Insurance news

• Beale defends Lloyd's international expansion strategy

  06-01-2015 19:51
  Lloyd's CEO Inga Beale has defended the market's
  international expansion strategy and argued that brokers are key to
  its success in gaining market share overseas.
  Collaboration between brokers and underwriters could help to
  extend the Lloyd's footprint in growth markets and make it more
  relevant in a changing world, she said at an Insurance Institute of
  London lecture held in the Lloyd's library today (6
  January).
  Beale said that she disagreed with dissenters from both the
  brokin
  
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• Gable stock price climbs 4% on takeover rumours

  06-01-2015 19:16
  
  Mark Sands Postonline
  
  
  Rumours of an imminent takeover have boosted Liechtenstein-domiciled Gable’s share price in trading on the London Stock Exchange.
  
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• BLP Insurance appoints Wayne Tonge as head of sales

  06-01-2015 18:17 via insuranceage.co.uk
  He will be responsible for delivering residential sales targets as construction grows.
  
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• RFIB expands hull and war division

  06-01-2015 17:38
  RFIB has expanded its hull and war unit with the appointment of
  Steve Hughes as divisional director, the broker said today (6
  January).
  Previously executive director of marine at Willis, Hughes takes
  up the role with immediate effect and will report to Chris Tansley,
  managing director of marine international.
  Hughes also spent six years at Price Forbes and has held senior
  roles at Ropner Insurance and Besso, RFIB said.
  RFIB CEO Jonathan Turnbull commented: "A key part of our
  growth...
  
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• BHSI hires another Lexington exec for environmental push

  06-01-2015 17:15
  Berkshire Hathaway Specialty Insurance (BHSI) has hired Chuck
  Hasselback from AIG subsidiary Lexington to run its new
  environmental group.
  The move will expand the insurer's US casualty underwriting
  capabilities to include pollution exposures.
  BHSI said it will provide coverage on a primary and excess
  basis, with capacity of up to $25mn available for the business.
  The insurer will provide an affirmative grant of pollution
  coverage on general casualty forms, which it suggested represented
  an
  
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• Severe weather warnings as Atlantic storms head to UK

  06-01-2015 16:11
  Met Office warns of 90mph gusts in most-exposed regions
  
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• Takeover rumours boost Gable stock price

  06-01-2015 15:21
  News report suggests Bermuda-based funds are targeting unrated insurer
  
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• Former Keelan Westall MD Wayne Tonge resurfaces at BLP

  06-01-2015 14:50
  Tonge named broker’s new head of sales
  
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• OdysseyRe reshuffles top brass

  06-01-2015 13:56
  Fairfax's reinsurance arm OdysseyRe has announced a reshuffle
  in its executive management team that will see Isabelle
  Dubots-Lafitte take over as CEO for Europe, Middle East and Asia.
  In her new role Dubots-Lafitte will manage OdysseyRe's
  offices in Paris and Stockholm and oversee the operational
  functions for its European and Asian divisions.
  She was previously the head of underwriting and marketing for
  all treaty business within France, having joined OdysseyRe in
  1989.
  OdysseyRe also a
  
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• Premium Choice appoints Jon Howells as commercial director

  06-01-2015 13:43
  Howells brings experience at Hastings and Swinton to the new role.
  
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• Top Mark director Marchetti departs after 12 years

  06-01-2015 13:30
  
  Callum Brodie Postonline
  
  
  Glasgow-based claims specialists Top Mark Adjusters and Top Mark Claims Management have confirmed the departure of director Martino Marchetti.
  
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• European insurers paid out £2bn per day through 2013

  06-01-2015 13:28
  
  Mark Sands Postonline
  
  
  Insurers across Europe paid out an average of £2bn (€2.6bn) every day in claims and benefits through 2013, according to new figures from the European Insurance and Reinsurance Federation.
  
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• PPI compensation payments set to continue ‘for years’

  06-01-2015 12:52
  
  No end in sight for UK’s biggest mis-selling scandal, says financial ombudsmanBanks will be paying compensation to people mis-sold payment protection insurance (PPI) for years to come, according to the UK’s chief financial ombudsman.The Financial Ombudsman Service receives 4,000 new PPI cases a week, and Caroline Wayman, the chief ombudsman, said “it will be years” before anyone can truly say Britain’s biggest ever financial mis-selling scandal is over. Continue reading...
  
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• Staveley Head goes live with MyLicence

  06-01-2015 12:51
  Driver details for its courier insurance business will now be verified at point of quote
  
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• McGee steps down early as The Hartford chairman

  06-01-2015 12:12
  The Hartford's CEO Christopher Swift has added the role of
  chairman to his duties, bringing the transition after Liam
  McGee's exit to an end.
  McGee had been set to continue as chairman until the 2015
  shareholders' meeting, usually held in May, but The Hartford
  announced after market close last night (5 January) that the
  timetable had been accelerated.
  "Over the past six months, The Hartford has executed a
  seamless and highly successful leadership transition," Thomas
  Renyi,
  
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• FOS forecasts fee freeze for 2015/16

  06-01-2015 11:38
  
  Mark Sands Postonline
  
  
  The Financial Ombudsman Service has announced plans for a freeze on standard case fees and levies for 2015/16 as it lowers targets for overall income in a consultation document published today.
  
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• Norway's Gard on P&I cover for Hoegh Osaka

  06-01-2015 11:38
  
  Katie Marriner Postonline
  
  
  Norwegian insurer Gard has confirmed it is the P&I insurer for the Hoegh Osaka cargo ship that has run aground off the Isle of Wight.
  
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• Ombudsman freezes levy

  06-01-2015 11:33
  Regulator reveals plans for 2015 and fees for FCA-regulated businesses.
  
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• BMS appoints specialty reinsurance director

  06-01-2015 11:30
  Steven Herbert has been appointed director of BMS Group's
  specialty reinsurance division, the independent broker announced
  today (6 January).
  Herbert was previously director of the reinsurance division at
  rival Cooper Gay, as well as head of London market excess and
  offshore energy.
  He will report to the unit's managing director Andrew
  Hitchings, formerly Cooper Gay's reinsurance CEO.
  Hitchings commented: "We see enormous potential in the
  specialty reinsurance market and Steven&
  
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• RFIB takes Hughes from Willis

  06-01-2015 11:00
  Steve Hughes joins broker as divisional director for hull and war.
  
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• AM Best stays negative on global reinsurance and US commercial

  06-01-2015 10:48
  AM Best has reiterated its negative outlook for the global
  reinsurance sector and the US P&C commercial lines segment,
  along with a stable outlook for US personal lines.
  Market changes continue to hinder the potential for positive
  rating actions on global reinsurance, the ratings agency said,
  adding that as investment yields and underwriting margins continue
  to be compressed, the strain on profitability will drag on
  reinsurers' financial strength.
  While AM Best did not anticipate a signi
  
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• The Source launches new-build household scheme

  06-01-2015 10:24
  Firm cites broker demand for a specialist new-build household policy.
  
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• Lloyd’s start-up Acappella launches

  06-01-2015 10:14
  Company to operate an MGA and fund management company, and has plans for a Lloyd’s managing agency
  
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• Acappella launches at Lloyd's

  06-01-2015 10:07
  
  Callum Brodie Postonline
  
  
  Willis-funded Acappella Group Holdings has confirmed its launch as an insurance holdings company.
  
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• Tamesis advises Kelvin Re

  06-01-2015 09:48
  Specialty excess of loss reinsurance managing general agency
  (MGA) Tamesis Dual is acting as an adviser for Kelvin Re, the Abu
  Dhabi-backed and Credit Suisse Asset Management-managed reinsurance
  start-up.
  In November Guernsey-based Kelvin Re became the latest start-up
  to join the roster of hedge fund reinsurers after securing an A-
  rating from AM Best. Kelvin's sole capital backer is the Abu
  Dhabi Investment Council.
  The new capacity comes on top of that provided by Tamesis
  Dual's foundi
  
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• Ombudsman freezes levy for second year running

  06-01-2015 09:44
  FOS cuts non-PPI insurance complaint estimate to 31,000
  
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• UK residents and businesses braced for 'hazardous weather'

  06-01-2015 09:38
  
  Callum Brodie Postonline
  
  
  The Met Office is warning members of the public and emergency responders of “severe or hazardous weather” ahead of the expected onslaught of a trans-Atlantic storm.
  
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• Berkshire Hathaway opens in Hong Kong

  06-01-2015 09:23
  
  Andrew Tjaardstra Postonline
  
  
  Berkshire Hathaway Specialty Insurance has opened in Quarry Bay, Hong Kong after gaining a license to write insurance in the SAR.
  
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• BLM hires former law commissioner Hertzell as consultant

  06-01-2015 09:17
  
  Callum Brodie Postonline
  
  
  Law firm BLM has appointed David Hertzell as a consultant following the end of his tenure as law commissioner.
  
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• Allianz covers stranded family's hospital bills

  06-01-2015 07:45
  Couple unable to return to the UK following baby’s premature birth
  
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• Cobra parent Alto to hit acquisition trail after making first profit

  06-01-2015 07:30
  Company in due diligence with four brokers with possible deal at end of Q1
  
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• AIG makes senior Asia-Pacific leadership changes

  06-01-2015 05:21
  Andrew Tjaardstra Postonline
  
  
  Mike Raines will move from AIG's Singapore unit to become CEO of AIG New Zealand.
  
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• 20 Hong Kong insurers join HKFI young executive initiative

  06-01-2015 04:09
  
  Andrew Tjaardstra Postonline
  
  
  20 insurers have teamed up with the Hong Kong Federation of Insurers to offer an insurance diploma for young graduates.
  
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• 20 Hong Kong insurers join HKFI graduate training initiative

  06-01-2015 04:09
  
  Andrew Tjaardstra Postonline
  
  
  20 insurers have teamed up with the Hong Kong Federation of Insurers to offer an insurance diploma for young graduates.
  
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• China's Fosun buys US insurer

  06-01-2015 03:37
  
  Andrew Tjaardstra Postonline
  
  
  Fast growing Chinese investment group Fosun has bought US property and casualty insurer the Meadowbrook Group for $433m (£284m).
  
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