Insurance news

• City Minister urges insurers to explain barriers to growth

  07-01-2015 18:59
  Andrea Leadsom reaffirms government’s commitment to growing UK insurance industry
  
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• City Minister: tell us what is holding back growth

  07-01-2015 18:59
  Andrea Leadsom reaffirms government’s commitment to growing UK insurance industry
  
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• Korean Re confirms £10mn Lloyd's foray

  07-01-2015 18:44
  Top-10 global reinsurer Korean Re has confirmed it will make its
  first foray into the Lloyd's market via a £10mn UK
  subsidiary.
  Speaking to Seoul-based publication Business Korea, Won
  Jong-kyu, president of Korean Re, said the carrier was in the
  process of setting up a £10mn London-based entity.
  "Once Korean Re has its foreign organisation for
  underwriting itself in the advanced European market, the company
  will secure a bridgehead for overseas expansion," he told the
  mag
  
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• Howden ties up with deVere Group

  07-01-2015 18:32
  Partnership gives Howden access to 80,000 clients around the world with more than $10bn [£6.64bn] in portfolios.
  
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• UK insurance industry need not fear EU exit, says City minister

  07-01-2015 18:20
  
  Mark Sands Postonline
  
  
  The UK’s insurance industry has little to fear from a potential European Union exit, according to economic secretary to the treasury Andrea Leadsom MP, who has also called for more evidence from the London market on its challenges.
  
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• Insurance need not fear Brexit says City minister

  07-01-2015 18:20
  
  Mark Sands Postonline
  
  
  The UK’s insurance industry has little to fear from a potential European Union exit, according to economic secretary to the treasury Andrea Leadsom MP, who has also called for more evidence from the London market on its challenges.
  
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• 'Tell us what you need': UK minister urges London market

  07-01-2015 18:01
  A senior UK Treasury minister has urged the London (re)insurance
  market to submit its specific mandates for change to the government
  ahead of the impending 2015 budget.
  Speaking today (7 January) at an Insurance Institute of London
  lecture held in the Lloyd's Old Library, Economic Secretary to
  the Treasury Andrea Leadsom said that insurers had around eight
  weeks to tell her government what it could do for the industry.
  "My message today is this: If you want to expand, we...
  
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• CMA publishes plans for sale of no claims bonus protection

  07-01-2015 17:16
  Draft motor insurance order will require insurers and brokers to publish extensive details of the product
  
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• CMA publishes draft order from motor market report

  07-01-2015 16:45
  
  Katie Marriner Postonline
  
  
  The Competition and Markets Authority is consulting on a draft order explaining how changes resulting from its investigation into the private motor insurance market will be introduced.
  
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• Price Forbes takes 10-strong specie team from RK Harrison

  07-01-2015 13:34
  Lloyd’s broker names Bruno Le Roy as head of specie
  
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• 100mph+ winds forecast to batter Scotland

  07-01-2015 13:01
  
  Mark Sands Postonline
  
  
  Winds of more than 100mph have been forecast for Scotland later this week, with the Western Isles, Orkney and the north and north-west of the country set to bear the brunt of the weather.
  
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• European insurers expected to continue bolt-on acquisitions in 2015

  07-01-2015 12:56
  Francesca Nyman Postonline
  
  
  Dividends and capital returns are likely to remain the hot topic for the insurance industry over the next twelve months, according analysts at German investment bank Berenberg.
  
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• R&Q completes $2.9mn captive portfolio transfer

  07-01-2015 12:55
  Randall and Quilter (R&Q) has transferred a $2.9mn book of
  Norwegian liabilities from a captive managed by Aker Insurance to
  its platform in Malta to run off, the company announced today (7
  January).
  The legacy carrier and insurance services provider said the
  total consideration of the transfer was $2.8mn and that it included
  total liabilities of $1.8mn.
  The book consists of workers' compensation and personal
  accident policies for the period between 2003 and 2009 for
  employees of Aker In
  
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• R&Q completes Norwegian portfolio transfer

  07-01-2015 12:35
  
  Katie Marriner Postonline
  
  
  Randall & Quilter has completed a portfolio transfer from Norway-domiciled captive Aker Insurance to R&Q's EU run-off consolidator in Malta.
  
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• Marsh acquires Belgian trade credit broker

  07-01-2015 12:33
  Marsh has acquired Belgian trade credit broker Trade Insure, the
  international broker announced today (7 January).
  The Belgian intermediary was founded in 1990 and focuses on
  placing trade credit insurance for small and medium-sized
  enterprises (SMEs) and multinationals.
  The broker employees 16 people and is based in Aalst, Belgium,
  according to its website. Terms of the deal were not disclosed.
  Marsh said Trade Insure would merge with its existing office in
  Belgium and operate under the Marsh T
  
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• Lockton hires Andler to lead US property practice

  07-01-2015 12:33
  Lockton has lured Michael Andler from Aon to join its US property
  insurance practice as vice president.
  Andler was at Aon for 13 years in various senior management and
  property specialist positions and was most recently managing
  director and chief operating officer of the broking giant's US
  property practice.
  The veteran also previously worked with Willis on clients with
  complex property insurance programmes.
  At Lockton, he will reinforce the firm's services and
  solutions for large, comp
  
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• Aon UK chief risk officer departs

  07-01-2015 12:13
  Carol Richmond leaves after five years in role
  
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• AIG EMEA finance chief Tom Colraine retires

  07-01-2015 11:47
  Departure ends seven-year stint at insurer
  
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• Canopius unveils renewable energy division

  07-01-2015 11:46
  Lloyd's (re)insurer Canopius has announced the launch of a
  renewable energy division with the hire of a team from Dutch
  insurer Delta Lloyd, confirming a move first reported by sister
  title Inside FAC.
  The team, based in Amsterdam, will be led by Maarten Mulder, who
  takes on the role of head of renewable energy.
  A team of four former Delta Lloyd employees will work under his
  leadership. Eric Helsloot is to serve as lead underwriter, Martijn
  Meijboom as senior underwriter...
  
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• Price Forbes takes five from RK Harrison

  07-01-2015 11:24
  Newcomers join Price Forbes in specie division.
  
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• Price Forbes takes ten from RK Harrison

  07-01-2015 11:24
  Newcomers join Price Forbes in specie division.
  
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• State Auto buys agg excess cat deal at 1.1

  07-01-2015 11:20
  US insurer State Auto Financial Corporation purchased a property
  aggregate excess catastrophe reinsurance cover at 1 January 2015,
  the company has disclosed.
  The firm said the aggregate excess replaced a homeowner quota
  share deal that had been in place for the prior three years,
  providing the group with capital relief.
  The treaty covers covering property business underwritten by its
  personal and business insurance segments, including automobile
  physical damage but excluding specialty.
  The new d
  
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• Price Forbes hires ex-RKH specie team

  07-01-2015 11:20
  Five former members of RK Harrison (RKH)'s specie team have
  left to join specialist independent broker Price Forbes, the firm
  announced today (7 January).
  Former RKH specie division managing director Bruno Le Roy has
  been appointed head of specie, and is joined by directors David
  Cobb, John Holton, Richard Philips and Chris Randall.
  All of the hires will take up their roles with immediate
  effect.
  Le Roy commented: "The accomplished existing team, combined
  with the international reputati
  
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• Quinn sees legacy liabilities portfolio pass to Catalina

  07-01-2015 11:07
  
  Callum Brodie Postonline
  
  
  Catalina Holdings has reached an agreement with Quinn Insurance for the portfolio transfer of legacy insurance liabilities.
  
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• Canopius recruits from Delta Lloyd for renewable energy team

  07-01-2015 11:06
  
  Mark Sands Postonline
  
  
  Canopius has unveiled a new renewable energy division following the recruitment of a team of specialists from Delta Lloyd.
  
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• Catalina buys Quinn run-off book

  07-01-2015 10:45
  Bermuda-based run-off buyer acquires £363m of failed Irish insurer’s old liabilities
  
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• Catalina to acquire EUR461mn Quinn run-off

  07-01-2015 10:37
  Run-off acquirer Catalina has reached an agreement to transfer
  Quinn Insurance's UK and EU portfolio of insurance liabilities
  in run-off to Catalina Ireland.
  The portfolio had gross and net insurance liabilities of
  EUR463mn and EUR461mn, respectively, as of 30 September 2014. As
  part of the transfer process, Catalina will inject the required
  capital into Catalina Ireland.
  The portfolio transfer process is expected to complete during
  the second half of 2015. Total assets of Catalina pro forma
  
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• Perkins Slade launches sports insurance website

  07-01-2015 10:26
  New site offers quote and buy functionality.
  
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• Toscafund boosts shares in Quindell north of 5%

  07-01-2015 10:21
  
  Callum Brodie Postonline
  
  
  Hedge fund Toscafund has boosted its stake in beleaguered outsourcer Quindell to 5.4% of the share capital after purchasing an additional 1.9 million shares in the firm.
  
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• Munich Re: $7bn Hudhud largest cat loss in light 2014

  07-01-2015 10:17
  Cyclone Hudhud, which hit India's east coast in October 2014,
  caused $7bn in economic damage, according to data from Munich Re.
  The Category 4 storm, which made landfall near the important
  economic centre of Visakhapatnam, caused 120 litres of rain per
  square metre to fall within 24 hours and resulted in 84 deaths.
  However, while Hudhud was the costliest single natural
  catastrophe of 2014, low insurance penetration in India meant that
  just $530mn was insured.
  The most expensive loss for...
  
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• Guy Carp: RoL index down 11% at renewals

  07-01-2015 10:17
  Reinsurance broker Guy Carpenter's global property
  catastrophe reinsurance rate-on-line index fell by 11 percent at
  renewals, with rate reductions continuing across almost all lines
  of business and geographies.
  Guy Carpenter said that a lack of major catastrophes,
  third-party capital and the persistent low interest rate
  environment had led to a fall in renewal pricing in the 2015
  renewal season, adding that the renewals continued to be
  characterised by lower rates, excess capacity and broade
  
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• Guy Carp: RoL index falls 11% at renewals

  07-01-2015 09:54
  Reinsurance broker Guy Carpenter's global property
  catastrophe reinsurance rate-on-line index fell by 11 percent at
  renewals, with rate reductions continuing across almost all lines
  of business and geographies.
  Guy Carpenter said that a lack of major catastrophes,
  third-party capital and the persistent low interest rate
  environment had led to a fall in renewal pricing in the 2015
  renewal season, adding that the renewals continued to be
  characterised by lower rates, excess capacity and broade
  
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• Soft reinsurance market fueled by low 2014 cat losses

  07-01-2015 09:45
  
  Callum Brodie Postonline
  
  
  Declining catastrophe losses in 2014 has been cited as a major factor behind the softening rating environment at the January renewal period, according to global reinsurance broking players.
  
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• Hedge fund ups stakes in Quindell

  07-01-2015 09:25
  Tosca acquisition means that it controls more than 5% of claims processor’s shares
  
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• Hedge fund ups stake in Quindell

  07-01-2015 09:25
  Tosca acquisition means that it controls more than 5% of claims processor’s shares
  
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• Hedge fund increases stake in Quindell

  07-01-2015 09:25
  Tosca now controls more than 5% of claims processor’s shares
  
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• Euro-insurers forked out €952bn in 2013

  07-01-2015 09:05
  Motor insurance claims were up nearly 5% across Europe, study reveals
  
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• Former Gallagher e-trading team launch CFC-backed MGA

  07-01-2015 07:30
  Modus is targeting 1,000 brokers and £100m in annual GWP
  
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• Co-op launches telematics driver education programme

  07-01-2015 07:25
  Young drivers will be able to access training modules via the online telematics dashboard
  
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• Wang leaves Marsh for XL China aerospace role

  07-01-2015 04:14
  
  Andrew Tjaardstra Postonline
  
  
  XL is offering aerospace insurance in China and has appointed former broker Catherine Wang as an underwriter.
  
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• Former Axa marketing chief heads digital start-up

  07-01-2015 03:49
  
  Andrew Tjaardstra Postonline
  
  
  Matthias de Fe­rrieres has left ­­his position as chief marketing officer, general insurance, Axa Asia to head up start-up Stark Group.
  
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