Insurance news

• Hiscox hires product recall team from Catlin

  03-12-2015 18:14
  Hiscox has established a new product recall team within its London
  market business with four new hires from Catlin.
  David Burke will head up the team after almost 30 years in the
  insurance industry where he has focused on writing niche specialty
  lines. He has previously also worked at Sedgwick, Ace and
  Marsh.
  Burke is joined by Ian Bailey, Andrew Kyle and John Naughton at
  the London-listed insurer.
  Hiscox said the team will offer "market-leading"
  capacity of $50mn, as well...
  
  Read more

• Enstar start-up Aligned Re to come to market

  03-12-2015 18:14
  Aligned Re, the hedge fund reinsurance start-up backed by Enstar
  and UBS O'Connor, is set to commence fundraising in January,
  The Insurance Insider has learned.
  Banking sources said that Enstar joint chief operating officer
  Nick Packer will be appointed CEO of the new venture.
  It is understood that Enstar will inject $100mn of capital, with
  long-term private equity partner Stone Point Capital
  co-investing.
  The rest of the capital, which could total $750mn-$1bn, will be
  raised by investment bank
  
  Read more

• Chaucer appoints XL Catlin's Callan as CFO

  03-12-2015 17:32
  
  Stephanie Denton Postonline Lloyd's insurer Chaucer has appointed Robert Callan as chief financial officer of Chaucer Syndicates.
  
  Read more

• Cobra buys Philip Paul Associates

  03-12-2015 17:18
  
  A number of other acquisitions are in progress according to Cobra.
  
  Read more

• Advertisement

• Hiscox raids Catlin for product recall team hires

  03-12-2015 17:02
  
  Katie Marriner Postonline Hiscox has established a product recall team within its London market business with four new hires.
  
  Read more

• Ex-Aviva employee sentenced for stealing customer details

  03-12-2015 15:52
  
  Co-conspirator fined £3,000 and ordered to pay £1,000 court costs
  
  Read more

• Sector hails FCA renewals proposals as “good news”

  03-12-2015 15:47
  
  ABI and Aviva welcome consultation on showing last year’s premium price on renewal notices.
  
  Read more

• Aviva welcomes FCA's prior year premium plan

  03-12-2015 15:33
  
  Insurer says proposals are good news for consumers
  
  Read more

• Advertisement

• Bogus claimant found guilty in canteen slip and trip

  03-12-2015 15:29
  
  Peta Fuller Postonline A college chef who claimed for slipping in her work canteen has been found guilty of fraud by false representation, with CCTV evidence vital to the case.
  
  Read more

• Numis Securities upgrades Beazley stock

  03-12-2015 15:18
  Numis Securites analyst Nick Johnson upgraded Beazley stock to
  "add" from "hold" today (3 December), citing
  ongoing potential for US and specialty growth.
  Despite persistent softening in (re)insurance rates, Beazley has
  achieved income growth of 9 percent in the first nine months of the
  year, "which we think is indicative of a business that is
  successfully building value", said Johnson in a research
  note.
  The expansion was driven by Beazley's expertise and
  innovation in specialist segments, as w
  
  Read more

• Enstar start-up Align Re to come to market

  03-12-2015 15:18
  Align Re, the hedge fund reinsurance start-up backed by Enstar
  and UBS O'Connor, is set to commence fundraising in January,
  The Insurance Insider has learned.
  Banking sources said that Enstar joint chief operating officer
  Nick Packer will be appointed CEO of the new venture.
  It is understood that Enstar will inject $100mn of capital, with
  long-term private equity partner Stone Point Capital
  co-investing.
  The rest of the capital, which could total $750mn-$1bn, will be
  raised by investment bank UB
  
  Read more

• Bolt to leave Lloyd's in 2016

  03-12-2015 15:18
  Lloyd's of London has announced that its director of
  performance management Tom Bolt is to step down in mid-2016.
  After almost seven years of service, Bolt said he had decided to
  "hand over the reins and explore new opportunities".
  "Working at Lloyd's has been a highlight of my career,
  and the decision to leave a difficult one," he continued.
  "I have enjoyed working alongside the market and my team at
  Lloyd's, and [am] proud of what we have achieved
  together.&...
  
  Read more

• CCTV catches out chef in fake slip claim

  03-12-2015 14:55
  
  Video shows claimant faking fall before making fraudulent injury claim
  
  Read more

• Zurich and IFED nail fraudster at the Old Bailey

  03-12-2015 14:19
  
  Anita Quansah-Okoe is sentenced to 80 hours community service and ordered to pay £500 costs for staging a fall at work.
  
  Read more

• Zurich reportedly to cut further 360 jobs globally

  03-12-2015 13:57
  
  Latest tranche said to bring planned job losses to 1,800
  
  Read more

• Insurers must inform customers of premium rises, regulator rules

  03-12-2015 13:45
  
  Financial Conduct Authority says renewal letters must include price hikes, as it tackles overcharging of loyal policyholdersMillions of people should enjoy cheaper insurance after the City regulator announced measures to tackle the problem of companies bumping up the premiums of loyal policyholders.The rule change will mean that all renewal letters relating to motor, home, medical, travel and pet insurance will have to clearly flag up the amount the customer paid the previous year alongside thei
  
  Read more

• Berkeley Alexander teams up with Modus

  03-12-2015 13:43
  
  Adds Modus Home Insurance Plus to panel
  
  Read more

• ABI welcomes FCA consultation on policy renewals

  03-12-2015 12:51
  
  ABI says publishing prior year premiums will help encourage customers to engage with their policies
  
  Read more

• One Commercial to increase capacity for products

  03-12-2015 12:38
  
  The firm has surveyed broker partners to find out what changes they want to see.
  
  Read more

• Insurers welcome FCA transparency proposal

  03-12-2015 12:30
  
  Peta Fuller Postonline The Association of British Insurers welcomed today’s (3 December) Financial Conduct Authority proposal that would require insurers to publish the prior year’s premium on renewal notices.
  
  Read more

• FCA transparency proposal deemed a 'partial solution'

  03-12-2015 12:30
  
  Peta Fuller Postonline Industry commentators have challenged the Financial Conduct Authority for putting forward a "partial solution" in its proposal that would require general insurers to publish the prior year's premium on renewal notices, announced today (3 December).
  
  Read more

• Regulator proposes premium reminders for customers

  03-12-2015 12:04
  
  Peta Fuller Postonline General insurance providers will have to publish the previous year’s premiums on renewal notices if a proposal by the Financial Conduct Authority goes ahead.
  
  Read more

• Lloyd's Tom Bolt to depart in 2016

  03-12-2015 11:57
  
  As director of performance management Bolt is responsible for the commercial performance of Lloyd’s
  
  Read more

• FCA launches consultation on publishing prior year premiums

  03-12-2015 11:42
  
  Proposals will address concerns that some consumers pay higher prices if they stay with the same insurer - FCA
  
  Read more

• FCA launches consultation on policy renewals

  03-12-2015 11:42
  
  Proposals will address concerns that some consumers pay higher prices if they stay with the same insurer - FCA
  
  Read more

• FCA gets tough on renewal quotes

  03-12-2015 11:41
  
  Proposals call on insurers to show last year’s premium on renewal notices.
  
  Read more

• Hawkwell Motor goes live on The Insurer Cloud

  03-12-2015 11:29
  
  MGA launches private motor and commercial vehicle products on technology specialist.
  
  Read more

• Modus partners with Berkeley Alexander on home insurance

  03-12-2015 11:25
  
  MGA's Home Insurance Plus product available to provider's household broker panel.
  
  Read more

• XL transfers life reinsurance block to RGA

  03-12-2015 11:16
  XL Group has sold a block of $22bn in-force US term life
  business to life reinsurer RGA in a transaction that will see it
  record a $34mn accounting charge.
  The (re)insurer said the transaction includes all US term life
  reinsurance reserves - which stood at $258mn at 30 September - and
  cedes 80 percent of the remaining premiums not included in its 2014
  sale of XL Life Reinsurance (SAC).
  Under the agreement, a subsidiary of RGA will reinsure
  approximately $22bn...
  
  Read more

• Qatar Re completes re-domiciling process

  03-12-2015 11:16
  Qatar Re has received regulatory approval to domicile in
  Bermuda, the carrier announced today (3 December).
  The firm first announced plans to relocate in September this
  year. Following the move the carrier will merge with parent Qatar
  Insurance Company (QIC)'s existing Bermuda-incorporated
  reinsurer, Antares Reinsurance, which it acquired as part of its
  2014 purchase of the Antares managing agency at Lloyd's, taking
  its capital base to $500mn.
  As part of the re-domiciling, Qatar Re has also been
  
  Read more

• Markel makes excess liability hire

  03-12-2015 11:16
  Markel Corporation has hired Alan Rodrigues as managing director
  for the excess liability team at Markel Global Insurance, it
  announced yesterday (2 December).
  Rodrigues, who started in the role on 30 November, will be
  responsible for developing a middle- to upper-middle-market product
  from his base in New York.
  He will report to John Boylan, chief underwriting officer for
  excess liability.
  Rodrigues has more than 35 years of underwriting and management
  experience and has held positions with Axi
  
  Read more

• JLT Specialty USA hires HNW specialist

  03-12-2015 11:16
  JLT Specialty USA has appointed Nikki Brown as senior vice
  president in its emerging fine art, jewellery and specie practice.
  Brown joins JLT from Aon, where she was managing director of
  global fine art practice and executive vice president of sales and
  marketing.
  She began her career in property risk management at Marsh &
  McLennan, before joining Aon to create the fine arts practice....
  
  Read more

• Ironshore launches New Zealand office

  03-12-2015 11:16
  Ironshore International has established a New Zealand office in
  Auckland as a branch of its Australian platform.
  The Fosun-owned Bermudian has named Robert Solloway as Asia
  Pacific regional manager.
  Solloway has more than 25 years' experience in the sector,
  and was part of the global agriculture team that moved over from
  Novae together with the renewal rights for the business in October
  this year.
  "Ironshore's expansion into New Zealand complements our
  global distribution platform and further bu
  
  Read more

• Former Axis exec on Aspen board

  03-12-2015 11:16
  Bermudian (re)insurer Aspen has appointed former Axis executive
  Karl Mayr as a director on its board.
  He will also become a member of the carrier's risk
  committee.
  Mayr was most recently vice chairman of Axis Re and president
  and CEO of Axis Re Europe during a 12-year career at the company,
  which he joined from GE Frankona Re in 2003....
  
  Read more

• Barbican hires Chaucer property treaty underwriter

  03-12-2015 11:16
  Nigel Fearon has joined Barbican as property treaty underwriter
  with immediate effect, the carrier announced today (3 December).
  Fearon joins from Lloyd's peer Chaucer, where he worked for
  10 years, most recently as international deputy class underwriter
  for property.
  Barbican noted that Fearon has worked across a broad spectrum of
  territories, including Europe, the Middle East and Africa, Japan
  and Latin America. He will report to Aaron Coates, underwriting
  manager for property reinsurance.
  Com
  
  Read more

• O’Connor departs Brightside

  03-12-2015 10:37
  
  Brightside’s commercial director is the latest exec to leave the business.
  
  Read more

• Qatar Re to trade from Bermuda

  03-12-2015 10:29
  
  Peta Fuller Postonline Qatar Re will re-domicile in Bermuda after receiving approvals from the regulatory body.
  
  Read more

• SRA issues fine to solicitor for breaching referral fee ban

  03-12-2015 10:21
  
  Janet Cruise admitted to paying £47,000 for 38 personal injury cases through an arrangement with a third party
  
  Read more

• SRA fines solicitor for breaching referral fee ban

  03-12-2015 10:21
  
  Janet Cruise admitted paying £47,000 for 38 personal injury cases through an arrangement with a third party
  
  Read more

• Europe: Cyber thieves - the nightmare before Christmas for insurers

  03-12-2015 10:10
  
  Ed Lewis and Kurt Rowe Postonline The nights are drawing in, Christmas is coming, and retailers are getting fat on the back of Black Friday and Cyber Monday, which have boosted annual high street sales this year to record levels.
  
  Read more

• Ex-Kiln chair to succeed Ecclesiastical's Samuel

  03-12-2015 09:31
  
  Ecclesiastical chair Will Samuel will be retiring from the business before the next AGM
  
  Read more

• Brightside commercial director Des O’Connor to depart

  03-12-2015 08:30
  
  O’Connor has resigned from his role after 11 months with the broker
  
  Read more

• Ironshore opens New Zealand office

  03-12-2015 03:56
  
  Andrew Tjaardstra Postonline Ironshore International has opened a New Zealand office in Auckland today.
  
  Read more

• Public D&O prices down 10.3% in Q3: Aon

  03-12-2015 01:46
  Pricing for public directors' and officers' liability
  (D&O) insurance in Q3 softened for the ninth consecutive
  quarter, according to broker Aon.
  In its latest report on the sector, the firm said that its
  pricing index dropped to 0.70 from 0.78 in the same quarter last
  year, with the average price per $1mn in limits down 10.3 percent
  compared to Q3 2014.
  Comparing only those programmes that renewed in both Q3 2015 and
  Q3 2014, pricing was off 10.1 percent, it...
  
  Read more

• AIG 'worth more dead than alive': Bernstein

  03-12-2015 01:46
  AIG management should seek to liquidate the company in whole or in
  part to simplify its operations, reduce structural challenges, and
  unlock its "substantial" conglomerate discount, according
  to Bernstein's Josh Stirling.
  The analyst suggested the insurance giant should "embrace
  the mantle of creative destruction", arguing that it is
  "evidently clear" that today AIG is "worth more dead
  than alive".
  Stirling said that while he broadly supports the strategic aims
  of activists including Carl Icahn,
  
  Read more

• Serious crash claim costs up by 11% per policy each year

  03-12-2015 01:06
  
  Peta Fuller Postonline Amounts claimed in severe motor accidents rose but the number of claims made stayed steady, according to a report by the Institute and Faculty of Actuaries.
  
  Read more

• Serious crash claim costs up by 11% per policy

  03-12-2015 01:06
  
  Peta Fuller Postonline Amounts claimed in severe motor accidents rose but the number of claims made stayed steady, according to a report by the Institute and Faculty of Actuaries.
  
  Read more

Follow @Insurance_UKnws on Twitter!