Insurance news

• Applied Net 2015: Ex-US secretary of state Albright raises cyber concerns

  20-10-2015 23:58
  
  Former US secretary of state Madeleine Albright described cyber risk as an inevitable consequence of global technological development in a period of “chronic uncertainty” around the world.
  
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• RSG targets cyber push with CFC hire

  20-10-2015 23:04
  Ryan Specialty Group (RSG) has hired Jamie Bouloux to lead its push
  into the cyber insurance market.
  Bouloux joins after less than a year at managing general agent
  CFC, where he was lead underwriter for its large corporate cyber
  facility and team leader for its tech and media practice.
  Now he will join RSG in London and report to Peter McKenna, who
  is responsible for the development of RSG's MGA strategy in the
  international market.
  "We have identified cyber as...
  
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• Retail cyber rates surge by 32% in H1: Marsh

  20-10-2015 23:04
  Cyber coverage premium rates for buyers in the loss-struck
  retail sector increased by 32 percent on average in the first half
  of the year, compared to the same period in 2014, according to a
  new report from Marsh.
  The broker said rate hikes for retail buyers outstripped the 19
  percent average increases for all other industries as insurers
  raised prices in response to a string of high profile losses.
  "The insurance market's response to cyber losses in the
  first half...
  
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• Patria Re and Pembroke secure Lloyd's SPS approval

  20-10-2015 23:04
  Mexican reinsurer Patria Re and Ironshore's Lloyd's
  subsidiary Pembroke have secured in-principle approval from
  Lloyd's to establish a special purpose syndicate (SPS) for
  January 2016, The Insurance Insider has
  learned.
  It is understood that the Franchise Board gave the SPS, which
  will have a stamp of £15mn ($23mn), the green light earlier
  today to the latest tie up between an emerging market carrier and
  an established Lloyd's player.
  Patria syndicate 6125 will write a quota share of Pembr
  
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• Applied Net 2015: No better time in history to be a broker, says CEO Reid French

  20-10-2015 21:25 via insuranceage.co.uk
  
  Applied boss argues there are abundant opportunities to thrive in a digital future.
  
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• Loyalty Schemes: Building loyalty

  20-10-2015 19:50
  
  Stuart Lawrence Postonline Rewarding valued customers could lead to increased satisfaction and boost retention rates.
  
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• Penny Black's Insurance Week - 22 October 2015

  20-10-2015 19:34
  
  Penny Black Postonline The Back PagePenny was reminded of her youth when the member of a recent panel on captives discussing longevity confided that computers didn’t exist when he started working.
  
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• Aegon follows L&G out of ABI

  20-10-2015 17:42
  
  Marcus Alcock Postonline Aegon plans to follow the precedent set by Legal & General when it leaves the Association of British Insurers at the end of the year.
  
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• Ryan Specialty pushes into cyber with CFC underwriter hire

  20-10-2015 16:59
  
  Jamie Bouloux joins broking and MGA group
  
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• Inga Beale tops list of most influential LGBT executives

  20-10-2015 16:50
  
  James Verrinder Postonline Lloyd's CEO Inga Beale has topped a list of the leading lesbian, gay, bisexual and transgender executives in the country.
  
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• I haven’t had a mental health problem for 40 years, but I’m still toxic to insurers | Laura Marcus

  20-10-2015 16:22
  
  Because I had a breakdown in my teens, I’m hypervigilant about my health and in better shape than ever. That cuts no ice with life insurance companiesSome years ago I wrote in the Guardian about how I am still stigmatised by a brief mental illness I had in my teens. I wrote the piece after I had to disclose – yet again – to a life insurance provider that I once had a mental illness. Once.I was a voluntary patient – not sectioned – in a sanatorium for two months, and
  
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• Telematics evidence helps win hit-and-run case

  20-10-2015 15:58
  
  Driver pleads guilty after data show he was driving at the time of the offence
  
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• Telematics evidence leads to conviction

  20-10-2015 15:39
  
  Marcus Alcock Postonline The growing acceptance of telematics within the legal system has been further demonstrated after evidence provided by a device resulted in a suspended prison sentence for a motorist.
  
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• Increased innovation and outsourcing key to driving down household claims expenses

  20-10-2015 15:27
  
  James Verrinder Postonline Household insurers have been advised to outsource more claims and increase innovation or run the risk of following the path of the unprofitable motor market.
  
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• Das Legal Expenses moves into loss for 2014

  20-10-2015 14:38 via insuranceage.co.uk
  
  Das Legal Expenses posts a loss of £232,000 for 2014 and reduction in GWP and COR hits 100.3%.
  
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• Travelers beats forecasts as rating pressure grows

  20-10-2015 14:11
  US insurer Travelers easily topped analyst expectations as it
  reported a 2.8 percent increase in third quarter operating income
  to $918mn.
  Operating income per diluted share came to $2.93, up from $2.61
  in the prior-year period and well ahead of the $2.13 consensus
  forecast.
  There was further evidence that pricing is coming under
  pressure, although Travelers is still reporting rate rises on its
  metrics that are gross of loss-cost inflation.
  Travelers said that it had seen rate rises of 0.9...
  
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• ALM recruits new CEO for 2016

  20-10-2015 14:11
  Chandon Bleackley has been lined up as the next CEO of the
  Association of Lloyd's Members (ALM).
  The analyst will join the association as editor of publications
  from 1 January, replacing Anthony Young as CEO following his
  retirement on 23 May 2016.
  Young joined the ALM as chief executive in 2000 and was a
  longstanding Lloyd's Name.
  Bleackley was an external consultant at Helios Underwriting from
  September 2013 until December last year.
  Prior to this, Bleackley worked as a syndicate...
  
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• Absence of specialist underwriters sees Lloyd's cyber risk appetite shrink

  20-10-2015 14:10
  
  Katie Marriner Postonline Absence of a specialist underwriter and failing to recognise cyber exposure in pricing and capital models have been cited as reasons for Lloyd's potentially limiting the amount of cyber insurance it writes, as UK government data estimates 2.5 million reported cyber crime incidents in the 12 months to June 2015.
  
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• British Money exits PPI, moves to motor

  20-10-2015 13:22
  
  James Verrinder Postonline Payment protection insurance seller British Money has announced it is leaving the scandal-hit sector and moving into the motor insurance market.
  
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• IPO sees rating upgrade for Hastings

  20-10-2015 12:52
  
  Moody’s increases Hastings rating by two notches with a stable outlook.
  
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• Industry urges for home-grown FCA appointment

  20-10-2015 12:47
  
  James Verrinder Postonline Industry commentators have been left perplexed by reports that Financial Conduct Authority head hunters have approached Australian regulator Greg Medcraft about the top job, and have urged the regulator to choose a CEO who will take the time to get to know the insurance sector.
  
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• Barbon replaces two departed directors with commercial head

  20-10-2015 12:26
  
  Andy Glynne joins rental property broker from Cigna UK
  
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• Scott Brown leaves Aqua Underwriting

  20-10-2015 12:01 via insuranceage.co.uk
  
  His LinkedIn page states he is now managing director at Accelerate Underwriting.
  
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• BP Marsh post-tax profit jumps 100%

  20-10-2015 11:19
  
  Net asset value also up 9.5% in six months to 31 July.
  
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• Liberty exits UK motor market

  20-10-2015 10:54
  
  Insurer says book will close to new business from 1 November 2015 as it cannot give "stable and ongoing commitment" to customers.
  
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• Liberty Specialty Markets exits UK motor sector

  20-10-2015 10:47
  
  James Verrinder Postonline Liberty Specialty Markets, part of Liberty Mutual Insurance Group, is to exit the UK motor market following a strategic review.
  
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• Odyssey Re cleared for China rep office

  20-10-2015 10:38
  Odyssey Re has received approval from the China Insurance
  Regulatory Commission to establish a representative office in
  Beijing.
  The office will be led by Jane (Yan) Zhang, previously general
  manager of reinsurance at Bank of China Insurance Company. She will
  report to Hea Sea Ow, Odyssey Re's Singapore-based senior
  treaty manager for mainland China.
  Under the China Risk-Oriented Solvency System (C-Ross), which is
  set to come into force on 1 January, cedants will be forced to
  accept capital char
  
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• BP Marsh shares soar on results

  20-10-2015 10:38
  The shares of venture capital firm BP Marsh surged by 7.2 percent
  in early trading after it reported that profits doubled.
  Shares in the business, which is still led by eponymous founder
  Brian Marsh, galloped forward to 156p (07:44 GMT) as profits for
  the six months to 31 July hit £3.4mn ($5.2mn).
  Net asset value climbed by 9.5 percent over the same period to
  £65.5mn and the equity value of the firm's portfolio of
  investments was up 9.3 percent, it...
  
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• Liberty to exit UK motor business

  20-10-2015 10:31
  
  Overall motor book has been unprofitable for insurer
  
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• NIG extends cyber range

  20-10-2015 10:00
  
  Insurer says cover includes cyber crime, cyber liability and data breach expense and responds to broker requests.
  
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• BP Marsh sees 100% profit boost

  20-10-2015 09:49
  
  Katie Marriner Postonline Venture capital firm BP Marsh & Partners has reported a 100% increase in profit before tax for the six months to 31 July 2015 of £3.4m.
  
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• BP Marsh doubles profit

  20-10-2015 09:49
  
  Katie Marriner Postonline Venture capital firm BP Marsh & Partners has doubled its profit before tax for the six months to 31 July 2015 to £3.4m.
  
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• BP Marsh’s profit doubles in first half

  20-10-2015 09:14
  
  But chairman Brian Marsh bemoans stock market valuation
  
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• XL hit with £84m catastrophe claims bill

  20-10-2015 08:45
  
  Insurer to pay out for China port explosion and Chilean earthquake
  
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• Hastings and Advantage get two-notch upgrade from Moody’s

  20-10-2015 07:31
  
  Ratings boost triggered by last week’s IPO
  
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• NIG launches new cyber product

  20-10-2015 07:30
  
  Policy covers cyber crime, cyber liability and data breach expense
  
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• RLI beats with top and bottom line growth

  20-10-2015 01:44
  RLI Corp beat Wall Street earnings forecasts with third quarter
  operating profits that climbed 5.0 percent to $31.0mn as
  underwriting performance was bolstered by favourable prior-year
  reserve development.
  At $0.70 a share, the performance was an improvement on the
  $0.68 a share generated in the prior-year period and comfortably
  outpaced analysts' consensus of $0.58 a share.
  There was top and bottom line growth at the US specialty
  insurer.
  Gross written premiums climbed 3 percent to $214.3mn, wh
  
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• Brown & Brown reports 2.4% organic growth

  20-10-2015 01:44
  Brown & Brown kicked off the broker third quarter reporting
  season with improved organic growth performance but a modest
  drop-off in EBITDAC margin.
  The Florida-based firm reported total core commissions and fees
  up 4.8 percent to $417.3mn compared to the prior-year period,
  including organic growth of 2.4 percent.
  That compared to organic growth of just 1.9 percent in the
  second quarter of 2015 but lagged the 3.8 percent achieved in
  Q1.
  There was a recovery in organic growth in Brown...
  
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