Insurance news

• Scor appoints new US and Canada leaders

  22-12-2015 18:01
  Scor has promoted a number of senior staff in its US and Canada
  operations as its former managing director for the North American
  hub stepped back to a non-executive role, the French reinsurer
  announced today (22 December).
  Paul Christoff, currently CFO of Scor's US P&C
  subsidiaries and the Americas hub, will become acting CEO for the
  hub in addition to his present role.
  Jean-Paul Conoscente has been named CEO of the company's US
  P&C operations. Conoscente joined the carrier in...
  
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• Baeza appointed chairman of Mapfre Asistencia

  22-12-2015 15:46
  Mapfre's service insurance subsidiary Mapfre Asistencia has
  appointed Ignacio Baeza as chairman of the board and its management
  committee.
  Baeza steps into the role from his current position as vice
  chairman of Mapfre and CEO of the group's operations in
  Iberia.
  He is set to replace Rafael Senén, the company announced in
  a statement today (22 December).
  Baeza will be joined by Alberto Berges, who was appointed
  general manager and chief operating officer of Mapfre
  Asistencia.
  Mapfre chairm
  
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• Investment in acquisitions drives fall in Cobra pre-tax profits

  22-12-2015 15:45
  
  But surplus funds from disposals have produced profits of £800,000 in current year and enabled Cobra to reduce bank debt
  
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• Car insurance rates accelerating as IPT rise kicks in

  22-12-2015 15:01 via insuranceage.co.uk
  
  Average best buy premiums increase 10.9% in the year to 30 November, according to market researchers.
  
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• Unrecovered stolen vehicles cost insurers £450m last year

  22-12-2015 14:54
  
  Peta Fuller Postonline Stolen vehicles not recovered by police represent an estimated £450m cost to insurers in 2014, based on figures from a Freedom of Information request by anti-fraud company Asset Protection Unit (APU).
  
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• Willis: P&I renewals unlikely to reach expectations

  22-12-2015 14:31
  Protection and indemnity (P&I) clubs are unlikely to achieve
  the average 2 percent premium increases they expect at the 2016
  renewals, according to Willis.
  The International Group (IG) market has announced an average
  general increase of around 2 percent - with two or three clubs at
  zero, the majority around 2.5 percent and one club at 5 percent -
  the broker said in its P&I market review report, published
  today (22 December).
  "It is almost certain, however, that market forces...
  
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• Fairfax acquires majority stake in Greek insurer

  22-12-2015 14:31
  Fairfax has entered into an agreement with Greek bank Eurobank
  Ergasias to acquire an 80 percent stake in Eurolife ERB Insurance
  Group for EUR316mn ($344mn), it announced today (22 December).
  The deal is expected to close by the end of the third quarter
  next year, subject to regulatory approval.
  Upon closing, Eurolife will continue to be managed by CEO
  Alexander Sarrigeorgiou and his team.
  Eurolife is the third largest insurer in Greece, with gross
  written premiums of EUR24mn as of...
  
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• Ace's Schmidt to head up Chubb Boston region

  22-12-2015 14:31
  Mitchell Schmidt is set to head up Chubb's operations in the
  Boston region once the US carrier is acquired by Ace.
  Schmidt will assume the role of senior vice president and
  regional executive officer of the region once the deal completes in
  the first quarter of next year.
  Schmidt was previously revealed as regional chief operating
  officer (COO) for Boston but has since been promoted after John
  Swords, who had been tipped to lead the region, decided to retire
  at...
  
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• P&I clubs to face premium pressure in 2016

  22-12-2015 12:31
  
  Peta Fuller Postonline Protection and indemnity insurance will face premium pressure at 1 January 2016 renewals, according to analysis from Willis Group.
  
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• Sompo enters extended warranty business

  22-12-2015 12:15
  Sompo Japan Nipponkoa has entered the extended warranty market
  with the acquisition of Product Warranty Japan (PWJ), it announced
  today (22 December).
  Sompo Holdings plans to acquire 100 percent of PWJ shares in
  late December 2015, making the firm a subsidiary of the group.
  Masaki Tabuchi, PWJ's current president, will become
  representative director.
  The deal consideration was not disclosed.
  PWJ had net sales of 3bn yen ($24.7mn) for the full year ended
  July 2015, and capital of 95bn yen.
  Sompo.
  
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• R&Q seals largest Part VII to date

  22-12-2015 12:15
  Legacy to live carrier Randall & Quilter (R&Q) is set to
  take responsibility for a run-off portfolio of marine mutual
  liabilities in its largest Part VII transfer so far.
  The book, Liverpool & London Steamship Protection &
  Indemnity Association, will be transferred to the group's Malta
  platform after receiving court approval yesterday (21
  December).
  The mutual was set up in 1881 to cover marine risks but went
  into run-off in February 2000.
  R&Q said the protection and indemnit
  
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• NexAssure appoints Malaysia operations director

  22-12-2015 12:15
  Third-party administrator NexAssure Management has appointed Brian
  Ong as operations director in Malaysia, it announced today (22
  December).
  Ong was previously head of operations for Mondial Assistance
  Malaysia and Singapore. He has more than 16 years of experience in
  the industry, with a client base spanning the medical, travel and
  roadside industries.
  Based in Kuala Lumpur, he will be responsible for overseeing
  NexAssure's operations and developing new business throughout
  the region.
  Harj Sand
  
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• Christmas Q&A with Laura High

  22-12-2015 12:07 via insuranceage.co.uk
  
  The Yutree director reveals her most shocking insurance moment of 2015.
  
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• Rebranded Quindell returns to AIM after £414m investor pay out

  22-12-2015 12:01
  
  The firm will now be known as Watchstone Group
  
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• Quindell returns to AIM after £414m shareholder pay-out

  22-12-2015 12:01
  
  The firm will now be known as Watchstone Group
  
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• Gauntlet adds three to AR network

  22-12-2015 11:59 via insuranceage.co.uk
  
  New additions are based in Lancashire and Greater Manchester as well as on the South coast of England.
  
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• Christmas Q&A with Neil Richards-Smith

  22-12-2015 11:24 via insuranceage.co.uk
  
  The NCI Insurance MD gives his overview of 2015 and looks ahead to the next 12 months.
  
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• FCA fines and bans broker over client money failings

  22-12-2015 11:22 via insuranceage.co.uk
  
  Chief executive found not to have understood the rules and regulations.
  
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• Broking Break: Insuring Father Christmas

  22-12-2015 11:13 via insuranceage.co.uk
  
  Who would insure Father Christmas? Colm Nugent, a barrister at Hardwicke, looks at the liabilities.
  
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• C-Suite - Insurer: A Diverse New Year

  22-12-2015 11:11
  
  Nigel Bamber Postonline When insurers reflect on 2015 there is no doubt it will be remembered as the year of new partnerships. Indeed, with the festive season upon us, there are plenty of companies in the market seeing in their first Christmas together. Alongside some major deals, there has also been plenty of flirtation among companies of all shapes and sizes and I am sure the new year will see this continue.
  
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• Contracting out of the Insurance Act 2015

  22-12-2015 10:30
  
  Bruce Hepburn and David Hertzell Postonline The Law Commissions consulted with the insurance market over eight years prior to the Consumer Insurance (Disclosures and Representations) Act 2012 and the Insurance Act 2015. Both Acts were based on the market's view of best practice.
  
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• Wholesale, multinational to be significant business sources - Aviva

  22-12-2015 09:57
  
  But Aviva’s chief distribution officer stressed that chasing premiums would not be part of the insurer’s growth strategy
  
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• Insurance industry has yet to 'crack' cyber offering – Aviva’s Bayles

  22-12-2015 09:53
  
  Phil Bayles says risk of cyber-attack is a clear and present danger to all companies, shapes and sizes
  
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• Renewal of DLG contract with RBS questioned by research firm

  22-12-2015 09:45
  
  Callum BrodiePostonline The future of Direct Line Group’s home insurance contract with RBS has been questioned in the aftermath of Nationwide’s decision to switch underwriting responsibilities to RSA.
  
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• Gable enters funding arrangement to meet Solvency II requirements

  22-12-2015 09:36
  
  As a result the insurer says this will reduce its reported profits for 2015 by around £2m
  
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• FCA fines broker for misusing client premiums

  22-12-2015 09:09
  
  Vroni O’Brien used inaccurate client money calculations for broker Joint Aviation when she did not understand the rules
  
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• FCA fines broker for misusing client money

  22-12-2015 09:09
  
  Vroni O’Brien used inaccurate client money calculations for broker Joint Aviation when she did not understand the rules
  
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