Insurance news

• McGovern: Brexit negatives outweigh positives

  10-02-2016 22:37
  The London market should not "kid" itself that it will
  be able to maintain the same level of access and trade benefits it
  currently enjoys should the UK leave the European Union,
  Lloyd's chief risk officer Sean McGovern said today (10
  February).
  Neither will a "Brexit" alleviate regulatory
  requirements for London's (re)insurers, McGovern warned during
  an Insurance Institute of London speech.
  "Brexit does not offer a route to insurance regulatory
  nirvana," he said. "The UK regulatory system has b
  
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• Everest Re launches production cost cover for US farmers

  10-02-2016 22:37
  Everest Re's crop insurance division Heartland has partnered
  with Canadian firm Global Ag Risk Solutions to write production
  cost insurance for US farmers.
  It has partnered with Canadian insurer Global Ag Risk Solutions
  (GARS), which provides insurance for the variable and fixed costs
  of farmers, as well as a pre-agreed profit margin.
  The insurer calculates the expected production costs per acre
  and adds an expected yield to determine the insured value.
  GARS already offered the product in Canada
  
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• Mapfre Q4 hit by US storm losses

  10-02-2016 18:48
  Mapfre today (10 February) reported that full-year group net
  earnings were down 16.1 percent in 2015 at EUR709mn ($796mn),
  following a deterioration in its non-life underwriting results.
  The group's bottom line figure missed the analyst consensus
  by around 9 percent.
  The fourth quarter non-life underwriting result fell 64.6
  percent year-on-year to EUR52.4mn.
  Mapfre said its non-life business had suffered losses as a
  result of the US winter storms, but more generally had also seen an
  uptick in cl
  
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• Flood Re details long-term vision

  10-02-2016 18:48
  Flood Re has published a detailed plan setting out how the UK home
  insurance market will transition to affordable and
  "risk-reflective" pricing by 2039.
  Released ahead of the government-backed reinsurance scheme's
  official April launch, the plan details how Flood Re will work with
  insurers to allow them to offer lower prices and excesses over its
  planned 25-year life from the date the Water Act 2014 came into
  effect.
  The scheme is designed to provide affordable home insurance in
  flood-prone area
  
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• Brexit will not create “regulatory nirvana”

  10-02-2016 17:50 via insuranceage.co.uk
  
  Lloyd’s chief risk officer, Sean McGovern warns that leaving the EU could create “instability” and says an exit will not smooth regulation for insurance sector.
  
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• Covéa confirms direct motor launch

  10-02-2016 17:49
  
  Katie Marriner Postonline Covéa has officially launched its direct motor insurance offering, announced in December 2015.
  
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• Four sentenced in ghost broking scam

  10-02-2016 17:22
  
  Birmingham men conspired to defraud insurance companies by providing false details
  
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• Insurance ‘ghost broker’ sentenced

  10-02-2016 17:18
  
  Court dishes out six months jail term suspended for one year.
  
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• 11 February 2016

  10-02-2016 16:52
  
  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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• Covéa Insurance launches direct motor offering

  10-02-2016 16:33
  
  New product initially launched on price comparison site Confused.com
  
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• Flood Re unveils first transition plan

  10-02-2016 16:31
  
  Marcus Alcock Postonline Flood Re has today (10 February) produced its first transition plan, setting out the expected course of the scheme's main parameters over the next five years.
  
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• Lloyd’s working on contingency plans for Brexit

  10-02-2016 16:21
  
  Leaving EU will cause ‘considerable uncertainty’, says market’s chief risk officer
  
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• AmTrust grows operating earnings in Q4

  10-02-2016 16:03
  AmTrust today (10 February) reported fourth quarter operating
  earnings of $123.9mn, up 4.6 percent on the prior-year period.
  The expansive company also grew its top line, with Q4 gross
  written premium (GWP) rising 10 percent year-on-year to $1.61bn.
  This was despite a negative impact of $49.3mn from FX movements in
  European currencies.
  Net earnings premium was up 16 percent on the fourth quarter of
  2014 to $1.06bn.
  AmTrust's combined ratio stood at 91.9 percent, a slight
  deterioration on the 90.
  
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• Flood Re publishes first plan for its 2039 closure

  10-02-2016 15:46
  
  Scheme to set up an advisory body for the transition
  
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• ABI blames IPT hike for rising home premiums

  10-02-2016 14:11
  
  Combined buildings and contents rates up 1% in fourth quarter of 2015
  
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• MUM joins Biba's panel of broker PI providers

  10-02-2016 13:52
  
  Move follows launch of new broker PI product at start of year
  
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• The Post Power List 2016

  10-02-2016 13:26
  
  Stephanie Denton Postonline In a year where regulation, natural disasters, consolidation and cyber/digital again look set to make waves, and when the country could learn if it’s in or out of the European Union, Post had a mind mapping session – with a bottle of wine –to see who are likely to be the biggest influencers or dare we say disrupters in the insurance market in 2016. With staff reshuffles aplenty in 2015, more than 50% are new entries, which prove there could be some
  
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• Willis reports Q4 net loss despite 4.8% organic growth

  10-02-2016 13:20
  Willis Group fell to a net loss of $24mn in the fourth quarter
  after reporting a $76mn profit in the same period of 2014, despite
  posting 4.8 percent growth in organic fees and commissions.
  The bottom line was negatively affected by a number of items,
  including restructuring costs related to the group's
  operational improvement programme, M&A expenses and currency
  and tax effects, the broker said.
  Meanwhile, the 4.8 percent growth in organic fees and
  commissions, up from 3.6 percent a...
  
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• Reeth teams up with XL Catlin to launch MGU

  10-02-2016 13:20
  George Reeth has collaborated with XL Catlin to launch a managing
  general underwriter focused on providing insurance-linked
  securities (ILS) market support for small to mid-sized companies
  seeking property insurance cover.
  The former Validus Re president has been named CEO of Ventus
  Risk Management, which will focus on SME entities with catastrophe
  exposure from its base in South Carolina, with an additional office
  in New York.
  Fellow former Validus Re executive Stuart Mercer will take on
  the ro
  
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• Insurance CEOs identify key threats to industry

  10-02-2016 13:20
  Insurance CEOs have identified over-regulation, new market
  entrants and technological change as the main threats to growth in
  the industry, according to PwC's 19th annual global CEO
  survey.
  PwC identified insurance as one of the top three industries
  likely to experience major disruption in the near future, with only
  the entertainment and media industries likely to face greater
  disruption.
  Some 94 percent of respondents identified over-regulation as a
  potential threat to growth, while 65 percent
  
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• Berkshire Hathaway named among Lemonade's reinsurers

  10-02-2016 13:20
  Peer-to-peer insurer Lemonade has received reinsurance backing from
  Berkshire Hathaway and Munich Re, among others.
  The full line-up comprises Berkshire Hathaway's National
  Indemnity, Everest Re, Hiscox, Munich Re, Transatlantic Re and XL
  Catlin.
  XL Catlin CEO Mike McGavick commented in a statement yesterday
  (9 February): "We're proud to support Lemonade's
  creation of a fast, simple and consumer-driven insurance
  platform.
  "Consumer trust in the insurance system is at the heart of
  the insurance b
  
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• Arch profits shrink in Q4

  10-02-2016 13:20
  Arch Capital reported fourth quarter operating earnings per
  share of $1.15, beating the analysts' consensus estimate of
  $1.07 per share.
  The carrier generated after-tax operating earnings of $143.6mn,
  down 4 percent from the $150.2mn, or $1.15 per share, reported for
  the same period in 2014.
  Net investment income for the quarter was $67mn, down from
  $72.6mn a year earlier, as it said fixed income losses outweighed
  equity gains.
  The firm's combined ratio improved to 66.8 percent from 87.5
  percent
  
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• Antares Asia appoints underwriters

  10-02-2016 13:20
  Antares has hired two underwriters in its Asia business, the Qatar
  Insurance Company (QIC) subsidiary announced today (10 February).
  Rebecca Ng joins as marine underwriter from Chubb, where she was
  senior underwriter, marine and hull for Asia Pacific.
  She brings nearly two decades of experience in the Asia marine
  insurance market and has previously held roles at Federal Insurance
  Company and RSA.
  Sharon Lansdell-Clarke also joins Antares Asia as financial
  lines underwriter, having previously wor
  
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• Activist investor challenges Generali over CEO search: reports

  10-02-2016 13:20
  The search for Generali's new CEO has led to tensions
  between French activist investor Vincent Bollore and key Italian
  stakeholders in the business, according to Reuters.
  The agency reported that Bollore had clashed with senior Italian
  investors over choosing a replacement for Mario Greco, who has
  resigned to take the CEO job at Zurich.
  While shareholders reportedly prefer a candidate from within the
  organisation, divisions are emerging between those favouring
  finance chief Alberto Minali or Ita
  
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• L&G picks SSP to provide new GI technology platform

  10-02-2016 12:54
  
  Insurer to use technology provider’s admin platform and data enrichment offering
  
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• IPT to blame for increase in building and contents premiums

  10-02-2016 12:01
  
  Katie Marriner Postonline The cost of buildings-only and contents-only insurance rose 3.5% in the most recent quarter, which can be largely attributed to the Insurance Premium Tax hike, according to the Association of British Insurers.
  
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• Profits slip at Willis GB in 2015

  10-02-2016 10:36
  
  Final quarter figures show improvement as group profits rise for full year.
  
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• Origin UW to launch motor fleet

  10-02-2016 10:36
  
  Motor trade was also recently added to its portfolio of products.
  
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• Brit opens Singapore office on Lloyd’s platform

  10-02-2016 10:33
  
  Stephanie Denton Postonline Brit is to open a Singapore office on 1 March 2016 after receiving approval to begin underwriting from both Lloyd’s and the Monetary Authority of Singapore.
  
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• XL Catlin partners with Ventus on SME offering

  10-02-2016 10:19
  
  Katie Marriner Postonline XL Catlin has partnered with Ventus Risk Management to allow the managing general underwriter to provide commercial property insurance for SMEs.
  
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• Gallagher seeks court order to clamp down on ex-employee and MGA

  10-02-2016 10:11
  
  Lawyers for defendants argue that injunctions are too restrictive
  
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• Insurers face problems dealing with Solvency II data requirements - PwC

  10-02-2016 09:50
  
  Warning that failure to manage data could result in breaches and fines
  
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• Integro hires former Gallagher entertainment broker O'Shea

  10-02-2016 09:35
  
  Chartered broker joins Integro’s UK film and television team
  
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• #PostPeople: 9-15 February 2016

  10-02-2016 09:21
  
  Katie Marriner Postonline All the latest insurance industry market moves between 9 and 15 February 2016 in full and in one place.
  
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• Injured TV ski-jump celebrities complain they're underinsured

  10-02-2016 09:19
  
  String of serious injuries puts spotlight on extent of loss of earnings cover
  
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• Willis Group 2015 profits up, while UK profits edge lower

  10-02-2016 08:44
  
  Newly combined Willis Towers Watson expects low-double digit revenue growth in 2016
  
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