Insurance news

• Heritage pays $120mn to buy Zephyr from Ocean Harbor

  29-09-2015 22:02
  Heritage Insurance has become the latest Floridian to look for
  expansion outside the state with its deal to buy Hawaiian specialty
  carrier Zephyr Insurance Company for around $120mn.
  The sale appears to represent a significant profit for Ocean
  Harbor Holding and Hawaiian-based investor group MP Holdings, which
  bought Zephyr from Kingsway in 2009 for an initial $31.5mn, plus an
  undisclosed contingent, deferred earn-out amount.
  Sources suggest there was no formal sales process for the
  wind-only wr
  
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• Interview: Richard Bishop: Complex and compliant

  29-09-2015 19:49
  
  Francesca NymanPostonline Cobalt Underwriting founder Richard Bishop talks to Post about why he launched London’s first Islamic insurance managing general agent – and why London needs to stay relevant.
  
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• Trade Voice: Taking cover is a must

  29-09-2015 19:19
  
  Jonathan Wheeler Postonline Compulsory public liability insurance will improve safety standards while helping protect companies.
  
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• Editor's Comment: Time to shout louder

  29-09-2015 18:49
  
  Stephanie Denton Postonline With the party conference season in full swing, insurers are hopeful that less government intervention, lower costs of regulation and a halt on the proposed insurance premium tax hike are areas the Conservative government might consider in its latest term.
  
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• In Series: Liability and Collaboration: No more Mr Nice Guy

  29-09-2015 18:40
  
  Ed Murray Postonline After years of running battles, the focus on fraud prevention has moved to the employer’s liability sector, with the industry keener than ever to show it is not a soft touch.
  
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• Calais Disruption: Heavy loads for hauliers

  29-09-2015 18:24
  
  Veronica Cowan Postonline The recent migrant disruption at Calais has hit the haulage industry in the pocket. How do affected companies go about ensuring they are adequately compensated for their losses?
  
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• Crawford & Co's Burke elected president of CILA

  29-09-2015 18:02
  
  Pledges to highlight added value loss adjusters provide
  
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• Berkshire Hathaway cuts Munich Re stake

  29-09-2015 17:58
  Berkshire Hathaway's shareholding in Munich Re has dipped into
  single digits for the first time in nearly five years after the
  Warren Buffett-led conglomerate reduced its stake in the
  world's largest reinsurer.
  As of 28 September, Berkshire Hathaway cut its holding in Munich
  Re from 12.02 percent to 9.7 percent, according to a voting rights
  notification. It had held more than 10 percent of the
  reinsurer's share capital since October 2010.
  Nonetheless, Berkshire Hathaway remains by far Munich Re'
  
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• Penny Black's Insurance Week - 1 October 2015

  29-09-2015 17:56
  
  Penny Black Postonline Penny finds some things dreadfully predictable, including the way the English do things ‘a bit differently’.
  
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• Grant Scott joins Perry Appleton as operations director

  29-09-2015 17:06
  
  Scott takes on a newly created role in the firm's risk management division.
  
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• Neil Nimmo to replace Mike Hammond as Lockton UK chief

  29-09-2015 17:04
  
  Hammond to become executive chairman for group’s non-US business
  
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• Revised rehab code addresses loophole after ‘challenging' consultation

  29-09-2015 17:01
  
  James Verrinder Postonline Those involved in putting the updated rehabilitation code together have conceded it was a "challenging" process to satisfy all parties ahead of the code becoming operational in December.
  
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• Warren Buffet reduces Munich Re shareholding

  29-09-2015 16:34
  
  James Verrinder Postonline US investor Warren Buffet has reduced his shareholding in Munich Re, the German-based firm has said.
  
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• Warren Buffet sells down Munich Re stake below 10%

  29-09-2015 15:37
  
  Buffett companies have held 12% of German reinsurer since October 2010
  
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• SRA urged by insurers to be tougher on solicitors facilitating fraud

  29-09-2015 13:29
  
  Callum BrodiePostonline High level talks between the Solicitors Regulation Authority and insurers are being arranged amid criticism of the legal watchdog’s ability and appetite to effectively regulate claimant solicitors suspected to be facilitating fraud.
  
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• D&O insurers facing VW payout as emissions scandal rumbles on

  29-09-2015 13:29
  
  Katie Marriner Postonline The increased use of technology in motor vehicles has been highlighted as a grey area in determining where product liability falls, in light of the Volkswagen emissions scandal, which will likely see directors and officers' insurers on the hook.
  
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• Impact Forum: Lloyd’s takes no nonsense approach to cyber

  29-09-2015 13:20
  
  Stephanie Denton Postonline The Lloyd’s market is tackling cyber head-on as it aims to reduce the risk for its syndicates, according to Nick Beecroft, emerging risk and research specialist at Lloyd’s.
  
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• Brightside Group posts £43.7m loss for 2014

  29-09-2015 13:13
  
  Company sees 22% fall in revenue as group Ebitda halves and policy sales numbers tumble.
  
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• Brain Training: 10 things you need to know about... the Insurance Act 2015

  29-09-2015 12:46
  
  David Whittam Postonline 1. The single most significant change to UK commercial insurance law in a century, the Insurance Act 2015 comes into force on 12 August 2016
  
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• Swinton chief information officer to leave in December

  29-09-2015 12:44
  
  Ian Chapple to exit motor broker after three years
  
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• Career File: Brian Kirwan named CEO at AGCS UK

  29-09-2015 12:32
  
  James Verrinder Postonline Allianz Global Corporate and Specialty has promoted Brian Kirwan, regional unit London head of market management and communications, to CEO of AGCS UK. He will report directly to Carsten Scheffel, chief regions and markets officer and member of the board of management. He will step into the new role on 1 October.
  
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• Market Moves - 1 October 2015

  29-09-2015 12:27
  
  James Verrinder Postonline Who has moved where in the world of insurance this week?
  
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• Industry leaders hammer out key conference season concerns

  29-09-2015 12:22
  
  James Verrinder Postonline Less government intervention in business, the cost of regulation and the planned increase in insurance premium tax top the list of topics that the insurance industry wants addressed ahead of the annual political conference season.
  
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• Ex-Lorica branch director McNulty teams up with Stephensons

  29-09-2015 12:22
  
  New broker will be part of Willis Network
  
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• PartnerRe shareholder vote set for 19 November

  29-09-2015 12:18
  PartnerRe shareholders are set to vote on the reinsurer's
  proposed acquisition by Italian investment vehicle Exor at a
  special general meeting on 19 November.
  At the beginning of August, PartnerRe abandoned its deal with
  Axis and instead agreed a $6.9bn sale to rival bidder Exor, ending
  a long-running M&A battle for the reinsurer.
  Under the terms of the Exor offer and upon shareholder approval,
  PartnerRe investors will receive $137.50 a share in cash, in
  addition to a $3.00 a share...
  
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• Lockton promotes Hammond, Nimmo and Spencer

  29-09-2015 12:18
  Global broker Lockton has today (29 September) announced expanded
  leadership roles for Mike Hammond, Neil Nimmo and Glenn Spencer.
  Hammond, currently international CEO, will step up to become
  executive chairman of Lockton International Holdings and will work
  with the broker's board to develop and lead the company's
  global strategy. He has led Lockton's operations outside the US
  since the broker bought the international business of Alexander
  Forbes in November 2006.
  Nimmo will become CEO of Lockt
  
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• SunLife launches pet insurance

  29-09-2015 11:02
  
  Insurer to launch home insurance product later this month
  
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• Insurers told to embrace the connected home or lose out

  29-09-2015 10:56
  
  Callum BrodiePostonline Deutsche Telekom is calling on the insurance industry to seize the opportunity that the connected home represents, in terms of future growth, before the enabling technology is exploited by others.
  
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• Consumer Intelligence index notes 5.5% premium fall for young drivers

  29-09-2015 10:44
  
  Katie Marriner Postonline Average motor premiums for drivers under the age of 25 dropped 5.5% in the year ending August 2015, according to insurance market researcher Consumer Intelligence.
  
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• Ian Chapple leaves CIO role at Swinton

  29-09-2015 10:31
  
  Chief information officer set to depart at the end of the year.
  
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• Average motor premiums up 4.6%

  29-09-2015 10:05
  
  But premiums for under-25s fall thanks to telematics
  
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• Mike-Niklas loss estimate at EUR826mn: Perils

  29-09-2015 09:44
  European loss compilation agency Perils has reduced its loss
  forecast from the European windstorm Mike-Niklas by almost 8
  percent to EUR826mn ($931mn) in its third assessment of the event.
  Perils' data on the latest loss estimate for Mike-Niklas is
  available at the Cresta postcode level and property line of
  business. It also incorporates for the first time, data on wind
  gusts from the UK Met Office, complementing existing data used from
  the German Met Office and EuroTempest.
  The estimate falls..
  
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• Investors to sue Quindell for £9m

  29-09-2015 09:22
  
  Company says no impact on £500m cashback, share buyback plans
  
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• Robert A. Stuchbery promoted to Hanover role

  29-09-2015 09:14 via insuranceage.co.uk
  
  Chaucer also promotes Johan Slabbert to CEO and hires Robert Callan as CFO.
  
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• Chaucer's Stuchbery moves up to Hanover group role

  29-09-2015 08:53
  
  Slabbert promoted to replace him as chief executive of the Lloyd’s underwriter
  
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• Dual targets more private clients with rebranding

  29-09-2015 05:07
  
  Andrew Tjaardstra Postonline Dual is targeting more private client business as it wraps its Aqua and Aarun private clients' portfolios with Dual's global reach.
  
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• Lim moves from Allied World to ArgoGlobal Asia

  29-09-2015 04:38
  
  Andrew Tjaardstra Postonline David Lim has been appointed head of marine at ArgoGlobal Asia.
  
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• Sun Life enters GI market with pet and home offerings

  29-09-2015 03:24
  
  Callum BrodiePostonline Direct to consumer financial services provider Sun Life has underlined its entry into the general insurance market with the unveiling of a pet insurance proposition.
  
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• United to buy Interboro for $57mn

  29-09-2015 01:45
  Expansive Floridian United Insurance Holdings (UPC Insurance) has
  agreed a deal to buy Long Island-based carrier Interboro Insurance
  Company for $57.0mn.
  The Insurance Insider revealed earlier this year that the East
  coast-focused US personal lines insurer had been placed up for sale
  as its backers looked to exit their stakes.
  The carrier was understood to have been attracting interest from
  Florida homeowners' players looking to build their footprint
  outside the Sunshine State.
  And in an announc
  
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