Insurance news

• Aviva puts breaks on mass whiplash claim involving 46 passengers

  07-01-2016 21:10
  
  Insurer lashes out at ‘outrageous scale’ of fraud as it revealed sucessful fight against claimants whose party bus collided with a Ford FiestaWhen a Ford Fiesta collided with a double-decker party bus packed with revellers on a roundabout in Crewe it could have been a very nasty accident. Luckily the Fiesta was travelling at less than 10mph and there was just a small split in the car’s bumper and a £70 bill to fix the bus. Then came the real impact – a £250,00
  
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• Aviva puts brakes on party bus whiplash claim

  07-01-2016 21:10
  
  Insurer lashes out at ‘outrageous scale’ of fraud as it revealed successful fight against 46 claimants whose party bus collided with a Ford FiestaWhen a Ford Fiesta collided with a double-decker party bus packed with revellers on a roundabout in Crewe it could have been a very nasty accident. Luckily the Fiesta was travelling at less than 10mph and there was just a small split in the car’s bumper and a £70 bill to fix the bus. Then came the real impact – a £25
  
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• Aviva puts brakes on mass whiplash claim involving 46 passengers

  07-01-2016 21:10
  
  Insurer lashes out at ‘outrageous scale’ of fraud as it revealed sucessful fight against claimants whose party bus collided with a Ford FiestaWhen a Ford Fiesta collided with a double-decker party bus packed with revellers on a roundabout in Crewe it could have been a very nasty accident. Luckily the Fiesta was travelling at less than 10mph and there was just a small split in the car’s bumper and a £70 bill to fix the bus. Then came the real impact – a £250,00
  
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• Specialty lines hit hardest at January renewals

  07-01-2016 20:21
  Guy Carpenter said that specialty reinsurance lines experienced
  some of the greatest rate reductions during the January
  renewals.
  At a press briefing today (7 January), the global reinsurance
  broker estimated marine and energy rates were down 5 to 20 percent,
  while aviation lines fell by 10 to 20 percent, and credit and
  political risk dropped by approximately 7.5 to 12 percent.
  The broker's global property catastrophe rate-on-line index
  fell 8.8 percent, compared to 11 percent a year earlier, an
  
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• AIR promotes Churney to president

  07-01-2016 20:21
  AIR Worldwide has appointed Bill Churney as president to replace
  Ming Lee, who retired on 1 January.
  Lee has spent 20 years at the modelling company, where he will
  continue in a non-executive role until June 2016.
  Churney joined AIR in 2002 and most recently served as chief
  operating officer, where he was responsible for overseeing its
  strategic direction and operations.
  Scott Stephenson, CEO of AIR's parent company Verisk
  Analytics, said Churney had been an invaluable member of the
  firm...
  
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• Innovation Broking uses venture capital to drive growth

  07-01-2016 17:20
  
  MD Howard Pearson said firm is using investment from Albion Ventures.
  
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• McDermott drops out of running for FCA CEO

  07-01-2016 16:56
  Tracey McDermott, acting CEO of the Financial Conduct Authority
  (FCA), has withdrawn from the regulator's process to find a
  permanent chief executive.
  In a statement released by the UK watchdog today (7 January),
  the FCA said McDermott had taken the decision in early December and
  would remain in situ until a permanent replacement had started
  work.
  Her decision is a surprise as she had been hotly tipped by the
  City to take the position, having been well-regarded since she was...
  
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• Reinsurers get more comfortable with UK motor as PPOs fall

  07-01-2016 15:05
  
  Reinsurers were more willing to offer less restrictive cover at 1 January renewals, says Guy Carpenter
  
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• High Court approves Sterling integration into Covéa

  07-01-2016 14:00
  
  The combined business has written premiums approaching £600 million and employs almost 1400 people
  
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• FCA head McDermott out of running for top job

  07-01-2016 13:53
  
  Peta Fuller Postonline The Financial Conduct Authority has confirmed Tracey McDermott had ruled herself out of the top job at the regulator, following comments by Chancellor George Osborne today (7 January).
  
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• Aviva successfully defends ‘bogus’ whiplash claims worth £250,000

  07-01-2016 13:47
  
  46 party-goers in bus made claims despite seeking no medical help and continuing onto party after collision 
  
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• Tracey McDermott rules herself out as FCA chief

  07-01-2016 13:40
  
  McDermott does not want to stay on as full-time FCA CEO.
  
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• Covéa confirms completion of Sterling integration

  07-01-2016 13:39
  
  Katie Marriner Postonline Sterling Insurance is no longer a separate trading entity having formally integrated into Covéa Insurance on 1 January 2016.
  
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• Henderson opens Harrogate office

  07-01-2016 13:37
  
  Family run broker says acquisitions will boost annual revenues to about £35m
  
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• Henderson opens in Harrogate

  07-01-2016 13:36
  
  New addition takes network of offices to 14.
  
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• XL Catlin promotes Elder to CUO for Americas marine

  07-01-2016 13:31
  Anne Marie Elder, formerly senior vice president and chief
  underwriting officer (CUO) for inland marine in North America, has
  been promoted to CUO for marine in the Americas at XL Catlin.
  Her predecessor Richard DeSimone, who recruited Elder in 2011,
  retired from the carrier on 31 December 2015.
  She will report to Lee Meyrick, XL Catlin's CUO for global
  marine, who commented: "Anne Marie's priority will be to
  focus on shaping our Americas marine team for the future to ensure...
  
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• Markel hires trade credit underwriter

  07-01-2016 13:31
  Markel International has appointed Nicola Marriage as senior
  underwriter in its trade credit division, the specialty insurer
  announced today (7 January).
  Marriage joins from Novae, where she worked for more than eight
  years as class underwriter covering a broad portfolio of credit and
  political risks. She has also held roles at CIFS, Coface and Euler
  Hermes.
  In her new position Marriage will work to develop and expand the
  division's portfolio by focusing on contract frustration,
  structured trade
  
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• Fitch warns of further pressure on reinsurers in 2016

  07-01-2016 13:31
  The January renewal season demonstrated that market pricing for
  global P&C reinsurance has yet to reach a floor, according to
  Fitch Ratings.
  Negative ratings actions on P&C reinsurers could occur in
  the year ahead, with even current pricing levels likely to generate
  returns only just in excess of reinsurers' cost of capital.
  The situation would be exacerbated if there are further material
  price drops or if there is "disorderly competition",
  Fitch said.
  The abundance of capacity combined
  
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• Arch Re adds duo of underwriters

  07-01-2016 13:31
  Arch Re has hired John Willemsen and Bill Hopkins to join its
  underwriting team based in Morristown, New Jersey, the carrier
  announced yesterday (6 January).
  Willemsen has more than 30 years of industry experience, most
  recently at Munich Re, where he headed up the team developing the
  reinsurance giant's programmes business.
  In his new role as managing director, he will develop and expand
  Arch Re's programmes business.
  Hopkins joins from American International Group, where he was
  head of financi
  
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• IUA sets up D&O group for company market underwriters

  07-01-2016 13:25
  
  Katie Marriner Postonline The International Underwriting Association has established a London company market group for directors' and officers' underwriters.
  
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• Ifed inquiry leads to jail time for income protection fraudster

  07-01-2016 12:27
  
  Callum BrodiePostonline A 28-year-old man has been jailed for more than three years after he attempted to defraud two insurance companies out of £97,824 for lost income for a job he never had due to an illness he falsely claimed to be suffering from.
  
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• Law firm Parabis pays £7m to insurers to settle ABS debts

  07-01-2016 11:53
  
  DLG will also become sole owner of its ABS while RSA will enter into joint venture with Carpenters
  
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• McDermott not interested in FCA job, says Osborne

  07-01-2016 11:35
  
  Acting chief said to have pulled out of running before Christmas
  
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• Aviva investigation puts brakes on party bus claimants

  07-01-2016 11:20
  
  Callum BrodiePostonline Aviva has successfully quashed attempts by passengers on a double-decker ‘party bus’ to erroneously claim more than £250,000 for whiplash injuries supposedly caused by a minor collision.
  
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• UK floods to 'significantly weaken' 2015 earnings, says Fitch

  07-01-2016 11:08
  
  Peta Fuller Postonline Ratings agency Fitch said the impact from recent flooding in the UK could weaken earnings for some firms and take the year combined ratio above 100%.
  
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• Flooding costs could push industry COR above 100%, says Fitch

  07-01-2016 10:44
  
  Specialists say impact is unlikely to affect the ratings of insurers.
  
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• Transactor partners with Zurich

  07-01-2016 10:23 via insuranceage.co.uk
  
  Deal focuses on personal lines products.
  
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• Gang of eight convicted in motor fraud

  07-01-2016 10:15
  
  Peta Fuller Postonline A crash-for-cash scam, which saw insurers pay out more than £120,000 to fraudsters, has seen another man convicted of conspiracy to defraud.
  
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• Principal buys BikeTeam from iGO4 Partners

  07-01-2016 10:00
  
  Deal transfers book of 5,000 motorcycle policies to the broker.
  
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• ​UK storms will significantly weaken 2015 household insurer earnings - Fitch

  07-01-2016 09:42
  
  Fitch also warns that failure to keep up flood defence spending could lead to higher-than-expected claims for the UK’s Flood Re scheme
  
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• FSCS refunds premiums owed to 2,600 customers of failed insurer ERIC

  07-01-2016 08:54
  
  FSCS says it is working with ERIC to determine the payment details of the remaining policyholders
  
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• Man found guilty in £120,000 crash for cash con

  07-01-2016 08:37
  
  Rajesh Kurmi is part of a gang of eight that are due to be sentenced in March
  
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• Principal buys iGO4's motorcycle book

  07-01-2016 08:00
  
  The sale will leave iGO4 to concentrate on its core businesses; private motor, van and home insurance 
  
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• DUAL finance head Andy Elston leaves

  07-01-2016 07:30
  
  Role being performed by Angus Watson in interim
  
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• ABI’s Dalton slams ‘misdirected’ calls to extend Flood Re to SMEs

  07-01-2016 07:30
  
  General insurance policy director suggests flood solutions for businesses
  
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• MSIG Singapore to review haze exemption in travel policies

  07-01-2016 07:28
  
  Andrew Tjaardstra Postonline MSIG has promised to review its "travel inconvenience" sections after being criticised for not covering passengers delayed by widespread haze from Indonesia last year.
  
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• MSIG in Singapore to review haze exemption in travel policies

  07-01-2016 07:28
  
  Andrew Tjaardstra Postonline MSIG has promised to review its "travel inconvenience" sections after being criticised for not covering passengers delayed by widespread haze from Indonesia last year.
  
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