Insurance news

• CMCs: A time and a place

  16-10-2015 17:09
  
  James Verrinder Postonline
  
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• Mapfre makes senior energy hire

  16-10-2015 16:43
  Mapfre Global Risks has today (16 October) announced the
  appointment of Andrew Malcolm as a senior energy underwriter in
  London.
  Malcolm joins from XL Catlin, where he was head of international
  oil and gas. He has previously worked at Swiss Re and American
  International Group.
  He will focus on building a portfolio of international onshore
  oil and gas business within the London market, as Mapfre seeks to
  expand its international global risks business from EC3. Malcolm
  will report to UK...
  
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• Doyle leaves Dual as Bains steps in as CEO

  16-10-2015 16:43
  Dual, the underwriting arm of Hyperion Insurance Group, has
  announced that its CEO Shayne Doyle is to leave the firm to start
  an independent venture.
  Talbir Bains, who is currently group chief underwriting officer,
  will step into the CEO role on an interim basis.
  David Howden, CEO of Hyperion Insurance Group, said "Shane
  has led Dual during a transformational two-year period for the
  group.
  "He has overseen major product and geographic
  diversification, the creation of a robust risk and governance
  
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• CEO Shane Doyle to leave Dual

  16-10-2015 14:41
  
  James Verrinder Postonline Talbir Bains has been appointed interim CEO at Dual following the news that Shane Doyle is to leave the company and begin a new independent venture.
  
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• Ex-QBE Europe motor head replaces DUAL boss Doyle as interim CEO

  16-10-2015 14:34
  
  Shane Doyle is leaving the managing general agency to begin an independent venture
  
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• Private motor insurers revert to losses in 2014, says Towers Watson

  16-10-2015 13:59
  
  Report by firm shows the underwriting profit made by the sector in 2013 disappeared the following year.
  
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• Innovate now, before someone else does!

  16-10-2015 12:46
  
  Ingenin’s Manjit Rana warns that if the sector fails to innovate it will suffer when (not if) the disruptors come calling…
  
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• XL Catlin hires SVP for Americas region

  16-10-2015 12:33
  XL Catlin has appointed Robert Peretti as senior vice president,
  head of broker and client management in the Americas, the company
  announced yesterday (15 October).
  Peretti will be based in New York and report to XL Catlin's
  CEO of the Americas region Joseph Tocco.
  Peretti joins from Axis Specialty (US) services, where most
  recently he was senior vice president and head of broker relations
  and distribution.
  Over the last three decades, he has held various senior broker
  management and client...
  
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• Lockton appoints chief analytics officer

  16-10-2015 12:33
  Global broker Lockton has promoted Justin VanOpdorp to chief
  analytics officer, it was announced today (16 October).
  VanOpdorp has worked at Lockton since 2006, leading the creation
  and development of Lockton's P&C insurance analytics
  team.
  As Lockton's first chief analytics officer, he will have
  global responsibility for business intelligence and analytics that
  help Lockton clients improve their businesses.
  Meanwhile, the broker has also hired Mark Moitoso from Liberty
  Mutual as senior vice
  
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• ASSA acquires AIG's Central American operations

  16-10-2015 12:33
  ASSA Compañía Tenedora and ASSA Compañía de
  Seguros have entered into an agreement to buy 100 percent of
  American International Group (AIG)'s Central American
  operations in El Salvador, Guatemala, Honduras and Panama.
  AIG announced yesterday (15 October) that it would also
  establish an ongoing business partnership with ASSA to pursue new
  opportunities in Central America.
  The deal consideration was not disclosed.
  ASSA has a presence in Costa Rica, El Salvador, Nicaragu
  
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• AIG names commercial CUO amid management reshuffle

  16-10-2015 12:33
  American International Group (AIG) has appointed a new commercial
  CUO, a new global head of cyber and presidents of credit lines and
  portfolio solutions, it announced yesterday (15 October).
  Madhu Tadikonda, previously commercial chief science officer,
  has assumed the role of commercial CUO.
  He will oversee CUOs in the commercial insurance division's
  global product lines and ensure that AIG is focused on
  well-coordinated underwriting solutions across the business. He
  will also define global unde
  
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• Profit drought returns for UK motor insurers, Towers Watson finds

  16-10-2015 12:20
  
  James Verrinder Postonline The underwriting profits seen for motor insurers in 2013 evaporated over the course of 2014, according to Towers Watson's UK Motor Insurance Industry report.
  
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• Quizzical questions: 16 October 2015

  16-10-2015 12:15
  
  Test your knowledge of the week’s news with our topical news quiz.
  
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• Besso posts 31% rise in profit to £3.7m

  16-10-2015 11:24
  
  Lloyd's broker's turnover also increased by 10% to £31.3m.
  
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• Quiz of the week - 16 October 2015

  16-10-2015 11:00
  
  Post Online Postonline Take this week's Post quiz and find out if you're an industry whizz, or could do better. Don't forget to share your score using #postquiz
  
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• Home insurers pay out lowest claims in a decade at £2.5bn, says EY

  16-10-2015 10:34
  
  But expenses surpass claims for the first time on record according to the firm.
  
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• Blog: Social media's impact on product recall - The ultimate canary in the coal mine?

  16-10-2015 10:30
  
  Ian Plumley Postonline The Financial Times recently reported that General Motors was using tiny recalls to head off protracted safety campaigns that have battered the automotive industry's reputation. So far, so unrevealing. The automotive sector habitually uses 'soft' recalls to resolve product defects on the quiet, essentially applying fixes whenever vehicles come in for routine servicing or repairs to obviate the need for a full blown recall - and without the attendant publicity.
  
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• LMA non-marine boss Powell takes on deputy chair role at Thatcham

  16-10-2015 09:41
  
  Callum BrodiePostonline Lloyd’s Market Association’s manager of non-marine David Powell has been elected to the new role of deputy chair of Thatcham Research.
  
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• Zurich to axe almost 10% of staff in Germany

  16-10-2015 09:26
  
  James Verrinder Postonline Zurich is to cut 500 jobs from its workforce in Germany over the next two years, the firm has confirmed.
  
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• Zurich group cuts 500 jobs

  16-10-2015 09:07
  
  Swiss insurer says it needs to make business more efficient 
  
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• Chinese explosions trigger $50m Aspen losses

  16-10-2015 08:54
  
  Aspen reveals expectations of losses in the third quarter 
  
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• MoJ bares teeth with record £507k fine on claims firm

  16-10-2015 08:43
  
  Firm used pressure tactics to get customers to make a claim 
  
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• Scottish Power charged me £14.50 a month for a bust boiler

  16-10-2015 08:00
  
  The engineer told me it was too old and you can’t get partsFour years ago I insured my boiler with Scottish Power HomeComfort at £14.50 a month. When it stopped working earlier this year, the engineer said he was astounded Scottish Power had agreed to insure the boiler because of its age, and because most of the parts are unobtainable. This means that it can’t be repaired, but Scottish Power has only offered to refund one year’s payments. RC, EdinburghIt takes Scottish Po
  
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• Lucas Fettes to set up MGA and make small acquisitions

  16-10-2015 07:30
  
  Broker’s operating profit fell 45.6% in year to 31 March 2015 but pre-tax profit grew to £4.2m as result of property sale
  
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• EY predicts drop in home profitability in 2016 after strong 2015

  16-10-2015 07:30
  
  Market will produce its best COR for 11 years in 2015 but rising costs will hit results
  
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• Aspen reveals $30mn Tianjin loss

  16-10-2015 02:56
  Bermudian (re)insurer Aspen has revealed a $30mn net loss
  stemming from the August Tianjin explosion that ripped apart the
  largest port in northern China.
  The carrier added that it will also take $20mn of third quarter
  net natural catastrophe losses that include the wildfires in the US
  state of Washington and the 8.3 magnitude earthquake that struck
  off the coast of Chile last month.
  In a statement, Aspen said the losses, which were disclosed
  pre-tax, would primarily hit its reinsurance...
  
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• Home insurer profitability 'in the balance' as expenses outstrip claims costs

  16-10-2015 01:29
  
  Callum BrodiePostonline The amount paid in expenses last year outstripped the cost of claims for home insurers for the first time on record.
  
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