Insurance news

• Hudson departs Mitsui at Lloyd\'s

  09-01-2015 19:26
  Martin Hudson, director of underwriting at Mitsui Sumitomo at
  Lloyd's, has resigned his position, The Insurance
  Insider has learned.
  Hudson joined Mitsui in November 2011 as a replacement for
  former Lloyd's franchise performance executive, Eamon Brown and
  has been credited with executing the recent underwriting turnaround
  at the agency's £340mn-capacity Lloyd's syndicate 3210
  under the direction of CEO Andrew McKee.
  It is believed the departure is amicable and that his role
  
  Read more

• Australian bushfire losses top A$13mn

  09-01-2015 19:01
  Recent bushfires in South Australia have generated losses of
  over A$13mn ($10.65mn), according to early reports from the
  Insurance Council of Australia (ICA).
  As of 9am local time on 7 January, the ICA said that 350 claims
  had been lodged with insurers.
  The South Australian Country Fire Service reported that
  bushfires in the Sampson Flat region, northeast of Adelaide, had
  damaged or destroyed 32 homes and covered over 12,000 hectares.
  The ICA declared the situation in affected regions near Adela
  
  Read more

• Notable rate rises unlikely in 2015 despite hardening UK market

  09-01-2015 17:49
  
  Francesca Nyman Postonline
  
  
  The soft UK insurance market has been tipped to harden in 2015, although there is still insufficient “pain” across the industry to spark material rate increases, according to sector commentators.
  
  Read more

• Lorica reports £2.56m loss

  09-01-2015 17:34
  Broker predicts profits by March 2016.
  
  Read more

• Advertisement

• Environment agencies call for ‘immediate action’ with spate of flood warnings

  09-01-2015 16:57
  
  Mark Sands Postonline
  
  
  The Environment Agency and the Scottish Environment Protection Agency have issued a dozen flood warnings across the UK as the country braces for further disruptive weather.
  
  Read more

• Asset managers could see a 'deluge' of SII requests from insurers

  09-01-2015 16:31
  The "look-through" principle of Solvency II reporting
  could trigger a marked increase in requests from insurers for asset
  management data over the coming months, according to a regulatory
  expert.
  As the regime's 1 January 2016 implementation date draws
  closer, Ashley Smith, senior vice president of business development
  for Solvency II data tool Silverfinch, told The Insurance Insider
  that insurers would be required to provide an unprecedented level
  of data on their investments.
  &qu
  
  Read more

• 90% of 2013/14 winter flood and storm claimants satisfied with service

  09-01-2015 15:00
  
  Callum Brodie Postonline
  
  
  Nine out of ten customers that made a flood or storm claim last winter were satisfied with the way it was handled, according to a study by the General Insurance Market Research Association.
  
  Read more

• Deal benefits made XL dilution 'tolerable': McGavick

  09-01-2015 14:02
  XL Group CEO Mike McGavick said the double-digit dilution in
  tangible book value that will follow its $4.2bn acquisition of
  Catlin was very carefully considered before the board proceeded
  with the deal.
  "Compelling financials plus a compelling strategy made that
  dilution tolerable to us," McGavick told The
  Insurance Insider after the transaction was
  announced.
  XL is trading at 0.94x book value on a trailing basis and is
  acquiring Catlin for around 1.6x its half-year tangible book value
  
  Read more

• Advertisement

• FCA insurance fines down 28.5% to £31.96m in 2014

  09-01-2015 13:23 via insuranceage.co.uk
  Broker-specific fines fall from £9.76m in 2013 to £1.3m last year.
  
  Read more

• C-Suite - Insurer: Where have we gone wrong?

  09-01-2015 12:37
  
  Dave Smith, interim CEO, Zurich UK General Insurance Postonline
  
  
  Managing customer outcomes must become equal in importance to financial performance and risk
  
  Read more

• XL's takeover of Catlin confirmed

  09-01-2015 12:32
  The businesses have agreed to a deal worth £2.79bn.
  
  Read more

• XL to pay £2.79bn for Catlin as companies agree merger terms

  09-01-2015 12:32
  Stephen Catlin (pictured) to become executive deputy chairman of combined company
  
  Read more

• Ex-Gallagher colleagues launch e-trading MGA Modus

  09-01-2015 12:12
  
  Katie Marriner Postonline
  
  
  A new MGA set up by three former Arthur J Gallagher colleagues focused on e-trading has opened for business.
  
  Read more

• Blog: Beyond the CMA - the future of credit hire?

  09-01-2015 12:00
  
  Jeremy Lefebure Postonline
  
  
  Jeremy Lefebure, UK claims transformation lead at PWC, on why the industry needs to take the future of credit hire in to its own hands with an innovative alternative to the GTA portal.
  
  Read more

• XL's £2.79bn Catlin takeover confirmed

  09-01-2015 11:51
  
  Katie Marriner Postonline
  
  
  XL Group's acquisition of Lloyd's heavyweight Catlin has been confirmed in a note to the London Stock Exchange valuing Catlin at £2.79bn.
  
  Read more

• XL seals $4.2bn Catlin takeover

  09-01-2015 11:45
  Global insurer XL Group has struck a deal to acquire Catlin for
  £2.79bn ($4.20bn) in a cash-and-shares deal three weeks after
  news of their talks leaked out, the London-listed carrier said this
  morning (9 January).
  The deal values Catlin at 1.61x its trailing net tangible asset
  value.
  The full consideration including final and special dividends is
  715.3p per share, with Catlin shareholders receiving 388p in cash
  per share, 0.13 XL shares, a final cash dividend of 22p and a
  special...
  
  Read more

• Insurers warned over SSL phoenix company as ex-staff hit out at former bosses

  09-01-2015 10:57
  
  Callum Brodie Postonline
  
  
  Former insurer clients of defunct SSL Loss Adjusting have been warned to avoid phoenix company Artemis amid criticism of the company directors’ business practices.
  
  Read more

• AlphaCat renews its sidecar, raises $564mn in capital

  09-01-2015 10:55
  Validus subsidiary AlphaCat Managers has renewed its AlphaCat
  sidecar for 2015 at $155mn and raised $409mn of new capital for its
  insurance-linked securities (ILS) funds.
  AlphaCat has deployed proportionally more of the sidecar capital
  in the January renewals, with just $12.4mn of the total remaining
  to be called and invested.
  AlphaCat's 2014 sidecar was slightly larger with $160mn of
  capital, but the softening rate environment means that it will
  probably be writing more business this year t
  
  Read more

• Transactor creates MGA unit

  09-01-2015 10:50
  Software specialist says move designed to meet “unprecedented surge in demand”.
  
  Read more

• Quindell legal services boss Phil Hodgkinson departs

  09-01-2015 10:49
  Hodgkinson will remain as a consultant for a short time
  
  Read more

• Ex-Gallagher team launch Modus MGA

  09-01-2015 10:36
  Former e-Underwriting staff launch business specialising in household, landlord and commercial products.
  
  Read more

• Absolute hires ex-Axa COO Carruthers as non-exec chairman

  09-01-2015 09:58
  
  Callum Brodie Postonline
  
  
  Former Axa commercial lines and personal intermediary chief operating officer Max Carruthers has joined the board of private investigation firm Absolute Partnership as non-executive chairman.
  
  Read more

• Google plots US insurance distribution after UK experiment

  09-01-2015 09:31
  Technology giant to model UK’s Google Compare in the States
  
  Read more

• My claim was declared invalid after CoverForYou changed the policy date

  09-01-2015 07:59
  
  I had the original paperwork which clearly stated the correct startI purchased CoverForYou travel insurance online and, after suffering an injury, was unable to travel. I sent in a claim for the cost of the trip. CoverForYou had changed the start date of my policy from 7 to 10 July and, because I’d filed the claim on the seventh, it declared the claim invalid. The insurance certificate clearly states 7 July. AV, LondonA spokesman for CoverForYou declares he, too, thinks it the most extraordina
  
  Read more

• Towergate to close Hexham office

  09-01-2015 07:30
  Staff at Towergate-owned Border Counties Insurance Services offered roles in Newcastle office
  
  Read more

• Long-standing Gallagher UK NED steps down

  09-01-2015 07:28
  Terry O’Neill departs after almost nine years on UK board
  
  Read more

• Long-standing Gallagher UK director steps down

  09-01-2015 07:28
  Terry O’Neill departs after almost nine years on UK board
  
  Read more

• Expanding Bristol broker struggles for office space

  09-01-2015 07:25
  Venture Insurance frustrated by lack of Bristol office space
  
  Read more

• Nearly half of SMEs do not have adequate storm cover

  09-01-2015 07:00
  Over the last five years 51% of SMEs have experienced flood, wind or storm damage
  
  Read more

Follow @Insurance_UKnws on Twitter!