Insurance news

• S&P downgrade hits 10 Japanese insurers

  17-09-2015 20:08
  A Standard & Poor's (S&P) downgrade of Japan's
  sovereign rating from AA- to A+ has resulted in lowered
  counterparty credit ratings for a swathe of Japanese insurance
  companies, including some of their subsidiaries.
  Tokio Marine & Nichido Fire Insurance, Tokio Marine &
  Nichido Life Insurance, Ace Insurance, Sony Life Insurance, The
  Gibraltar Life Insurance, The Prudential Life Insurance, The
  Prudential Gibraltar Financial Life Insurance and MassMutual Life
  Insurance have had their
  
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• New threats mean cyber insurers need specialist partners

  17-09-2015 20:08
  The cyber insurance market must collaborate with bodies outside of
  insurance to better prepare for the evolving nature of the risk,
  according to Lloyd's emerging risks manager Nick Beecroft.
  Speaking at a cyber insurance roundtable organised by cyber
  security firm Kaspersky today (17 September), Beecroft and other
  industry participants explained how cyber exposures are fast
  developing beyond data breaches.
  "A cyber attack has the potential to be a peril that
  triggers many different forms of econ
  
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• Fairfax backs EUR70mn FBD capital raise

  17-09-2015 20:08
  Canadian conglomerate Fairfax Financial has agreed to invest in a
  EUR70mn convertible bond issue from troubled Irish insurer FBD,
  subject to FBD shareholder approval.
  The bond is a 10-year Solvency II-compliant instrument with a 7
  percent coupon paid annually.
  Fairfax will have the right to convert the bond into equity from
  year three. The conversion price has been set a EUR8.50 - a 37
  percent premium over FBD's closing price on the Dublin market
  on 15 September.
  Shares in FBD...
  
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• Amtrak launches $200mn storm surge cat bond

  17-09-2015 20:08
  US state-funded rail operator Amtrak is seeking to raise $200mn
  from PennUnion Re in what will be only the second cat bond to cover
  storm surge, sister publication Trading
  Risk reported earlier today (17 September).
  Amtrak subsidiary Passenger Railroad Insurance (PRIL) would be
  the beneficiary of the three-year deal, which carries a parametric
  per occurrence trigger and covers the perils of earthquake, storm
  surge and wind resulting from named storms.
  The storm surge calculation locations are wi
  
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• Expertise From A-Z: SMEs - Protecting SMEs

  17-09-2015 17:40
  
  A Financial Conduct Authority thematic review found SMEs were being let down by claims handlers. What can the industry do to improve?
  
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• Bought By Many buys pet insurer Brooks Braithwaite

  17-09-2015 17:10
  
  Deal includes administration of Allianz’s pet scheme
  
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• Expertise From A-Z: SMEs - Better use of data

  17-09-2015 15:59
  
  There are huge amounts of data out there and it is now much easier for brokers to use and place business online – if only they were more aware of this
  
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• Video: Expertise A-Z: Q&A with Andy Wells

  17-09-2015 15:32
  
  Using current databases and applying rating technology is making systems much more intelligent and expanding the size and types of business risk that electronic trading.
  
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• Online modelling tool allows insurers to see crime hotspots by postcode

  17-09-2015 14:21
  
  Francesca NymanPostonline Insurers can gain easy access to crime hotspots by postcode under a new model launched by online map data provider Emapsite.
  
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• Cold Call blocker fined £75,000 for making cold calls

  17-09-2015 12:39
  
  Company targeted elderly and vulnerable, says Information Commissioner’s Office
  
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• Allianz appoints Newman as head of motor claims

  17-09-2015 12:32
  
  Francesca NymanPostonline Tony Newman has been formally appointed head of motor claims at Allianz, having been seconded to the role since September 2014.
  
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• JLT buys Close Brothers asset management unit

  17-09-2015 12:18
  
  Company expects deal to boost employee benefits market share
  
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• XL Catlin unveils Americas specialty insurance team

  17-09-2015 12:03
  XL Catlin has revealed the leadership of its specialty insurance
  team for North and Central America.
  Led by Neil Robertson, who is CEO of XL Catlin's global
  specialty insurance business, the team will write accident and
  health, aviation, crisis management, equine, fine art and specie,
  marine and trade credit lines across the region.
  "The recent integration of two leading specialty markets
  like XL and Catlin has created a formidable specialty insurer, not
  only in size and distribution, but in exp
  
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• Tsunamis hit after magnitude 8.3 quake strikes Chile

  17-09-2015 12:03
  A magnitude 8.3 earthquake struck just off the coast of central
  Chile on Wednesday evening (16 September), triggering a series of
  tsunami waves that hit Chile and elsewhere in the Pacific.
  It was the strongest earthquake anywhere in the world this year,
  and was widely felt across South America, including in Peru,
  Argentina and Brazil.
  Early reports from Aon Benfield's Impact Forecasting
  suggested that some of the heaviest damage occurred in the coastal
  cities of Coquimbo, Tongoy, Concon and Los.
  
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• Risk profile of global hull market improving: IUMI

  17-09-2015 12:03
  The risk profile of the shipping and marine insurance industry is
  improving, according to the International Union of Marine Insurance
  (IUMI).
  Speaking at the trade body's annual conference in Berlin
  yesterday (16 September), ocean hull committee chairman Mark
  Edmondson said changes to regulation and a low casualty rate had
  seen the overall risk profile of the hull market improve.
  "The tanker industry is now better regulated, the average
  age of the 20,000-deadweight-tonnage-plus dry bulk fleet in
  
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• OIL appoints Olsson as president and CEO

  17-09-2015 12:03
  Former Marsh executive Bertil Olsson has been named president and
  CEO of Bermudian energy mutual Oil Insurance Limited (OIL).
  He will succeed Robert Stauffer, who is set to retire in January
  2016 following more than a decade of service.
  Olsson joins from Marsh and McLennan Companies, where he was
  most recently managing director and head of the south central
  region for Marsh USA, having previously served a five-year stint as
  managing director and head of the firm's North American energy...
  
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• Deakin becomes Towergate insurance broking CEO

  17-09-2015 12:03
  Janice Deakin has been appointed chief executive of Towergate's
  insurance broking arm as part of a reshuffle of the division's
  senior leadership team.
  Deakin joined Towergate in August 2015 after leaving AJ
  Gallagher in February, where she was most recently UK retail
  CEO.
  Jason Johnson will become COO of the insurance broking unit,
  which encompasses both retail and advisory divisions.
  Carolyn Callan will serve as marketing director across the
  business, while Alison Monsey will join Towergate fro
  
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• BMS appoints directors

  17-09-2015 12:03
  Independent (re)insurance broker BMS Group has appointed Mark
  Lawson and Daniel Chamberlain as directors of North American
  property.
  Lawson and Chamberlain join the business from JLT Specialty,
  where they were senior partners leading the North American property
  business.
  Prior to JLT, Lawson was partner at broking group Newman Martin
  and Buchan (NMB), where he set up and led the firm's P&C
  team.
  Chamberlain began his career at Nicholson Leslie, now part of
  Aon. He also worked at NMB, where h
  
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• Crawford’s Greg Gladwell resurfaces at Innovation Group

  17-09-2015 11:16
  
  Former loss adjusting chief joins software firm as UK property MD
  
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• AXA adds small fleet product to broker e-trade offering

  17-09-2015 11:04
  
  Product typically covers fleets of between three and 15 vehicles
  
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• Axa launches Minifleet Choice

  17-09-2015 11:01 via insuranceage.co.uk
  
  Insurers says new online product designed for small fleets of up to 20 vehicles.
  
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• New entrants causing disruption for insurers attempting to embrace innovation

  17-09-2015 10:59
  
  Callum BrodiePostonline Nimble market entrants are increasingly causing disruption for established insurance market players in the race to innovate, according to an international report by KPMG.
  
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• Broker Expo Bristol 2015

  17-09-2015 10:15
  
  Can't make it to Bristol? Don't miss out - keep on top of all the going ons from this regional event with our live blog, brought to you by the award winning Insurance Age team.
  
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• Post magazine - 17 September 2015

  17-09-2015 10:08
  
  Cecile Brisson Postonline The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App edition on the App Store or read the Post Digital Edition online.
  
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• Flood Re enters second Parliamentary stage

  17-09-2015 09:34
  
  The scheme now has a provisional date of April 2016 for launch
  
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• Leasing on Airbnb can void insurance policies - Pen Underwriting

  17-09-2015 08:49
  
  The website is part of a growing shared economy, alongside Uber.
  
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• Be Wiser looks to Swindon as employee growth continues

  17-09-2015 08:41
  
  The broker has been based solely in Andover since 2007
  
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• Be Wiser look to Swindon as employee growth continues

  17-09-2015 08:41
  
  The broker has been based solely in Andover since 2007
  
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• Beware bouncy castles - you could be sued

  17-09-2015 08:38
  
  Most adults don’t know they could be liable for children injured on their property
  
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• Deakin to put organic growth before M&A at Towergate broking unit

  17-09-2015 07:30
  
  Division’s structure designed to ensure Towergate does not miss opportunities
  
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