Insurance news

• MUM to launch broker PI business

  10-12-2015 21:08
  Manchester Underwriting Management (MUM) is to begin writing broker
  professional indemnity (PI) after tying up with French broker
  professional indemnity specialist CPGA.
  Under the arrangement, CPGA will provide MUM with capacity to
  write broker PI business for UK brokers, providing coverage of up
  to £10mn.
  The product includes a number of features, including data breach
  liability for up to £250,000, aimed particularly at smaller
  brokers, many of which don't have sophisticated IT syst
  
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• AIG missed opportunity with management cull: Barclays

  10-12-2015 21:08
  American International Group (AIG) missed an opportunity to
  radically improve its operations with its latest round of
  management cuts, Barclays analyst Jay Gelb has said.The insurance giant announced today (10 December) that CFO David
  Herzog, commercial CEO John Doyle, Asia Pacific CEO Jose Hernandez
  and executive vice president of claims and operations Eric Martinez
  would be the latest senior figures to be axed as it looks to cut
  costs in the face of increasingly-restless shareholders.But respo
  
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• Novae builds MAP team

  10-12-2015 19:15
  Novae has hired Caroline Koczerzat as deputy head of its marine,
  aviation and political risk (MAP) division.
  Koczerzat will join from Mitsui Sumitomo Underwriting at
  Lloyd's, Syndicate 3210, where she is currently marine
  underwriting manager and head of specialty.
  She will report to MAP divisional head John Owen, and will be
  tasked with building out Novae's marine and specialty
  offering.
  Owen commented: "Caroline is well respected in the industry
  and has a first class reputation for managing and
  
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• PIB rumoured for Carlyle Group acquisition

  10-12-2015 18:17
  
  Reports say that Carlyle Group is in lead to buy the Birmingham-based broker headed up by Brendan McManus.
  
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• Upheaval continues at AIG with four to go at senior level

  10-12-2015 18:10
  
  Peta Fuller Postonline The shake-up at AIG continues with CFO David Herzog to go, alongside three other key management figures outlined today by CEO Peter Hancock.
  
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• Zurich promotes David Nichols to COO for UKGI

  10-12-2015 17:52
  
  Nichols will begin new role in January.
  
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• Generali boss Greco tipped for Zurich top job

  10-12-2015 16:55
  
  It would mark a return for Mario Greco who was Zurich GI boss from 2010 until 2012
  
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• Zurich names David Nichols UK GI operating chief

  10-12-2015 16:31
  
  Former Endsleigh interim MD replaces Barry Perkins
  
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• Markerstudy signs up to Thatcham Research

  10-12-2015 16:10
  
  Peta Fuller Postonline Markerstudy will have access to data from motor testing firm Thatcham Research after becoming a member of the not-for-profit researcher.
  
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• Watford Re launches Gibraltar subsidiary

  10-12-2015 16:01
  Hedge fund reinsurer Watford Re has established a
  Gibraltar-domiciled subsidiary, Watford Insurance Company Europe
  (WICE) Limited.
  AM Best has assigned a financial strength rating of A- and an
  issuer credit rating of a- to the unit, which is wholly owned by
  Watford Re.
  The ratings are based on WICE's strong risk-adjusted
  capitalisation and experienced underwriting partner, led by Arch
  Capital unit Arch Underwriters Ltd. AM Best also cited the
  investment expertise of Highbridge Principal Strategi
  
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• Senior AIG quartet departs in latest cull

  10-12-2015 16:01
  American International Group (AIG) CFO David Herzog, commercial CEO
  John Doyle, Asia Pacific CEO Jose Hernandez and executive vice
  president of claims and operations Eric Martinez have been named as
  the latest casualties of the company's cost cutting programme.
  AIG said Herzog will leave the company after the company's
  2015 10-K is filed.
  Chief risk officer Sid Sankaran will become CFO following
  Herzog's departure. At this point, Alessa Quane will become CRO
  and continue as chief corporate actua
  
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• Nichols appointed Zurich UKGI COO

  10-12-2015 15:29
  
  Katie Marriner Postonline Zurich has appointed David Nichols as UK general insurance chief operating officer to replace Barry Perkins.
  
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• IFB joins forces with ICO in fraud fight

  10-12-2015 14:09
  
  Peta Fuller Postonline The Insurance Fraud Bureau has formalised its data-sharing agreement with the Information Commissioner’s Office in a bid to track misuse of personal data in insurance fraud.
  
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• Marsh urges US flood programme reform

  10-12-2015 14:04
  Marsh has urged US policymakers to reform the National Flood
  Insurance Program (NFIP) to strengthen its role in the US flood
  insurance market.
  NFIP is the primary underwriter of flood insurance in the US,
  under the jurisdiction of the Federal Insurance and Mitigation
  Administration within the Federal Emergency Management Agency.
  Consumers can either establish a relationship with private
  market insurers that have contracted with the NFIP or they may go
  directly to the programme itself to purchase
  
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• Change to Sompo plans sends Scor shares lower

  10-12-2015 14:04
  Japanese insurance giant Sompo Japan Nipponkoa has dropped plans to
  increase its stake in Scor from 9 percent to 15 percent, sending
  the reinsurer's share price down 5.5 percent.
  Japanese media organisation the Nikkei Asian Review
  reported yesterday (9 December) that in addition to abandoning
  plans to increase its stake, Sompo could even unload the shares it
  already owns.
  Sompo acknowledged the Nikkei story in a stock exchange
  announcement.
  "While Sompo Holdings is currently considering changes
  
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• ABIR adds Duperreault and O'Donnell to board

  10-12-2015 14:04
  The Association of Bermuda Insurers and Reinsurers (ABIR) has
  appointed RenaissanceRe's CEO and president Kevin O'Donnell
  and Hamilton chief executive Brian Duperreault to its board.
  O'Donnell takes on the role of first deputy chair, while
  Duperreault was elected second deputy chair. Both will serve a
  one-year term, beginning on 1 January 2016.
  XL Catlin's executive deputy chair Stephen Catlin will
  remain as chair of the ABIR board throughout 2016.
  ABIR represents 20 commercial insurers and rein
  
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• Credit hire issues on the table at government motor reform meeting

  10-12-2015 13:37
  
  Peta Fuller Postonline Credit hire was on the agenda at a high-level government meeting yesterday (9 December) discussing the Autumn Statement, Post understands.
  
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• Focus on drone risk after toddler loses eye

  10-12-2015 13:29
  
  The horrific incident occurred after a drone caught a tree and span out of control 
  
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• ICO orders hearing loss firm to stop making calls

  10-12-2015 12:45
  
  More than 1,000 complaints made about cold calling
  
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• IFB and ICO to share information on data misuse

  10-12-2015 12:33
  
  Recent IFB figures that fraudsters are changing tack and moving into other lines of organised fraud
  
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• Willis reconfirms Towers terms on eve of vote

  10-12-2015 12:04
  Willis Group has reconfirmed the terms of its proposed takeover of
  Towers Watson and called upon shareholders of both firms to vote
  for the transaction on 11 December.
  In a statement yesterday (9 December), Willis said the proposed
  $18bn deal had been agreed by both boards and was the "best
  and final" offer Willis was willing to make.
  Under the proposed terms, Willis investors would own 50.1
  percent of the combined company, which would be domiciled in
  Ireland and led...
  
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• NSW scraps emergency services insurance levy

  10-12-2015 12:04
  Premiums in New South Wales, Australia will fall dramatically
  after the state government voted to scrap an emergency services
  levy on insurance policies.
  The tax typically added 21 percent to the cost of household
  insurance premiums, and is being replaced by a property-based
  charge to fund the region's emergency services from 1 July
  2017.
  The news was welcomed by the Insurance Council of Australia
  (ICA) and major carrier IAG this morning (10 December).
  IAG's consumer division CEO Anthony Justice
  
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• Darag hires chief clients officer

  10-12-2015 12:04
  German legacy carrier Darag has appointed Eleni Iacovides as chief
  clients officer, completing the group's new management
  committee, it announced today (10 December).
  Iacovides joins Darag from law firm Goldberg Segalla, where she
  was a partner in the London office. In her new position she will be
  responsible for broadening Darag's presence across Europe and
  safeguarding the company's client-centric relationship approach
  during growth.
  The appointment will become effective on 1 January. Iacovide
  
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• Alway leaves Jelf as Barton is named CEO

  10-12-2015 12:04
  Alex Alway, group CEO of Marsh-owned UK retail broker Jelf, is to
  step down to become a non-executive director of Marsh Ltd, the firm
  announced today (10 December).
  Alway bought into the broker 15 years ago and helped it grow
  turnover from £3.5mn to over £85mn in that period.
  Marsh unveiled Phil Barton as Alway's replacement. He will
  join Marsh UK & Ireland's executive committee, reporting to
  Marsh UK CEO Mark Weil.
  Barton has more than 30 years' experience as...
  
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• Allied World adds Guinn and Luck to board

  10-12-2015 12:04
  Allied World has added to its board of directors with the
  appointment of Patricia Guinn and Fiona Luck.
  Guinn was most recently managing director of Towers Watson's
  risk and financial services segment, but retired from her role in
  June this year.
  Luck, meanwhile, is a former chief of staff at XL Group and has
  also held senior roles at Ace and Marsh.
  Scott Carmilani, Allied World's president and CEO,
  commented, "Tricia and Fiona are terrific additions to our
  board of...
  
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• Higos aims for £25m income by 2020

  10-12-2015 11:57
  
  MD Ian Gosden out to prove general community broking can be as profitable as other models.
  
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• FCA urges further improvements on mobile phone insurance

  10-12-2015 11:53
  
  Peta Fuller Postonline The Financial Conduct Authority’s follow-up review into mobile phone insurance found while some firms have improved, there were still many who were not providing fair outcomes for customers.
  
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• Blog: What insurers need to know about Flood Re and the flood levy

  10-12-2015 11:32
  
  Karen Jenner Postonline Flood Re is the new UK reinsurance vehicle, established to provide a pooling facility to insurers for flood risks they feel unable to retain in their portfolios.
  
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• Video: Carl Shuker

  10-12-2015 11:30
  
  A-Plan's Carl Shuker explains why he thinks the broker's traditional high-street model is better than click-and-buy.
  
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• Marsh appoints Phil Barton as CEO of Jelf

  10-12-2015 11:25
  
  Current CEO Alex Alway to move to a non-executive director role.
  
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• Phil Barton succeeds Alex Alway as Jelf chief executive

  10-12-2015 11:11
  
  Alway to become non-executive director of Marsh’s UK-regulated entity
  
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• Arc Legal adds claims experts to its offering

  10-12-2015 11:11
  
  Peta Fuller Postonline Arc Legal will expand its portfolio of products via a distribution partnership with Lorega, announced today (10 December).
  
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• Willis urges shareholders to vote 'Yes' on final Towers offer

  10-12-2015 11:03
  
  Takeover terms are ‘best and final’ terms in $18bn offer
  
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• Brokers expected to “endure” as digital age looms

  10-12-2015 11:00
  
  Accenture report shows insurers are looking increasingly at digital distribution models and will expect brokers to change to align with this.
  
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• Flood claim volumes still 30% above normal despite slowdown

  10-12-2015 10:53
  
  Local power issues almost resolved but more rain on way, says Cunningham Lindsey
  
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• Europe: What's driving telematics growth

  10-12-2015 10:30
  
  Rutger Van der Wall Postonline Alongside North America, Europe so far represents the vast majority of all insurance telematics policies, with Italy and the UK leading the pack.
  
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• Chubb to offer cover against cyber bullying

  10-12-2015 10:21
  
  The insurer says policy will cover the cost of professional help, time of work and possible relocation
  
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• Insurers shifting towards wholly digital sales process, Accenture finds

  10-12-2015 09:49
  
  Katie Marriner Postonline More than half of insurers globally expect to have a wholly digital sales process in the next three years, according to research from Accenture.
  
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• Mobile phone insurance provider faces possible FCA action

  10-12-2015 09:33
  
  Mobile phone insurance market follow-up probe found some improvements, however this was not the case with many firms
  
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• L&G staff to vote in final strike ballot over potential Kingswood closure

  10-12-2015 08:40
  
  The final strike ballot will begin tomorrow and will end on 4 January
  
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• Hailo co-founder warns against uninsured 'Wild West' drone users

  10-12-2015 08:18
  
  Jay Bregman whose firm also develops control systems for unmanned aircrafts said cover was needed in case of accidents
  
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• Oak makes hires from Zurich for underwriting head

  10-12-2015 08:00
  
  Rowntree will report directly to Oak MD Mark Coffey
  
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• Oak makes hire from Zurich for underwriting head

  10-12-2015 08:00
  
  Rowntree will report directly to Oak MD Mark Coffey
  
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• ABI sets out insurer commitments to help Storm Desmond victims

  10-12-2015 07:00
  
  The commitments enshrine our promise to customers on what they can continue to expect from us - ABI
  
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