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February 2017/2

  • The UK Department for Transport (DfT) has highlighted the insurance implications of driverless cars.
  • Insurers have less than three months to fine-tune their claims handling procedures before legislation which could land them with new liabilities takes effect.
  • The brokerage sector felt the impact of the soft market in the fourth quarter, with two of the three leading P&C (re)insurance brokers all posting slower organic growth than a year earlier.
  • Around half a dozen Florida homeowners' insurers are taking action to shore up their capital and surplus position ahead of submitting their final 2016 financial results, according to Demotech.
  • With the regular Florida legislative session due to convene in three weeks, industry lobbyists are pushing hard for reforms to address the assignment of benefits (AOB) water claims crisis in the state.
  • AIG is under pressure to address key questions when it releases its fourth-quarter results later today.
  • Arch Capital Group benefited significantly from its mortgage business in the fourth quarter as it reported consensus-beating profits of $1.13 a share.
  • StarStone hires Sompo crisis chief; Barbican rebuilds cyber team; Generali ‘eyes cost cuts'; Aon to use Hewitt proceeds for M&A, buybacks; Marine market faces $25mn war loss; OIL pulls Gulf of Mexico wind offering; Price Forbes picks up JLT life sciences team
  • Cincinnati Insurance expanded a collateralised reinsurance deal to $200mn in size after its $100mn Skyline Re cat bond matured, the company said on an earnings call.
  • Modelling agency RMS has said that annual average losses for US hurricane activity will come in notably lower under the 2017 update to its medium-term storm model.
  • Speakers at InsiderScope London called for market discipline from carriers and brokers, as the panel acknowledged the industry was treading on thin ice when it came to profitability.
  • AmWins CEO Steve DeCarlo has given a wide-ranging defence of the role of the wholesale broker, as the sector continues to look for signs of a credible disrupter.
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