Insurance news

• (Re)insurance micro insurance consortium launched

  22-01-2015 19:33
  A group of (re)insurers and MMC broking entities has launched a
  micro insurance consortium to help incubate risk protection markets
  in developing countries.
  The consortium consists of American International Group (AIG),
  Aspen, Catlin, Guy Carpenter in conjunction with its parent Marsh
  and McLennan Companies, Hamilton Insurance Group, Trans Re, XL and
  Zurich.
  The group also announced the launch of a micro insurance venture
  incubator (MVI), a Bermuda-based entity that is committed to launch
  ten mi
  
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• Travelers buys biggest agg treaty in market

  22-01-2015 18:50
  Travelers has replaced its cat excess-of-loss treaty with a huge
  aggregate (agg) cover as part of a restructure that brought its
  main renewal date forward from 1 July to 1 January, the company
  disclosed on its conference call.
  CFO Jay Benet said that Travelers had replaced its general US
  cat treaty and its general US cat agg treaty with a single agg
  structure that provides $2bn of cover excess of a $3bn agg
  deductible. Losses begin to erode the agg...
  
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• Quindell confirms it is in talks to sell unit to Australian law firm

  22-01-2015 18:18
  Slater & Gordon has a growing presence in UK consumer law market
  
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• Quindell confirms Slater & Gordon sales talks

  22-01-2015 18:10
  
  Mark Sands Postonline
  
  
  Troubled insurance services provider Quindell has confirmed that it is in talks over disposals with law firm Slater & Gordon.
  
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• Alternative capital could cause reinsurer casualties

  22-01-2015 17:42
  The continued presence of alternative capital could force a number
  of traditional reinsurers to merge or cease to exist, according to
  Fitch Ratings.
  Speaking at the ratings agency's annual insurance roadshow
  earlier today (22 January), senior director Martyn Street warned
  that if non-traditional capital became a permanent feature of the
  reinsurance market it could permanently erode profit margins and
  ultimately create a shallower market cycle.
  An audience poll conducted at the event showed t
  
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• Treasury insurance boss slams industry for lack of self-promotion

  22-01-2015 17:19
  
  Mark Sands Postonline
  
  
  HM Treasury’s head of insurance and savings has hit out at the failure of the insurance sector to attract young workers, calling for more self-promotion from the industry.
  
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• Bolt reissues broker remuneration warning

  22-01-2015 16:33
  Lloyd's performance management director Tom Bolt has reiterated
  Lloyd's guidance for managing agents on distribution costs and
  broker remuneration in a bid to ensure they remain compliant with
  the 2010 Bribery Act.
  In a Lloyd's market bulletin released today (22 January),
  Bolt said that in view of developments involving placement
  structures and remuneration arrangements in the London market, the
  Corporation had decided to reissue and update advice first
  distributed in February 2012.
  
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• Miles Smith eyes acquisitions with new Clydesdale banking facility

  22-01-2015 16:22
  Lloyd’s broker says new finance will allow it to pursue growth plans
  
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• Miles Smith plans acquisitions after refinancing

  22-01-2015 16:18
  
  Broker announces growth plans following refinancing with Clydesdale.
  
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• AA partners with Cigna on travel offering

  22-01-2015 15:54
  
  Katie Marriner Postonline
  
  
  AA Insurance has appointed Cigna Insurance Services to provide its travel underwriting, claims and marketing services.
  
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• Cigna replaces AXA as AA travel insurance underwriter

  22-01-2015 15:50
  Cigna will also provide claims and marketing expertise
  
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• Price rises continue to moderate at Travelers in Q4

  22-01-2015 15:25
  US insurer Travelers said that rate increases continued to
  decline in the fourth quarter as it unveiled consensus-beating Q4
  earnings.
  Headline rate rises for domestic insurance business, excluding
  national accounts, slowed to 2.4 percent in Q4 2014 - down from 3.1
  percent in the preceding quarter and less than half the 4.9 percent
  price increases achieved in the prior-year period.
  The moderating trend also impacted US middle-market accounts,
  where rates rose by 2.1 percent in Q4 2014, down from
  
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• Willis' takeover of Miller confirmed

  22-01-2015 14:47
  
  Deal will see selected broking activities transfer between the two firms.
  
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• Willis strikes deal to buy Miller

  22-01-2015 14:18
  Willis and Miller have sealed a long-trailed agreement for the big
  three broker to take an 85 percent stake in the
  London-headquartered independent broking stalwart, the companies
  said in a statement.
  Willis has not disclosed the consideration.
  The Insurance Insider first revealed
  widespread speculation over a deal in October, prompting an
  announcement from the two companies that they were in advanced and
  exclusive talks.
  They said that Willis will become a corporate member in Miller
  Insurance S
  
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• Zurich promotes Chris Sime to head of sales

  22-01-2015 14:08
  
  Sime will oversee commercial broker and personal lines after being head of broker market for Scotland.
  
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• Willis to take 85% stake in Miller as sale talks conclude

  22-01-2015 13:48
  Brokers’ combined wholesale businesses will trade under Miller brand
  
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• Zurich appoints Sime to sales head role

  22-01-2015 13:30
  
  Katie Marriner Postonline
  
  
  Chris Sime has been appointed sales head for commercial broker and personal lines at Zurich.
  
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• Ageas strengthens partnerships team with senior hires

  22-01-2015 13:25
  Ageas Retail wants to develop its partnerships business
  
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• Shepherd Compello hires Melanie Alexander

  22-01-2015 13:20
  Lloyd's broker Shepherd Compello has hired market veteran Mel
  Alexander as a director with immediate effect.
  The firm said the executive will be responsible for lender
  protection-related products, as well as the development of
  specialist delegated binding authority business.
  Shepherd Compello was launched in November 2014 by Lloyd's
  broker and coverholder EPG Insurance Services.
  The broker is led by CEO John Shepherd, who is also managing
  director of White Oak Underwriting and CEO of EPG
  
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• Insurance workers value job satisfaction over salary poll finds

  22-01-2015 13:02
  
  Katie Marriner Postonline
  
  
  Insurance industry workers value job satisfaction and work-life balance over their salary package, a YouGov and Reed poll has found.
  
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• Price comparison growth drives BGL’s 6% profit boost

  22-01-2015 12:59
  Comparethemarket owner’s profit before tax grew to £93.5m after 13% revenue growth
  
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• Europe: Investing in creating digital value

  22-01-2015 12:40
  
  Roy Jubraj and Thomas Meyer Postonline
  
  
  Accenture's Roy Jubraj and Thomas Meyer examine how European insurers can create effective digital transformation strategies.
  
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• Howden Latin America launches $25mn Lloyd's binding authority

  22-01-2015 12:17
  Howden Latin America, a broking subsidiary of Hyperion, has
  launched a $25mn cargo binding authority backed by Lloyd's
  paper.
  Effective from 1 January, the new binding authority is supported
  by a number of Lloyd's syndicates and has a limit of $25mn.
  "The binder allows us to offer our clients flexible
  coverage on a wide variety of cargoes with customised deductibles
  and rating," the broker said in a client memo.
  "Furthermore, we will be able to offer terms on the less...
  
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• PRA expects total UK insurance capital to drop under Solvency II

  22-01-2015 12:15
  
  Mark Sands Postonline
  
  
  The Prudential Regulatory Authority’s executive director of insurance has forecast that total capital held by insurers in the UK will likely drop under incoming Solvency II rules.
  
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• Pen Underwriting planning to launch more products

  22-01-2015 11:45
  
  Plan follows launch of first own brand combined commercial product to market.
  
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• Man charged for attack on Aviva's computers

  22-01-2015 11:38
  
  The attack resulted in hundreds of the insurer's mobile devices being wiped of data.
  
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• Applied integrates premium finance house into broker back office platform

  22-01-2015 11:08
  Brokers can quote and bind a policy and arrange Close Brothers’ premium finance payments at the same time
  
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• Europe, the next frontier for e-accounting....

  22-01-2015 11:00
  
  Simon Squires Postonline
  
  
  XL Group's Simon Squires shares insights from the company's work with the Ruschlikon Initiative, which aims to make e-accounting more widely used within insurance.
  
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• BGL Group posts £94m pre-tax profit

  22-01-2015 10:46
  
  Customer numbers rise to 7.5 million.
  
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• Admiral seeks more than 250 new recruits

  22-01-2015 10:42
  
  Katie Marriner Postonline
  
  
  Admiral is recruiting for more than 250 jobs across its contact centres, IT department and law firms.
  
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• BGL boss Donaldson heralds 'record profits' in 2013/14

  22-01-2015 10:30
  
  Callum Brodie Postonline
  
  
  BGL Group has chalked up a 6% annual increase in profit before tax to £94m for the year ending 30 June 2014 (previous 12 months: £88m).
  
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• NCI proposes ISDX withdrawal to shareholders

  22-01-2015 10:12
  
  Katie Marriner Postonline
  
  
  NCI Vehicle Rescue is proposing a withdrawal from the ISDX Growth Market in a letter sent to shareholders today.
  
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• Guildford man charged with hacking into Aviva computer system

  22-01-2015 09:31
  South East Regional Organised Crime Unit said the attacks had resulted in “significant financial cost”
  
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• CFC-backed MGA makes first senior from Towergate

  22-01-2015 09:22
  Jackie Coppen has joined Modus as head of underwriting
  
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• NCI to delist from ISDX Growth Market

  22-01-2015 09:13
  Breakdown recovery firm and insurance broker to vote on plan at general meeting next month
  
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• AXA reveals battle plan to tackle commercial lines fraud

  22-01-2015 07:32
  Insurer is detecting more fraud in commercial lines
  
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• Twelve law firms shut down after failing to find PI cover

  22-01-2015 07:30
  But closures down sharply on the 136 seen in 2014
  
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• Biba lends support to Ageas's call for young driver telematics tax break

  22-01-2015 07:30
  Executive director Graeme Trudgill said the campaign was included in Biba’s 2015 manifesto to “take this issue forward”
  
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