Insurance news

• Industry leaders: higher rates could impact alt capital appetite

  17-12-2015 17:42
  The increase in US interest rates could have an impact on
  alternative capital's appetite for the (re)insurance industry,
  according to panelists at the EY (Re)Insurance Outlook event in
  Bermuda today (17 December).
  The move by the US Federal Reserve to increase its interest
  rates for the first time in a decade with a 0.25 percent hike could
  signal further increases in 2016 and 2017.
  And against a backdrop of deteriorating underwriting conditions,
  Ironshore CEO Kevin Kelley suggested that matching
  
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• 81 convicted in largest ever ‘crash for cash’ bust

  17-12-2015 17:14
  
  Tricksters attempted to sting insurers for 28 fraudulent crashes 
  
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• Industry must rise to protection gap challenge: Duperreault

  17-12-2015 16:38
  The (re)insurance industry has a "collective
  obligation" to address the "massive" protection gap
  between the developed and emerging economies, according to Hamilton
  Insurance Group CEO Brian Duperreault.
  Speaking at the EY Global (Re)Insurance Outlook event in Bermuda
  today (17 December), the executive noted that of an estimated
  $1.7tn of global losses in 2014, $1.3tn were uninsured.
  The former Ace and MMC chief highlighted the microinsurance
  venture incubator, Blue Marble, put together by compa
  
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• Besso to pursue growth with Clydesdale Bank funding

  17-12-2015 13:07
  
  Broker says it worked closely with shareholders in considering options.
  
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• Desmond floods

  17-12-2015 13:02
  Tracey Jones Postonline Read all the news, analysis and first-person accounts of Storm Desmond, the Cumbria floods and the insurance world's response.
  
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• Collinson fraud manager to be honoured by Police

  17-12-2015 12:41
  
  Mathew Crawford-Thomas’s work with IFED to feature on TV in New Year
  
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• Fitch downgrades French non-life sector forecast

  17-12-2015 12:39
  
  Peta Fuller Postonline The French non-life insurance sector has seen a revised outlook to negative from Fitch Ratings, moving the sector from its previously stable rating.
  
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• Direct Line Group losing Nationwide is ‘a blow’ – analyst

  17-12-2015 12:26
  
  Analyst reaction in aftermath of RSA winning deal from DLG
  
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• Rates will be down more than 10% in 2016: PwC

  17-12-2015 12:23
  London market participants are expecting rate reductions of more
  than 10 percent across some lines in 2016, according to a report
  from PwC released yesterday (16 December).
  The research found that underwriting confidence in the London
  market continued to decline as significant risk-adjusted rate
  reductions were expected across most classes in 2016.
  This follows double-digit risk-adjusted reductions this year in
  property reinsurance and energy.
  The research stated that these reductions would be c
  
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• Qatar Re secures Dubai licence

  17-12-2015 12:23
  Qatar Re has been granted a licence to write business in the
  Dubai International Financial Centre (DIFC), the company said
  yesterday (16 December).
  The reinsurer will offer facultative and treaty reinsurance for
  marine, aviation and transport, property, construction and
  engineering, energy, liability and personal accident classes to
  clients from the Middle East, Africa and Asia.
  The licence became effective from 22 November 2015.
  Qatar Re's DIFC branch will be headed by senior executive
  officer
  
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• Nexus acquires personal accident MGA

  17-12-2015 12:23
  Expansionist London market managing general agency (MGA) Nexus
  Underwriting Management has acquired specialist personal accident
  MGA Millstream Underwriting for an undisclosed consideration, it
  said in a statement today (17 December).
  Millstream is a travel personal accident and sickness insurance
  MGA with backing from Allianz and Arch.
  The MGA provides cover for over 60,000 police personnel and
  their families, 14,000 doctors and 3,000 members of the armed
  forces. It was founded 16 years ago.
  Th
  
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• Lockton picks up Brazilian business

  17-12-2015 12:23
  Lockton's Brazilian subsidiary has acquired specialist
  insurance and employee benefits broker VIS Corretora de Seguros e
  Beneficios Ltda (VIS).
  The terms of the agreement were not disclosed in yesterday's
  (16 December) announcement, but the acquisition is expected to be
  fully integrated into Lockton Brazil's São Paulo offices
  by early January.
  Nicholas Weiser, CEO and co-founder of São Paulo-based VIS,
  will also be joining Lockton Brazil's executive committee on 1
  January.
  Tony Gus
  
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• ICA declares New South Wales storms a catastrophe

  17-12-2015 12:23
  The Insurance Council of Australia (ICA) has declared a
  catastrophe after severe storms battered New South Wales yesterday
  (16 December).
  As of 9.30am local time on 17 December, insurers had already
  received around 1,000 claims, with losses estimated at A$8mn
  ($5.7mn), the body said in a statement today. The loss figures are
  expected to rise in the coming days as new claims are lodged.
  The storms brought wind speeds in excess of 200km/h, together
  with heavy rain and hail, resulting...
  
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• Hiscox re-enters marine cargo with XL Catlin hire

  17-12-2015 12:23
  Hiscox has re-entered the marine cargo market with the hire of
  XL Catlin's Richard Golder, it announced today (17
  December).
  Golder, previously senior class underwriter at XL Catlin, will
  take on the role of marine cargo line underwriter. Jack Bryan, who
  also joins from XL Catlin, will take on the role of marine cargo
  underwriter.
  Simon Williams, head of marine and energy at Hiscox, said:
  "We have made no secret of our desire to formally re-enter the
  marine cargo business...
  
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• Bernardino gets second term at Eiopa

  17-12-2015 12:23
  Gabriel Bernardino will serve a second five-year term as
  chairman of the European Insurance and Occupational Pensions
  Authority (Eiopa), the European Parliament confirmed yesterday (16
  December).
  Bernardino will begin his second term on 1 March 2016.
  Commenting on the news, Bernardino said that in the past five
  years, Eiopa had grown into an entity with a strong voice and had
  become a driving force in regulatory convergence.
  "We have been delivering high quality regulation, technical
  advice and
  
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• Allied World hires Asia marine head

  17-12-2015 12:23
  Allied World has appointed Tim Cooke as vice president and
  regional head of marine for Asia, it announced today (17
  December).
  Cooke joins the company from Marsh, where he was regional
  managing director for marine cargo. He has also previously held
  senior management roles for Willis in New York and the Asia Pacific
  region.
  In his new role, Cooke will be based in Hong Kong, and will
  report to Bart Grefe, senior vice president and head of marine for
  Allied...
  
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• AGCS Nordics and Eastern Europe CEO leaves

  17-12-2015 12:23
  Stig Jensen, Allianz Global Corporate & Specialty (AGCS)'s
  CEO for the Nordic region and Eastern Europe, has left the company.
  AGCS said in a statement today (17 December) that Jensen will be
  replaced by Peter Hecht-Hansen, who has been named CEO of Nordics,
  Russia and Turkey.
  Hecht-Hansen joins from Allianz affiliate Euler Hermes, where he
  was Nordic director.
  The incoming executive will take up the role on 1 February,
  reporting to Carsten Scheffel, chief executive of regions and
  markets at
  
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• Fraudster jailed for exaggerating accident at work

  17-12-2015 12:18 via insuranceage.co.uk
  
  QBE brought contempt of court proceedings against Jeremy Heffer.
  
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• Nationwide deal cements us as the top home player – RSA

  17-12-2015 12:16
  
  RSA closing in on a billion pound intermediated account following Nationwide deal
  
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• Besso secures funding from Clydesdale Bank

  17-12-2015 12:11
  
  Finance will pay off BP Marsh loans and fund future growth
  
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• New CEO for Nordics, Russia and Turkey at AGCS

  17-12-2015 12:02
  
  Peta Fuller Postonline Peter Hecht-Hansen has been appointed CEO of Nordics, Russia & Turkey at Allianz Global Corporate & Specialty, subject to regulatory approval.
  
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• BLM becomes ABI’s first associate member

  17-12-2015 11:57
  
  Stephanie Denton Postonline Law firm BLM has become the Association of British Insurers’ first associate member.
  
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• Law firm BLM becomes ABI's first associate member

  17-12-2015 11:45
  
  New membership category reflects variety of partners and suppliers to insurance industry
  
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• Integro expects further deals in 2016

  17-12-2015 11:17
  
  The organisation will continue to focus on niche sport and entertainment lines as it seeks further growth.
  
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• RSA lands Nationwide account from DLG

  17-12-2015 10:46
  
  Peta Fuller Postonline RSA will take over from Direct Line Group as underwriter for all of Nationwide’s home insurance products.
  
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• RSA wins Nationwide home contract from DLG

  17-12-2015 10:41
  
  Deal contributed £202m to DLG’s 2014 GWP 
  
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• Europe: Russian insurance market, preliminary 2015 results and 2016 forecasts

  17-12-2015 10:30
  
  Paul Koshik Postonline Post asks experts at the Central Bank of Russia to share their views on how the domestic insurance market fared in 2015, and their predictions for the coming year.
  
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• Nexus adds to specialist team with Millstream Underwriting

  17-12-2015 10:27
  
  Peta Fuller Postonline Nexus Underwriting Management has continued its growth, acquiring Millstream Underwriting today (17 December).
  
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• Hiscox to re-enter marine cargo underwriting with hire from XL Catlin

  17-12-2015 10:27
  
  Richard Golder has 25 years experience in the niche line of business
  
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• Covéa poised to launch direct arm

  17-12-2015 10:24 via insuranceage.co.uk
  
  Direct motor insurance is set to go live in 2016 but insurer highlights commitment to intermediated market.
  
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• Nexus buys Millstream Underwriting

  17-12-2015 10:17 via insuranceage.co.uk
  
  MGA makes its second purchase of 2015.
  
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• Covéa to launch direct motor proposition in early 2016

  17-12-2015 10:15
  
  The insurer has been planning a direct offering since 2012
  
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• Covéa to enter direct motor market in 2016

  17-12-2015 10:15
  
  Peta Fuller Postonline Covéa Insurance will launch a direct motor insurance offering, with a live date planned for early 2016.
  
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• Internet of Things will drive revenue growth say global insurers

  17-12-2015 10:04
  
  Sixty per cent of global insurers are already engaging in connected devices
  
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• Claims set to increase after controversial fracking vote

  17-12-2015 09:30
  
  Vote was held without parliamentary debate
  
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• Governing bodies agree on EU Data Protection Reforms

  17-12-2015 09:11
  
  The reforms look set to create a Digital Single Market
  
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• AIG authorises further $3bn share repurchase

  17-12-2015 02:17
  AIG's board has signalled a pick-up in its capital repatriation
  plans with the approval of a further $3bn share repurchase
  programme as the carrier continues its efforts to stave off
  activist investors.Since this time last year, AIG has repurchased around $9.7bn of its
  own common stock and with the latest authorisation, it now has
  around $4.3bn that can be used for additional buybacks."This additional authorisation will enable AIG to continue
  returning excess capital to shareholders, while final
  
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