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News

Brokers downplay insurtech impact over next five years

Insurtech experts at Aon and Willis Towers Watson report that new insurance technologies have led to improvements but have not shifted overall delivery costs, with the next five years only likely to bring more incremental change.

Wed 19 Jun 2019

Former JLT Specialty USA exec Turk joins expansive NFP

News

People Moves

Former JLT Specialty USA exec Turk joins expansive NFP

Former JLT Specialty USA executive Doug Turk has re-emerged at NFP as the latest high-profile hire by the expansive private equity-backed retail broker.

Wed 19 Jun 2019

Analysis

Assessing product liability in the digital age

Is EU product liability directive 85/374/EEC still an adequate tool in a world of smartphones and driverless cars? Following a lengthy formal evaluation, the European Commission is set to unveil its findings imminently. The insurance industry has come out fighting.

Wed 19 Jun 2019

News

FedNat could delay Maison deal – analyst

Florida homeowners insurer FedNat could delay the close of its acquisition of Maison Insurance Company until after the wind season, according to JMP Securities analyst Matthew Carletti.

Wed 19 Jun 2019

Ardonagh’s van der Veer leaves for Nexus

News

People Moves

Ardonagh’s van der Veer leaves for Nexus

Expansive intermediary Nexus Group has hired industry veteran Marc van der Veer as CEO of European ventures.

Wed 19 Jun 2019

Marsh bolsters real estate practice with Hyperion head following defections

News

People Moves

Marsh bolsters real estate practice with Hyperion head following defections

Marsh has hired Hyperion’s Mark Lumley to build out its depleted UK real estate team following the departure of Nigel Todd and Steve Moore to the rival David Howden-led firm earlier this year.

Wed 19 Jun 2019

Aspen taps Lloyd’s Brekenfeld for corporate development role

News

People Moves

Aspen taps Lloyd’s Brekenfeld for corporate development role

Bermuda-based Aspen has named former Lloyd’s oversight manager Joshua Brekenfeld as director of global corporate development.

Wed 19 Jun 2019

Caribbean governments increase coverage with CCRIF

News

Property catastrophe

Caribbean governments increase coverage with CCRIF

All 19 Caribbean members of risk pool Caribbean Catastrophe Risk Insurance Facility (CCRIF) completed 1 June renewals of their catastrophe portfolios, with nine member states increasing coverage for at least one of their policies.

Wed 19 Jun 2019

News

Flood

German storms to cost Eur650mn

A series of thunderstorms which struck Germany between 3-12 June is set to cost insurers some Eur650mn ($728.2mn), according to industry association GDV.

Wed 19 Jun 2019

Insurers face fines under government plans to tackle dual pricing

News

Legal/ Regulatory

Insurers face fines under government plans to tackle dual pricing

UK insurers could face heavy fines under government plans to give the Competition & Markets Authority (CMA) new powers to bypass the courts and fine firms that are found to exploit customer loyalty.

Wed 19 Jun 2019

Axa XL hires AIG’s Klepper as short tail insurance CUO

News

People Moves

Axa XL hires AIG’s Klepper as short tail insurance CUO

Axa XL has named Robert Klepper – who was most recently AIG’s president of client risk solutions – as chief underwriting officer for short tail insurance lines.

Wed 19 Jun 2019

R&Q appoints Sellek and Quilter as joint CEOs

News

People Moves

R&Q appoints Sellek and Quilter as joint CEOs

London-listed legacy and program specialist R&Q has appointed the former AM Best and Lloyd’s executive Roger Sellek as joint CEO alongside the firm’s co-founder and CFO Alan Quilter.

Wed 19 Jun 2019

Citizens slashes rate request by 43% after AOB reform

News

Legal/ Regulatory

Citizens slashes rate request by 43% after AOB reform

Florida’s state-backed insurer Citizens is seeking board approval to file a revised capped 4.7 percent rate increase for personal lines business that is well below the 8.2 percent increase it filed for at the end of last year.

Tue 18 Jun 2019

Florida’s governor approves bill to increase FHCF reimbursement

News

Legal/ Regulatory

Florida’s governor approves bill to increase FHCF reimbursement

Florida’s governor Ron DeSantis has approved legislation that increases the required loss adjustment expenses (LAE) reimbursement covered by the state’s catastrophe fund and tweaks surplus lines rules.

Tue 18 Jun 2019

MMC calls on lawmakers to reauthorize US terrorism backstop

News

Legal/ Regulatory

MMC calls on lawmakers to reauthorize US terrorism backstop

Marsh property terrorism placement and advisory leader Tarique Nageer has testified on Capitol Hill highlighting the importance of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), which is due to expire at the end of next year.

Tue 18 Jun 2019

News

McGriff streamlines wholesalers with new strategic partner panel

The recently combined retail brokerage operations of BB&T Insurance have signed up six wholesale brokers to a panel of “strategic partners” who will be plugged in to the firm’s new data and analytics platform, The Insurer can reveal.

Tue 18 Jun 2019