Insurance news

• AOB water claims driving up FL homeowners rates: Citizens

  21-01-2016 22:12
  A surge of non-cat water loss claims is driving homeowners
  insurance rates higher in South Florida and increasingly across the
  state, according to analysis by Citizens Property Insurance
  Corporation.
  As previously reported by The Insurance
  Insider, loss ratios at homeowners insurers in the
  state are being hit by rising claims, exacerbated by the issue of
  so-called assignment of benefits (AOB).
  With AOB claims, homeowners assign their rights under a policy
  for insurance recovery to a contractor o
  
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• Cossetti to head up LIU's US casualty team

  21-01-2016 18:40
  Liberty International Underwriters (LIU) has appointed Diana
  Cossetti as head of its US casualty division, as the carrier looks
  to strengthen its management team after a string of senior
  defections to rival Aspen.
  The newly-created role tasks Cossetti with overseeing
  Liberty's primary and excess casualty operations as well as its
  environmental, railroad and crisis management divisions.
  She joins from Crum & Forster, where she has held a number
  of senior positions over the last 14 years.
  Base
  
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• Oliver Little replaces Angie Rogers as IFED boss

  21-01-2016 17:44
  
  Rogers takes new job in City of London Police after a year at head of fraud-busting unit
  
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• Aviva and Ageas to use IT portal for motor claims subrogation

  21-01-2016 17:07
  
  Aviva wants to sign up other insurers and establish portal as industry solution to claims inflation
  
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• Aviva and Ageas agree subrogation portal to cut claims handling costs

  21-01-2016 16:12
  
  Katie Marriner Postonline Aviva and Ageas are the first companies to reach an insurer-led agreement to reduce the cost of handling third party motor claims following the 2014 Competition and Markets Authority motor insurance ruling.
  
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• Time to kill the small print

  21-01-2016 15:30
  
  Tim Philip calls for insurance documents to be simplified for the good of the sector.
  
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• Travelers earnings fall as price slowdown continues

  21-01-2016 15:05
  Travelers reported a further deceleration in US P&C commercial
  rating momentum today (21 January) with its key rating indices now
  close to flat, as the US insurer's operating income fell 13
  percent in the fourth quarter.
  The carrier, which is seen as a bellwether for the wider US
  commercial insurance market, reported renewal rate increases of 0.6
  percent for the fourth quarter, down from 0.9 percent in Q3 2015
  and 2.2 percent on Q4 2014.
  The figures do not include...
  
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• Cyber specialist in Indian tie-up

  21-01-2016 15:05
  UK-based cyber security specialist Templar Executives Ltd has
  unveiled a partnership with Cyber Security Integrators (India) Pvt
  Ltd to provide online and specialised cyber security training and
  advisory services to Indian corporations and government agencies.
  The move is one of the first "Cyber Value Exchange"
  initiatives between the UK and India.
  The deal is part of a package of agreements unveiled earlier in
  the week by UK chancellor George Osborne and Indian finance
  minister Arun Jaitley aim
  
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• AM Best hires former Lloyd's duo for Asia Pac

  21-01-2016 15:05
  AM Best has announced the appointments of Jose Ribeiro as managing
  director and James Sutherland as commercial director for the Asia
  Pacific region.
  Ribeiro is a former CEO of Generali Brazil and director of
  international markets at Lloyd's, and was most recently
  Argo's head of international. He lost his job less than six
  months after starting at Argo following a period of sick leave and
  is currently in a UK court dispute with his former employer.
  He took up his...
  
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• IFED lead departs

  21-01-2016 15:00 via insuranceage.co.uk
  
  DCI Angie Rogers has been in post for less than 12 months.
  
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• Lark Group awarded chartered status by CII

  21-01-2016 14:58
  
  Managing director Stephen Lark says firm will continue to invest in training and development.
  
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• Tulloch leads Aviva acquisition in Canada

  21-01-2016 13:44
  
  Katie Marriner Postonline Aviva's Canadian business has bought RBC General Insurance Company for £281m, a deal led by global general insurance chairman Maurice Tulloch.
  
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• #Postpeople: 21 January - 27 January 2016

  21-01-2016 13:38
  
  Tracey Jones Postonline All the latest insurance industry market moves between 21 and 27 January 2016.
  
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• Aviva to buy Royal Bank of Canada’s GI business for £281m

  21-01-2016 13:37
  
  Deal will boost Aviva Canada’s GWP by 20%
  
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• XL Catlin applies for Indian licence

  21-01-2016 13:32
  XL Catlin has applied for a reinsurance licence in India, it
  announced today (21 January).
  Should the Insurance Regulatory Development Authority of India
  approve the application, XL Catlin will establish a reinsurance
  branch office of XL Insurance Company SE with the aim of commencing
  operations in the country later this year.
  According to IMF data, India is projected to achieve real GDP
  growth of 7.5 percent for both 2016 and 2017. Economic reforms and
  improved infrastructure have led to a...
  
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• DCI Rogers exits Ifed after less than 12 months

  21-01-2016 13:14
  
  Callum BrodiePostonline Insurance Fraud Enforcement Department boss Detective Chief Inspector Angie Rogers has left the City of London Police unit after less than a year in the insurance fraud hotseat, Post can reveal.
  
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• DCI Rogers departs Ifed after less than 12 months

  21-01-2016 13:14
  
  Callum BrodiePostonline Insurance Fraud Enforcement Department boss Detective Chief Inspector Angie Rogers has left the City of London Police unit after less than a year in the insurance fraud hotseat, Post can reveal.
  
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• Guy Carpenter adds new MD for Benelux region

  21-01-2016 13:12
  
  Peta Fuller Postonline Susanne Miller-van der Schild will take on the role of managing director at Guy Carpenter’s Benelux office, moving from SNS REAAL.
  
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• Covéa awarded chartered status for commercial and HNW business

  21-01-2016 12:05
  
  Insurer says award demonstrates commitment to professionalism.
  
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• Nexus appoints head of business development

  21-01-2016 11:48
  Nexus Underwriting Management has hired Howden's Richard
  Wynn as head of business development, it announced today (20
  January).
  Wynn was most recently Asia regional practice head for financial
  lines at Howden, where he had worked since 1997. Prior to that he
  had been an executive director for the broker in Singapore and
  Dubai.
  The move will see Wynn reunited with former Howden Broking Group
  chief executive Tim Coles, who is now CEO of Nexus.
  Coles commented: "Strong, broad and sustainable...
  
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• Lloyd's appoints new US regional director

  21-01-2016 11:48
  Lloyd's has appointed Enya He as regional director for its
  newly established south central US region.
  The executive will be responsible for market development in
  Arkansas, Louisiana, Oklahoma and Texas from her base in
  Dallas.
  She was previously an associate professor for risk management
  and insurance at the University of North Texas.
  Before pursuing a career in higher education, He worked in her
  native China for Ping An Insurance Group, Tong Tai Insurance
  Brokerage and Swiss Life Group (China).
  
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• Analysts voice concern over Zurich

  21-01-2016 11:48
  Analysts have become cautious about the future of Zurich after its
  share price fell by more than 10 percent yesterday (20 January).
  The Switzerland-based carrier issued a profit warning on
  Wednesday which explained that it anticipated a $275mn loss related
  to UK winter storms Desmond, Eva and Frank.
  Furthermore, Zurich said it had experienced a very high level of
  large current accident year losses in the fourth quarter related to
  a large credit and surety loss, and several significant property..
  
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• Amlin-Mitsui deal to complete on 1 February

  21-01-2016 11:48
  Lloyd's (re)insurer Amlin has announced that the regulatory
  and anti-trust clearances have now been satisfied or waived in
  relation to its acquisition by Mitsui Sumitomo.
  The court hearing to sanction the scheme document has been
  scheduled for 28 January, with the effective date of the scheme
  slated for 1 February. Amlin will then delist from the London Stock
  Exchange on 2 February, with all account matters settled by 8
  February.
  Amlin's shareholders overwhelmingly backed the proposed
  £3.4
  
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• Covéa Insurance attains chartered status

  21-01-2016 11:40
  
  Status covers insurer’s commercial lines and high net worth business
  
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• Home premiums up for the first time since 2011

  21-01-2016 11:36
  
  AA Index states IPT hike led to small rate increases in the last quarter of 2015.
  
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• Compare the Market appoints Late Rooms CEO to COO role

  21-01-2016 11:26
  
  Callum BrodiePostonline BGL Group’s UK price comparison site Compare the Market has appointed Jesper With-Fogstrup to the newly created role of chief operating officer.
  
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• XL Catlin to launch Indian reinsurance operation in 2016

  21-01-2016 11:11
  
  Callum BrodiePostonline XL Catlin has begun the licensing process to establish a reinsurance branch in India.
  
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• Comparethemarket hires chief operating officer

  21-01-2016 11:10
  
  Laterooms.com chief Jesper With-Fogstrup joins price comparison site
  
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• Nickelback sues Lloyd's in event cancellation row

  21-01-2016 10:53
  
  Rock band in row over lead singer’s throat condition 
  
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• Europe: March of the European giants

  21-01-2016 10:30
  
  David Worsfold Postonline European insurers have huge influence in the UK, so how are their strategies set to unfold?
  
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• Motor premiums leap £59 due to IPT

  21-01-2016 10:11
  
  AA Index reveals 10% leap over fourth quarter of 2015 and fraud also costs £50 per policy.
  
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• Zurich predicts £194m storm losses

  21-01-2016 10:00
  
  Insurer predicts losses in general insurance following UK storms and estimates $100m GI operating loss.
  
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• Mitsui’s £3.5bn Amlin takeover to complete on 1 February

  21-01-2016 09:02
  
  Court hearing to sanction takeover scheme scheduled for 28 January
  
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• AA: IPT ‘piles on misery’ as motor rates jump 20.3% in Q4

  21-01-2016 07:30
  
  Rates will continue rising through 2016, says AA Insurance director Michael Lloyd
  
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• AA: Home rates showing signs of reaching the bottom

  21-01-2016 07:20
  
  IPT rather than flood damage caused quarter-on-quarter increases
  
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• Hearing exposes FCA’s rocky relations with Treasury - reports

  21-01-2016 07:15
  
  FCA acting chief McDermott disappointed when chancellor revealed her job decision
  
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• IPT pushes up home, motor rates, says AA

  21-01-2016 01:07
  
  Peta Fuller Postonline Home and motor premiums increased in Q4 2015, with the AA’s index pointing to the increase in Insurance Premium Tax shouldering at least some of the rise.
  
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• IPT pushes up home and motor rates, says AA

  21-01-2016 01:07
  
  Peta Fuller Postonline Home and motor premiums increased in Q4 2015, with the AA’s index pointing to the increase in Insurance Premium Tax shouldering at least some of the rise.
  
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