurance Group of companies, will underwrite international transportation and US customs bonds with Avalon. Avalon writes more than 35% of all continuous bonds on file with US customs and border protection (CBP).

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ING to split in two, launch rights issue

Dutch bancassurer ING Group NV will split in two, shrinking itself into a smaller Europe-focused bank, in the most striking example yet of the deep changes the EU wants to force on banks that received state aid. The company also said it would pay back 50 percent of its aid from the Dutch state early and launch a 7.5 billion euro ($11.25 billion) rights issue.

Monday's surprise announcement from ING, which said the dismantling was expected to run through 2013, accelerates a move that investors had expected, but not for years to come. It effectively dismantles something of a national champion that was created just 18 years ago.

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Aviva Names New CFO

Aviva has appointed Patrick Regan as chief financial officer (CFO). He will join Aviva during February 2010 and will become a member of the group board. Mr. Regan is currently group chief operating officer and chief financial officer of Willis Group Holdings (Willis), an insurance broker. He joined Willis as CFO in 2006 and took on the additional responsibilities of COO last year. He recently established Willis Capital Markets & Advisory and is the chairman of that business.

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Travelers Unveils IndustryEdge For Healthcare Organisations

Travelers Commercial Accounts has unveiled a new IndustryEdge product for healthcare organisations. The product addresses the property & casualty insurance needs (excluding professional liability) of mid-sized healthcare clients.

The IndustryEdge product that is available through Travelers network of independent insurance agents and brokers for healthcare organisations, offers for outpatient facilities, including medical offices, clinics, laboratories, diagnostic centers and, in most states, ambulatory surgical centers. Available products include specialised coverages for property, automobile, general liability, umbrella and workers compensation.

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WGA Purchases RPG Insurance Administrators

William Gallagher Associates (WGA) has acquired RPG Insurance Administrators (RPG) of Medfield, Massachusetts.

Philip Edmundson, chairman and CEO of WGA, said: “WGA has steadily built our health care industry practice over the past few years, and now with the addition of RPG’s expertise we can continue to give our clients expanded capabilities within the health care arena.”

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Daman, Munich Re Extend Strategic Partnership

The National Health Insurance Company, Daman, a health insurance company in the UAE, and Munich Re, a reinsurers, have extended their strategic alliance and partnership.

The initial five-year agreement between both the firms was signed in 2005 when Daman was set up. Due to the profitable business development, both the companies have agreed to extend the agreement to 2019. Daman, which is jointly owned by the government of Abu Dhabi (80%) and Munich Re (20%), started operations in 2006. Since then, Daman has got hold of an 80% share in Abu Dhabi’s health insurance market.

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State Auto Insurance Implements Pangea

The State Auto Insurance Companies have executed Pangea for Insurance, a product of General Information Services (GIS). Pangea for Insurance is an insurance industry specific agent on-boarding version of GIS’s Human Capital Management (HCM) solution. The insurance solution was implemented on June 29 and is helping State Auto remain on the cutting edge.

The integration capabilities offered by Pangea for Insurance helps to streamline State Auto’s insurance licensing, background check and appointment processes.

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NARS Establishes Northeast Regional Office

North American Risk Services, a claims management firms, has set up a new office in Red Bank, New Jersey. The office will have an adjusting, sales and support staff and will handle claims across multiple lines of business. The new office is is likely to begin operations on October 26, 2009

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HumanaOne Introduces Individual Dental Insurance

HumanaOne, an health arm of Humana, has unveiled new individual dental insurance and vision plans on www.humanaonedental.com. With the launch of these products, it also is expanding its affordable dental and vision plans to a number of states it had not previously served.

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Max Capital Names CEO Of Max, Lloyd’s

Max Capital Group has appointed Adam Mullan as chief executive officer of Max at Lloyd’s Limited, the Lloyd’s managing agent for Syndicates 1400, 2525 and 2526.

Marston (Marty) Becker, chairman and chief executive officer of Max Capital Group, said: "We are pleased that Adam has accepted the CEO role at Max at Lloyd’s. As we move to significantly build out our Lloyd’s operation, the importance of strong leadership cannot be overstated, and we believe that Adam has the expertise, experience and vitality to effectively develop this business for us.”

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‘Unprecedented’ 14% UK motor premium ris

Car insurance premiums are rising faster than at any time over the past 15 years, according to the latest AA British Insurance Premium Index.

The Index recorded a 5.6% increase for comprehensive car insurance over the third quarter of 2009. This is the biggest single quarterly jump since the index started in 1994. The index has also shown the greatest-ever annual increase of 14%.

Recessionary effects, an increase...

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Brit Positive on UK Market

Tesco Personal Finance and the Dutch-Belgian insurance group Fortis are to invest £100m each in a new venture that will underwrite household and motor insurance sold under the supermarket's financial brand.

After ditching its long-time partner Royal Bank of Scotland two months ago, Tesco Personal Finance has been talking to Fortis about underwriting the insurance business.

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Allianz voluntarily delists from non-German exchanges

MUNICH, Germany—Allianz S.E. is delisting from the New York Stock Exchange and four European exchanges to focus on the German marketplace that it said offers the greatest liquidity.
The Munich, Germany-based insurer said it voluntarily will delist its American depositary shares from the NYSE and is delisting from exchanges in London; Milan, Italy; Paris; and Zurich, Switzerland.

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Tesco, Fortis Ink Insurance Partnership

Belgian insurance group, Fortis and Tesco have teamed up to provide motor and household insurance in the UK - reported Reuters. As per the discussions held in June, both the companies would provide a first investment of about GBP100 million ($167.3 million).

The joint venture is expected to continue until 2015, and intends to cover Tesco's car, van and household insurance policies, which currently draws over £500 million pounds in annual gross premiums.

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BNP, Fortis To Purchase Majority Stake In UBI Banca's Non-Life Unit

BNP Paribas of France and Fortis, a Belgium-based insurer, are likely acquire a majority stake in the non-life insurance unit of UBI Banca of Itlay - reported Reuters Fortis and BNP Paribas Assurance would take 50% plus one share of UBI Assicurazioni, a provider of property and casualty insurance in Italy, from UBI Banca. Reportedly, Fortis and BNP are entitled to pay E120 million ($177.1 million) in cash after the deal is completed. It could make a further payment of about E40 million depending on future business.

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Lloyds Opens First Nordic Office

Lloyds has opened its first representative office in Sweden, which will act as the hub for all Nordic operations. Reportedly, the office in Stockholm will be run by Erik Borjesson, Lloyds Nordic representative, who has been building relationships with the regulatory authorities and developing business in the region since his appointment.

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