Insurance news

• US primary casualty rates enter softening territory: Willis

  22-10-2015 23:43
  US primary casualty rates are falling for most buyers for the first
  time in the current soft market, according to broker Willis.
  In its 2016 marketplace preview report on the P&C sector the
  firm predicted that commercial insurance rates will further soften
  but industry consolidation will present challenges to insurance
  buyers in 2016.
  It said that a benign loss environment and oversupply from
  traditional and non-traditional sources is continuing to fuel
  market conditions.
  And looking ahead t
  
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• Travelers hit by $224mn asbestos deterioration

  22-10-2015 23:43
  Travelers was forced to bolster its reserves for asbestos losses by
  a further $224mn in the third quarter after it increased its
  projected cost of settlement and defence fees for mesothelioma
  claims.
  The news comes in the wake of a $579mn payout made in the first
  quarter to settle litigation over asbestos claims.
  Travelers said the reserve charge related to a "broad
  number" of policyholders, adding that it was driven by
  "higher estimates" for projected settlements and an
  increase in...
  
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• Sciemus hires cyber lead underwriter Welsh

  22-10-2015 23:43
  Sciemus has hired Rick Welsh and his team from Aegis to head up a
  newly launched cyber-focused managing general agency (MGA),
  The Insurance Insider can reveal.
  This publication revealed in August that the well-regarded
  executive and his team had left Aegis' top-quartile Lloyd's
  Syndicate 1225.
  Welsh has been appointed to the position of CEO at Sciemus Cyber
  Ltd, while other members of the former Aegis team joining the MGA
  include cyber security specialist Daniel Carr.
  Sciemus founding CEO Andre
  
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• Chubb shareholders approve Ace deal but oppose $80mn Finnegan payout

  22-10-2015 23:43
  Chubb shareholders have given the green light to the US
  insurer's takeover by rival Ace, but opposed an $80mn golden
  parachute payment to CEO John Finnegan.
  Voting at an investor meeting today (22 October), around 61
  percent of participating shareholders were against proposed pay
  packages for Finnegan and other named executive officers of
  Chubb.
  The vote was made on an advisory basis, however, and is
  non-binding, according to a filing by the insurer with the SEC.
  Proxy firm IIS had...
  
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• AM Best upgrades Axa's internal reinsurance platform

  22-10-2015 23:43
  AM Best has upgraded the financial strength rating of Axa's
  internal reinsurance vehicle from A to A+ and its issuer credit
  rating from a+ to aa-.
  Axa Global P&C (AGPC) was set up as a vehicle to manage
  reinsurance and protection programmes for the French insurer's
  P&C businesses around the world.
  AM Best explained that the upgrade reflects a strengthening of
  the strategic importance of AGPC to its parent Axa.
  "AGPC is viewed to be deeply integrated with the
  group...
  
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• Ace Tianjin loss just a 10th of Zurich's

  22-10-2015 18:04
  Ace has reported a pre-tax loss of $22mn from the Tianjin
  explosions in August - less than a 10th of rival Zurich's
  estimated claims burden.
  During a conference call discussing third quarter results, CFO
  Phil Bancroft said the carrier had total pre-tax catastrophe losses
  of $72mn for the quarter, $22mn of which were related to
  Tianjin.
  In comparison, Zurich has reported a pre-tax loss of $275mn -
  more than 10x that of Ace.
  Both companies had similar levels of shareholders&...
  
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• Bluefin merges commercial divisions into Retail Broking arm in restructure

  22-10-2015 17:51
  
  Changes will help broker provide same level of service to all clients regardless of size, sector or geography
  
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• Bluefin reveals restructure

  22-10-2015 16:30
  
  Commercial and corporate divisions merge to form retail broking which will be split into six divisions.
  
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• FinTech Futures: When will the broker force awaken?

  22-10-2015 14:57
  
  If you are a person of a certain age and disposition this week was particularly exciting for two reasons: a new trailer was released for the seventh Star Wars movie and tickets also went on sale.
  
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• Questgates loses out as Zurich reveals its loss adjusting panel

  22-10-2015 14:26
  
  Stephanie Denton Postonline Questgates is the main loser on the Zurich loss adjusting panel, which features Criterion for the first time.
  
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• IPT increase could lead to more motor fraud, AA warns

  22-10-2015 14:14
  
  AA’s British Insurance Premium Index shows 4.8% quarterly jump in average Shoparound motor quote
  
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• Brightside and Sun Life team up on home insurance offering

  22-10-2015 14:05
  
  James Verrinder Postonline Brightside has signed a five-year affinity deal to provide a home insurance offering for Sun Life customers.
  
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• Allianz Commercial restructures northern regions

  22-10-2015 14:02
  
  The move comes as a result of 16 year veteran Colin Kennedy’s retirement 
  
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• Q3 motor premiums increase 4.8%, AA Index shows

  22-10-2015 13:59
  
  James Verrinder Postonline Average motor premiums rose 4.8% in the three months to 30 September 2015, while over the past 12 months the average policy price has increased 9.2%, results from the AA premium index show.
  
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• AA: Home rates now ‘artificially low’ after 6.3% drop in Q3

  22-10-2015 13:48
  
  Harsh winter could cause big spike in premiums, insurance broker warns
  
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• FCA set to change regulatory wording

  22-10-2015 13:12
  
  The regulatory body will change four rules to aid greater communication 
  
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• SunLife teams up with Brightside for home product launch

  22-10-2015 13:10
  
  Broker signs five-year affinity deal with life insurer
  
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• Brightside partners with SunLife on home insurance product

  22-10-2015 12:51
  
  Broker says five-year deal is part of its new growth strategy.
  
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• ANV's MGU secures capacity deal with PartnerRe

  22-10-2015 12:37
  
  PartnerRe will provide capacity for specialist SME policies in professional and financial lines
  
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• RFIB completes majority stake sale to Calera

  22-10-2015 12:34
  Lloyd's broker RFIB Holdings has completed the sale of a
  majority share in the business to private investment firm Calera
  Capital, it announced today (22 October).
  Management and employees of RFIB, led by CEO Jonathan Turnbull,
  will retain a significant equity stake in the company.
  Dennis Mahoney, former CEO of Aon UK, will also join as
  executive chairman, as this publication previously reported.
  Mahoney has been working with the San Francisco-based private
  equity house on the deal, which is und
  
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• Novae makes new cyber hire

  22-10-2015 12:34
  Novae has hired Jacqueline Spencer-Sim as class underwriter for
  its cyber business, the firm announced today (22 October).
  Spencer-Sim joins from Brit, where she was deputy underwriter in
  the company's global cyber, privacy and technology team.
  In her new role she will be responsible for business and
  relationship development in the US, and will report to unit head
  Dan Trueman.
  Bob Patten, head of casualty at Novae, said: "Cyber is an
  important, growing class for Novae and one in which...
  
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• Novae hires Spencer-Sim for cyber team

  22-10-2015 11:47
  
  She will focus on US clients
  
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• Lloyd’s to allow three-year delegated authority contracts

  22-10-2015 11:33
  
  Contracts were previously limited to 18 months
  
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• Former Towergate brokers set up sports and leisure MGA

  22-10-2015 11:22
  
  Insuractive says it will provide solutions for brokers across all sporting genres.
  
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• RFIB completes Calera Capital sale

  22-10-2015 11:18
  
  Deal goes through with RFIB staff retaining significant stake in the business.
  
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• RFIB completes sale of majority stake to PE firm

  22-10-2015 10:45
  
  Lloyd’s broker says it will acquire teams and businesses with new backing
  
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• Europe: Half of GI companies fail to have a mobile-friendly website

  22-10-2015 10:30
  
  Carlo Palmieri Postonline Insurers risk losing internet traffic and customers if they fail to ensure their websites are mobile-responsive.
  
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• Volvo fires warning shot to insurance

  22-10-2015 10:14
  
  Car manufacturer reveals it will accept liability for driverless cars.
  
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• Prudential UK chief executive departs

  22-10-2015 09:57
  
  Jackie Hunt held financial roles at Norwich Union and Aviva before joining Prudential 
  
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• Volvo to accept liability on driverless cars

  22-10-2015 09:20
  
  The car manufacturer will be the first to speak out about autonomous vehicle liability
  
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• Former Towergate trio launch specialist sports MGA

  22-10-2015 08:56
  
  The MGA will write risk across both amateur and professional sports 
  
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• Travelers shies away from large-scale M&A with new CEO: Barclays

  22-10-2015 02:21
  Travelers does not appear to be looking for a
  "large-scale" merger or acquisition as its long-serving
  CEO Jay Fishman looks to hand the reigns to his successor Alan
  Schnitzer, Barclays analyst Jay Gelb has said.
  "Travelers does not appear interested in large-scale
  M&A especially in light of its CEO succession plan," Gelb
  said in a 20 October note.
  The analyst's comments follow a period which has seen
  Travelers repeatedly hit the headlines amidst rumours that it had
  The Hartford in...
  
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• Allied World in operating beat but investments drive net loss

  22-10-2015 02:21
  Allied World reported consensus-beating operating profits per share
  but fell to a $51.6mn net loss for the third quarter driven by
  realised investment losses and a $28.9mn Tianjin hit.
  The company reported operating profits that dropped from $60.6mn
  to $51.4mn as its combined ratio deteriorated from 91.7 percent to
  95.8 percent.
  But at $0.55 a share the performance was ahead of Wall Street
  consensus forecasts of $0.44 a share.
  Allied World continued to demonstrate top line growth as gross
  writte
  
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• Applied Net 2015: client self service and mobile developments unveiled

  22-10-2015 00:39
  
  Callum BrodiePostonline Applied Systems has rolled out Applied CSR24 2016, the latest online self-service solution, to UK brokers.
  
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