Insurance news

• CMA draft order obligations criticised for duplicating existing regulation

  12-01-2015 17:19
  
  Katie Marriner Postonline
  
  
  Industry players are fearful draft Competition and Markets Authority motor insurance obligations will encroach on existing conduct regulation amid concerns the watchdog is not giving firms enough time to implement its suggested reforms.
  
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• JLT urges insolvency firms to buy legal expenses cover before 1 April

  12-01-2015 16:24
  Companies will be unable to recover premiums from opponents after 31 March
  
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• Mistry calls on industry to unite

  12-01-2015 16:15
  Attracting fresh talent remains key priority for CII in 2015
  
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• AIG hires CNA head of regions

  12-01-2015 16:15
  Phil Somers returns to US-owned insurance giant
  
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• ERS appoints Rees as head of underwriting fraud

  12-01-2015 15:33
  Her responsibilities will include developing the insurer's fraud strategy.
  
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• Insurance trade bodies to meet with regulators on CMA draft orders

  12-01-2015 15:12
  
  Katie Marriner Postonline
  
  
  The British Insurance Brokers' Association and the Association of British Insurers are to meet with the Financial Conduct Authority and the Competition and Markets Authority in the coming weeks to ensure obligations from the CMA private motor investigation are beneficial for the industry and customers.
  
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• N&G aims to become marine insurer of choice for brokers

  12-01-2015 14:30
  Insurer will relaunch some products in 2015 and target organic growth.
  
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• ERS steps up application fraud fight with senior hire

  12-01-2015 14:06
  Head of underwriting fraud Linda Rees will help insurer to develop capacity to fight application fraud
  
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• ERS swoops for Rees to head underwriting fraud

  12-01-2015 14:05
  
  Katie Marriner Postonline
  
  
  ERS has appointed Linda Rees as underwriting fraud head as it looks to expand its anti-fraud measures.
  
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• Flight recorders for crashed Air Asia jet located

  12-01-2015 13:22
  Francesca Nyman Postonline
  
  
  Hopes of establishing the cause of the fatal Air Asia Flight QZ8501 crash have risen after both flight recorders were located by Indonesian divers.
  
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• Phillip Walter leaves CEO role at Avantia Insurance

  12-01-2015 13:20
  New CEO expected to be confirmed before the end of the week.
  
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• Former Carole Nash MD Keeling to chair Principal Insurance

  12-01-2015 12:59
  
  Katie Marriner Postonline
  
  
  Principal Insurance has appointed former Carole Nash managing director Damian Keeling as its chairman.
  
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• Acappella confirms David Jones appointment

  12-01-2015 12:58
  Acappella Syndicate 2014 has today (12 January) confirmed the
  appointment of David Jones as divisional head of its casualty
  insurance portfolio, a move revealed by The Insurance
  Insider in July.
  Jones is former divisional head of casualty at AmTrust at
  Lloyd's. Prior to that, he spent more than a decade leading
  Markel's casualty team.
  Acappella also confirmed the hire of former senior AmTrust at
  Lloyd's underwriters Helen Beamish and Laurie Devereaux as
  class underwriters - both appo
  
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• Bluefin hires Henderson's commercial director to build Leeds presence

  12-01-2015 12:43
  
  Francesca Nyman Postonline
  
  
  Bluefin has appointed Greg Markham as sales director in its Leeds office.
  
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• AIG appoints Somers in regional push

  12-01-2015 12:31
  Insurer says plan is to deliver more to brokers in the north of England, Scotland and Northern Ireland.
  
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• QBE expands international casualty team

  12-01-2015 12:14
  QBE's European operation has made two new appointments to
  its international casualty team, the firm announced today (12
  January).
  Stuart Brown will take up the position of portfolio manager from
  March 2015, with responsibility for QBE's Canadian and Middle
  East general liability account.
  Brown joins from Ace, where he held senior casualty underwriting
  positions. He will report to Neila Buurman, director of
  international casualty, Middle East and Canada.
  Lavinia Johnson will become portfo
  
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• CNA regions boss Somers joins AIG as head of sales in the north

  12-01-2015 11:58
  
  Callum Brodie Postonline
  
  
  AIG has named CNA Insurance head of UK regions Phil Somers as head of sales for the north.
  
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• Damian Keeling joins Principal Insurance as chairman

  12-01-2015 11:55
  Keeling has extensive experience including working as managing director of Carole Nash.
  
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• Mitsui at Lloyd’s underwriting director departs after two years

  12-01-2015 11:50
  Martin Hudson’s responsibilities to be assumed by Lloyd’s insurer’s underwriting team
  
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• Mitsui at Lloyd’s underwriting director departs after three years

  12-01-2015 11:50
  Martin Hudson’s responsibilities to be assumed by Lloyd’s insurer’s underwriting team
  
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• Attracting next generation of industry leaders key CII priority in 2015

  12-01-2015 11:39
  
  Callum Brodie Postonline
  
  
  The insurance industry must stop “underselling” itself if it is going to turn the corner in attracting young talent to the sector, according to Chartered Insurance Institute president Ashwin Mistry.
  
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• Average motor policy saw £51 drop in 2014

  12-01-2015 11:35
  
  Katie Marriner Postonline
  
  
  The average cost of a new comprehensive UK motor insurance policy fell by £51 in 2014 to £594, despite late year price increases, according to the Towers Watson and Confused insurance price index.
  
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• UK car insurance cheaper in 2014

  12-01-2015 11:28
  Confused.com's new Index reports that prices fell by 7.9% over the year, despite a 2% increase in the fourth quarter.
  
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• IUA to issue IPT guidance as rates continue to rise across Europe

  12-01-2015 11:18
  
  Callum Brodie Postonline
  
  
  The International Underwriting Association is preparing to launch online information service providing monthly updates on insurance premium tax following a rise in the levy across Europe last year.
  
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• British man stranded in Thailand without travel cover

  12-01-2015 11:14
  Barnsley man with rare condition fell ill on New Year’s Day
  
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• Kennedys opens two Scottish offices

  12-01-2015 11:03
  
  Francesca Nyman Postonline
  
  
  Law firm Kennedys has expanded its geographic footprint with the opening of two Scottish offices in Edinburgh and Glasgow.
  
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• Markham moves from Henderson to Bluefin

  12-01-2015 11:01
  New sales director also previously worked at Towergate.
  
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• Rural looks to Gallagher for COO hire

  12-01-2015 10:58
  
  Katie Marriner Postonline
  
  
  Rural Insurance has hired former Arthur J Gallagher operations director Peter Cooper as its chief operating officer.
  
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• Insurance pay rises lagging other sectors

  12-01-2015 10:56
  Online recruiter Reed.co.uk said only 6% of insurance industry workers got an increase in the past year
  
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• Rural appoints Cooper from Gallagher as operations chief

  12-01-2015 10:54
  New recruit brings 15 years of experience to the role.
  
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• MSIG confirms Hudson exit

  12-01-2015 10:52
  
  Francesca Nyman Postonline
  
  
  Mitsui Sumitomo underwriting director Martin Hudson has resigned from the company.
  
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• Bluefin hires sales director from Henderson

  12-01-2015 10:39
  Greg Markham will help to grow Bluefin’s corporate offering in the north of England
  
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• Suncorp investigating Lindt Café siege BI claims

  12-01-2015 10:23
  Suncorp Commercial Insurance has revealed that it has received
  several business interruption (BI) claims resulting from the Lindt
  Café siege that saw Martin Place in Sydney locked down for
  several days in December.
  A company spokesperson told Insurance Business Online
  that the insurer "has received a small number of low-value
  business interruption claims. These claims are currently being
  processed." They added that Suncorp expected to pay the
  claims.
  On 15 and 16 December 2014, a
  
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• Quindell shakes up board with new chair

  12-01-2015 10:23
  Troubled UK-listed outsourcing firm Quindell has announced that
  Richard Rose will join the company's board as non-executive
  chairman, with Jim Sutcliffe appointed as his deputy and as
  strategy director.
  Quindell said the appointments would assist the development of
  the group's accounting policies, alongside PwC and
  Quindell's auditors KPMG.
  Interim non-executive chairman David Currie will revert to his
  non-executive director role.
  Rose has extensive public company experience and is c
  
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• Quindell appoints former Helphire chairman and Prudential CEO

  12-01-2015 10:21
  
  Francesca Nyman Postonline
  
  
  Quindell has made two senior appointments to assist in the development of the outsourcing firm's accounting policies.
  
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• Insurance salaries lagging behind other sectors

  12-01-2015 10:18
  Only 6% of employees in the insurance sector received pay rises in 2014.
  
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• Second consecutive UK motor quarterly rate rise

  12-01-2015 10:02
  New comprehensive UK motor premiums rose by an average of 2
  percent, or £12, in the fourth quarter of 2014, adding to
  modest increases in Q3 2014 and ending three years of compound
  declines, according to data from Towers Watson and price comparison
  site Confused.com.
  Despite the rise, prices were still down 7.9 percent on a
  12-month basis, following annual decreases of 12.5 percent and 12.7
  percent in 2013 and 2012 respectively after legal reforms cut
  claims costs.
  Third party,...
  
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• Quindell hires Helphire’s Richard Rose as chairman

  12-01-2015 09:42
  Troubled insurance outsourcer still in talks with potential division buyers
  
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• Gallagher’s Peter Cooper joins Rural as operations head

  12-01-2015 09:30
  Cooper replaces interim chief operating officer Paul Burton
  
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• UK motor rates fell 7.9% in 2014 despite end-of-year increases

  12-01-2015 09:00
  Comprehensive premiums rose 2% in fourth quarter, says Confused/Towers Watson index
  
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• DUAL targets regional brokers with fourth development manager hire

  12-01-2015 08:00
  Hiring regional development managers and underwriters is key to UK expansion plans
  
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• Post Office creates broker and parts with Aon on travel insurance

  12-01-2015 07:30
  Post Office Management Services will initially handle travel insurance but could expand to other products
  
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• Brokers critical of CMA draft order for no claims bonus protection

  12-01-2015 07:30
  One industry executive labels reporting requirement “remarkable in its uselessness”
  
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• Smaller aggregators to be exempt from CMA price parity ban

  12-01-2015 07:17
  Ban will not apply to sites with fewer than 300,000 annual sales
  
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• China's changing motor market

  12-01-2015 07:15
  
  Nicky Burridge Postonline
  
  
  China is introducing more flexibility to its motor insurance market, creating opportunities for foreign insurers to differentiate on price and product design, writes Nicky Burridge
  
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• Losses continue at Lorica as broker makes more hires

  12-01-2015 06:30
  Broker reiterates its commitment to return to profitability in 2015
  
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• LeapFrog eyes further investments after RSA Thailand deal

  12-01-2015 03:51
  
  Andrew Tjaardstra Postonline
  
  
  Leapfrog Investment has around $400m (£265m) to spend on investments as it seeks out further stakes in Asian insurers.
  
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• Post Office creates 75 insurance jobs in Glasgow

  12-01-2015 01:05
  
  Katie Marriner Postonline
  
  
  Post Office Travel Insurance is to create 75 new jobs in Glasgow over the coming months with further jobs planned for later in the year.
  
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