Insurance news

• Cyber market lacks expertise to cover physical damage

  09-02-2016 22:02
  The cyber liability insurance market is not the proper home for
  property cover arising from cyber attacks, experts claimed during
  an industry conference today (9 February).
  Speaking at the Advisen Cyber Risk conference in London, Matthew
  Hogg, underwriting manager for strategic assets at Liberty
  Specialty Markets, said property damage arising from a cyber attack
  is one of a number of risks cyber underwriters are being asked to
  find solutions for "because the broking community and insurers
  in the
  
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• Gallagher and Portsoken court case continues with more defendants

  09-02-2016 19:35 via insuranceage.co.uk
  
  Case now involves six defendants.
  
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• Severe January weather takes toll on insurers

  09-02-2016 19:29
  Severe January weather has caused an estimated $4bn of total
  economic losses to the global economy, according to a report by Aon
  Benfield's catastrophe modelling arm Impact Forecasting.
  In its latest monthly global catastrophe recap report for
  January 2016, the company revealed the extensive damage and
  economic losses caused by harsh winter weather conditions.
  Powerful winter storms in the Eastern US led to states of
  emergency being declared in 11 states and Washington, D C.
  Impact Forecasting s
  
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• Data remains problematic with internal models: PRA

  09-02-2016 19:29
  Insurance companies have continued to encounter difficulties in
  adopting consistent data management in the internal model approval
  process (Imap), according to a Solvency II data review by the
  Prudential Regulation Authority (PRA).
  Released today (9 February) the findings come from a review of
  over 50 firms in the Imap to assess the quality of data used in
  internal models.
  It found problems with data ownership, with large firms in
  particular struggling to ensure that data producers and data
  cons
  
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• The Post Power List 2016 is revealed

  09-02-2016 17:44
  
  Stephanie Denton Postonline Post is delighted to reveal its 2016 Power List, a carefully (wine)
  crafted list of movers and shakers both within and without the insurance industry who we at Post Towers – with our experience, knowledge
  and independent view – believe will either have power or influence over the market in a major way in the next 12 months.
  
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• Editor's Comment: Gaining an equal footing

  09-02-2016 17:38
  
  Stephanie Denton Postonline I believe that women are – and should be treated as – intellectual and social equals to men.
  
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• Aon recruiting appointed representatives to bolster SME offering

  09-02-2016 17:25
  
  Broking group looking for entrepreneurs across the UK
  
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• Integro boosts entertainment practice

  09-02-2016 16:53
  Expansive global broker Integro has hired Kevin O'Shea to
  boost its entertainment practice in London.
  O'Shea joins from AJ Gallagher, where he was director of
  European operations for Arthur J Gallagher Entertainment.
  He has also previously worked at Aon/Albert G Ruben and Bayly
  Martin & Fay.
  John Claffey, managing principal within Integro's
  entertainment practice, said one of O'Shea's key strengths
  was his experience of placing coverage for independent film and
  television productions, especi
  
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• Aon seeks ARs to expand SME broker distribution channel for affinity

  09-02-2016 16:43 via insuranceage.co.uk
  
  Broker is inviting entrepreneurs to partner with the firm as appointed representatives.
  
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• Penny Black's Social World - 11 February 2016

  09-02-2016 16:31
  
  Penny Black Postonline All the latest news from the worldwide web
  
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• Penny Black's Insurance Week - 11 February 2016

  09-02-2016 16:24
  
  Penny Black Postonline Penny likes nothing more than the feel of the wind through her hair during a drive through the country in her Rolls, so she was on tenterhooks to know the new Top Gear presenters, much like the rest of the market.
  
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• Career Development: Axa Insurance secures industry first for customer experience

  09-02-2016 16:09
  
  Stephanie Denton Postonline Axa Insurance has become the first insurer to secure a three star Investor in Customers ‘Exceptional’ rating across both its personal and commercial lines broker businesses.
  
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• Political Violence: Trail of ruination

  09-02-2016 16:02
  
  George Johnston Postonline It is not just people who are at risk from terrorists; economies are also the targets – so what can insurance offer as protection?
  
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• Axa extends travel insurance deal with Lloyds

  09-02-2016 15:07
  
  Marcus Alcock Postonline Axa Insurance has extended its existing travel insurance agreement with Lloyds Banking Group to include a new deal to provide the same cover to the group's Halifax customers.
  
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• RSA’s Bristol office to close with jobs at risk

  09-02-2016 15:04
  
  Peta Fuller Postonline RSA will close its Bristol office, with up to 15 jobs put at risk of redundancy as the insurer moves to a commercial trading site.
  
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• RSA’s Bristol office to close with 50 jobs at risk

  09-02-2016 15:04
  
  Peta Fuller Postonline RSA will close its Bristol office, with 50 jobs put at risk of redundancy as the insurer moves to a commercial trading site.
  
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• Up to 15 jobs “at risk” as RSA closes Bristol site

  09-02-2016 14:51 via insuranceage.co.uk
  
  Office to be replaced by “commercial trading site” and follows closure of Birmingham office. RSA insists brokers won’t be affected.
  
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• Fifty jobs “at risk” as RSA closes Bristol site

  09-02-2016 14:51 via insuranceage.co.uk
  
  Office to be replaced by “commercial trading site” and follows closure of Birmingham office. RSA insists brokers won’t be affected.
  
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• Price Comparison Websites: No comparison

  09-02-2016 14:38
  
  Francesca Nyman Postonline There are plenty who would celebrate their demise, but despite regulatory scrutiny,price comparison websites remain strong
  
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• Advertising costs and competition major deterrents to insurers entering aggregator space

  09-02-2016 14:06
  
  Katie Marriner Postonline Sky-rocketing advertising costs and an already competitive market have been cited as potential deterrents for any insurers considering entering the aggregator space after an Accenture report estimated 83% of UK firms were contemplating such a move.
  
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• RSA puts jobs at risk with planned Bristol office closure

  09-02-2016 13:34
  
  Move to new trading site to be complete by end of 2017
  
  Read more

• RSA puts 50 jobs at risk with planned Bristol office closure

  09-02-2016 13:34
  
  Move to new trading site to be complete by end of 2017
  
  Read more

• C-Suite - Insurer: Never mind the bollards

  09-02-2016 13:20
  
  Mike Crane Postonline A recent first-hand experience of the claims system highlights that the personal touch is still king.
  
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• Scor reports 2% growth and modest rate falls at 1.1

  09-02-2016 13:11
  European reinsurer Scor recorded a 2 percent increase in gross
  written premiums at constant exchange rates during the 1 January
  2015 renewals, driven by new business in the US.
  The expansion was broadly in line with the 2.4 percent
  underlying growth reported at 1 January last year, although
  somewhat short of the 5.3 percent increase in top line at constant
  foreign exchange rates disclosed for the first half of 2015.
  The premiums up for renewal at 1 January represented 68...
  
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• PartnerRe suffers on specialty in Q4

  09-02-2016 13:11
  PartnerRe's fourth quarter net income fell 38.2 percent
  year-on-year to $162.3mn in 2015, pulled down by a 10.5 percent
  reduction in earned premium income and a sharp downturn in
  investment results.
  The carrier narrowed its realised and unrealised investment
  losses to $24.4mn in the quarter after taking substantial losses in
  Q2-Q3 2015, but the result was down from a $98.3mn gain in Q4
  2014.
  A difficult quarter in global specialty business drove down
  group net written premium by 13 percent...
  
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• Japanese big three hit by Far East market turmoil

  09-02-2016 13:11
  The Japanese big three insurers - MS&AD, Tokio Marine and
  Sompo - all suffered heavily in trading overnight (9 February) as
  macro factors drove stock markets sharply down.
  MS&AD experienced the steepest decline, as its share price
  fell by 7.13 percent to close at 2,760.5 yen. Shares in Tokio
  Marine fell by 6.09 percent, closing at 3,701 yen.
  Sompo closed at 2,897.5 yen, a 6.83 percent deterioration.
  The share price falls were part of a broader market retreat,
  with the...
  
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• Former Towergate Underwriting CEO joins Primary Group

  09-02-2016 13:11
  Former Towergate Underwriting CEO Clive Nathan is to join
  Bermuda-based investment holding company Primary Group, it was
  announced today (9 February).
  Nathan will lead Primary Group's UK and Europe specialty
  portfolios in a newly created role, working with the firm's
  existing businesses as well as investing in start-ups and
  undertaking acquisitions.
  The executive worked at Towergate between 2003 and 2015, holding
  a number senior roles during his tenure. Before joining Towergate,
  he was regional
  
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• Endurance hires Chubb real estate practice chief

  09-02-2016 13:11
  Bermudian carrier Endurance is to enter the real estate and
  hospitality market in the US after luring across Chubb's
  recently appointed business line head Michael Chang,
  The Insurance Insider can reveal.
  It is understood that Chang will join Endurance in the next
  month and will write the new global book of business from the US,
  where he is currently based.
  The entry into the real estate and hospitality market continues
  the expansion of Endurance's US specialty insurance
  business.
  Chang, who...
  
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• E&S growth boosts Argo's Q4

  09-02-2016 13:11
  Argo grew its top and bottom line in the final quarter of 2015 to
  round off a record year for underwriting income, according to the
  group.
  The Bermudian reported after-tax operating income of $25.8mn in
  the fourth quarter of 2015, up 18 percent on the same period the
  previous year.
  Argo also reported a moderate improvement in its combined ratio,
  which decreased by 1.4 percentage points to 95.4 percent.
  The loss ratio remained flat at 55.5 percent while the expense...
  
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• Darag: Legacy deals could hit EUR4bn in 2016

  09-02-2016 13:11
  The European legacy market could see some EUR4bn ($4.5bn) in deals
  over the course of 2016, according to Darag CEO Arndt Gossmann.
  Driven by Solvency II, legacy transactions have increased
  steadily in volume since 2013. In 2015, this growth was further
  fuelled by the increase in discontinued business held by European
  insurers.
  According to research by PricewaterhouseCoopers, legacy books
  have grown by over 20 percent since 2008 to a total of
  EUR247bn.
  "In 2016, the market is bound to reach...
  
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• BP Marsh continues share buyback strategy

  09-02-2016 13:11
  Insurance venture capital firm BP Marsh bought back 38,612 shares
  for a total cash consideration of £56,580 for the year ended
  31 January 2016, it announced in a trading update released today (9
  February).
  BP Marsh said that it undertook a number of low volume daily
  share buybacks to take advantage of the shares' significant
  discount to net asset value.
  "The board believes that these buybacks, whilst low-volume,
  are a useful stabilising mechanism, and have proved to be so
  particularly...
  
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• UK authorities right to flag Solvency II concerns prior to 2018 review

  09-02-2016 12:46
  
  Marcus Alcock Postonline Wide-ranging criticism of the nascent Solvency II regime by the UK has received initial support, despite the fact that the regulatory system is little over a month old.
  
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• Rural looks to AXA for new commercial director

  09-02-2016 12:38
  
  Kirsty Walker to join agricultural underwriting agency in April
  
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• Brightside enters six-month pet insurance pilot with Markerstudy

  09-02-2016 12:26
  
  Company considering full entry into pet market with own-branded products
  
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• Slovenian insurers could see lower capital ratios under Solvency II

  09-02-2016 11:50
  
  Peta Fuller Postonline Capital ratios for Slovenian insurance companies could be lower under Solvency II than they were under the Solvency I regime, according to Fitch Ratings.
  
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• Tokio Marine Kiln expands Birmingham-based underwriting team

  09-02-2016 11:18
  
  Peta Fuller Postonline Tokio Marine Kiln has appointed Mark Bradshaw from Zurich and Owen Shelley from Aviva to underwriting roles in the Midlands.
  
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• Senior Ace executive Tim Mardon shot in Essex robbery

  09-02-2016 11:09
  
  Marcus Alcock Postonline Tim Mardon, division president of Ace Tempest Re Bermuda, has been shot and wounded at his house by two armed robbers.
  
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• Tokio Marine Kiln expands in Midlands with two hires

  09-02-2016 10:47
  
  Owen Shelley and Mark Bradshaw join Lloyd’s insurer
  
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• Blog: A quiet end to ‘average'?

  09-02-2016 10:30
  
  Sarah Ager Postonline There are differing views as to whether no longer applying average is a wise move likely to mean more business or will it result in higher claims costs?
  
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• Ex-Towergate leader Clive Nathan pops up at Primary

  09-02-2016 10:03 via insuranceage.co.uk
  
  Former Towergate Underwriting chief to lead UK and Europe specialty portfolios.
  
  Read more

• Brightside partners with Markerstudy on pet insurance

  09-02-2016 09:48 via insuranceage.co.uk
  
  Broker and insurer team up for six month pilot project.
  
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• Towergate’s Clive Nathan resurfaces at UK General owner

  09-02-2016 08:44
  
  Former Towergate Underwriting boss to head Primary Group’s UK and Europe portfolios
  
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• Compass network to help members simplify use of insurer agencies

  09-02-2016 08:35
  
  Initiative will cut down paperwork and administration of TOBAs, which have come under greater regulatory scrutiny
  
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• Insurance is among top three most disrupted industries – PwC

  09-02-2016 08:00
  
  65% of insurance bosses see new market entrants as a threat to growth
  
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• Industry CEOs concerned by market entrants, PWC survey finds

  09-02-2016 02:00
  
  Callum BrodiePostonline New market entrants are seen as a threat to growth for established industry players, according to 65% of insurances CEOs surveyed by PWC.
  
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