Insurance news

• Locke Lord and Edwards Wildman approve merger

  01-12-2014 21:25
  Partners at insurance-focused law firms Locke Lord and Edwards
  Wildman Palmer have approved a merger of the firms effective 10
  January 2015.
  The combined entity will be known as Locke Lord Edwards LLP and
  have gross revenues of around $675mn, bringing together
  approximately 1,000 lawyers across 23 offices.
  Locke Lord chair Jerry Clements will serve as chair of the
  combined firm, with Edwards Wildman managing partner Alan Levin and
  Locke Lord's Dan Schlessinger and Bill Swanstrom serving as
  v
  
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• Fairfax to buy $55mn Malaysian general insurer

  01-12-2014 20:40
  Fairfax Financial has agreed a deal to buy the general insurance
  business of Malaysian carrier MCIS as it looks to expand its
  operations in Southeast Asia.
  The Canadian conglomerate said the deal through its wholly-owned
  subsidiary The Pacific Insurance Berhad is slated to close in the
  first quarter of 2015.
  MCIS's general insurance business will integrate with
  Pacific and become part of the Fairfax Asia group under the
  leadership of Ramaswamy Athappan.
  MCIS - which also writes life policies
  
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• S&P gives Covéa ratings a positive outlook

  01-12-2014 18:16
  Ratings could be raised if French group improves profits
  
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• Sterling deal to boost Covéa's diversity and customer service goals

  01-12-2014 16:47
  
  Katie Marriner Postonline
  
  
  Sterling managing director John Blundell says the business' buyer Covéa is a "good fit" for the insurer and is supportive of its existing growth plans.
  
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• Insurers warned about naivety around new entrants

  01-12-2014 16:35
  
  Francesca Nyman Postonline
  
  
  Insurers should not be naive about the ability of companies from other sectors to enter the market and steal market share, according Guidewire senior vice president at Guidewire Brian Desmond.
  
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• Sterling boss: Sale to Covéa will not upset service to brokers

  01-12-2014 16:16
  John Blundell says larger owner will allow Sterling to expand
  
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• Covéa deal “positive” for Sterling

  01-12-2014 16:14 via insuranceage.co.uk
  John Blundell, Sterling MD, says move will help Sterling grow but does not expect special deals with Covéa-owned broker Swinton.
  
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• Covéa boosts UK presence with Sterling acquisition

  01-12-2014 15:52
  French mutual insurance group Covéa has announced a deal to
  acquire privately held Sterling Insurance Group from Nicholas
  Cooper and his family.
  Covéa said the deal to buy the £140mn gross written
  premium (GWP) specialist composite insurer will take its annual UK
  GWP to almost £600mn.
  The mutual already has a presence in the UK market through its
  broker Swinton and Covéa Insurance, a non-life insurer formed
  through the 2012 merger of MMA Insurance and Provident Insurance
  
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• Crawford buys GAB Robins' UK and aviation businesses

  01-12-2014 15:30
  Crawford & Company has announced the acquisition of UK loss
  adjusting and claims management firm GAB Robins (UK).
  The loss adjusting giant also unveiled a separate deal to buy a
  majority stake in GAB Robins Aviation Limited and its US subsidiary
  Aviation Light Services Corporation. Upon completion of the deal,
  GAB Robins Aviation CEO Trevor Light will take the reins at the new
  combined entity.
  Ian Muress, CEO of Europe, Middle East, Africa and Asia Pacific
  at Crawford, said: &quo...
  
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• "Business as usual" for Sterling

  01-12-2014 14:56 via insuranceage.co.uk
  Claim follows news that Covéa is set to buy Sterling as the French insurer moves to grow outside of France.
  
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• Covéa buys Sterling Insurance

  01-12-2014 14:54
  French insurer to run HNW and property specialist as separate division
  
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• Covéa closes Sterling deal

  01-12-2014 14:32
  
  Mark Sands Postonline
  
  
  Covéa has completed a deal to acquire high-net worth insurer Sterling from founder Nicholas Cooper, according to Post’s sister site Insurance Age.
  
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• Covea acquires Sterling

  01-12-2014 14:15 via insuranceage.co.uk
  Covea purchases high net worth specialist insurer.
  
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• Covéa buys Sterling

  01-12-2014 14:15 via insuranceage.co.uk
  Covéa purchases high net worth specialist insurer.
  
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• Crawford buys GAB Robins

  01-12-2014 14:02 via insuranceage.co.uk
  Crawford to expand its claims handling business in the UK following £45.8m deal.
  
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• Crawford buys GAB Robins for £45.8m

  01-12-2014 13:56
  Chief executive Kieran Rigby to run Crawford global markets
  
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• Brisbane hailstorm tally tops A$200mn

  01-12-2014 13:11
  The Insurance Council of Australia says the estimated insurance
  losses arising from last Thursday's (27 November) hailstorm in
  Brisbane, Queensland, have reached A$201mn ($170mn).
  As at 10am on Monday 1 December, property and motor vehicle
  owners affected by the storm had lodged 39,699 claims, while 10,863
  claims had been filed for house and contents claims and 28,814 for
  motor vehicles only.
  Major Australian carrier Suncorp said it had opened a mass
  assessment centre to deal with the more t
  
  Read more

• CFS boss Campbell to lead BLM's Irish business following merger

  01-12-2014 12:54
  
  Callum Brodie Postonline
  
  
  Campbell Fitzpatrick Solicitors managing partner Peter Campbell is to lead BLM’s Irish business following the completion of the merger between the two law firms.
  
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• Century Underwriting becomes 101st MGAA member

  01-12-2014 12:15
  
  Mark Sands Postonline
  
  
  The Managing General Agents’ Association has recruited its 101st member in the shape of commercial lines specialist Century Underwriting.
  
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• Cash for crash fraudsters jailed

  01-12-2014 12:13 via insuranceage.co.uk
  Sentences passed following LV and Esure fraud cases.
  
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• Christmas in insurance land ....

  01-12-2014 12:00 via insuranceage.co.uk
  With Christmas just around the corner, up pops Towergate with a festive whodunnit - or perhaps more accurately: who's going to buy it?
  
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• Uinsure hires Berkeley Alexander director Hutchings

  01-12-2014 11:59
  
  Callum Brodie Postonline
  
  
  Manchester-based general insurance provider Uinsure has followed up on the recruitment of five former Paymentshield employees by appointing Mark Hutchings from Berkeley Alexander as national account manager.
  
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• Markel appoints two to financial institutions team

  01-12-2014 11:44 via insuranceage.co.uk
  Martin McCarron joins from Catlin as head of financial institutions.
  
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• Russian market facing 'significant challenges' despite premium growth

  01-12-2014 11:31
  
  Callum Brodie Postonline
  
  
  A predicted 10% rise in non-life Russian premiums in 2014 would be largely a result of inflation and masks the inherent problems faced by the profession in the country, according to Axco Insurance Information Services.
  
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• MGAA passes 100 member mark

  01-12-2014 11:17 via insuranceage.co.uk
  Century Underwriting becomes the latest organisation to join the association.
  
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• French floods force more than 3000 evacuations

  01-12-2014 10:51
  
  Mark Sands Postonline
  
  
  Floods in Southern France have forced more than 3000 to evacuate their homes, while five people have lost their lives.
  
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• Four jailed for targeting LV= and Esure in crash-for-cash fraud

  01-12-2014 10:42
  Claims from staged taxi crash in Leeds would have cost LV= £145,000
  
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• Trio sentenced after LV and Esure hit back at £145k crash for cash scam

  01-12-2014 10:27
  
  Mark Sands Postonline
  
  
  A trio of crash for cash fraudsters have been handed custodial sentences following collaboration between LV and Esure to bring down a criminal ring.
  
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• Hastings brings in Biemer on underwriting

  01-12-2014 10:25 via insuranceage.co.uk
  New recruit transfers to company from the US.
  
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• Eiopa: 24% of insurers to miss solvency if yield squeeze continues

  01-12-2014 10:25
  The European Insurance and Occupational Pensions Authority
  (Eiopa) has estimated that 24 percent of insurers would fail to
  meet solvency capital ratio (SCR) standards in an extended
  low-yield environment.
  Eiopa's latest stress test showed that if interest rates are
  still cripplingly low in eight to 11 years' time, almost a
  quarter of the 225 companies from the 28 EU countries and Norway
  would see their SCR fall below 100 percent.
  Today, 14 percent of companies, representing 3 percent of
  
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• Brisbane hailstorm tally tops A$201mn

  01-12-2014 10:25
  The Insurance Council of Australia says the estimated insurance
  losses arising from last Thursday's (27 November) hailstorm in
  Brisbane, Queensland, have reached A$201mn ($170mn).
  As at 10am on Monday 1 December, property and motor vehicle
  owners affected by the storm had lodged 39,699 claims, while 10,863
  claims had been filed for house and contents claims and 28,814 for
  motor vehicles only.
  Major Australian carrier Suncorp said it had opened a mass
  assessment centre to deal with the more t
  
  Read more

• 14% of EU insurers fail 'baseline' EU stress tests

  01-12-2014 10:12
  
  Mark Sands Postonline
  
  
  A test of more than half of Europe’s insurers by market share has found that one in twelve are currently likely to fail to meet solvency capital requirements when the Solvency II regime launches in just over a year.
  
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• Solvency II stress test defeats one in 12 insurers

  01-12-2014 09:27
  Eiopa says the sector is more vulnerable to a ‘double hit’
  
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• MGAA membership tops 100

  01-12-2014 09:20
  Century Underwriting joins the association as its 101st member
  
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• Hastings hires new underwriting MD

  01-12-2014 08:45
  Ed Biemer joins from US insurer Allstate
  
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• Wejo tests the water with aggregator launch

  01-12-2014 07:29
  Telematics policies and rewards scheme to be rolled out by Spring
  
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• Ace shuffles Australian financial lines team

  01-12-2014 06:44
  
  Andrew Tjaardstra Postonline
  
  
  Insurer Ace has promoted two staff and recruited a former broker in its Australian financial lines division.
  
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• Premiums in 'emerging Asia' to grow 12.8% in 2015, says Swiss Re

  01-12-2014 04:37
  
  Andrew Tjaardstra Postonline
  
  
  According to reinsurance giant Swiss Re general insurance premiums in 'emerging Asia' countries are set to grow 12.8% on average in 2015.
  
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• Markel hires two to financial risks division

  01-12-2014 01:05
  
  Katie Marriner Postonline
  
  
  Markel has made two appointments in its financial risks division including hiring Catlin's Martin McCarron as financial institutions head.
  
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