Insurance news

• Fidelis launches UK subsidiary

  08-12-2015 19:38
  Bermuda-headquartered (re)insurance start-up Fidelis Insurance has
  announced that it has received Prudential Regulation Authority
  approval for the launch of its UK business, which will begin
  underwriting with immediate effect.
  The London-based subsidiary has received an AM Best rating of A-
  and will be led by Dan Burrows as UK CEO.
  Burrows is joined by Nick Burkinshaw, chairman of specialty, and
  Richard Coulson, specialty lines underwriter.
  Fidelis said that further underwriting hires would be a
  
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• Enoizi: Pool Re structure can be adapted for cyber

  08-12-2015 19:38
  The UK's Pool Re structure would be an ideal starting point to
  create a state-backed indemnity pool for cyber attacks, the CEO of
  the UK government-backed terrorism mutual has claimed.
  Julian Enoizi told The Insurance
  Insider the Pool Re structure could easily be adapted
  to address broader cyber risks and provide the first step in
  creating a state-backed reinsurance pool for cyber.
  The Pool Re CEO responded to recent comments by XL Catlin deputy
  executive chairman Stephen Catlin, who said...
  
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• $300mn insured loss from Indian floods

  08-12-2015 19:38
  A heavy monsoon season in southern India and Sri Lanka has
  generated at least $300mn of insured losses, according to Aon
  Benfield.
  Weeks of torrential rainfall throughout much of November and
  early December caused severe flooding, killing at least at least
  386 people in the heavily impacted states of Tamil Nadu and Andhra
  Pradesh, the broker's Impact Forecasting cat modelling division
  said in its latest Global Catastrophe Recap report.
  The Chennai metropolitan region in India was also particular
  
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• Storm Desmond damage across Cumbria estimated at £500m

  08-12-2015 19:18
  
  Cost of floods double that of 2009 storms, according to PricewaterhouseCoopersStorm Desmond has caused an estimated £500m of damage across Cumbria – almost double the cost of the floods that hit parts of the county six years ago.Experts at PricewaterhouseCoopers (PwC), which made the calculation, also warned that the bill could rise further if the rain keeps falling. Continue reading...
  
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• Speciality insurer Fidelis to start underwriting in UK

  08-12-2015 17:58
  
  Peta Fuller Postonline Fidelis Insurance will launch in the UK after receiving approval from the Prudential Regulatory Authority.
  
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• Penny Black's Social World - 10 December 2015

  08-12-2015 17:58
  Penny Black Postonline
  
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• FOS: Most insurance complaints about claims

  08-12-2015 17:49 via insuranceage.co.uk
  
  Financial Ombudsman Service says number of complaints about premiums is increasing.
  
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• Cornish to exit IAG as Harmer rings changes

  08-12-2015 17:39
  
  Andrew Tjaardstra Postonline IAG's head of personal lines Andy Cornish is to leave after Peter Harmer, IAG's new CEO, reshuffles his senior team.
  
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• Editor's Comment: A once-in-100-years opportunity?

  08-12-2015 17:27
  
  Stephanie Denton Postonline This week, as climate change experts gathered in Paris to discuss future targets, Cumbria was hit by its second deluge of flood waters in six years as Storm Desmond ravaged the UK.
  
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• Patria Re given final sign off on SPS

  08-12-2015 16:43
  Mexican reinsurer Patria Re has been given final approval from
  Lloyd's to launch Special Purpose Syndicate (SPS) 6125 in
  conjunction with Pembroke Managing Agency.
  Patria Re will become the first Mexican reinsurer to open a
  platform at Lloyd's when it begins writing risks from 1 January
  2016.
  Patria Re's bid to join the Lloyd's market was supported
  by Pembroke, which helped the Mexican firm through the New Entrant
  Assessment process. The move into Lloyd's was led by Ingrid
  Carlou, CEO...
  
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• IAG appoints deputy CFO

  08-12-2015 16:43
  Dan Coman has been unveiled today (8 December) as the new deputy
  chief financial officer at Insurance Australia Group (IAG).
  Coman, who will start the job in January, has worked at IAG
  since 2010 when he joined as CFO of its New Zealand business.
  Prior to IAG, Coman spent 20 years in the UK in senior roles at
  Barclays Bank, Schroders and PwC.
  In his new role Coman will report to CFO Nick Hawkins and will
  be responsible for the...
  
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• GRP posts £2.7mn pre-tax loss

  08-12-2015 16:43
  Global Risk Partners (GRP), the UK broker consolidator led by
  broking veteran David Margrett, has posted a £2.73mn pre-tax
  loss for the year ending 31 March 2015, according to results filed
  at Companies House.
  The result was a slight improvement on the pre-tax loss for the
  prior year of £2.93mn.
  Administrative expenses drove the latest loss, rising from
  £1.58mn in 2014 to £6.69mn in 2015. Goodwill amortisation
  more than doubled from £522,493 to £1.18mn, reflec
  
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• FOS receiving growing number of complaints about premiums

  08-12-2015 16:11
  
  Some insurers are offering cheap premiums to new customers but longer-standing policyholders see year-on-year increases
  
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• Climate change framework sees increased support from insurers

  08-12-2015 15:13
  
  Peta Fuller Postonline Insurance leaders are mobilising to support a new framework to improve climate resilience, launched at this month’s United Nations Conference on Climate Change, or COP21, in Paris, with companies including XL Catlin already backing the plans with action on a forum.
  
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• Insurance industry praises flood defences as Cumbria faces second deluge in six years

  08-12-2015 13:36
  
  Katie Marriner Postonline Insured losses in Cumbria caused by Storm Desmond have been tipped to eclipse the £175m of claims from flooding in the area in 2009, but industry commentators have praised the mitigation impact of flood defences.
  
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• Serious motor claims costs rising as government looks to lower premiums

  08-12-2015 13:21
  
  Peta Fuller Postonline Motor insurers are facing increasing claims inflation on major injury claims, according to a report from the Institute and Faculty of Actuaries, which could affect future earnings forecasts.
  
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• Market Moves - 10 December 2015

  08-12-2015 13:07
  
  Stephanie Denton Postonline All the movers and shakers in the insurance industry
  
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• IIG reveals non-standard property owners product

  08-12-2015 12:55
  
  Incorporated Insurance Group (IIG) has focused on the rented sector by introducing a non-standard property owners insurance product for landlords.
  
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• Global Risk Partners posts £2.7m loss

  08-12-2015 12:55
  
  Results show increase in losses but turnover growth as Margrett says he is "over the moon" about performance.
  
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• Ironshore firming up presence in Europe

  08-12-2015 12:35
  
  Peta Fuller Postonline Ironshore International is expanding into Europe, opening an office in Cologne.
  
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• Mis-selling broker director banned for 11 years

  08-12-2015 12:34
  
  David Stuart Picton from My Cover disqualified for mis-selling insurance policies.
  
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• Deloitte: Competition and FinTech among top issues to impact industry in 2016

  08-12-2015 12:31 via insuranceage.co.uk
  
  Deloitte predicts regulatory initiatives around GI add-ons, Solvency II and technology will impact the insurance sector next year.
  
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• Centor joins Una

  08-12-2015 12:13
  
  London-based brokers becomes 12th member of the alliance.
  
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• Six UK finalists in London start-up programme

  08-12-2015 12:11
  
  Katie Marriner Postonline Technology incubator Start-up Bootcamp has announced the 10 international start-ups that will join its London programme in 2016, including six from the UK.
  
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• Q&A video: implications of the Vnuk case on UK motor market

  08-12-2015 11:42
  
  Jonathan Swift Postonline Following the European Court of Justice ruling in the UK government will very soon have to change the rules about what risks are covered by compulsory motor insurance law.
  
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• WR Berkley to join Lloyd's China

  08-12-2015 11:38
  WR Berkley Syndicate 1967 has launched an underwriting division
  at Lloyd's China, it announced today (8 December).
  The new division will start writing business on 1 January
  2016.
  William Berkley, executive chairman of WR Berkley Corporation,
  commented: "Access to high-quality (re)insurance is critical
  to economic growth in China, and the establishment of this new
  division at Lloyd's China is a testament of our commitment to
  and enthusiasm for the region and the Lloyd's
  platform."
  The US specialt
  
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• IUA backs central placing process

  08-12-2015 11:38
  The International Underwriting Association (IUA) has rallied behind
  plans for the new electronic placement service governed by Placing
  Platform Limited.
  In a statement released today (8 December), the IUA board said
  it unanimously supported the concept with 10 board members having
  signed a statement of support for the new electronic placement
  service, which aims to improve client service through a quicker,
  error-free process.
  The IUA's agreement to support a contract with the
  technology firm Ebi
  
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• AIG confirms $750mn sale of PICC shares

  08-12-2015 11:38
  American International Group (AIG) has priced the sale of 361
  million ordinary shares in PICC Property and Casualty Company to
  institutional investors, the carrier announced yesterday (7
  December).
  Following media reports, AIG confirmed that the placing would
  generate gross proceeds of $751.8mn, based on the purchase price of
  HK$16.13 ($2.08) a share. AIG remains the largest shareholder in
  PICC, with a position of 5.74 percent of the total issued capital.
  "During our third quarter earnings call,
  
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• Asia: Trade credit's double digit growth prospects

  08-12-2015 11:11
  
  Nicky Burridge Postonline Trade credit insurance in Asia looks set to enjoy double-digit growth in the years ahead, but the market is not without challenges writes Nicky Burridge.
  
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• Surge in claims after Storm Desmond

  08-12-2015 11:00
  
  Local brokers expect number of claims to rise further when people are able to return to their properties.
  
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• Broker director handed 11-year ban for mis-selling insurance

  08-12-2015 10:45
  
  My Cover’s David Stuart Picton caused company to mis-sell more than 11,000 policies
  
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• London companies back central placing process

  08-12-2015 10:30
  
  Katie Marriner Postonline The London company market has backed plans for a new electronic placement service, with the International Underwriting Association signing a statement of support for the project.
  
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• Richard King to return to helm of Ingenie

  08-12-2015 10:19
  
  Current chief executive Chris McKee will leave to pursue other interests
  
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• Europe ruling could boost holiday pay for millions of staff

  08-12-2015 10:17
  
  Landmark ruling could mean firms face higher costs 
  
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• A-Plan opens office in Bromley with another due in Eastbourne

  08-12-2015 10:06
  
  Broker planning to make three acquisitions.
  
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• Aviva to invest £100m in technology start-ups

  08-12-2015 09:47
  
  Insurer launches Aviva Ventures venture capital arm
  
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• Swiss Re to allocate capital faster

  08-12-2015 09:39
  Reinsurance giant Swiss Re has unveiled its strategic framework
  for the future, including the need to allocate capital more quickly
  to access new revenue streams.Group CEO Michel Liès said that under the new plans the
  carrier would be more agile and would respond more quickly to
  change, as well as driving change itself."At the heart of our transformation journey is our aim to
  be an agile capital allocator in insurance and associated asset
  risks. We will do this...
  
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• Storm Desmond could cost insurers £325m

  08-12-2015 08:56
  
  Total cost of damages could be £400m to £500m, PwC insurance head predicts
  
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• AIG sells $750m stake in China's PICC

  08-12-2015 08:48
  
  Andrew Tjaardstra Postonline AIG has sold a further share of its stake in China's largest general insurer PICC Property & Casualty.
  
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• Admiral ‘most exposed’ to bodily injury claims cost rise - analyst

  08-12-2015 08:44
  
  Macquarie expects insurer to be hit hardest because it underwrites a greater proportion of younger drivers
  
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• Bruce Stevenson focuses on Britain’s £2bn B&B industry with new product

  08-12-2015 01:57
  
  Bruce Stevenson turned its attention to what it described as Britain’s £2bn bed-and-breakfast (B&B) industry by unveiling a dedicated insurance policy for the sector.
  
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• Product round-up: Bricks and mortar dominate this month

  08-12-2015 01:51
  
  Property in one guise or another featured prominently in the range of new products delivered into the market over the past month.
  
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• Review: Living the lifestyle

  08-12-2015 01:49
  
  Latitude. This product has been reviewed by brokers and rated from one to five stars, based on the policy’s key benefits. * = Poor ** = Average *** = Good **** = Very good ***** = Excellent
  
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• Events: Up to the occasion

  08-12-2015 01:44
  
  The past couple of months have resembled a whirlwind of an events season with no shortage of high-profile Insurance Age occasions.
  
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• In-depth: Think big in SME

  08-12-2015 01:41
  
  The sector is acutely aware that SME is its bread and butter so it’s important for brokers to keep up with the changes and trends. We examine the importance of working with micro SMEs and what brokers need to know about in the emerging science and tech sectors
  
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• Profile: High street heroics

  08-12-2015 01:40
  
  CEO Carl Shuker explains why, after 33 years with the broker, he still backs A-Plan’s traditional high-street model over online quote-and-buy
  
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• Big data: brokers are “doing it by the book”

  08-12-2015 01:34
  
  Insurance sector unconcerned by FCA’s inquiry into how it handles customer data
  
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• Is broker PI on the rise?

  08-12-2015 01:29
  
  New products on the market could herald a resurgence for broker PI sector
  
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• Broking success: Gem of a broker

  08-12-2015 01:28
  
  Managing director of TH March Neil McFarlane explains how the specialist jewellery broker is looking to grow and keep the personal touch with clients
  
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• Brokers divided over Osborne’s plan to curb whiplash claims

  08-12-2015 01:24
  
  Chancellor’s proposed measures welcomedby insurance companies
  
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