ACE announces management changes
ACE has announced some changes to its executive line-up ahead of its acquisition of
Chubb, which is expected to complete in the first quarter of 2016. Among the plans are some new members of the leadership team for North America. John Lupica will serve as Vice Chairman of the parent company and Co-President of the North America Insurance division. This will expand on his current role with wider operational responsibilities. Lupica will report to John Keogh, who is currently Vice Chairman and Chief Operating Officer of ACE Group and who will continue to serve in that role for the parent company.
Dino Robusto will serve as Executive Vice President of the parent company and Co-President of the North America Insurance division. He is currently President of Commercial and Specialty Lines for Chubb. Harold Morrison, Jr. will serve as Senior Vice President of the parent company and Executive Vice President and Chief Field Officer for the North America Insurance division. He is currently Chief Global Field Officer and Chief Administrative Officer for Chubb.
ACE has also announced that Paul Krump, currently President of Personal Lines and Claims for Chubb, will serve as Executive Vice President for Global Underwriting and Claims for the parent company.
Former insurance commissioner says some insurance practices may "violate actuarial standards."
Auto insurers have been criticized by the Consumer Federation of America for charging widows and other single women high premiums. NBC News says that in some cases widows have been hit with a 226 per cent hike in their auto insurance premium. The consumer group says that the higher premiums are not supported by data evidence. The CFA’s director of insurance is Robert Hunter, former state insurance commissioner for Texas, who says that some of the industry’s practices may "violate actuarial standards." However the NBC report quotes Insurance Information Institute’s James Lynch, who commented: "Insurance companies don't pull these variables out of the hat. They look very closely to see what variables will reflect their likelihood to have accidents and adjust rates accordingly.” He said the data shows that single people are more likely to be involved in accidents than those who are married.
Sapiens enters Polish insurance market
Sapiens International Corporation; the Israeli-headquartered, Nasdaq-listed developer of insurance industry software; has announced its agreement to acquire Polish software developer Insseco. The firm is currently wholly-owned by Asseco Poland, the indirect controlling shareholder of Sapiens. Marketwatch reports that the deal will open up a new market to Sapiens and expand its European footprint.
Allianz announces partnership for cyber risk coverage
International insurer Allianz has announced a partnership with cyber risk management firm Pentura to provide Commercial customers with help and guidance to improve cyber security. As part of the partnership, Pentura will provide Allianz Commercial policyholders with free consultations to discuss cyber security concerns including targeted attacks, incident response and data loss.
