Insurance news

• Travelers Europe appoints new COO

  04-02-2016 20:39
  Travelers has appointed Aaron Devitt as COO of its European
  Operations.
  He fills the vacancy left by Matthew Wilson's appointment as
  European CEO of the insurer in March last year. Devitt will be
  based in London and will report to Wilson.
  Devitt was previously managing director of commercial insurance
  for RSA in Scandinavia.
  He has over two decades experience in the British, Irish and
  Scandinavian insurance markets, with a particular focus on
  commercial, financial and personal lines businesses.
  
  Read more

• Gallagher names Middle East and North Africa chief

  04-02-2016 20:39
  AJ Gallagher has named Nawaf Hassan as the new CEO of the
  broker's Middle East and North African (MENA) operations.
  Hassan is the first incumbent of the new position, with a remit
  to identify and develop opportunities for its specialty product
  lines and coordinate the company's business in the MENA region.
  He first joined AJ Gallagher's London-based energy practice in
  September 2014.
  AJ Gallagher's international commercial director, Vyvienne
  Wade, said that the new role presented an opportunity
  
  Read more

• ArgoGlobal appoints PA and health claims manager

  04-02-2016 20:39
  Lloyd's insurer ArgoGlobal has announced that Andrew Cooper
  will become its new head of personal accident and health (A&H)
  claims.
  He will report to property claims manager Kevin Hutcheon.
  Cooper began his career as an A&H claims adjuster for Van
  Ameyde & Wallis in 1991 before joining Wellington Underwriting
  Agencies in 2002.
  He served most recently as life and A&H claims manager at XL
  Catlin.
  Hutcheon said: "We consistently seek to enhance our
  market-leading claims service by im
  
  Read more

• Allied World's share price crashes after results

  04-02-2016 20:39
  Allied World's share price was down 11.4 percent by 17:47
  GMT as the market digested a third consecutive quarter of noisy
  results.
  After markets closed last night, the New York-listed carrier
  reported a 70 percent drop in fourth quarter operating earnings to
  $43mn, following adverse development in its healthcare
  division.
  Shares were trading hands at $32.35 at the time of writing,
  after closing at $36.51 yesterday (3 February). The company's
  share price is now down 28 percent from its peak...
  
  Read more

• Advertisement

• Chubb names Continental Europe country presidents

  04-02-2016 17:51
  
  Katie Marriner Postonline Chubb has named the leaders of its operations in Continental Europe, reporting to Continental Europe division president Jeff Moghrabi.
  
  Read more

• Marsh and Guy Carpenter deliver solid organic growth in Q4

  04-02-2016 16:41
  Global broker Marsh & McLennan Companies (MMC) posted
  underlying revenue growth of 5 percent for the final quarter of
  2015 to register total Q4 revenues of $3.3bn.
  Marsh achieved underlying revenue growth of 4 percent for the
  quarter to reach $1.5bn, while MMC's consulting business Mercer
  registered a 5 percent underlying increase in revenue to
  $1.1bn.
  Guy Carpenter, MMC's reinsurance broking arm, posted a 5
  percent underlying increase in revenue, taking its total to
  $217mn.
  At Marsh, Latin
  
  Read more

• London must recapture reputation for innovation: LMG

  04-02-2016 16:41
  London should be the fulcrum of insurance invention and innovation,
  according to London Market Group (LMG) CEO Benedict Reid.
  Speaking today (4 February) at the Insider London
  event, Reid argued that products should be developed and nurtured
  in London and then be commoditised and developed by other markets
  over time.
  "Our role isn't to hang onto these products. It is to
  let them go and keep on inventing," he said.
  However, Reid said London seemed to have lost some of...
  
  Read more

• Beazley to explore cyber products with Korean Re

  04-02-2016 16:41
  London-listed carrier Beazley is looking to develop new products
  in collaboration with Korean Re, it announced today (4
  February).
  Speaking at the insurer's Q4 results briefing this morning,
  CEO Andrew Horton said: "There are currently 12 initiatives
  we're looking at with Korean Re, one of which could possibly be
  in the cyber market."
  He went on: "There is the possibility of developing
  environmental products and also looking at the possibility of
  construction products, an area that the Koreans a
  
  Read more

• Advertisement

• Aon CEO: Innovators will be winners in new normal

  04-02-2016 16:41
  Aon CEO Greg Case today (4 February) called for greater innovation
  from the (re)insurance market in order to ward off disruption from
  external industries.
  Speaking at the Insider London conference, Case said
  the increased interconnectivity of risk is creating more demand for
  the industry, as clients seek predictability in their
  businesses.
  "This is an opportunity, not a threat," he said.
  "The new normal is here and the innovators will be the
  winners.
  "Clients are more sophisticated and more dema
  
  Read more

• Industry urged to flag implications of stricter health and safety rules

  04-02-2016 16:29
  
  Callum BrodiePostonline Allianz Commercial has highlighted the role of insurers and brokers in ensuring clients are fully aware of their health and safety responsibilities in light of the introduction of stricter sentencing guidelines.
  
  Read more

• Blog: It's Superbowl 50 - the insurance market as NFL teams

  04-02-2016 15:35
  
  Jonathan Swift Postonline With the climax of the NFL season this weekend to commemorate Superbowl 50 I wondered: If these insurance names were American football teams, which franchises would they be?
  
  Read more

• Claims Excellence Awards: Are you there? Best photos over the years

  04-02-2016 15:12
  
  Take a look back through pictures of the previous three Claims Excellence Awards and enter for 2016’s event now
  
  Read more

• Adrian Colosso resurfaces at wholesale broker

  04-02-2016 14:30
  
  Citynet has appointed Adrian Colosso as a non-executive director to help with expansion plans
  
  Read more

• Fundamentally dishonest pair added to IFR over £50k Axa claim

  04-02-2016 14:09
  
  Callum BrodiePostonline A fraudulent induced accident claim against Axa worth almost £50,000 has been thrown out after a Birmingham County Court judge concluded that the claimants were fundamentally dishonest in their testimony.
  
  Read more

• Marsh parent’s broking profit rises 2% in 2015

  04-02-2016 14:06
  
  Division’s revenue flat but organic growth was 3%
  
  Read more

• Elite’s solicitors’ PI agent Inperio ‘surprised’ by insurer exit

  04-02-2016 13:15
  
  Elite chief exec Jason Smart says the insurer wants to expand into other product lines that carry less risk
  
  Read more

• LV launches bespoke motor trade claims team

  04-02-2016 13:03
  
  Katie Marriner Postonline LV Broker has brought its commercial motor trade and combined motor trade claims teams under one roof with a new bespoke team based at the insurer's Croydon office.
  
  Read more

• XL Catlin profits fall by a third in Q4

  04-02-2016 12:55
  Newly combined XL Catlin's operating net income fell to
  $195mn in the final quarter of 2015, down 34 percent from $293.9mn
  in Q4 2014.
  The bottom line was hit by $73.3mn of integration costs and
  $107.8mn of natural catastrophe losses - up from $31mn during the
  same period of last year.
  In addition, the operating income excluded the $35mn loss
  associated with the retrocession of the company's US term life
  reinsurance business in the fourth quarter.
  Looking at the top...
  
  Read more

• WCMA: another big M&A year on way

  04-02-2016 12:55
  The drivers that made 2015 a $100bn year for insurance M&A
  are still in place, meaning 2016 will again see major deal flow,
  according to Willis Capital Markets & Advisory (WCMA).
  Speaking at Insider London today, WCMA co-CEO Rafal
  Walkiewicz predicted that Asian money would continue to pour into
  the space, while financial sellers will be keen to exit and public
  companies will be open to defensive deals as pricing falls and
  fundamental shifts in the value chain threaten the...
  
  Read more

• Reinsurance remains a cyclical business: Wallin

  04-02-2016 12:55
  The reinsurance market remains a cyclical one despite
  suggestions that the emergence of flexible alternative capital
  providers has dampened its volatility, according to Hannover Re CEO
  Ulrich Wallin.
  Speaking at the Insider London conference earlier today
  (4 February), Wallin argued that the reinsurance sector had
  observed several "cycles without dislocation" in the
  period from 2002 to 2013 when there had been loss events almost
  every third year.
  Each time a market event prompted reinsurers' ave
  
  Read more

• Med-mal reserve addition hits Allied World profits

  04-02-2016 12:55
  Operating income at Allied World fell by more than 70 percent to
  $43mn in the fourth quarter after an adverse development in the
  healthcare division hit its bottom line.
  The Switzerland-domiciled (re)insurer reported a $32.5mn reserve
  addition related to prior-year development in its North American
  healthcare business, which primarily stemmed from the medical
  malpractice line.
  The combined ratio deteriorated by 17.7 percentage points to 97
  percent, with the loss and loss expense ratio deteriorat
  
  Read more

• Everest Re profits jump 7% in Q4

  04-02-2016 12:55
  Everest Re's operating income grew to $353.5mn in the final
  quarter of 2015, up 6.6 percent on the same period of the previous
  year.
  The group's top line also increased by 6 percent, taking
  gross written premiums to $1.5bn for Q4 2015.
  Its combined ratio fell by 4 percentage points to 76.4 percent
  after improvements to both the loss and expense ratios.
  Underwriting profitability further benefited from net reserve
  releases of $34.7mn and a $23mn net reduction in prior-year
  catastrophe...
  
  Read more

• Endurance grows top and bottom line in Q4

  04-02-2016 12:55
  Bermudian carrier Endurance saw its operating income increase by
  54.8 percent in the final quarter of 2015, while its gross written
  premiums grew by 22.5 percent following its acquisition of
  Montpelier Re.
  The John Charman-led group reported fourth quarter profits of
  $121.8mn, or $1.82 per diluted common share. This was ahead of Wall
  Street analysts' consensus estimate of $1.77 a share, although
  the result excluded expenses related to the acquisition of
  Montpelier Re.
  Gross written premiums incr
  
  Read more

• Allstate profits shrink by 15% in Q4

  04-02-2016 12:55
  US carrier Allstate reported that operating income fell by 15
  percent to $625mn in the fourth quarter of last year following an
  increase in auto losses.
  It said that auto property damage frequency increased by 7.5
  percent in the quarter while paid claims increased by 4
  percent.
  However, increases to the claim ratio were offset by premium
  increases and a reduction in the expense ratio.
  Thomas Wilson, chairman and CEO of The Allstate Corporation,
  said: "The operating environment for auto...
  
  Read more

• RSA’s Aaron Devitt named Travelers Europe operations head

  04-02-2016 12:39
  
  Devitt replaces Matthew Wilson, who became chief executive last year
  
  Read more

• Applied Systems teams up with Ageas

  04-02-2016 12:19
  
  Insurer's shop and office product launches on Applied TAM.
  
  Read more

• Concordia launches Broker Protect

  04-02-2016 12:11
  
  MGA says product is specifically designed for brokers and covers employment-related risks.
  
  Read more

• AXA leads $55m investment in blockchain

  04-02-2016 12:04
  
  The firm lead the investment with Horizons Ventures and Digital Garage
  
  Read more

• AA launches insurance company

  04-02-2016 11:09 via insuranceage.co.uk
  
  Company targets 250,000 policies beginning with motor while home is to be added in due course.
  
  Read more

• Judge throws out ‘fundamentally dishonest’ £50k claim against AXA

  04-02-2016 10:40
  
  Judge finds that accident involving insurer’s customer was staged
  
  Read more

• Europe: Bring on Bermuda

  04-02-2016 10:30
  
  Philip Ouma Postonline Following six years of regulatory work, Bermuda is poised to receive European Parliament approval for Solvency II equivalence
  
  Read more

• Blog: Let's take low speed impact cases out of the ‘too hard to do' drawer

  04-02-2016 10:30
  
  Brian Henderson Postonline In court, the credibility of your witness is everything. But in low speed impact claims, the reliability of expert witness evidence is akin to the Wild West. The true facts of a collision are too rarely investigated and expert testimony is frequently provided by insurance assessors who draw on a working lifetime of valuing vehicles and repairs, not on research or an understanding of the physics involved.
  
  Read more

• Beazley posts 8% pre-tax profit rise for 2015

  04-02-2016 10:30 via insuranceage.co.uk
  
  Insurer to seek shareholder approval for moving headquarters to UK.
  
  Read more

• Munich Re doubles profit in Q4, but primary business struggles

  04-02-2016 10:20
  Munich Re published a markedly improved set of group profits for
  the fourth quarter of 2015 that doubled to EUR1.4bn from the
  prior-year period.
  The top line also showed a slight increase, with gross written
  premiums up 3.2 percent to EUR12.4bn for the quarter.
  The investment return was slightly hampered by a lower
  reinvestment yield, but still generated EUR1.7bn - just EUR0.3bn
  less than in Q4 2014.
  The German reinsurance giant's P&C reinsurance business
  generated a 12.6 percentage point im
  
  Read more

• Beazley top and bottom line up after benign year

  04-02-2016 10:20
  Lloyd's insurer Beazley saw its profits increase 8.4 percent
  in 2015, taking the total to $284mn, the carrier said in its
  full-year results this morning (4 February)
  The top line also increased by 3 percent, taking gross written
  premiums to $2.1bn.
  And for the third year in a row, Beazley generated a combined
  ratio of less than 90 percent, achieving 87 percent for 2015 after
  1 percentage point improvements to both the expense and claims
  ratios.
  Reserve releases for the...
  
  Read more

• CII's Fisher to tackle direct personal lines and independent broker professionalism

  04-02-2016 10:13
  
  Stephanie Denton Postonline Direct personal lines and the independent broker sector are two areas where new CEO Sian Fisher will aim to raise the professional agenda after taking up her new role this month.
  
  Read more

• AA underwriting arm opens for business targeting 250,000 customers and telematics

  04-02-2016 09:51
  
  Jonathan Swift Postonline The AA's new Gibraltar-based insurance company has opened for business targeting a quarter of a million policyholders.
  
  Read more

• Wipro beats out 20 to win RSA IT infrastructure contract

  04-02-2016 09:47
  
  Tracey Jones Postonline RSA has awarded Winpro the contract to deliver its infrastructure requirements across the UK, Ireland and Scandinavia.
  
  Read more

• AA launches underwriting division as it targets 250,000 policies

  04-02-2016 09:28
  
  AA Underwriting Insurance will expand from new telephone business to online and aggregator sites
  
  Read more

• Beazley profits up by 8.4% as demand for cyber cover grows

  04-02-2016 09:13
  
  Insurer is planning to return head office to London to increase operational efficiency of group
  
  Read more

• ​Beazley chief exec Andrew Horton to take break in March and April

  04-02-2016 09:13
  
  Chief underwriting officer Neil Maidment will serve as acting chief executive
  
  Read more

• Blatt, Chung and Lee to leave QBE in Hong Kong

  04-02-2016 09:06
  
  Andrew Tjaardstra Postonline Three senior managers in Hong Kong are set to leave Australian insurer QBE this week.
  
  Read more

• Coventry building society outsourced our direct debit … but failed to tell us

  04-02-2016 08:00
  
  We were pursued by Premium Credit over the Christmas holiday, with demands for default feesFor several years we have held buildings insurance with Coventry building society. In December we received letters from a company called Premium Credit, which we had never heard of.It transpires that Coventry had outsourced the collection of direct debits to Premium Credit and the latter informed us that we should set up a new direct debit with them to renew the policy for 2016. They even had the gall to t
  
  Read more

• Gibraltar insurer Enterprise missed Solvency II capital deadline

  04-02-2016 07:30
  
  But chief executive insists the company will meet requirements in three to six months
  
  Read more

• Gibraltar insurer Enterprise missed SII capital deadline

  04-02-2016 07:30
  
  But chief executive insists the company will meet requirements in three to six months
  
  Read more

• 83% of UK insurers keen on setting up own aggregator sites

  04-02-2016 06:00
  
  Accenture study found that aggregators in the UK account for 60-70% of new business in private motor
  
  Read more

Follow @Insurance_UKnws on Twitter!