Insurance news

• AmTrust wins injunction in EUR32mn Italian med mal dispute

  10-12-2014 19:16
  AmTrust Europe's former Italian medical malpractice broker
  will be forced to hand back EUR32mn of client funds it withheld
  after an exclusive distribution agreement broke down into a bitter
  dispute.
  Trust Risk Group, the Italian broker led by Antonio Somma, will
  be forced to transfer the premium back into a "trust
  account" in Italy, which can be audited by AmTrust.
  UK judge Mr Justice Blair ruled today (10 December) that the
  broker must return the money, which AmTrust claimed had..
  
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• Quindell shares rollercoaster continues after founder sells

  10-12-2014 17:18
  Shares in embattled insurance outsourcer Quindell took another
  pummelling today (9 December) after founder Rob Terry sold most of
  his stake in the company.
  The firm's share price fell more than 47 percent in the
  aftermath of the stock exchange announcement, which declared that
  Terry had reduced his holding from 8.73 percent to 2.99
  percent.
  According to calculations by the Financial Times, Terry
  would have made £8mn from the sale, which was carried out
  yesterday.
  The market will not kno
  
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• Investor panic at Quindell amid new revelations of Terry dumping his stock

  10-12-2014 16:35
  Founder Rob Terry sold shares worth around £11.4m
  
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• Risk managers absent at two thirds of mid-sized manufacturers

  10-12-2014 16:29
  
  Katie Marriner Postonline
  
  
  Two thirds of mid-sized manufacturing businesses do not have a senior employee responsible for risk management, according to Zurich research.
  
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• Clifford Chance Review: FCA apologises

  10-12-2014 15:20
  Independent inquiry leads to cut in executive's bonuses.
  
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• FCA bonus cull and bloodletting after Davis review

  10-12-2014 15:03
  Martin Wheatley, CEO of the UK's Financial Conduct Authority
  (FCA), will forgo his £115,000 annual bonus after a bungled
  media briefing led to millions being wiped off the value of UK life
  insurers in March 2014.
  A £2mn independent investigation into the event by Simon
  Davis of law firm Clifford Chance found that the decision to
  provide a newspaper with an advance briefing was well intentioned,
  but the strategy and manner in which it was pursued was
  "high-risk, poorly supervis
  
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• FCA briefing strategy 'poorly supervised and inadequately controlled'

  10-12-2014 14:12
  Clifford Chance reports calls for substantial improvements to be made across seven areas
  
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• Asos slammed for using insurance fire payout to support profits

  10-12-2014 13:43
  Online fashion retailer Asos has come under attack for using a fire insurance payout to support projected profits.
  
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• Brightside names Des O'Connor commercial director

  10-12-2014 13:37
  Former Gallagher Insurance Solutions managing director second Brightside apppointment
  
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• Post magazine – 11 December 2014

  10-12-2014 13:33
  
  Simon Turner Postonline
  
  
  The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App Edition on the App Store or read the Post Digital Edition online.
  
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• Aviation pricing turns back down in November: JLT

  10-12-2014 13:24
  November aviation renewals showed a return to softening rates,
  reversing the recent moderate hardening trend, according to major
  broker JLT.
  JLT's November Plane Talking report, published today (9
  December), said that greater levels of competition had forced rates
  to soften, albeit at a more moderate pace than at the beginning of
  the year.
  Some larger accounts with exposure growth were now experiencing
  flat or slight reductions, JLT said.
  However, the broker added that rate increases continu
  
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• Des O'Connor joins Brightside Group

  10-12-2014 13:18
  O'Connor becomes the group commercial director.
  
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• Confused to alert insurers about ghost brokers and fraud rings

  10-12-2014 13:14
  Price comparison site uses Experian technology for new spurious quote alert service
  
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• ABI demands clarity on long-term flood defence plans

  10-12-2014 13:10
  
  Mark Sands Postonline
  
  
  The Association of British Insurers has called for more information on flood defence spending to allay fears of repercussions on Flood Re.
  
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• JLT: Aviation pricing turns back down in November

  10-12-2014 12:55
  November aviation renewals showed a return to softening rates,
  reversing the recent moderate hardening trend, according to major
  broker JLT.
  JLT's November Plane Talking report, published today (9
  December), said that greater levels of competition had forced rates
  to soften, albeit at a more moderate pace than at the beginning of
  the year.
  Some larger accounts with exposure growth were now experiencing
  flat or slight reductions, JLT said.
  However, the broker added that rate increases continu
  
  Read more

• JLT confirms aviation hull war cancellations and rewrites

  10-12-2014 12:19
  A number of hull war policies written in the immediate aftermath of
  2014's major aviation losses are being cancelled and
  renegotiated, with underwriters reducing the initial price rises.
  Major aviation broker JLT has confirmed in its Plane Talking
  report that these decisions had been taken "in view of the
  significant difference in market conditions" over the
  autumn.
  At the beginning of the month, The Insurance
  Insider revealed a capitulation in the embattled hull
  war market, where
  
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• XL launches exhibition financial loss product in UK

  10-12-2014 12:08
  
  Katie Marriner Postonline
  
  
  XL Group has launched its product for financial losses resulting from cancelled or abandoned fine art exhibitions in the UK.
  
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• Video: Managing General Agents' Association managing director Peter Staddon

  10-12-2014 11:47
  
  Katie Marriner Postonline
  
  
  Managing General Agents' Association managing director Peter Staddon talks to Post reporter Katie Marriner.
  
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• Hertzell seeking wide range of industry experts for fraud taskforce

  10-12-2014 11:45
  
  Katie Marriner Postonline
  
  
  The government taskforce set up to tackle insurance fraud will include a small number of senior representatives from the wider insurance industry, Law Commissioner David Hertzell has confirmed.
  
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• CMA to investigate Crawford's GAB Robins acquisition

  10-12-2014 11:25
  The UK Competition and Markets Authority (CMA) has begun an
  investigation into Crawford's completed acquisition of GAB
  Robins (UK).
  The CMA served an initial enforcement order on 8 December and
  said it would look at whether the merger of the two companies would
  result in a "substantial lessening of competition" in the
  UK market.
  The deal, worth £45.8mn ($73.3mn), was announced on 1
  December.
  According to the order, Crawford and GAB Robins must remain
  entirely distinct and main
  
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• Biba gives evidence on Insurance Bill

  10-12-2014 11:23
  Body presented its views to a House of Lords special public bill committee.
  
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• Tesco crisis could lead to multi-million pound D&O claims

  10-12-2014 10:43
  AIG and Ace are understood the be main D&O capacity providers for the troubled supermarket
  
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• Flight MH17 wreckage arrives at Dutch airbase ahead of probe

  10-12-2014 10:25
  
  Callum Brodie Postonline
  
  
  Wreckage from the ill-fated Malaysia Airlines flight MH17 will be reconstructed after being transported to the Gilze-Rijen airbase in Holland as part of a probe into what brought the plane down.
  
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• CDL predicts more "healthy" growth as staff count heads towards 500

  10-12-2014 10:02
  Gary Johnson, managing director, aims to bring 'silicon valley to Stockport'.
  
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• UK General refinances as it aims to beat 11% growth target

  10-12-2014 08:30
  Deal will provide financial support for its rural, commercial and schemes divisions
  
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• UK General Insurance refinances with Clydesdale Bank

  10-12-2014 08:30
  Leeds-based insurer says deal will help it take advantage of growth opportunities.
  
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• UK General completes Clydesdale-backed refinancing after handing more power to MDs

  10-12-2014 08:30
  
  Mark Sands Postonline
  
  
  Leeds-based insurer UK General has refinanced debts with Clydesdale Bank in a bid to better position the business for growth after handing more power to its schemes, rural and commercial managing directors.
  
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• MGA launches contractor product to reduce shop around burden on brokers

  10-12-2014 07:30
  IIG’s combined offering meets demand of growing construction sector - chief exec Mike Smith
  
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• Innovation Group restructures UK motor business

  10-12-2014 07:30
  New division Innovation Group Motor UK formed
  
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• CMA to investigate Crawford's £45.8m acquisition of GAB Robins

  10-12-2014 07:30
  The Competition and Markets Authority is concerned competiton could suffer as a result of the deal
  
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• Allianz-owned Premierline joins Willis Networks following acquisition

  10-12-2014 07:30
  Premierline buys Willis’s Businesscare business
  
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• ABI Motor Conference: Insurers need to be more open to rebuild consumer confidence

  10-12-2014 07:30
  But falling premiums have taken customer satisfaction to an all-time high
  
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• Insurers seek to replace Aviva at major Singapore bank

  10-12-2014 04:07
  
  Andrew Tjaardstra Postonline
  
  
  At least five insurers are attempting to win a contract to sell insurance and wealth management products to Singapore bank DBS Bank's clients.
  
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