Morning Briefing

Florida insurance sector is well prepared for hurricane season… Insurance industry could affect Iran’s oil export ambitions… Marsh expands operations in UK… BB&T increases stake in AmRisc, divests AmCoastal…

Insurance News


Florida insurance sector is well prepared for hurricane season
Hurricane season officially began in Florida this week but according to an insurance trade body the sector is well prepared for whatever nature serves up. Not that it’s expected to be the worst season with forecasts showing that there will be fewer hurricanes than in an average season. If the worst happens though the Insurance Information Institute says the resources are in place. “The insurance industry is rock solid” the institute’s president Robert Hartwig told Reuters.
Many of the insurers in the state are relatively new as established names left following the devastating impact of Hurricane Andrew in 1992 and five large hurricanes around a decade ago. However the private insurers together with the state-owned Citizens Insurance Company and the Hurricane Catastrophe Fund have strong financial reserves.
Insurance industry could affect Iran’s oil export ambitions
The hope of Iran to ramp up export of its oil may be dashed by the insurance industry. The country is expecting to be able to grow its oil export market once sanctions are lifted by western nations. However reports that international insurers are wary of providing coverage to tankers carrying Iranian Crude and rules that ban US reinsurers from doing business with Iran would remain in force even after any lift on sanctions.
Marsh expands operations in UK
Global insurance firm Marsh is expanding its UK operations with the acquisition of SME Insurance Services and its online arm Broker2Broker. SMEi has developed a highly effective online and telephone-based business model which enables it to provide clients with flexible and comprehensive insurance solutions, tailored to their individual requirements, regardless of size or risk profile. The firm focuses on the small and medium business sector.
BB&T increases stake in AmRisc, divests AmCoastal
The insurance arm of BB&T Corporation has announced that it is significantly increasing its partnership interest in AmRisc. It also announced that it has completed the sale of AmCoastal to a number of AmRisc executives. The AmRisc management will retain a minority stake in AmRisc and will manage the business and look after its development strategy. 

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