Insurance news

• Pine River Re disbanded after AM Best rebuff

  19-12-2014 23:23
  Proposed start-up Pine River Re has been disbanded after the hedge
  fund reinsurer failed to secure the A- rating it was seeking from
  AM Best, The Insurance Insider has
  learned.
  According to sources, after months of negotiations through
  committee stages and appeals with the ratings agency, joint
  sponsors Pine River Capital Management and Allied World have
  decided to dissolve the project.
  It is thought that the management team that would have led the
  start-up if it had gone live have...
  
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• AmTrust battle with short sellers intensifies

  19-12-2014 19:55
  US carrier AmTrust has filed a defamation suit against short
  sellers and an equity research firm alleging attempts to manipulate
  its stock price through "false and misleading"
  statements.
  
  
  AmTrust has asked the New York Supreme Court to put an injunction
  in place to prevent short seller investor Alistair Capital
  Management, its manager Casey Nelson and research firm GeoInvesting
  from issuing further statements or research on the company.
  
  
  But the defendants hit back strongly yesterda
  
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• Capita wins Flood Re MGA tender

  19-12-2014 14:57
  Insurance outsourcing firm Capita has been appointed as the
  managing general agent (MGA) and service provider for UK
  state-backed flood reinsurer Flood Re, The Insurance
  Insider can reveal.
  Sources said that Capita had fought off competition from a
  number of other bidders to secure the contract.
  In October, the Association of British Insurers (ABI) said it
  had received a "healthy response" to its managing agent
  tender from a number of organisations.
  Flood Re is also understood to have
  
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• PPL verdict expected in New Year

  19-12-2014 14:40
  The Placing Platform Limited (PPL) board expects to recommend a
  winning service provider to its constituent boards in the New Year,
  according to an update from the London Market Group (LMG).
  Insurance IT firm Ebix and outsourcing specialist Xchanging are
  currently in the tender process to determine which firm will roll
  out electronic placing to the London market.
  The statement, released today (19 December), said that PPL, in
  conjunction with Accenture, had "made good progress in its
  work to
  
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• Generali enters Malaysia market with 49% acquisition

  19-12-2014 13:07
  
  Andrew Tjaardstra Postonline
  
  
  Italian giant Generali has bought a 49% stake in general insurer Multi-Purpose Insurance owned by Multi-Purpose Capital Holdings.
  
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• IFED makes 1,000th arrest

  19-12-2014 12:53
  The Insurance Fraud Enforcement Department has now secured 185 police cautions and 109 convictions
  
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• Large claims generate Skuld underwriting loss

  19-12-2014 12:31
  Mutual Norwegian marine insurer Skuld today (19 December) reported
  an underwriting loss of $6.5mn in the nine months to 20 November
  2014, due to a series of large claims.
  Although Skuld announced a consolidated bottom line of $5mn in
  the period, it said it had seen a number of claims in excess of
  $1mn in the last three months.
  Because these claims still fell within Skuld's own club
  retention, they were not shared by the International Group of
  protection and...
  
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• Suspected insurance fraudsters dealt with by Ifed tops 1000

  19-12-2014 12:30
  
  Katie Marriner Postonline
  
  
  The number of suspected insurance fraudsters dealt with by the Insurance Fraud Enforcement Department topped 1000 this week after detectives arrested four men in Wales.
  
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• IFED arrests 1,000th suspected fraudster

  19-12-2014 12:24
  Four men arrested under suspicion of insurance fraud as IFED sees the number of suspects top 1,000.
  
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• More than 250 Quindell shareholders considering legal action

  19-12-2014 12:18
  Law firm Your Legal Friend is awaiting publication of independent review by PwC before taking further action
  
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• Ex-SSL directors launch 'phoenix' company despite outstanding debts

  19-12-2014 11:55
  Callum Brodie Postonline
  
  
  The former directors of defunct SSL Loss Adjusting and Nimbus Contractors Network have launched a new business, despite owing outstanding debts to previous suppliers, Post understands.
  
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• Skuld boosts contingency reserves by $5m in first nine months

  19-12-2014 11:54
  
  Francesca Nyman Postonline
  
  
  Marine insurer Skuld posted positive a bottom-line result of $5m (£3.2m) for the first nine months of 2014, despite a series of large claims pushing its underwriting result into the red.
  
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• Blog: Supply chain? More like supply jigsaw

  19-12-2014 11:30
  
  Rachael Adams Postonline
  
  
  Post editor Stephanie Denton's ongoing escape of water claim saga takes on a distinctly Kafka-esque twist...
  
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• Insurers prepared for post-TRIPRA environment

  19-12-2014 11:29
  
  Katie Marriner Postonline
  
  
  Insurers operating in the US have reassured clients they will be covered for terrorism events once the US federal terrorism programme expires on 31 December.
  
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• Sharp aims to publicise employee ownership

  19-12-2014 11:27
  James Sharp says selling a business to the employees is the only way for brokers to handle succession.
  
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• RSA sells minority holding in Thailand insurer

  19-12-2014 11:17
  RSA has sold its 21.75 percent holding in Thailand insurer Syn Mun
  Kong, the company announced today (19 December).
  The UK-headquartered insurance group said it had agreed to sell
  the stake to LeapFrog Thailand Holdings and Mindo Asia Investments,
  an affiliate of San Francisco-headquartered Lombard
  Investments.
  RSA said it had received a cash consideration of £36mn. It
  also expects to make a profit of approximately £22mn and to
  boost group tangible net assets by approximately £19m
  
  Read more

• RSA sells stake in Thai insurer Syn Mun Kong

  19-12-2014 10:59
  
  Francesca Nyman Postonline
  
  
  RSA has completed the sale of its 21.75% holding in Thailand-based insurer Syn Mun Kong.
  
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• Commercial lines MD Foy leaves Aviva

  19-12-2014 10:56
  Foy to quit insurer at end of 2014.
  
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• Bah humbug: It’s a Bankstone News Christmas

  19-12-2014 10:50
  Christmas comes but once a year. Just as well, judging by this year’s sparse, depressing, and generally lacklustre crop of festive-themed PR fluff.
  
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• Phil Evans rejoins Carole Nash

  19-12-2014 10:48
  Evans returns as operations director after three years away.
  
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• RSA sells minority stake in Thailand insurer for £36m

  19-12-2014 10:45
  Insurer to make £22m gain on sale
  
  Read more

• RSA sales minority stake in Thailand insurer for £36m

  19-12-2014 10:45
  Insurer to make £22m gain on sale
  
  Read more

• RSA sales minority stake in Thailand insurer

  19-12-2014 10:45
  Insurer to make £22m gain on sale
  
  Read more

• Towergate? Marsh? Gallagher? Das? What made the news in 2014?

  19-12-2014 10:41
  Your most popular stories of 2014.
  
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• Confusion over new FCA rules

  19-12-2014 10:31
  Experts fear sales over the phone will have to stop.
  
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• Barbican's Credit Suisse deal to augment risk-free income

  19-12-2014 10:24
  Barbican group CEO David Reeves said the Lloyd's insurer is
  "very keen" on developing corporate partnerships as it
  received approval to launch special purpose syndicate (SPS) 6120
  with Credit Suisse's insurance-linked securities (ILS) team.
  The partners may apply for permanent syndicate status for their
  newly approved SPS 6120 in future.
  Barbican will remain manager of the syndicate, as it looks to
  build up a source of risk-free income via management fees.
  The £40mn SPS 61
  
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• Talanx in EUR180mn Chile move

  19-12-2014 10:04
  German insurance group Talanx will become a top five non-life
  Chilean insurer if it completes a deal announced today (19
  December) to acquire Inversiones Magallanes.
  Under the terms, it will pay a handsome premium of EUR180mn for
  a business that had circa EUR9mn of earnings in 2013 and EUR60mn of
  capital.
  Talanx - the largest shareholder in reinsurer Hannover Re - has
  reached agreement with the 70 percent shareholder in Inversiones
  Magallanes and is making a tender offer to the...
  
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• Phil Evans returns to Carole Nash to head up operations

  19-12-2014 10:01
  Phil Evans will replace Dave Cullen
  
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• Barbican launches new SPV at Lloyd's

  19-12-2014 10:00
  
  Francesca Nyman Postonline
  
  
  Barbican Insurance Group is to launch a new special purpose syndicate following approval from Lloyd’s.
  
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• Aviva commercial MD Ian Foy departs

  19-12-2014 07:30
  Foy will be replaced by chief risk officer Angus Eaton
  
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• Aviva commercial lines MD Ian Foy departs

  19-12-2014 07:30
  Foy will be replaced by chief risk officer Angus Eaton
  
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• MyLicence comes in two-thirds under DVLA budget

  19-12-2014 07:29
  DVLA expecting to spend £9.1m setting up the initiative compared to initial £24.1m budget
  
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• MyLicence comes in two-thirds under budget

  19-12-2014 07:29
  DVLA expecting to spend £9.1m setting up the initiative compared to initial £24.1m budget
  
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• Third Point Re to run-off cat fund

  19-12-2014 00:28
  Third Point Re is winding down its catastrophe fund and
  investing in strategic partner Hiscox Bermuda's Kiskadee funds
  instead.
  In a statement today (18 December), the Bermudian hedge fund
  reinsurer said it is undertaking a "re-alignment" of its
  partnership with Hiscox that will see it contribute certain
  resources from its Third Point Investment Management business into
  the Kiskadee insurance-linked securities platform.
  It will also make an unspecified investment in the Kiskadee
  fu
  
  Read more

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