Insurance news

• Bruce Stevenson's pre-tax profit rockets 111% to £721,803

  08-01-2016 17:09
  
  Broker says it is well-positioned to maximise opportunities.
  
  Read more

• Axa moves 35 finance roles to India resulting in 33 UK redundancies

  08-01-2016 17:08
  
  Katie Marriner Postonline Axa has made 33 staff at its Lytham St Annes office in Lancashire redundant after a decision to move 35 credit control roles to Pune, India.
  
  Read more

• Axa makes 33 UK roles redundant

  08-01-2016 16:08 via insuranceage.co.uk
  
  Insurer says brokers won't be affected as roles servicing UK brokers move to India.
  
  Read more

• Fresh turnover grows to £11.2m

  08-01-2016 15:37
  
  Up from £8.3m in 2014 and operating profit increases to £1.7m.
  
  Read more

• Advertisement

• AXA makes 33 redundant in UK as 35 finance roles move to India

  08-01-2016 14:12
  
  The move was made following a review of AXA’s back office finance operations
  
  Read more

• Floods to push industry’s home COR to 108% - Deloitte

  08-01-2016 13:57
  
  Accounting firm predicts first home underwriting loss since 2007
  
  Read more

• Reinsurers can endure further softening: Bernstein

  08-01-2016 13:28
  Bernstein analysts have suggested that earnings are "not yet
  painful enough" and that reinsurers could withstand a further
  one to two rounds of softening.
  In their latest note published this morning (8 January), the
  analysts said that increased pressure on reinsurance rates and a
  suggested return on equity of between 6 and 7 percent in 2015 meant
  that the sector wasn't earning its cost of equity anymore.
  Despite this, Bernstein said it was unlikely that the
  reinsurance market had reached...
  
  Read more

• JLT hires Aon financial lines exec

  08-01-2016 13:28
  JLT Specialty USA has appointed Brad Kotlewski as senior vice
  president in its financial lines group and US private equity
  product leader, the broker announced yesterday (7 January).
  Kotlewski joins from Aon, where he was managing director of the
  private equity and transactional resolutions team. Prior to this he
  worked at Marsh and American International Group.
  In his new role, Kotlewski will be based in New York and will
  focus on delivering financial insurance-based products for the
  private eq
  
  Read more

• Advertisement

• IUA launches D&O group

  08-01-2016 13:28
  The International Underwriting Association has established a new
  London company market group for directors' and officers'
  (D&O) underwriters following demands from member firms.
  Some 11 companies have already nominated representatives to
  participate, with more expected to follow. The first meeting of the
  IUA D&O Underwriting Group is scheduled to take place on 26
  January at the association's offices at No 1 Minster Court. It
  will then convene on a monthly basis.
  Chris Jones, the IUA's di
  
  Read more

• ICA declares Western Australian bushfires a catastrophe

  08-01-2016 13:28
  The Insurance Council of Australia (ICA) has declared out of
  control bushfires in Western Australia's southwest region a
  catastrophe.
  In a statement released earlier today (8 January), the council
  said around 95 homes are believed to have been destroyed along with
  businesses and infrastructure.
  The ICA has yet to receive any reliable estimates of claims
  numbers as many evacuated residents have not yet been able to
  return to inspect their residences, but initial estimates put the
  value of insured
  
  Read more

• DE Shaw registers entire James River stake

  08-01-2016 13:28
  Keefe Bruyette & Woods (KBW) analyst Meyer Shields has played
  down suggestions that James River is about to be acquired after its
  majority shareholder registered all of its stake in the US P&C
  insurer in an S-3 filing yesterday (7 January).
  DE Shaw's approximately 14.1 million shares, equivalent to a
  49 percent holding, will be subject to a one-month waiting period
  and insider selling regulations thereafter, assuming US Securities
  and Exchange Commission (SEC) approval.
  The Bermuda-based
  
  Read more

• ArgoGlobal appoints head of casualty

  08-01-2016 13:28
  Lloyd's insurer ArgoGlobal has promoted Ryan Barnes to head
  of casualty for Syndicate 1200, it announced today (8 January).
  His promotion follows the departure of Paul Kneafsey, who has
  left the company to "pursue other interests", the company
  said.
  Barnes joined ArgoGlobal in 2011 as professional indemnity class
  underwriter. In his new role, he will be tasked with the continued
  expansion and diversification of ArgoGlobal's casualty
  portfolio, and will report to chief underwriting officer Bruno
  
  Read more

• Ace reshuffles Australian team following Chubb merger

  08-01-2016 13:28
  Ace has announced details of the leadership team that will run
  its combined Australian operation following the completion of its
  merger with Chubb.
  John French, Ace's country president for Australia and New
  Zealand, will continue to lead the new operation as country
  president.
  Scott Simpson, currently Chubb's Melbourne branch manager,
  will be head of the northern region, covering New South Wales and
  Queensland, the carrier announced today (8 January).
  As previously announced, Matthew Doquile, cu
  
  Read more

• Fresh direction for Norwegian Hull Club as new CEO takes the reins

  08-01-2016 12:41
  
  Peta Fuller Postonline Marine insurer Norwegian Hull Club’s new CEO Faz Peermohamed will review the club’s offering in a bid to identify new opportunities.
  
  Read more

• Aston Scott buys First Commercial Insurance Brokers

  08-01-2016 12:41
  
  Broker's directors to stay on with the firm.
  
  Read more

• Industry facing 108% COR for 2015 as floods wreak havoc on home profits

  08-01-2016 12:40
  
  Callum BrodiePostonline Insurers’ profitability for home insurance in 2015 has been put into freefall by the intense period of wet weather in December, with combined operating ratios for the year estimated to have deteriorated 16 percentage points to 108%.
  
  Read more

• Aston Scott makes first acquisition of 2016

  08-01-2016 12:35
  
  Essex-based First Commercial Insurance Brokers specialises in renovation projects, commercial and private client insurance
  
  Read more

• Deloitte predicts 108% industry ratio for personal home insurance

  08-01-2016 12:31
  
  Advisory firm expects first industry loss since 2007.
  
  Read more

• Two Gibraltar insurers close doors to new business

  08-01-2016 12:01
  
  Derwent and Preserve both wrote business solely in UK
  
  Read more

• Staff at L&G vote for industrial action over 1550 possible job cuts

  08-01-2016 11:55
  
  Insurer postpones Kingswood office closure to 2018 and looks at relocating some of its staff.
  
  Read more

• Thousands of policyholders see refund from Iceland-based Eric

  08-01-2016 11:43
  
  Peta Fuller Postonline More than 2600 customers of the failed Iceland-based insurer European Risk Insurance Company (Eric) have received premium refunds from the Financial Services Compensation Scheme.
  
  Read more

• Quiz of the week - 8 January

  08-01-2016 11:00
  
  Peta Fuller Postonline Test your knowledge of the week's insurance news with the Post insurance quiz of the week.
  
  Read more

• Detail on AIG strategy to be revealed

  08-01-2016 10:50
  
  Peta Fuller Postonline AIG will provide a strategy update and release its fourth quarter results on 26 January, following a number of cost-cutting measures last year in a bid to save up to $500m (£341m).
  
  Read more

• Blog: The IoT is a marathon, not a sprint, for insurers

  08-01-2016 10:30
  
  Matthew Thomas Postonline Customer propositions and experiences encompassing the Internet of Things are changing the way we live, from health trackers to remote heating controls. Even our white goods are getting smarter: Amazon has teamed up with manufacturers, allowing appliances to place an automatic order when their supplies are running low - your printer can buy toners while your water pitcher can order new filters.
  
  Read more

• AIG to present strategic vision on 26 January

  08-01-2016 10:14
  
  Chief executive Peter Hancock will provide plan to drive shareholder value 
  
  Read more

• Former Quindell sells units for nominal £1

  08-01-2016 09:45
  
  Watchstone disposes of property and maintenance services businesses to management
  
  Read more

• Blockchain can transform insurance, says Accenture

  08-01-2016 09:31
  
  Bitcoin infrastructure atracting investment from across the financial services industry
  
  Read more

• Solvency II is changing reinsurance buying – Guy Carpenter

  08-01-2016 07:30
  
  Reinsurance broker detected a shift to proportional reinsurance at 1 January
  
  Read more

• Ace announces future Australia management team

  08-01-2016 07:30
  
  Andrew Tjaardstra Postonline Ace has announced the leadership team in Australia once the acquisition of Chubb is completed.
  
  Read more

• AM Best negative on US commercial P&C sector

  08-01-2016 00:50
  Ratings agency AM Best has maintained its negative outlook on the
  commercial property and casualty (P&C) sector citing its
  expectation that there will be more downgrades than upgrades in the
  coming year.
  "This outlook largely reflects the same concerns that have
  been prevalent for some years now - moderation and declines in
  commercial lines pricing, the potential for adverse loss-reserve
  development, and low investment yields," the rating agency
  said.
  It expected the downgrades to be driven
  
  Read more

Follow @Insurance_UKnws on Twitter!