Insurance news

• Syndicate 1884 announces new lines

  28-09-2015 22:33
  Charles Taylor managing agency has announced that The Standard
  Club's Syndicate 1884 plans to write political risks and
  terrorism business in 2016.
  The Insurance Insider understands that while the initial
  business may be written by active underwriter Robert Dorey,
  preparations are underway to bring in an established political
  risks and terrorism underwriter.
  The 2016 capacity auction disclosure, published by the agency
  today (28 September), said that Syndicate 1884 would also increase
  its stamp
  
  Read more

• Sapnar: Bring down insurance cost to drive reinsurance demand

  28-09-2015 22:33
  The high cost of primary insurance has been a significant factor
  in why reinsurance has struggled to drum up demand in the current
  market, Transatlantic Re CEO Mike Sapnar has claimed.
  In a keynote speech at the Macquarie Bermuda in Boston
  reinsurance conference last week (22 September), Sapnar said
  insurance is still seen as a negative utility product by most
  users. Demand for reinsurance will not emerge until expenses come
  down and the right price for the primary product is...
  
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• RSA plummets as Zurich drops bid

  28-09-2015 22:33
  P&C (re)insurance stocks traded up last week as
  The Insider 30 climbed 0.98 percent on average.
  There was bad news for RSA, however, after the London-listed
  carrier's share price dropped by 19.69 percent during the
  period.
  The fall followed news that Zurich would not be making a formal
  takeover bid for the company, after the Swiss (re)insurer issued a
  profit warning in light of deterioration in its current and
  prior-year loss experience. As a result, Zurich's share price
  also lost...
  
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• (Re)insurance M&A a boon to ILS

  28-09-2015 22:33
  Reinsurance M&A could benefit insurance-linked securities (ILS)
  funds as larger carriers will be keen to reduce counterparty credit
  risk, two fund managers have told sister title Trading Risk.
  Speaking to the publication last week, ILS Capital Management
  founder Don Kramer said that (re)insurance industry consolidation
  could be a "big boon" to ILS funds.
  No cedant would want to have too much exposure to a newly
  amalgamated counterparty, he said.
  This could leave room for new counterparties a
  
  Read more

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• Question marks arise over Towers Watson-Willis deal

  28-09-2015 22:33
  Towers Watson's proposed merger with (re)insurance broker
  Willis could be in jeopardy following criticism from the
  consultancy's investors over the transaction's value
  proposition.
  On 30 June, the two companies announced an all-stock merger that
  will see Towers Watson shareholders receive 2.6490 Willis shares
  for each share they own, in addition to a pre-closing cash dividend
  of $4.87 a share. At that time the transaction was valued at around
  $18bn, or $125.13 a share.
  However, with the deal pri
  
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• Private markets to be targeted for US terrorism cover

  28-09-2015 22:33
  A new US advisory committee has been established in a bid to
  encourage participation from the private market in writing US
  terrorism cover.
  The US Treasury last week appointed nine members to the Advisory
  Committee on Risk-Sharing Mechanisms (ACRSM), including Lloyd's
  chief risk officer Sean McGovern.
  As part of its remit, the committee will look to increase
  private sector involvement to work in tandem with the US
  government's terrorism backstop, the Terrorism Risk Insurance
  Program Reauthorizat
  
  Read more

• London market modernisation: the story so far

  28-09-2015 22:33
  The formal commitment to electronic insurance placement through
  the Placing Platform Limited (PPL) platform is the latest
  development in the journey towards market modernisation.
  Last week (24 September), London Market Group (LMG) chairman
  Steve Hearn revealed that senior executives at 16 broking firms
  that represented more than 80 percent of business placed in the
  London market signed a communiqué pledging support for the
  platform.
  While the PPL initiative has been in the pipeline for a
  
  Read more

• JLT wins TAP Group account

  28-09-2015 22:33
  JLT is set to become the new broker for Portuguese airline TAP
  Group, The Insurance Insider understands.
  The account was previously brokered by Marsh in a joint
  placement with affiliated airline Scandinavian Airlines. The two
  airlines had a combined fleet value of $6.5bn at the previous
  renewal in December 2013, according to figures from a Willis
  report.
  In June this year, TAP sold a controlling stake to a consortium
  led by JetBlue founder David Neeleman. The consortium, which
  includes Grupo...
  
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• IUA welcomes electronic placement announcement

  28-09-2015 22:33
  The International Underwriting Association (IUA) has added to
  the chorus of support for the e-placement commitment announced last
  week at the London Market Group (LMG) forum.
  The IUA's chief executive Dave Matcham told this publication
  that the update provided by LMG chairman Steve Hearn demonstrated
  that important progress had already been made on various projects
  initiated by the publication of the London Matters report by Boston
  Consulting Group in 2014.
  "Our companies operate on a global sca
  
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• Insurers to face late payment damages

  28-09-2015 22:33
  An amendment to the Insurance Act could leave insurers on the
  hook for damages if they fail to pay a claim promptly.
  The change - introduced as part of the Enterprise Bill that went
  in front of the House of Lords earlier this month - marks a
  "significant departure" from the law as it currently
  stands, DWF partner Jacquetta Castle said.
  If the changes go through, insurers will be held liable for any
  damages incurred as a result of claims...
  
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• Financial sector must continue to look east: Cable

  28-09-2015 22:33
  Working with China is the right thing to do and the UK should
  continue to focus on working with emerging markets, according to
  Vince Cable.
  Speaking at The Insurance
  Insider's London One Hundred meeting last week,
  the former UK secretary of state for business, innovation, and
  skills said that the country had been very badly hit by the global
  financial crisis, but that working with China was part of the way
  forward.
  "The argument is very simple - the centre...
  
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• Eiopa seeks 'level playing field' with new capital requirements

  28-09-2015 22:33
  The European insurance watchdog has declared that carriers in
  countries with Solvency II equivalence must be subject to the
  highest capital requirements in order to create parity with other
  international regimes.
  In a note released by the organisation last week (25 September),
  the European Insurance and Occupational Pensions Authority (Eiopa)
  called for consistency between international supervisors when
  calculating the solvency position of insurers.
  Eiopa has said that for groups operating outsi
  
  Read more

• CatCo floats equity raise

  28-09-2015 22:33
  Bermudian retro specialist CatCo Investment Management is
  considering fundraising options to expand its January 2016
  portfolio.
  The company said on 21 September that it may issue new equity
  via its London-listed Reinsurance Opportunities Fund, although it
  did not specify the sums being considered.
  Catco said that existing and new potential clients had expressed
  much greater interest in its retrocessional protection than in
  previous years.
  News of the possible fundraise comes after Markel agreed
  
  Read more

• C-Suite - Insurer: Weathering the storm

  28-09-2015 20:17
  
  Jon Dye Postonline With a period of calm weather in 2015, insurers must make sure they are ready for the next major event
  
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• Standard Club Syndicate 1884 announces new lines

  28-09-2015 19:12
  Charles Taylor managing agency has announced that The Standard
  Club's Lloyd's Syndicate 1884 plans to begin writing
  political risks and terrorism business in 2016.
  The Insurance Insider understands that while the initial
  business may be written by active underwriter Robert Dorey,
  preparations are underway to bring in an established political
  risks and terrorism underwriter.
  The 2016 Lloyd's auction disclosure, published by the agency
  today (28 September) said that Syndicate 1884 would also incre
  
  Read more

• Hardy Pickering hired as Hamilton Re CFO

  28-09-2015 19:12
  Hamilton Insurance Group has announced Vanessa Hardy Pickering as
  CFO for Hamilton Re, the company's Bermudian hedge fund
  reinsurer.
  Hardy Pickering will be promoted from her current position of
  group controller, and will report to Hamilton Re CEO Kathleen
  Reardon from 1 October.
  She has previously held roles at Ariel Re and Rosemont
  Reinsurance. She began her career at Ernst & Young Bermuda in
  1999.
  "Vanessa has played a pivotal role in the development of
  our global operations, from the...
  
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• Beaufort Underwriting Agency chairman to step down

  28-09-2015 19:12
  Richard Carter, chairman of Beaufort Underwriting Agency, is set to
  resign from the board of the Lloyd's managing agency in 2016,
  along with non-executive director Malcolm Cox.
  According to a Lloyd's capacity auction disclosure released
  today (28 September), Carter and Cox have indicated that they
  instead to step down from their board positions next year once
  suitable replacements have been found.
  Concurrently, Mark Langston has been invited to join the board
  of the managing agency, subject to n
  
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• Argo and Asia Capital Re confirm Lloyd's SPS

  28-09-2015 19:12
  Argo's Lloyd's operation and Asia Capital Re (ACR) have
  confirmed their intention to form a special purpose syndicate
  (SPS), a move first revealed by The Insurance
  Insider earlier this month.
  In a Lloyd's capacity auction disclosure published today (28
  September), Argo's managing agency said that heads of terms had
  been signed with ACR on 3 September.
  This places the SPS on track to underwrite Chinese risks from 1
  January 2016 as SPS 6127, subject to Lloyd's and other
  regulatory approvals....
  
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• ANV Syndicates still not Solvency II-compliant

  28-09-2015 19:12
  ANV Syndicates has revealed that it is still considered to be
  non-compliant with Solvency II by Lloyd's, a decision that
  resulted in a capital loading of £2.5mn for the 2015 year.
  The loading was first applied because ANV's Syndicate 5820
  had caused concerns due to the high acquisition cost profile of its
  core consumer products business.
  In a Lloyd's capacity auction disclosure published today (28
  September), ANV Syndicates Limited (ASL) said it would continue to
  work with the Corporation
  
  Read more

• Am Trust to acquire Republic for £153m

  28-09-2015 18:09
  
  James Verrinder Postonline Am Trust has reached an agreement to acquire Texas-based property and casualty insurer Republic from its owners Delek Group for $233m (£153m).
  
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• Stuart Reid to join Gallagher on 12 October

  28-09-2015 16:15
  
  Former Bluefin boss will run Gallagher’s UK retail business
  
  Read more

• RSA considering Russia and Middle East exit

  28-09-2015 15:51
  
  James Verrinder Postonline RSA is looking to offload its operations in Russia and the Middle East with reports deeming such activity as a bid to strengthen its balance sheet after the collapse of Zurich's proposed takeover of the company.
  
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• Simply Business 2014 profit up 8% to £2.89m

  28-09-2015 15:13
  
  SME broker hails ‘solid performance’
  
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• Stuart Reid starts at Gallagher on 12 October

  28-09-2015 14:21
  
  Reid takes on the role of UK Retail CEO.
  
  Read more

• QM Costs opens London office amid growth plans

  28-09-2015 13:43
  
  Callum BrodiePostonline Liverpool-based Legal cost solutions provider QM Costs has secured new premises in London.
  
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• QM Costs open London office amid growth plans

  28-09-2015 13:43
  
  Callum BrodiePostonline Liverpool-based Legal cost solutions provider QM Costs has secured new premises in London.
  
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• Brightside not hitting anticipated profit, says Cliff

  28-09-2015 13:40
  
  New CEO Mark Cliff admits the numbers were behind Wallin exit but insists acquisition strategy still in place at the broker.
  
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• Ageas and Age UK extend partnership for another decade

  28-09-2015 13:30
  
  Katie Marriner Postonline Ageas has extended its partnership with Age UK for another 10 years, with customers now having the opportunity to manage their insurance policies online.
  
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• IMIA publishes best practice for engineering claims

  28-09-2015 13:11
  
  James Verrinder Postonline The International Association for Engineering Insurers (IMIA) has published a best practice protocol to enable claims to be paid promptly and efficiently.
  
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• AmTrust confirms Republic acquisition plans

  28-09-2015 13:06
  New York-listed insurer AmTrust has confirmed that it has entered
  into an agreement to acquire Republic Companies and its affiliates
  from Delek Group and Republic Insurance Holdings for approximately
  $233mn.
  The Insurance Insider first published
  details of the takeover plans on 21 September.
  AmTrust will buy the business using a combination of $113mn in
  upfront cash and a $105mn note issued by AmTrust to Delek Group Ltd
  bearing annual interest of 5.75 percent, with a four-year maturity
  and cash
  
  Read more

• Advent enters into Australian JV

  28-09-2015 13:06
  Services provider Advent Insurance Management has expanded its
  global footprint with the launch of a joint venture in Australia,
  it revealed in a statement today (28 September).
  The Insurance Insider first reported
  on 10 August that parent company Advent Solutions Management was
  planning to expand into Australia, along with the US and Canada,
  following a capital injection from Abbey International Finance.
  Advent, which provides support services for delegated authority
  underwriting businesses, ha
  
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• Adams joins Nexus board

  28-09-2015 13:06
  Jeremy Adams, the former chief executive of Novae's
  Lloyd's managing agency, has joined the Nexus Underwriting
  Management board as an independent non-executive director with
  immediate effect.
  Adams had worked at Novae since 2001, becoming CEO in 2002. He
  was then appointed to the group board in 2004. He also managed the
  run-off of Novae's syndicates 1007 and 1241 - the largest
  run-offs in Lloyd's at the time.
  The executive began his career 1978 in the International
  division of Willis Faber...
  
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• Updated rehab code to become operational from December

  28-09-2015 12:34
  
  Callum BrodiePostonline An updated version of the rehabilitation code has been published that includes a section for lower-value claims and a separate guide for rehab case managers and people who commission them.
  
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• Insurers predict lower M&A level than previously expected

  28-09-2015 12:34
  
  James Verrinder Postonline Optimism among general insurers and brokers about their overall business situation has dipped, according to the results of the latest CBI/PWC Financial Services survey.
  
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• Simply Business pre-tax profit rises 8% to £2.89m

  28-09-2015 12:23
  
  Turnover also rises by 16% to £29.1m for the year to the end of December 2014.
  
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• Novae chief Jeremy Adams joins Nexus Underwriting board

  28-09-2015 12:17
  
  Adams has over 35 years experience in the industry
  
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• Transactor announces COO

  28-09-2015 12:15
  
  Nick Lerway joins as chief operating officer for the insurance software provider.
  
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• CIS survey shows 100,000 parents 'fronting' offspring's motor polices

  28-09-2015 12:00
  
  Callum BrodiePostonline The number of parents currently ‘fronting’ motor insurance for their offspring has hit 100,000, according to research from The Co-operative Insurance.
  
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• Top 100 UK Insurers 2015: Top 20 insurers: Regional office map

  28-09-2015 11:57
  David Whittam Postonline See where the top 20 UK insurers have their regional offices in 2015 (headquarters not featured)
  
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• Industry veteran Jeremy Adams joins NUML

  28-09-2015 11:07
  
  James Verrinder Postonline Specialist managing general agent Nexus Underwriting Management has hired industry veteran Jeremy Adams as an independent non-executive director.
  
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• Paul Anscombe wins achievement award at the UK Broker Awards

  28-09-2015 11:02
  
  Attendees at the UK Broker Awards celebrate the best of broking talent.
  
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• Transactor hires chief operating officer

  28-09-2015 11:00
  
  Nick Lerway joins insurance software house
  
  Read more

• Tune in to live webinar today at 15:00 on the subject of pricing

  28-09-2015 10:49
  
  Jonathan Swift Postonline Given the competitive nature of the insurance market, chief underwriting officers and their teams face multifaceted challenges making sure that they are pricing risks both correctly and competitively.
  
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• Berenberg advises investors to avoid UK motor market

  28-09-2015 10:40
  
  Katie Marriner Postonline Berenberg analysts are advising investors to avoid the UK motor insurance market due to challenging operating dynamics and several "under-appreciated headwinds" they have identified.
  
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• RSA planning sale of Russian and Middle East units – report

  28-09-2015 10:03
  
  Insurer is expecting proceeds of between £80m and £90m, according to the Sunday Times
  
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• R&Q completes IC Insurance purchase

  28-09-2015 09:49
  
  Katie Marriner Postonline Randall & Quilter has completed its acquisition of IC Insurance for £17m, a London Stock Exchange note has confirmed.
  
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• Hester remains keen on RSA takeover despite Zurich blow

  28-09-2015 09:48
  
  Chief executive has identified eight potential buyers, Sunday Times reports
  
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• Hester remains keen on RSA sale despite Zurich blow

  28-09-2015 09:48
  
  Chief executive has identified eight potential buyers, Sunday Times reports
  
  Read more

• Investors should avoid UK motor insurers – analysts

  28-09-2015 09:27
  
  Recent price hikes are not a sign of better times, according to Berenberg
  
  Read more

• Allianz chief mulling acquisitions as he targets non-life growth

  28-09-2015 09:05
  
  But Oliver Bäte tells FT that some deals are done for “stupid reasons”
  
  Read more

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