Insurance news

• James Tugendhat steps away from direct role at Towergate

  16-09-2015 18:32
  
  Janice Deakin unveils new structure and leadership team at Towergate.
  
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• James Tugendhat exits role as Towergate names top broking team

  16-09-2015 18:21
  
  Towergate Direct COO Steve Anson named chief executive officer of retail broking
  
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• Brightside/Autonet 'deal' breaks down - sources

  16-09-2015 15:35
  
  Recently departed chief exec Andy Wallin is understood to have been driving the Autonet deal
  
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• Insurers and brokers could face regulatory ratings to help customers

  16-09-2015 14:24
  
  The FSCP made the recommendation in light of new customer data
  
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• FCA urged to create universal rating system

  16-09-2015 14:24
  
  The FSCP made the recommendation in light of new customer data
  
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• Zurich restructure to sap reinsurance spend

  16-09-2015 13:54
  Global carrier Zurich has told its reinsurers that it is moving
  away from a regional buying strategy for its catastrophe cover
  towards a more global approach, The Insurance
  Insider has learned.
  Zurich will buy less total limit as a result of using the same
  protection for multiple geographies, meaningfully reducing its
  likely spend.
  Sources said that the carrier will also cut the panel of nearly
  50 reinsurers that currently write its six cat treaties to around
  30. In addition, it...
  
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• Swiss Re swoops on £1bn+ Aviva book

  16-09-2015 13:54
  Swiss Re has entered into a mammoth deal to reinsure Aviva's
  £1bn+ ($1.5bn) book of industrial and potentially volatile UK
  employers' liability business, The Insurance
  Insider can reveal.
  It is understood that the ink has barely dried on the policy,
  which was written last week.
  However it is thought the agreed deal differed from the one
  Aviva was searching for when it launched an informal sales process
  for the book last year.
  It was initially understood that Aviva wanted a...
  
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• Price discovery will be 'critical' at 1.1: Kent

  16-09-2015 13:54
  Price discovery will remain critical for reinsurance brokers in
  the lead-up to the 1 January renewals as they seek the best deals
  for their clients, according to Willis Re co-president James
  Kent.
  The executive, who is also president of Willis Re North America,
  said that mid-year renewals in the US had shown the market to be
  "quite functional".
  "Where demand went up in places like Florida the rate
  decreases were not as significant as they were only two months
  earlier...
  
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• Nephila to provide capacity to TRU MGA

  16-09-2015 13:54
  Nephila has signed a deal with Technical Risk Underwriters (TRU) to
  provide US property capacity to Ryan Specialty Group (RSG)'s
  managing general agency (MGA), The Insurance
  Insider can reveal.
  According to sources, the agreement was signed last month. The
  Bermudian fund management giant will access TRU's growing book
  of US property business in a set-up that will use the paper of
  fronting specialist State National.
  This is Nephila's latest move further down the distribution
  chain as it attempts
  
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• Markel Catco to look beyond retro: Rhoads

  16-09-2015 13:54
  Fund manager Catco will look to move beyond its current retro focus
  to target reinsurance and insurance business after its acquisition
  by Markel, according to the US carrier's president of global
  reinsurance Jed Rhoads.
  Rhoads is understood to have been one of the drivers of the
  deal, along with Markel group president and co-COO Richie Witt.
  In an interview with The Insurance
  Insider, Rhoads said the renamed Markel Catco would
  present opportunities for growth by creating new products right
  throu
  
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• Eppinger to step down from The Hanover in 2016

  16-09-2015 13:54
  US insurance group The Hanover took the market by surprise last
  night (15 September) after announcing that its long-serving
  president and CEO Frederick Eppinger had decided to step down next
  year.
  Eppinger has led the company since 2003, and under his direction
  The Hanover has more than doubled in size and significantly grown
  its total capital, book value and earnings power.
  He was also at the helm when The Hanover bought London-quoted
  Lloyd's managing agent Chaucer in 2011.
  "After 12...
  
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• Enstar and UBS O'Connor eye $1bn start-up

  16-09-2015 13:54
  Legacy-to-live carrier Enstar is exploring a hedge fund reinsurance
  start-up in conjunction with alternative investment manager UBS
  O'Connor, The Insurance Insider can
  reveal.
  Banking sources said that the prospective business partners
  could look to raise between $750mn and $1bn of capital, with a
  potential start date in the second quarter of 2016.
  It is believed that Enstar's long-term strategic partner
  Stone Point is prepared to invest in the embryonic business.
  The banking sources explained t
  
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• Covea's EUR1.6bn cat treaty down 15%+

  16-09-2015 13:54
  French mutual insurer Covea looks set to secure a risk-adjusted
  rate reduction comfortably above 15 percent on its EUR1.6bn
  umbrella catastrophe reinsurance programme after releasing firm
  order terms to the market, The Insurance
  Insider can reveal.
  As the only major 1 October renewal, the placement of
  Covea's cover tends to be given greater than normal
  significance as the market looks for a gauge for the upcoming
  January renewals.
  Sources said that the firm order terms released by brokers
  Willis
  
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• Berkshire abandons facilities strategy

  16-09-2015 13:54
  Berkshire Hathaway has now withdrawn from all of the London market
  broker facilities that it was writing, The Insurance
  Insider can reveal.
  Berkshire's reinsurance chief Ajit Jain is understood to
  have unwound all of the company's involvement in facilities
  over the last year, opting out of Willis Global 360 in January and
  exiting a number of single class facilities it had underwritten
  with Marsh. Jain is also understood to have recently served notice
  on the 7.5 percent quota share he...
  
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• Attwood appointed Syndicate 2526 active underwriter

  16-09-2015 13:54
  Neil Attwood has been hired as active underwriter of Doré
  Syndicate 2526 for the 2016 underwriting year, subject to
  Lloyd's approval.
  The appointment was made by AmTrust at Lloyd's, which became
  managing agent of Syndicate 2526 in April 2015 and owns 99.53
  percent of the syndicate's capacity.
  Attwood, who has more than 25 years' experience in
  Lloyd's and the London market, will report to Mike Sibthorpe,
  chief underwriting officer at AmTrust at Lloyd's.
  He joins from Torus Syndicate 1301,
  
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• Asia Pacific Re completes $1.6bn capital raise

  16-09-2015 13:54
  China Oceanwide Holdings looks set to launch its new reinsurer
  in time for the 1 January renewals after it raised 10.2bn yuan
  ($1.6bn) from Chinese investors in a matter of weeks,
  The Insurance Insider can reveal.
  Sources said that the China Insurance Regulatory Commission is
  close to granting the reinsurer a licence to underwrite business,
  with some expecting a favourable decision as early as next
  month.
  It is understood that a rapid capital raise saw more than $1.6bn
  proffered by...
  
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• Insurance ranked worst industry for customer experience, survey finds

  16-09-2015 13:29
  
  Francesca NymanPostonline The insurance sector has once again been slammed for its poor customer service, ranking bottom for customer experience in a survey by service design consultancy Engine.
  
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• Broker Apprentice 2015: Contestants line-up revealed

  16-09-2015 12:53 via insuranceage.co.uk
  
  Insurance Age unveils the apprentices set to take on the challenges for this year’s series.
  
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• Goldman Sachs could pocket 400% return on Hastings investment

  16-09-2015 12:08
  
  Francesca NymanPostonline Goldman Sachs could bank a return of 400% on its stake in Hastings following the UK motor player’s stock market floatation next month, if investors respond as expected, according to reports.
  
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• Just half of European GI firms' websites deemed 'mobile responsive'

  16-09-2015 11:57
  
  Callum BrodiePostonline Just over half of general insurance companies’ websites across Western Europe and Poland have developed a mobile-responsive website, according to research by consulting and market research firm CP Consulting.
  
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• RSA promotes Middle to global telematics role

  16-09-2015 11:41
  
  Callum BrodiePostonline RSA head of telematics partnering Paul Middle has been promoted to a global role that willsee him assume the UK responsibilities vacated by former RSA telematics director Bob Skerrett.
  
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• Cost and availability of NEDs in question amid regulatory pressures

  16-09-2015 11:05
  
  Callum BrodiePostonline The increasing level of responsibility associated with being a non-executive director could serve to diminish the number of available candidates and drive up the cost of recruitment, according to the International Underwriting Association.
  
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• Aviva launches guide to tackle commercial underinsurance

  16-09-2015 10:59
  
  A 2014 survey revealed 177 cases where firms where underinsured by an average of £486,000.
  
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• RSA beefs up telematics team

  16-09-2015 10:56
  
  Promotes Paul Middle to global role
  
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• Five reasons you can’t miss Broker Expo Bristol

  16-09-2015 10:45
  
  Expo Bristol is tomorrow, here are five reasons brokers should sign up to attend the event right now.
  
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• Hastings CFO says IPO won't affect management focus

  16-09-2015 10:16
  
  Motor book and home insurance will continue to be key according to Richard Hoskins.
  
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• Lloyd's underwriters back skilled migrants insurance product

  16-09-2015 10:05
  
  Callum BrodiePostonline An insurance product specifically for skilled migrants has been launched with the backing of certain Lloyd’s underwriters to provide security for people immigrating, or those who have already immigrated, to Australia and New Zealand.
  
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• Former FSA chairman Lord Turner joins Prudential board

  16-09-2015 09:49
  
  Former PwC insurance head David Law also named non-executive director
  
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• Flood Re regulations moved to next stage at Westminster

  16-09-2015 09:31
  
  Callum BrodiePostonline Parliamentary scrutiny of Flood Re has been welcomed after the secondary legislation to make the scheme fully operational in time for its launch next year was considered by a House of Commons Delegated Committee yesterday (15 September).
  
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• Insurance comes last in customer experience ranking

  16-09-2015 09:27
  
  Only 11% of survey respondents said insurance had the best customer service
  
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• Goldman to get 400% return from Hastings IPO – report

  16-09-2015 08:57
  
  Float could value insurance and broking group at £1.5bn
  
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• Xchanging appoints new chief executive

  16-09-2015 08:42
  
  Craig Wilson to replace outgoing Ken Lever on 1 January 2016
  
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• 700 QBE shareholders begin A$200m class action lawsuit

  16-09-2015 06:54
  
  Andrew Tjaardstra Postonline 700 of QBE's shareholders are attempting to recover over A$200m (£93m) from the insurance giant after its share price collapsed in December 2013.
  
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