Insurance news

• Capita drops out of Xchanging race

  16-12-2015 19:01
  Capita has dropped out of the bidding race for UK outsourcer
  Xchanging after it failed to gain enough shareholder votes before
  its offer expired today (16 December).
  On 14 October, Capita announced a 160p per share cash offer for
  Xchanging that was, in the absence of a higher offer, recommended
  by the target company's board.
  However, on 9 December, Computer Sciences Corporation (CSC) made
  an offer that would see Xchanging shareholders receive 190p a share
  in cash, valuing the company...
  
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• Post magazine - 17 December 2015

  16-12-2015 17:50
  
  Cecile Brisson Postonline The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS app edition on the App Store or read the Post digital edition online.
  
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• Insurers should prepare for claims after MPs' fracking decision

  16-12-2015 17:48
  
  Katie Marriner Postonline Insurers must brace themselves for claims from disgruntled homeowners and businesses following MPs voting today (16 December) to allow fracking under national parks in the UK.
  
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• Takeover date announced for Crane at LV

  16-12-2015 17:40
  
  Peta Fuller Postonline Mike Crane will officially take over as managing director at LV broker on 1 January next year.
  
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• LV confirms Mike Crane’s start date as Broker MD

  16-12-2015 15:56
  
  Phil Bunker to move to non-exec role.
  
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• Mike Crane to step into LV= Broker MD role in January

  16-12-2015 15:48
  
  Crane’s replacement Euros Jones will join LV= Broker as commercial director in the first quarter of 2016
  
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• Fitch revises French non-life sector to negative

  16-12-2015 15:12
  Fitch Ratings has revised the sector outlook for French non-life
  insurers to negative from stable, as it expects premium growth and
  profitability to deteriorate in 2016, it announced today (16
  December).
  However, Fitch added that the outlook for the ratings of French
  non-life insurance companies remained stable.
  Fitch forecast a normalised combined ratio of 102 percent for
  the sector in 2015 and 103 percent for 2016, with non-life premium
  income expected to grow by 2.6 percent this year and 1.6.
  
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• Willis makes senior Bermuda captive and casualty hires

  16-12-2015 14:32
  Willis has made two senior appointments in its Bermudian casualty
  insurance and captive operations.
  Mike Fisher has been appointed senior vice president within
  Willis Bermuda's casualty insurance practice. He was most
  recently managing director and president of Integro's Bermuda
  office. Prior to working at Integro, Fisher was managing director
  and president at Marsh Bermuda.
  Nick Warren has been appointed managing director for
  Willis's captive operation, Willis Management (Bermuda) Ltd. He
  joins
  
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• AA: £250mn insured losses from UK's Storm Desmond

  16-12-2015 14:32
  Some £250mn ($378mn) of insured losses are expected from
  severe flooding caused by Storm Desmond, which battered the UK
  earlier this month, according to major insurance intermediary the
  AA.
  The county of Cumbria was hit by extreme flooding after heavy
  rain and winds of up to 80mph lashed the area on 4 December.
  The storm prompted the UK Met Office to issue a red severe
  weather warning for rain across parts of northern England and
  southern Scotland - the first...
  
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• Dave Smith joins Lockton as non-exec director

  16-12-2015 13:45
  
  Smith will advise the boards of Lockton and the broker’s managing general agency
  
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• UK non-Life company insurance outlook stable, says Fitch

  16-12-2015 13:33
  
  Motor premium rises likely to stall as whiplash curbs bite
  
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• 25% of London Market to rely on investments for profit in 2016

  16-12-2015 13:17
  
  PriceWaterhouseCoopers sees average London Market COR of 98%, or 95% with investment returns
  
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• Road cyclist Dowsett becomes Pedalsure ambassador

  16-12-2015 13:15
  
  Cecile Brisson Postonline Road racing champion Alex Dowsett has become an ambassador for cycling insurer Pedalsure.
  
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• London market insurers look to investment returns to support 2016 profitability

  16-12-2015 13:11
  
  Callum BrodiePostonline One in four London market insurers will rely on investment returns to prop up profits in 2016 amid predicted premium rate reductions of more than 10%, according to a PWC review.
  
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• Tysers hires director for UK corporate division

  16-12-2015 12:04
  Independent Lloyd's broker Tysers has appointed Colin Fraser as
  director of its UK corporate risks division.
  The executive is joining from financial services professional
  indemnity specialist Grosvenor Brokers.
  Fraser, who has more than 28 years' experience, will be
  joined by Grosvenor colleague James Clowes.
  Commenting on the appointments, Tysers CEO Chris Elliott said:
  "Their combined skills and expert knowledge in the financial
  services sector will be a great asset as we continue to work
  towa
  
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• Mapfre to offer travel insurance through Asda

  16-12-2015 12:02
  
  Companies discussing additional products, distribution plans
  
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• DWF to acquire German law firm Bridgehouse Law

  16-12-2015 11:58
  
  Callum BrodiePostonline Defendant law firm DWF is to acquire German international commercial firm Bridgehouse Law on 1 January 2016.
  
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• Lloyd's to support insurance derivatives with market index

  16-12-2015 11:25
  Lloyd's has unveiled plans to launch an insurance-based
  index that would form the basis of index-related products of
  interest to the wider capital markets.
  Lloyd's claimed this would be the first index for
  diversified risk - showing loss ratios premiums versus claims for
  the Lloyd's market on an aggregated basis - and would focus
  entirely on insurance performance.
  Slated a for mid-2016 launch, the Corporation said that detailed
  insight into the performance of the market would provide managing
  ag
  
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• Allied World launches global crisis management division

  16-12-2015 11:25
  Allied World has established a new global crisis management
  division, which will provide cover for structured trade credit,
  political risk, multi-buyer trade credit and product recall.
  Todd Germano leads the team as executive vice president of the
  new division. Germano was previously president of US P&C at the
  carrier.
  The new division will offer products that provide coverage to
  help organisations prepare for, manage, and recover from issues and
  incidents that threaten brand, reputation, fi
  
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• Building Block, Nova launch GAP product

  16-12-2015 11:06
  
  Brokers can offer GAP cover for customers’ cars
  
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• Aston Scott operating profits climb 22.1%

  16-12-2015 10:59
  
  Broker plans to make targeted acquisitions over the coming year to supplement organic performance
  
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• Operating profit soars 22% at Aston Scott

  16-12-2015 10:58
  
  Turnover and Ebitda also up at broker for 2015.
  
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• Towergate seeking to grow advisory sales force by 100

  16-12-2015 10:22
  
  Recruitment drive would add 25% to current sales headcount.
  
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• Covéa revamps private car policy

  16-12-2015 09:45
  
  Broker has used behavioural economics to redesign policy documents in order to aid customer understanding.
  
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• Towergate to add 100 to advisory sales team

  16-12-2015 09:36
  
  Company plans to expand branch network over next two years
  
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• European insurers claim local regulators are ‘gold plating’ Solvency II

  16-12-2015 09:27
  
  But survey finds majority are ready for 1 January introduction of new regime
  
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• Covéa uses behavioural techniques to make policies easier to understand

  16-12-2015 09:21
  
  Stephanie Denton Postonline Covéa Insurance has revamped its private car policy with the aim of making it easier to understand and more appealing for customers to read.
  
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• MP calls for action on flood insurance for Cumbria

  16-12-2015 09:09
  
  Communities could be abandoned if flood insurance problem not tackled
  
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• Nova partners with Building Block on Gap insurance

  16-12-2015 08:30
  
  Insurer claims the deal will deliver more choice for customers.
  
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• GAP product to go to market via Maltese PCC

  16-12-2015 08:30
  
  Peta Fuller Postonline Maltese protected cell company Building Block will partner with UK-based broker Nova Insurance to provide a new guaranteed asset protection (GAP) product.
  
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• AmTrust announces stock split

  16-12-2015 00:40
  New York-listed insurer AmTrust has announced a two-for-one
  stock split that will see the carrier's share base increase to
  around 176 million.The split will be implemented through a 100 percent stock dividend
  that will be handed out to shareholders after markets close on 2
  February next year.The additional share for each outstanding common stock will be
  available for shareholders of record at close of business on 19
  January 2016.The carrier said that it expected common stock to...
  
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