Insurance news

• Swett wins injunction in Worldwide poaching dispute

  20-01-2016 22:13
  US wholesale broker Swett & Crawford has been granted a
  temporary restraining order in a dispute with rival Worldwide,
  which hired a number of Swett's producing brokers.
  Swett & Crawford has accused its smaller rival of devising a
  scheme to "systematically and deliberately" strip it of
  some key employees - who it alleged stole sensitive renewal
  data.
  The up-for-sale Cooper Gay-owned business is seeking more than
  $1mn in damages after ten brokers left the business in a
  "coordinated joint-
  
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• XL Catlin opens third Australian office

  20-01-2016 17:19
  XL Catlin has opened a new office in Brisbane - its third in
  Australia.
  The office will be staffed initially by Geoff Still and Steve
  Rogers, who will cover property and casualty underwriting
  respectively, with expansion planned into other lines over
  time.
  Steve Williamson, regional engineering leader for XL
  Catlin's property engineering division - global asset
  protection services, will also be based at the Brisbane office.
  Still has been with XL Catlin since 2013, and has more than 15
  years&
  
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• UK brokers face FSCS levy

  20-01-2016 17:19
  The UK's Financial Services Compensation Scheme (FSCS) will
  charge brokers an indicative levy of £19mn ($27mn) for
  2016/17.
  Insurers, meanwhile, will pay a £94mn contribution towards
  the £363mn total the FSCS is charging the UK financial sector
  in 2016/17.
  The overall funding levy - which is charged to UK financial
  services firms across eight classes of business - is up 14 percent
  on £319mn for the 2015/16 period.
  The new figures were included in the FSCS plan and budget
  
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• QIC top line increases 49% in 2015

  20-01-2016 17:19
  Expansive international (re)insurance group Qatar Insurance
  Company (QIC) has reported that its gross written premiums (GWP)
  soared by 49 percent to $2.2bn in 2015.
  The owner of Qatar Re and Lloyd's carrier Antares said its
  P&C business generated the most growth, with GWP increasing by
  63 percent. Marine and aviation scored a 2 percent uplift, while
  life and health premiums expanded by 31 percent.
  Reinsurance premiums more than doubled, growing at a rate of 116
  percent, and now account for..
  
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• Aspen acquires US crop MGA AgriLogic

  20-01-2016 17:19
  Aspen Insurance has acquired US crop insurance operation AgriLogic
  Insurance Services for an undisclosed amount.
  Kansas-headquartered AgriLogic is a specialist US crop managing
  general agency with an integrated consultancy that produces an
  estimated $185mn in gross written premiums.
  AgriLogic president and CEO Joe Davis will continue in his role,
  reporting to Brian Boornazian, chairman of Aspen Re. The firm will
  ultimately form part of Aspen's existing reinsurance
  operations, led by group head o
  
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• Post Magazine - Issue date 21 January 2016

  20-01-2016 16:40
  
  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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• PIB opens new offices while negotiating acquisitions

  20-01-2016 15:23
  
  CEO Brendan McManus says it will be a top 20 broker in five years time.
  
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• Zurich shares plunge 9% on Q4 profit warning

  20-01-2016 13:16
  Shares in Zurich Insurance Group slumped by almost 9 percent
  this morning (20 January) as shareholders reacted to the
  carrier's fourth-quarter profit warning.
  As of 11.30am UK time Zurich's stock was trading at SwF225.3
  per share ($224), an 8.7 percent decrease from when markets opened
  in Switzerland.
  The fall knocked around SwF3.1bn off the company's opening
  market capitalisation.
  The insurance giant informed its investors that it was
  anticipating a $275mn loss related to storms Desmond, Eva an
  
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• AIG split likely to be ratings negative: CreditSights

  20-01-2016 13:16
  Analysts at bond research house CreditSights have warned that
  American International Group (AIG)'s credit ratings could be
  hit if it decides to de-conglomerate.
  Yesterday (19 January), activist investor Carl Icahn piled the
  pressure on AIG's board after penning an open letter
  criticising what he claimed was the management's inaction over
  the insurance giant's future strategy.
  Icahn and others have repeatedly called for AIG to consider
  splitting itself up into smaller companies to realise shareho
  
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• Mid-market push in Manchester for Axa

  20-01-2016 13:07
  
  Peta Fuller Postonline Andy Williamson has been appointed as Axa’s Manchester branch manager in a move to push the company’s ambitions in the region.
  
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• AXA hires new Manchester branch manager from Zurich

  20-01-2016 12:57
  
  Andy Williamson to further insurer’s mid-market push
  
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• Apil president accuses insurers of 'hijacking' fraud taskforce

  20-01-2016 12:49
  
  Callum BrodiePostonline The Association of Personal Injury Lawyers’ president Jonathan Wheeler has accused the insurance industry of “hijacking” the insurance fraud taskforce and has expressed disappointment at its final recommendations.
  
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• JLT Re taps Cooper Gay to build marine team

  20-01-2016 11:41
  JLT Re has hired Martin Stephenson to join its marine and energy
  team, the broker announced today (20 January).
  Stephenson will join from Cooper Gay, where he was managing
  director of the combined reinsurance business.
  At JLT Re, Stephenson will chair the marine and energy division
  management committee, working closely with division head Nick Jay.
  He will be based in London.
  Mike Reynolds, JLT Re global CEO, said, "Martin shares the
  JLT Re commitment to service excellence and a client-first...
  
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• Guy Carpenter appoints Benelux managing director

  20-01-2016 11:41
  Guy Carpenter has hired Susanne Miller-van der Schild from Dutch
  bancassurer SNS Reaal as managing director of its Benelux
  operations.
  Miller-van der Schild will be responsible for further developing
  Guy Carpenter's platform in the region, and in particular
  strengthening its position in the Dutch market, the reinsurance
  broker said in a statement today (20 January).
  Most recently, Miller-van der Schild held the role of group
  reinsurance and insurance manager for SNS Reaal. Prior to that she
  also
  
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• Everest Specialty hires FI head

  20-01-2016 11:41
  Everest Re has hired Charles Higham as vice president and leader of
  the Financial Institutions (FI) Group at its Everest Specialty
  Underwriters US FI and professional liability unit, the global
  carrier announced yesterday (19 January).
  Higham joins from Zurich North America, where he led the
  financial institutions group.
  He began his career at Gulf Insurance Group and held several
  underwriting and management positions in the international and
  financial institution departments at both The Hartfor
  
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• Charles Taylor builds aviation team in Middle East

  20-01-2016 11:41
  Loss adjuster Charles Taylor has appointed Richard Jackson as
  resident aviation surveyor and adjuster for its Middle Eastern
  aviation team in Dubai, it announced today (20 January).
  Jackson was previously based in Charles Taylor's London
  office, having joined the company in 2015 from a rival adjuster. He
  previously worked as an aviation engineer with international
  airlines including Virgin Atlantic, British Airways and Monarch
  Airlines.
  In his new role Jackson will be responsible for strengtheni
  
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• BMS hires cyber risk specialist

  20-01-2016 11:41
  Specialist (re)insurance broker BMS Group has appointed Ryan Jones
  as director of cyber risk intelligence with immediate effect, it
  announced today (20 January).
  Jones previously worked as a senior risk adviser and as
  information risk and compliance officer at Blackthorn Technologies.
  He advised a number of (re)insurance brokers, Lloyd's
  syndicates and (re)insurance businesses on cyber protection, risk
  management and building and managing enterprise risk management
  programmes.
  Jones reports to B
  
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• Brokers struggle to budget with 'yo-yo effect' of FSCS levy - Steve White

  20-01-2016 11:06
  
  White is confident is that FCA is committed to FSCS levy review
  
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• Micropigs may prove troublesome to insure as pets

  20-01-2016 10:19
  
  Vets and insurers might treat them as farm animals, says software house Aquarium
  
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• Travel insurance cover that settles claims within minutes to launch in UK

  20-01-2016 10:18
  
  PassportCard technology that enables claims to be paid in “real time” is underpinned by analytics 
  
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• Travel insurance cover that settles claims within hours to launch in UK

  20-01-2016 10:18
  
  PassportCard technology that enables claims to be paid in “real time” is underpinned by analytics 
  
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• Moorhouse to add 89 people with investment from Welsh government

  20-01-2016 09:40
  
  Plans to develop an underwriting operation and expand commercial vehicle business
  
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• Moorhouse plans £2m expansion in Wales

  20-01-2016 09:30
  
  Broker targets nearly 90 new jobs and has secured £550,000 from the Welsh government.
  
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• Zurich expects $275m UK, Ireland storm losses

  20-01-2016 09:16
  
  Group sees global GI operating loss of $100m in fourth quarter
  
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• MGA targets farm business growth with new capacity

  20-01-2016 09:07
  
  Imperium Insurance Management teams up with QIC Europe.
  
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• National Accident Helpline says second half revenues fell

  20-01-2016 08:47
  
  CMC says it is concentrating on higher quality personal injury claims
  
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• UK and Ireland winter storms to cost Zurich £275m

  20-01-2016 07:28
  
  Andrew Tjaardstra Postonline Zurich is expecting to record an operating loss in general insurance for the fourth quarter of its financial year as a result of strong storms across the UK and Ireland.
  
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• XL Catlin opens Brisbane office

  20-01-2016 03:40
  
  Andrew Tjaardstra Postonline XL Catlin is adding to its offices in Melbourne and Sydney by opening a thirdAustralian office in Brisbane.
  
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• Aquiline to take majority stake in residential property writer Wellington

  20-01-2016 02:18
  Private equity firm Aquiline Capital Partners has agreed a deal to
  acquire a majority investment in expansive residential property
  specialist Wellington Insurance Group.
  Described as a "risk distributor", the Texas-based
  platform includes MGA Wellington Risk Insurance Agency and B+ AM
  Best-rated carrier Wellington Insurance Company, along with claims
  and premium finance subsidiaries.
  According to Wellington's website, its MGA writes on behalf
  of partner carriers including Companion, IAT Re-subsi
  
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