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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.
  • The threat - and opportunity - of technology for the (re)insurance market was a consistent theme during discussions at The Insurance Insider's InsiderScope London event last week, as executives called for the market to embrace change wholeheartedly.
  • Friday night (10 February) brought a spectacular end to probably the most important insurance dispute of a generation as New York's Attorney General (AG) announced that former AIG boss Maurice "Hank" Greenberg had admitted to involvement in two fraudulent transactions during his decades-long tenure.
  • Proposed changes to the credit risk charge in the National Association of Insurance Commissioners (NAIC)'s risk-based capital (RBC) calculation could give the highest-rated reinsurers a competitive advantage.
  • Specialty insurer Ironshore is likely to significantly curtail its use of reinsurance following its sale to Liberty Mutual
  • Tom Bolt, Berkshire Hathaway Specialty Insurance's UK and Southern Europe CEO, has access to the biggest insurance balance sheet in the world and the mandate to build a sizeable specialty insurance business in London.
  • Berkshire Hathaway Specialty Insurance (BHSI) will not try to grow its business rapidly in Europe and will favour a slow and steady approach instead, according to UK and Southern Europe CEO Tom Bolt
  • First-round bids in the auction of specialist managing general agency (MGA) CFC Underwriting were submitted last week, with submissions coming solely from private equity houses, The Insurance Insider understands.
  • Riots in Mexico in January over the price of petrol are expected to cost the international insurance market between $200mn and $250mn, according to market sources.
  • I'm trying to work out what I think about the whole Greenberg trial and settlement
  • The war of words between former AIG boss Maurice "Hank" Greenberg and New York Attorney General (Eric Schneiderman intensified on Monday (13 February) as the two fought to get the better of the media coverage after the settlement on Friday of 12-year-old fraud charges