Insurance news

• Motor insurer Hastings relaunches flotation at a cheaper price

  08-10-2015 23:34
  
  Volatile stock market conditions force advisers to company, which once might have been worth £1.4bn, to relaunch at 170p a share – valuing it at £1bnVolatile stock market conditions have forced advisers to Hastings, the motor insurer, to relaunch the company’s flotation ‎at a cheaper price.
  Bankers said yesterday that the float, which at one point might have valued the company at £1.4bn, is being relaunched at 170p a share, which would value it at around £
  
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• Motor insurer Hastings gets flotation over the line - at a cheaper price

  08-10-2015 23:34
  
  Volatile stock market conditions force advisers to company, which once might have been worth £1.4bn, to launch at 170p a share – valuing it at £1.1bnHastings, the motor insurer founded by insurance tycoon Neil Utley, has priced its flotation at 170p a share, valuing the group at £1.1bn.Its shares will begin trading conditionally on Monday morning. Continue reading...
  
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• Lloyd's capacity auctions see lowest ever volume

  08-10-2015 21:23
  Just £8.3mn ($12.7mn) of capacity has been traded in the
  second Lloyd's capacity auction of 2015, the lowest figure
  since auctions began 20 years ago, according to analysis from
  members' agent Argenta.
  The capacity was traded on 21 syndicates, with an average price
  per pound of 35.1p.
  This compares to £25.6mn of capacity traded in the second
  auction of 2014, at an average price of 34.9p, and the £23.2mn
  traded at an average price of 36.7p traded in the first...
  
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• California wildfire insured loss over $1.1bn: Impact Forecasting

  08-10-2015 21:23
  Insured losses from extensive wildfires in California have
  surpassed $1.1bn, according to an Impact Forecasting report
  published today (8 October) by Aon Benfield.
  The Valley Fire, which occurred earlier this month northwest of
  San Francisco, was the third most damaging wildfire in state
  history, with projected economic losses of $1.5bn and preliminary
  insured loss estimates of more than $925mn.
  The fire killed four people and destroyed 1,958 buildings.
  Meanwhile, the Butte Fire, which occurred
  
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• AJ Gallagher duo join GRP

  08-10-2015 21:23
  UK broker consolidator Global Risk Partners (GRP) has appointed
  Simon Lewer as chief operating officer of its managing general
  agency (MGA) division and electronic trading director of its
  household MGA Plum Underwriting.
  Kris Lee has also joined as head of e-trade underwriting at
  Plum, where he will work with key broker software houses to add the
  MGA's products to their systems.
  The duo both join from AJ Gallagher, where Lewer was
  underwriting director and Lee was underwriting manager for
  e-unde
  
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• GRP takes two from Gallagher

  08-10-2015 18:38 via insuranceage.co.uk
  
  Simon Lewer joins as COO of GRP's MGA division and Kris Lee joins as head of e-trading for Plum Underwriting.
  
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• The ABI says the worst has been avoided in BEPS reforms

  08-10-2015 18:26
  
  James Verrinder Postonline The Association of British Insurers says the revision of international tax rules could have had unintended consequences on insurers but its proposals helped avoid the worst.
  
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• NFU Mutual to cut 85 jobs and close two service centres

  08-10-2015 17:19
  
  Insurer plans to establish York and Bristol offices as ‘centres of excellence’
  
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• GRP takes two from Gallagher e-underwriting unit

  08-10-2015 16:49
  
  Consolidator also hires three from Towergate for household MGA
  
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• RSA’s Ian Currie named Thatcham chair in reshuffle

  08-10-2015 16:39
  
  Currie takes over from Zurich UK claims head Tony Emms
  
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• NFU set to axe around 85 staff as part of service centre consolidation

  08-10-2015 15:58
  
  Callum BrodiePostonline Rural insurer NFU Mutual is to consolidate its nine regional service centres into two ‘centres of excellence for general insurance’ at the expense of around 85 roles across the UK.
  
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• RSA's Currie replaces Emms as non-exec chair of Thatcham

  08-10-2015 15:01
  
  Callum BrodiePostonline Insurers’ automotive research centre Thatcham Research has appointed RSA’s Ian Currie as chairman of its non-executive board.
  
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• IBSC launches consultation on under insurance

  08-10-2015 13:56 via insuranceage.co.uk
  
  Discussion paper aims to establish what a broker's duties to a client should be.
  
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• JLT Specialty appoints new Birmingham risk practice head

  08-10-2015 12:50
  
  Nottingham office head Sally Swann replaces departing Wendy Ashley
  
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• Increasing number of homeowners overestimating value of possessions

  08-10-2015 12:01
  
  Callum BrodiePostonline Homeowners are spending more on insurance premiums than necessary because of unrealistic valuations of their possessions, according to data from the specialist financial services provider Wesleyan.
  
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• What you’ve been reading this week

  08-10-2015 12:00
  
  Post Online Postonline A round up of the 10 most read stories on Post Online this week.
  
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• M&A growing in the Lloyd's and wider market

  08-10-2015 12:00 via insuranceage.co.uk
  
  Delegates at Lloyd's conference also told use of data analytics increasing among brokers.
  
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• Keith Purvis leaves Travelers UK

  08-10-2015 11:30 via insuranceage.co.uk
  
  The former general manager is taking a break according to his LinkedIn page.
  
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• Travelers UK general manager Purvis 'taking a break'

  08-10-2015 11:06
  
  Callum BrodiePostonline Keith Purvis has stepped down from his role as Travelers UK general manager after almost 23 years at the insurer.
  
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• Cliff confirms further Brightside exit

  08-10-2015 11:04 via insuranceage.co.uk
  
  Tristan Scaife to leave Brightside subsidiary One Insurance Solutions.
  
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• Biba announces theme for 2016 conference

  08-10-2015 10:45
  
  ‘The Go To Place’ has been revealed by the trade body as the theme
  
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• Travelers UK boss departs

  08-10-2015 09:26
  
  Keith Purvis has left the insurer after 22 years with the company
  
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• Brightside One Insurance ops director Tristan Scaife exits

  08-10-2015 08:15
  
  One Insurance was created in 2013 following a rebrand of some divisions
  
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• Mike Bruce to join GRP next Wednesday

  08-10-2015 07:30
  
  Newly-appointed retail MD Neil Thornton on 12 months’ notice at Bluefin
  
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• Axis Capital axes retail division in Australia

  08-10-2015 04:22
  
  Andrew Tjaardstra Postonline Axis Capital has decided to close down its Australian retail insurance operations.
  
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