Insurance news

• State Auto buys $40mn adverse development cover from Munich Re

  20-01-2015 23:43
  State Auto has bought a $40mn adverse development cover from Munich
  Re as it looks to manage further deterioration in its loss-struck
  programme business.
  The US insurer alerted investors today (20 January) to a reserve
  charge of $72mn before tax it will reflect in its fourth quarter
  2014 financials when they are released next month.
  The adverse development relates to programme business written
  through its Risk Evaluation & Design (RED) subsidiary.
  State Auto said most of the charges account
  
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• Mo Tooker resignation leads to senior Gen Re promotions

  20-01-2015 19:43
  Mo Tooker, president of Gen Re's global direct P&C
  reinsurance business, has resigned from the company after more than
  23 years of service at the direct reinsurer.
  News of his exit comes just two weeks after he was promoted to
  senior vice president of the group's holding company General Re
  Corporation.
  He will be replaced by Robert Jones and Carole Ferraro, who will
  jointly lead the global direct P&C reinsurance practice as
  co-presidents.
  Jones will additionally serve as chief ma
  
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• Barbican managing agency CEO departs

  20-01-2015 18:33
  Ken Curtis, CEO of Barbican's managing agency, and head of
  specialty Stuart Quinlan have left the private equity-owned
  insurer, The Insurance Insider can
  reveal.
  Sources said that former Chaucer CFO Curtis and Quinlan have
  left the business with immediate effect.
  It is understood that group CEO David Reeves will step back in
  as head of the managing agency 15 months after he relinquished the
  role to Curtis, who joined Barbican in that capacity.
  Quinlan, who headed up Barbican's £90mn
  
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• Editor's comment: Taking flooding seriously

  20-01-2015 18:19
  
  Stephanie Denton Postonline
  
  
  2015 was always set to be a big year for UK flood discussions, with the Flood Re scheme agreed within the Water Bill due to be up and running this summer.
  
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• No FSCS compensation levy for GI brokers in 2015/16

  20-01-2015 14:35
  
  Katie Marriner Postonline
  
  
  General insurance brokers will not have to pay a Financial Services Compensation Scheme levy for costs associated with compensation in the next financial year.
  
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• Hacking the cyber market

  20-01-2015 14:00
  Neil Gurnhill, head of European cyber and tech and specialist broker Safeonline, warns that clients often assume cyber is covered under general liability.
  
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• Aon Benfield acquires entire portfolio of Swiss broker Sipex

  20-01-2015 13:48
  Reinsurance broking giant Aon Benfield has expanded its marine hull
  book after acquiring Swiss (re)insurance broker Sipex's entire
  portfolio of in-force business.
  Sipex's team will move to a new specialist Swiss branch of
  Aon Benfield Italy, where they will continue to manage and
  administer the portfolio.
  Sipex specialises in continental European marine hull business,
  which Aon Benfield Italy chairman Gianluca Venturini said was
  complementary and accretive to Aon Benfield Italy's exi
  
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• Smaje named chief broking officer at Willis GB

  20-01-2015 13:26
  Philip Smaje has been promoted to chief broking officer of
  Willis's new business segment Willis GB, leading a number of
  promotions connected with the global broker's recent
  restructure.
  In his newly-created role Smaje will be responsible for driving
  the broking strategy for Willis GB, which includes the Willis UK
  retail insurance business, as well as the facultative and London
  specialty businesses.
  He will be joined by Jonathan Prinn, who has been appointed
  deputy chief broking officer f
  
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• In Series: Corporate risk: Upping the pace

  20-01-2015 13:10
  
  Edward Murray Postonline
  
  
  How can commerical insurance industry innovation better keep up with the ever-increasing speed of technological advancement and changing demands from UK businesses?
  
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• Digital Insurance Strategies: Walking with dinosaurs?

  20-01-2015 13:03
  
  David Worsfold Postonline
  
  
  The challenges insurers face as customers embrace the ‘omnichannel experience’ are enormous. How can they move from a disconnected multichannel approach to a genuinely integrated service before they face extinction?
  
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• Digital Distribution Strategies: Walking with dinosaurs?

  20-01-2015 13:03
  
  David Worsfold Postonline
  
  
  The challenges insurers face as customers embrace the ‘omnichannel experience’ are enormous. How can they move from a disconnected multichannel approach to a genuinely integrated service before they face extinction?
  
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• No FSCS levy for brokers in 2015/16

  20-01-2015 12:55
  Scheme mentions falling claims and higher opening fund balance as reasons for brokers not to be charged.
  
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• Digital Insurance Strategies: Q&A: Ian Hood: Harnessing digital potential

  20-01-2015 12:53
  
  Rachael Adams Postonline
  
  
  Ian Hood, chief digital officer at RSA, discusses the future for the digital landscape, how the insurance industry is adapting to changes in technology and the explosion in the use of social media
  
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• Willis Aerospace boss promoted to chief broking officer of new GB unit

  20-01-2015 12:38
  Philip Smaje will be responsible for driving broking strategy
  
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• Penny Black’s Insurance Week - 22 January

  20-01-2015 12:37
  
  Penny Black Postonline
  
  
  Penny has seen some pretty poor adverts for insurance in the past.
  
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• Willis promotes Philip Smaje as GB broking chief

  20-01-2015 12:37
  Smaje steps up from aerospace role.
  
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• Willis promotes Philip Smaje as broking chief of new GB unit

  20-01-2015 12:37
  Smaje steps up from aerospace role.
  
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• Market Moves - 22 January

  20-01-2015 12:26
  
  Mark Sands Postonline
  
  
  All the latest job moves in the insurance market.
  
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• Fraudster receives suspended sentence

  20-01-2015 12:12
  Bricklayer convicted of insurance fraud after bogus £200,000 personal injury claim.
  
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• Fresh claim follows hard on heels of IG renewal terms

  20-01-2015 11:55
  The International Group (IG) of protection and indemnity clubs
  has notified the market of a fresh loss to its reinsurance
  programme just days after renewal terms were released,
  The Insurance Insider has learned.
  Sources said that underwriters on the Catlin-led treaty had been
  informed that they would have to pay out on a $114mn ground-up
  claim resulting from an accident in July 2012, which had been
  widely expected to be contained by the IG's retention.
  The Insurance Insider revealed last...
  
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• Admiral, esure and Direct Line drop as premium rises disappoint

  20-01-2015 11:48
  
  Motor insurers see premiums rise for second month but at much slower rateMotor insurance shares have gone into reverse after disappointing premium figures from the AA.The recovery service said car insurance premiums rose 0.2% in the fourth quarter of 2014, but this follows a 1.2% rise in the previous three months. The AA said rising personal injury claims meant current prices were unsustainable and the underlying trend for premiums was up. But analysts are less convinced about the outlook for in
  
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• Aviva to cut 1,500 roles

  20-01-2015 11:43
  Insurer reveals 1,500 are set to lose jobs following Friends Life acquisition.
  
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• No FSCS levy for insurance brokers in 2015/2016

  20-01-2015 11:33
  But compensation scheme detects rise in deafness and mesothelioma claims
  
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• No FSCS levy for insurance brokers in 2015/16

  20-01-2015 11:33
  But compensation scheme detects rise in deafness and mesothelioma claims
  
  Read more

• Suspended sentence for construction worker after £200,000 personal injury scam

  20-01-2015 11:28
  Paul Havert has been sentenced to six months in prison, suspended for two years
  
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• Century targets 20% GWP growth and product expansion in 2015

  20-01-2015 11:27
  
  Callum Brodie Postonline
  
  
  Commercial motor managing general agent Century Underwriting is eyeing a further 20% gross written premium growth in 2015 after chalking up £15m of GWP during the previous 12 months.
  
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• Allianz 2015 scholarship programme open to brokers

  20-01-2015 11:25
  Fifty places available for course which begins in May.
  
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• Skuld announces changes to management board

  20-01-2015 11:10
  Norway-headquartered protection and indemnity (P&I) club
  Skuld has appointed Gregory Thomas as executive vice president of
  commercial P&I, the company announced today (20 January).
  He will be based in Norway and divide his time between Oslo and
  London.
  Thomas joined Skuld in 2008 to develop the insurer's
  offshore portfolio. In his new role he will have overall
  responsibility for commercial P&I and for Skuld's
  operations in the offshore, fixed premium and yacht markets. He
  wil
  
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• C-Suite - Broker: Staying local in a global market

  20-01-2015 11:00
  
  Toby Esser, group CEO, Cooper Gay Swett & Crawford Postonline
  
  
  What is the future for Lloyd’s brokers within the international hub model adopted by Lloyd’s?
  
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• Jaguar unveils computerised anti-collision car that will cut insurance claims

  20-01-2015 10:58
  Jaguar, represented at the Insurance Times Innovation and Disruption Conference 2015, aims to have technology on the roads within two years
  
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• Crawford combines global divisions

  20-01-2015 10:48
  Crawford & Company has consolidated its global client and
  business development and global markets groups into a new global
  client development unit.
  Led by Emanuel Lauria, chief client officer and executive vice
  president, the new unit will be responsible for all the
  client‐facing functions of both of its predecessor units,
  including strategic sales, marketing, branding and new product
  development.
  Clive Nicholls, currently senior vice president of global
  markets, will now be responsibl
  
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• Amlin continues Latin American build-out with Herrera hire

  20-01-2015 10:48
  Amlin has strengthened its Latin American platform with the
  appointment of Edward Herrera as senior underwriter.
  Herrera joins from Everest Re, where he held the position of
  vice president of Latin America and Caribbean. Prior to that, he
  served as senior underwriter for the same region at Flagstone
  Re.
  He will be based at the Lloyd's insurer's nascent Miami
  office, which is headed by Louis de Segonzac.
  "[Herrera's] market knowledge and experience will be
  invaluable as we build
  
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• Paymentshield hires Rob Evans as chief financial officer

  20-01-2015 10:47
  Evans joins Towergate-owned broker from Sheffield-based firm Westfield Health
  
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• Aviva hands CRO role to SII head Woodford

  20-01-2015 10:34
  
  Katie Marriner Postonline
  
  
  Aviva Solvency II director Julian Woodford has been appointed UK and Ireland chief risk officer for the business.
  
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• NAHL reports 10.4% revenue increase in trading update

  20-01-2015 10:23
  
  Katie Marriner Postonline
  
  
  NAHL has reported a 10.4% increase in revenue from continuing operations to £43.8m for the year ended 31 December 2014.
  
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• Bricklayer gets suspended sentence for bogus £200,000 claim

  20-01-2015 10:03
  
  Katie Marriner Postonline
  
  
  A bricklayer who attempted to a claim approximately £200,000 from Axa in a personal injury scam has been handed a six month jail term, suspended for two years, after pleading guilty to contempt of court.
  
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• Biba launches 2015 manifesto

  20-01-2015 10:00
  Manifesto focuses on emerging risk, regulation, Insurance Bill, careers, Europe and motor.
  
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• QBE to sell North American business to Alliant

  20-01-2015 09:46
  Australian carrier QBE is to sell its North American agency
  businesses to Alliant Insurance Services for around $300mn.
  The transaction includes an immediate cash payment of $217mn,
  with the remainder paid over the next five years through a
  performance-based earnout agreement.
  Among the US agency businesses Alliant will acquire are
  Community Association Underwriters (CAU), Deep South Insurance
  Services and Southern Insurance Underwriters (SIU).
  The deal is expected to complete in February this y
  
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• Car insurance premiums falter

  20-01-2015 09:30
  AA Index shows small rise for average car insurance premiums and very little movement in home insurance premiums.
  
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• Paymentshield appoints Rob Evans as CFO

  20-01-2015 09:20
  New recruit joins from Westfield Health.
  
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• Motor premiums rise slightly but price increases slowing - AA

  20-01-2015 07:42
  The average cost of a motor policy is now 10% cheaper than in 2013
  
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• Motor premiums rise slightly as price increases stall - AA

  20-01-2015 07:42
  The average cost of a motor policy is now 10% cheaper than in 2013
  
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• Cost of home insurance falls 5.3% over 2014 despite static Q4

  20-01-2015 07:31
  Flood and storm claims have not affected premiums - AA
  
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• ABI campaign aims to achieve £1bn annual flood spending

  20-01-2015 07:30
  Initiative also calls for a ban on building in high risk flood areas
  
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• Allianz launches 2015 scholarship programme

  20-01-2015 07:26
  Training programme will provide places for 50 brokers in both commercial and personal lines
  
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• Malaysia's premiums subject to new tax

  20-01-2015 03:51
  
  Andrew Tjaardstra Postonline
  
  
  All general insurance premiums will be subject to 6% goods and services tax from 1 April.
  
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• 1500 jobs at risk if Aviva's Friends Life acquisition is finalised

  20-01-2015 02:55
  
  Andrew Tjaardstra Postonline
  
  
  If shareholders agree to Aviva's acquisition of life insurer Friends Life then 1500 jobs are likely to be made redundant.
  
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• AA index records static home and motor premiums

  20-01-2015 01:05
  
  Katie Marriner Postonline
  
  
  The average quote for a combined home buildings and contents policy has remained static over the past three months while an average quoted motor premium rose £1, according to the AA's British Insurance Premium Index.
  
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