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General Insurance Newsletter - Friday 15th June 2018

15 Jun 2018

Insurance News

Markel International has been granted a licence from the Insurance Regulatory and Development Authority of India to write reinsurance business in the country – with capacity to be provided courtesy of their Syndicate 3000 at Lloyd’s.

Insurance and risk management giant Gallagher has expanded its speciality broking capabilities by acquiring a 65% stake in specialist Swiss Broker Hesse & Partner AG and Hesse Consulting GmbH (Hesse). Terms of the deal were not disclosed.

France will triumph at upcoming World Cup in Russia, according to research by Lloyd’s. The French won the FIFA tournament on home soil in 1998. The global footballing spectacle kicks off on Thursday 14 June. Ahead of this Lloyd's has teamed up with the Centre for Economics and Business Research (Cebr) to rank the teams based on the collective insurable value of players. The model correctly predicted that Germany would win its fourth trophy when the event was hosted in Brazil in 2014.

Lloyd’s of London has launched a new InsurTech innovation sandbox, Lloyd’s Lab. The global insurance market stated it is now searching for tech talent to partner with and develop solutions for its rapidly changing needs, in a “fast-track, fast-fail” environment. Lloyd’s noted this is the first time in 330 years that it’s opening its doors to the global tech start-up and entrepreneur community. The Lloyd’s Lab global talent search, which is led by applied corporate innovation specialist L Marks, is looking for entrepreneurs, alongside early and growth stage companies operating in the InsurTech space worldwide.

Axa has sold its whole of market healthcare Broker, Health and Protection Solutions, to Ardonagh-owners Highbridge Principal Strategies (HPS) and Madison Dearborn Partners (MDP). The Insurer stated that the transaction, worth an undisclosed sum, is expected to complete in the second quarter of 2018, subject to regulatory approvals. According to Axa the Broker, trading as The Health Insurance Group (THIG), provides health and wellbeing solutions to both businesses and individuals. AXA UK is hosting a drop-in session for MPs to see a British manufactured driverless Pod for the first time ever in Westminster.

Covéa Insurance has confirmed it has begun a consultancy period with their staff, as it reviews its High Net Worth (HNW) and commercial business. It was revealed that the provider announced the proposed changes to the team. It is believed the move will impact up to 20 people.

Leading independent research company, Defaqto, has awarded out Complete Business and Complete Property Owner products a five star rating - meaning Allianz now has more five star SME products on offer than any other Insurer.

XL Catlin has added a Cyber solution to its existing Casualty insurance offering. The provider stated that it had been designed for mid-sized and large companies that do not require a stand-alone Cyber product and is offered as an extension to General Liability policies. It detailed that the extension is available to a range of industries and has a limit of £5m.

Tokio Marine HCC has announced its wholly-owned subsidiary HCC International Insurance Company PLC signed a purchase agreement with Qdos Holdings Limited and other selling shareholders to acquire Qdos Contractor of The Qdos Group.

Fiducia has extended its product range with a new Combined Liability insurance policy specifically for hauliers and warehouse keepers. The Leeds-based specialty MGA was formed 18 months ago and explained that the new offering was a natural fit with its freight liability (goods in transit) insurance for hauliers. The new cover, also available as a standalone product, is backed by A rated capacity.

LDC, the private equity arm of Lloyds Banking Group, has paid £28m for a minority share of online Broker Right Choice Insurance Brokers (RCIB). RCIB now plans to invest in further developing its proprietary software and technology platform to accelerate growth.

European Property Underwriting has launched the UK and Northern Ireland terrorism policy which it claimed is an alternative to Pool Re. The commercial property managing general agent’s standalone Terrorism product provides Material Damage and Business Interruption coverage for business and property investors’ risks. Clients can choose the properties and policy limits they wish to cover. The firm flagged that its offering comes with a minimum premium of £25 citing that the Pool Re minimum is £100.

Integro Insurance Brokers has completed its acquisition of Hawkes Bay Holdings, the parent company of Lloyd’s Broker Tyser & Co. According to Integro it will now begin the process of merging its wholesale and retail operations with Tysers. The takeover, which was first reported at the end of March this year, is Integro’s largest ever acquisition.

Limehouse Agencies, which is part of RTG, has acquired specialist Marine underwriting agency and Lloyd’s coverholder Corporate Underwriting Ltd. The latter has a large distribution network of more than 100 retail Brokers and is seen as one of the leaders in this specialist area within its home market of Ireland.

The London-based Managing General Agent, Unicorn Underwriting, part of US-headquartered global Broker AmWINS Group, now has an SME division and will initially offer Commercial Combined, Retailers, Office & Surgery, and Property Owners products underwritten by Travelers Insurance Company Limited.

Specialist insurance provider CFC has launched its first insurance offering for Financial Institutions. The company’s Investment Management Insurance (IMI) policy is the first in a suite of products designed to address the risks faced by Investment Managers.

The London and International Insurance Brokers’ Association (LIIBA) has welcomed its newest overseas member – Azerbaijan-based Zaman Insurance and Reinsurance Brokers LLC. The representative body said the latest addition joins member Lloyd’s Brokers from Belgium, Cyprus, Greece, Hong Kong, and Spain. 

PIB has bought Birmingham-based i2 Healthcare. The move for the specialist corporate healthcare Broker comes only two weeks after PIB bought Lincolnshire-based health and safety specialist Lincsafe. The deal takes PIB up to 16 acquisitions.

Tim Johnson, Group CEO of Stackhouse Poland has revealed they have "a handful of interesting acquisitions in the pipeline". The Broker bought Birmingham-based corporate insurance Broker Honour Point in April and Blackburn-headquartered Caprica Healthcare in January. The acquisitions came after a string of deals in 2017 including Marine, Private Client and commercial insurance broker E Coleman and Quantum Underwriting Solutions. The firm’s mantra is “to create the UK’s leading independent and specialist commercial business”. Tim summarised “Selective acquisitions that are either High Net Worth Private Client or specialist commercial - that is our appetite”.

Group Chief of Strategy, Innovation and Business Development Officer at Zurich, Giovanni Giulani has revealed that they have been working with Apple to develop an app since the autumn of 2017. Giuliani believes that working with Engineers and Designers at the Apple Campus in Cupertino in California has created an app that can “change the dynamic” between Brokers and the nsurer citing convenience, layout and design as key strengths.

Market Movers and Shakers

Chubb has named its European Head Successor as David Furby. Regional President Andrew Kendrick, who has led the global insurance giant in Europe since 2004, is retiring at the end of 2018. In the interim he will continue to serve as Senior Vice President of Chubb Group, as well as Executive Chair of the European Group, while David Furby takes over as President for the region next month.

Aspen has appointed David Byrne as Credit and Political Risk Underwriter effective immediately.

Alesco Risk Management Services (Alesco) has hired Nadim Semaan as Partner, effective July 2018. 

XL Catlin has appointed Andrew Coutts to the position of Global Practice Leader for Cargo.

Brit Ltd. has appointed Michael Gould as Chief Operating Officer.

The Ardonagh Group has announced the appointment of David Edmands, as Financial Director of its Health and Protection business.

The Ardonagh Group has also appointed ex-Lloyd's CEO Richard Ward as Executive Chairman of Specialty & International (comprised of Bishopsgate and Price Forbes) and MGA.

Direct Line Group is pleased to announce that Neil Manser will be moving into the role of Deputy Chief Financial Officer from 1st August.

All information provided in this Market Digest has been gathered from multiple General Insurance Media sources and individual company press releases.

Meet our specialist General Insurance team here.

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