Insurance news

• R&Q strengthens A&H team

  30-09-2015 21:56
  Insurance services provider Randall & Quilter (R&Q) has
  hired Dipesh Patel as deputy class underwriter, accident and health
  at its Lloyd's Syndicate 1991, it announced today (30
  September).
  Patel has worked in the insurance sector for over 20 years and
  joins the syndicate from Tokio Marine Kiln.
  Additionally, R&Q has named Ryan Husbands as assistant
  underwriter to work alongside Patel.
  Husbands joined the syndicate in 2013 and has supported the
  design and implementation of its coverh
  
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• Infrastructure asset change 'step in the right direction': Insurance Europe

  30-09-2015 21:56
  European trade body Insurance Europe has welcomed a European
  Commission amendment to the Solvency II rules to make it less
  onerous for insurance companies to invest in infrastructure
  projects.
  In a statement released today (30 September) the group responded
  to the launch of the Capital Markets Union (CMU) action plan, in
  which the CMU outlined six initiatives to allow more funding to
  flow from Europe's savers to the continent's
  businesses.
  One of the initiatives included creating a new infrastru
  
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• Exceptionally good new syndicate pipeline for Lloyd's: Nelson

  30-09-2015 21:56
  Lloyd's has an "exceptionally good" pipeline of new,
  innovative syndicates being formed behind the scenes, the
  market's chairman revealed at a gala dinner last night (29
  September).
  Speaking at the annual Lloyd's City Dinner, which was held
  in the underwriting room, Nelson said: "Behind the curtains, I
  can tell you, there is an exceptionally good pipeline."
  "In front of the curtains, you can see very current
  evidence of this - the substantial investment being made onto the
  Lloyd's platform both.
  
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• CGSC ratings still on review for downgrade

  30-09-2015 21:56
  Moody's has said it is continuing to review the debt ratings of
  international wholesale and reinsurance broking group Cooper Gay
  Swett & Crawford (CGSC) for downgrade.
  The rating agency first put the ratings on review on 1 July,
  citing the company's weak profitability, financial leverage and
  interest coverage metrics.
  Moody's said CGSC's B3 corporate family rating, B3-PD
  probability of default rating, the B2 rating on its revolving
  credit facility and first-lien term loan, and the Caa2 ratin
  
  Read more

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• Impact Forum: Insurers need to reclaim the aviation market

  30-09-2015 18:28
  
  Stephanie Denton Postonline Insurers need to regain control of the aviation market before it is too late, according to Olivier Marre, senior vice-president of aviation at Allied World.
  
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• Syndicate 2526 announces potential reserve strengthening

  30-09-2015 18:27
  AmTrust at Lloyd's said it might need to strengthen reserves
  for the 2013 and prior years of account of its Syndicate 2526.
  In a Lloyd's auction disclosure, the managing agent said it
  had commissioned an external independent review of the
  syndicate's 2013 and prior-year claims reserves.
  It is expected the outcome of the review will be known by
  mid-October.
  In April Syndicate 2526 reported a £23.6mn loss for the
  2014 financial year and revealed it would be making a £21.3mn...
  
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• New products will kickstart BNU growth, says Fairchild

  30-09-2015 17:57 via insuranceage.co.uk
  
  Broker Network Underwriting aims to exceed £15m GWP at the end of the year.
  
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• IT staff unconvinced on need to invest on cyber insurance

  30-09-2015 16:38
  
  Callum BrodiePostonline Nearly half of IT professionals polled by a software firm thought there was “insufficient need” to invest in cyber insurance.
  
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• Post magazine - 1 October 2015

  30-09-2015 16:33
  
  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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• Greenberg predicts further consolidation

  30-09-2015 16:07
  CV Starr president and CEO Hank Greenberg has predicted that
  M&A activity in the insurance industry will continue, telling
  the Rims Canada conference that rate pressure had "made it
  impossible for some companies to survive".
  The insurance industry is contending with a number of adverse
  factors, including excess capacity, a strong US dollar that
  devalues premiums in other countries and low interest rates that
  have caused investment income to suffer, he told attendees,
  speaking via video link
  
  Read more

• Climate change threatens financial stability: Carney

  30-09-2015 16:07
  Insurers must understand the impact climate change could have on
  their balance sheets and the wider economy, according to Bank of
  England governor Mark Carney.
  Speaking at a dinner held at Lloyd's last night (29
  September), Carney said that alongside the well-known physical and
  liability risks associated with climate change, insurers should
  consider the transition risks. These are financial risks that could
  result from the process of adjustment towards a lower-carbon
  economy.
  Changes in policy,
  
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• Ageas keeps ties with Volkswagen after emissions scandal

  30-09-2015 15:33
  
  Katie Marriner Postonline The Volkswagen emissions scandal is to have no impact on its partnership with Ageas, the insurer has confirmed.
  
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• Hastings to float with negative tangible equity, research house claims

  30-09-2015 12:48
  
  James Verrinder Postonline Research firm Macquarie has predicted that the upcoming Hastings initial public offering will raise £180m for the company, but it will begin its life on the stock market with negative tangible equity.
  
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• Seventeen Group's pre-tax profit falls by 3.5% to £743,614

  30-09-2015 12:32
  
  Group's turnover for the year to the end of December 2014 rises to £9.48m from £9.25m a year earlier.
  
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• General Insurance complaints fall - FCA

  30-09-2015 12:09
  
  Insurance complaints down as banking complaints rise
  
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• Insurance complaints fall 13.6%

  30-09-2015 12:03
  
  FCA reveals a drop in the number of complaints about general insurance to 1,204,783.
  
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• Bank of England's Carney says prepare for climate change

  30-09-2015 11:42
  
  Bank governor warns insurers they are in the front line 
  
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• Broker Network Underwriting launches eight new products

  30-09-2015 11:12
  
  Towergate-owned network says move comes in response to member feedback.
  
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• Broker Network MGA launches exclusive offering for members

  30-09-2015 11:04
  
  The new eight commercial products will be underwritten by Ageas, ACE and QBE.
  
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• TIFG to provide specialist insurance for Ski Club of Great Britain

  30-09-2015 11:01
  
  James Verrinder Postonline The Ski Club of Great Britain has appointed Travel Insurance Facilities Group to launch a new suite of bespoke travel insurance products for the ski and snowboarding markets.
  
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• Revenue declines as Quindell looks to the future

  30-09-2015 10:47
  Quindell has published its interim results for 2015 this morning
  (30 September), revealing that its revenues had decreased by
  £7.5mn to £35.3mn.
  Revenues from the technology solutions sector, which serves its
  insurance clients, remained stable at £13mn, while other
  technology and property services businesses recorded a decline of
  £34.7mn to £8.7mn.
  Quindell said it had seen a material slowdown in activity in the
  property services businesses, which have been affected
  
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• Quindell posts £35.5.m loss for H1

  30-09-2015 10:37
  
  James Verrinder Postonline Quindell has posted a pre-tax loss of £35.5m for the six-month period ending 30 June 2015, compared to a loss of £25.6m in the same period in 2014.
  
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• Nimmo takes over as Lockton UK boss

  30-09-2015 10:09
  
  Promotion follows Mike Hammond's appointment as executive chairman of Lockton International.
  
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• Quindell reports £35.5m pre-tax loss as 'brand issues' slows down sales

  30-09-2015 10:08
  
  The insurance outsourcer also restated its results for the first half of 2014 – reporting a pre-tax loss of £35.7m
  
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• Insurance results drives Saga performance

  30-09-2015 10:07
  
  James Verrinder Postonline The motor and home insurance businesses at Saga have contributed to a strong groupwide performance in the six-month period ending 31 July 2015.
  
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• Two insurers join Saga motor insurance panel

  30-09-2015 09:25
  
  Another three are expected to join by the end of 2015
  
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• 'Positive motor claims experience' boosts Saga profit by 5%

  30-09-2015 09:14
  
  Within its underwriter AICL Saga says it is not seeing the increases in claims frequency reported elsewhere
  
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• Ageas eyes Indonesia after Hong Kong sale

  30-09-2015 05:35
  
  Andrew Tjaardstra Postonline Ageas CEO Bart de Smet has said the insurer is interested in expanding in Asia's less developed markets.
  
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