Insurance news

• Talanx receives internal model approval

  23-11-2015 18:56
  German insurance group Talanx has received approval for its
  internal model from domestic regulator the Federal Financial
  Supervisory Authority (BaFin).
  Talanx said it had used its model for several years, and that
  the approval confirmed that the methods and procedures underlying
  the model conformed to Solvency II regulations.
  The carrier began its work on the model back in 2007 and has
  been cooperating closely with BaFin since then.
  Under Solvency II the regulatory solvency ratio was 184 percent
  
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• Novae and Securis SPS gets Lloyd's assent

  23-11-2015 18:56
  Listed Lloyd's carrier Novae and top-10 alternative fund
  manager Securis have received formal approval from the Corporation
  to launch Special Purpose Syndicate (SPS) 6129 on 1 January.
  The vehicle will have a stamp capacity of £75mn on a gross
  basis. Netting in the 20 percent of the book that Novae will
  retain, the stamp capacity will be £94mn ($143mn), with the
  syndicate dedicated to US excess and surplus lines property.
  Sister title Trading Risk revealed
  earlier this month that Nov
  
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• Icahn threatens to push for removal of AIG CEO

  23-11-2015 18:56
  Activist investor Carl Icahn has said that he will hold a
  consent solicitation for American International Group (AIG)
  shareholders, giving them the opportunity to support his plan to
  break up the company.
  In a statement released today (23 November), Icahn said that
  with CEO Peter Hancock unwilling to take the "bold steps"
  necessary to unlock value, he was considering a move to parachute
  in a director who could replace him.
  AIG released an immediate response, stating that it had taken...
  
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• Ace details leadership teams

  23-11-2015 18:56
  Ace has unveiled a comprehensive list of the leadership teams that
  will be in place once it has completed its acquisition of Chubb.
  The names include Robert Cox, who will serve as division
  chairman of North American Professional Lines.
  Scott Meyer will be president of the same division, while
  Michael Maloney will be its chief underwriting officer (CUO),
  having previously worked as CUO at Chubb Specialty.
  Steven Pozzi will be appointed as division president of North
  America Commercial Insurance,
  
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• There will be “headcount changes” at Towergate

  23-11-2015 18:30
  
  David Ross says management will not “cut its way to fixing the business” but admits there will “headcount changes” to create efficiency and “build an amazing business”.
  
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• Ross: management will not "cut its way to fixing the business"

  23-11-2015 18:30
  
  But CEO admits there will “headcount changes” to create efficiency and “build an amazing business”.
  
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• C-suite - Insurer: Earning trust

  23-11-2015 18:13
  
  John Blundell Postonline Trust comes in rational and emotional forms, and there’s a way of winning both from customers
  
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• Trade Voice: All change

  23-11-2015 17:58
  
  Professor Rob Merkin QC Postonline With the Insurance Act and several important decisions in the courts, it’s been a busy year legally speaking
  
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• North of the Border: When is a victim not a victim?

  23-11-2015 17:55
  
  Louise Houliston Postonline Harrowing case clarifies law around nervous shock and who counts as a secondary victim
  
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• Interview: Paul Geddes - Delivering on a promise

  23-11-2015 17:49
  
  Katie Marriner Postonline Direct Line Group CEO Paul Geddes updates Post on progress at the business in the three years since its initial public offering and outlines plans for the future
  
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• Whirling havoc

  23-11-2015 16:50
  
  David Worsfold Postonline Widespread media coverage may givethe impression tornadoes only occur in the US. This is not the case, with thehigh-speed weather phenomenon threatening destruction around the world
  
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• Tornadoes: Whirling havoc

  23-11-2015 16:50
  
  David Worsfold Postonline Widespread media coverage may givethe impression tornadoes only occur in the US. This is not the case, with thehigh-speed weather phenomenon threatening destruction around the world
  
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• Legal update: Late revival but early introduction?

  23-11-2015 16:42
  
  Nick Young PostonlineThe market needs to consider the impact of late payment provisions now, says Nick Young
  
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• ​Covéa revamps e-traded tradesman offering

  23-11-2015 16:32
  
  Change is part of wider plans to revamp entire small business product range
  
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• CNA Hardy opens Birmingham office

  23-11-2015 16:08 via insuranceage.co.uk
  
  Insurer appoints Craig Jones-Newey as regional manager for Midlands and the South West.
  
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• Fairer Finance discusses customer centricity as part of the insurance debate

  23-11-2015 16:05
  
  Michèle Bacchus Postonline James Daley, managing director of Fairer Finance, gives his view on the importance of customer centricity and wonders why the industry seems so out of sync with the public it serves.
  
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• Insurance Debate: Insurers must demonstrate value

  23-11-2015 16:03 via insuranceage.co.uk
  
  James Daley, MD of Fairer Finance argues that the sector has a long way to go before it is truly customer-centric and seen as professional.
  
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• Market moves - 26 November 2015

  23-11-2015 15:45
  
  Callum BrodiePostonline All the movers and shakers in the insurance industry
  
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• Career development: Promoting health in the workplace

  23-11-2015 15:42
  
  Callum BrodiePostonline British companies are losing on average 23.5 days of productive time per employee each year as staff take time off sick and underperform in the office as a result of ill health, according to research by Britain’s Healthiest Company.
  
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• Career file: Karl Helgesen - New CCO in Zurich UK executive reshuffle

  23-11-2015 15:38
  
  Callum BrodiePostonline Zurich UK motor and casualty claims director Karl Helgesen has been promoted to role of chief claims officer following the departure of Tony Emms.
  
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• Ex-Axa COO Carruthers to become non-exec chair at A-Plan

  23-11-2015 14:38
  
  Callum BrodiePostonline Former Axa Commercial Lines and Personal Intermediary chief operating officer Max Carruthers is to take on the role of non-executive chairman at independent high street broker A-Plan, Post can reveal.
  
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• Broker bites video part 1: The Great Debate

  23-11-2015 13:55
  
  Broker and insurers reveal if they think insurance will ever get to a position where it is comparable to the classic professions in the eyes of the public.
  
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• Towergate makes £18.7mn loss in Q3

  23-11-2015 13:37
  UK broker aggregator Towergate has unveiled a £18.7mn pre-tax
  loss in its interim statement for the third quarter of the year, as
  its turnaround project continues.
  The results also revealed a 10.3 percent fall in income, a 4.3
  percent increase in expenses and a 50 percent drop in adjusted
  Ebitda.
  Each division lost money during the period, although the broker
  noted improving income trends in broking and direct business.
  These are the first interim results published since the group
  complete
  
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• NAIC calls for Solvency II grace period

  23-11-2015 13:37
  The National Association of Insurance Commissioners (NAIC) has
  appealed for a grace period for US carriers to protect their
  businesses in the event of Solvency II equivalency delays.
  Speaking at a European Union and US public forum that followed
  the conclusion of the NAIC autumn national meeting on 22 November,
  CEO Ben Nelson warned that it still wasn't clear how the EU
  would treat US firms that had not gained Solvency II equivalency
  status.
  Despite the Federal Insurance Office and...
  
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• Fosun completes acquisition of Ironshore

  23-11-2015 13:37
  Chinese conglomerate Fosun International has completed its
  acquisition of the remaining 80 percent stake in Bermudian insurer
  Ironshore, it announced today (23 November).
  Fosun acquired an initial 20 percent stake in Ironshore in
  Feburary this year. The completed acquisition of the remaining
  stake means Ironshore is now an indirect wholly owned subsidiary of
  Fosun.
  The Chinese firm initially announced its intention to buy the 80
  percent stake in May, for a deal consideration of around
  $1.84bn.
  T
  
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• Everest Re Syndicate 2786 receives Lloyd's approval

  23-11-2015 13:37
  Everest Re has received full approval from the Lloyd's
  Franchise Board to start underwriting at its Syndicate 2786,
  The Insurance Insider has learned.
  Approval for the £102mn stamp syndicate was granted on
  Friday (20 November), allowing the venture to begin underwriting on
  1 January 2016.
  Asta will act as third-party managing agent for Syndicate 2786,
  and former Tokio Marine Kiln and Argo executive Andrew Carrier has
  been named as active underwriter.
  Everest Re has said previously that the
  
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• Arcus Syndicate gets green light for 1.1 start

  23-11-2015 13:37
  Credit Suisse-backed Arcus Syndicate 1856 has received approval
  from the Lloyd's Franchise Board to begin trading on 1 January
  2016.
  The Barbican-managed syndicate has a stamp capacity of
  £90mn and will focus primarily on traditional reinsurance,
  creating what it described as "a bridge" between the
  financial strength of the capital markets and the mature
  underwriting environment of Lloyd's.
  The full syndicate launch plans were announced in September and
  followed the Credit Suisse insurance
  
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• Griffiths & Armour joins the Insurance Debate

  23-11-2015 13:24
  
  Michèle Bacchus Postonline First up to join the debate is Stephen Bamforth, senior partner and group CEO of Griffiths & Armour, who asks what does professionalism in insurance actually mean and puts forward the idea that the crux of professionalism is about rooting out bad practice and retaining quality people.
  
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• Aviva commercial to launch multinational offering in 2016

  23-11-2015 13:07
  
  Katie Marriner Postonline Aviva is to soft launch a commercial multinational offering in the New Year, having worked on its development for the past 18 months.
  
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• The Insurance Debate: What it means to be professional

  23-11-2015 12:39 via insuranceage.co.uk
  
  Guest contributor Stephen Bamforth of Griffith & Armour discusses issues around what professionalism is and its benefits.
  
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• London Market underprepared for TalkTalk-style hacking

  23-11-2015 11:46
  
  Only one-third of London Market insurers believe their firms can withstand major cyber-attack – Xchanging survey
  
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• Regulatory costs and SBU income drop impact Towergate

  23-11-2015 11:43
  
  Broker acknowledges that Manchester small business unit has been a “challenge” as regulatory costs rise to £8.8m.
  
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• Blog: Corporate travel insurance needs joined-up perspective to mitigate risk

  23-11-2015 11:30
  
  Jonathan Brown Postonline In a climate of growing global volatility, it's no secret that travel risks have increased, nor that the travel market is under unprecedented pressure to mitigate these risks. But what's also becoming apparent is the industry's appetite for answers to fragmented risk management.
  
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• ICO fines PPI claims company £80,000

  23-11-2015 11:26
  
  UKMS Money Solutions Ltd (UKMS) sent more than 1.3 million spam texts
  
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• Insurers feel 'under prepared' for cyber attack

  23-11-2015 10:59
  
  Peta Fuller Postonline Almost half of the insurers in the London Market feel under prepared for a Talk Talk-style cyber attack according to a survey by business technology provider Xchanging.
  
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• The Insurance Debate goes live

  23-11-2015 10:53 via insuranceage.co.uk
  
  Get involved and make sure your voice gets heard – will insurance really never be seen as a classic profession?
  
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• ICO to probe more than 1,000 data sellers

  23-11-2015 10:48
  
  Companies are believed to play role in compiling and selling names and numbers used by cold callers
  
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• ICO to probe 1000 data sellers

  23-11-2015 10:48
  
  Companies are believed to play role in compiling and selling names and numbers used by cold callers
  
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• Towergate results reflect trauma, says Ross

  23-11-2015 10:45
  
  New CEO says consolidator's focus will be on integration and infrastructure going forward.
  
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• Ross: Towergate must tackle ‘infrastructure issue’ before M&A

  23-11-2015 10:45
  
  Broking group heading ‘in a very healthy direction’, new chief executive insists
  
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• Discontinued insurer deals drive 8.7% fall in Broker Network income

  23-11-2015 09:39
  
  Adjusted EBITDA also fell by 30%
  
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• Innovation Group joins Startupbootcamp

  23-11-2015 09:13
  
  Innovation Group will provide guidance on market exposure and the global property and motor claims sector
  
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• Regulatory probes cost Towergate £8.8m in first nine months

  23-11-2015 09:08
  
  Towergate has also moved the date when it expects to start paying customer redress, if any, to Q1 2016 from Q4 2015
  
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• Towergate reports underlying loss of £18.7m as costs hit

  23-11-2015 08:55
  
  Broking group “resilient” despite performance deterioration, says chief executive David Ross
  
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• Towergate posts £5.5m ebitda loss for third quarter of 2015

  23-11-2015 08:34
  
  Adjusted ebitda falls 50% for the three month period.
  
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• EY: Motor rates set for biggest rise since 2011 next year

  23-11-2015 07:30
  
  UK motor market to report COR of 102.2% in 2015 and 103.8% in 2016, firm predicts
  
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• Fosun to step up integration after Ironshore completion

  23-11-2015 06:41
  
  Andrew Tjaardstra Postonline Chinese conglomerate Fosun is to increase its integration efforts among its insurance assets following the confirmation of its 100% ownership deal with Ironshore.
  
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• Asia: The complexity of cyber exposures

  23-11-2015 04:10
  
  Nicky BurridgePostonline Businesses in Asia need to brace themselves for a new generation of cyber risks, as threats go beyond traditional ‘hacktivist’ attacks.
  
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