Insurance news

• Enstar and Allianz strike $900mn run-off deal

  17-02-2016 21:24
  Allianz has agreed a legacy reinsurance transaction with
  ‎Enstar to cover a $900mn US run-off portfolio,
  The Insurance Insider can reveal.
  It is understood that Enstar will write a quota share of a
  portfolio of old Fireman's Fund business containing
  workers' compensation and asbestos exposures.
  Allianz will retain a share of the book and will employ Enstar
  to help manage the old claims.
  Sources said that the reserves in the book exceed $900mn.
  It is understood that the deal was...
  
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• Allied World execs buy stock after Q4 rout

  17-02-2016 21:24
  Management at Allied World have been buying shares in the Bermudian
  carrier following the company's sharp share price decline
  earlier in the month.
  SEC filings show that several senior executives including CEO
  Scott Carmilani purchased nearly $700,000 worth of shares in the
  week immediately following the severe share price drop that came
  after the company's Q4 results were released on 4 February.
  Carmilani led the buying as he purchased 10,000 shares in a
  family trust for a total of $311,000...
  
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• Post Magazine - issue date 18 February 2016

  17-02-2016 20:51
  
  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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• Duperreault takes Hamilton chair as Weill steps down

  17-02-2016 18:11
  Bermudian (re)insurer Hamilton Insurance Group has announced that
  its chairman Sandy Weill has decided to retire from the board with
  immediate effect.
  Hamilton CEO Brian Duperreault will add the chairman's role
  to his responsibilities.
  The carrier said that Weill would continue to advise the firm in
  a consulting capacity.
  Weill is a leading financial services dealmaker and former chief
  executive and chairman of Citigroup who had served as
  Hamilton's chairman since January 2014, one month after i
  
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• Ten Insurance reports income growth

  17-02-2016 17:08
  
  Network says income from commission and fees has increased to £9.5m.
  
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• Aviva detects application fraud in 2,200 commercial motor policies

  17-02-2016 16:09
  
  Aviva is now screening all commercial motor policies for fraud at point of application
  
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• The InsurTech start-ups to watch in 2016

  17-02-2016 15:56
  
  As InsurTech Futures is launched Jonathan Swift outlines the insurance start-ups to pay attention to this year.
  
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• Thousands of commercial motor fraud cases uncovered by Aviva

  17-02-2016 15:01
  
  Peta Fuller Postonline Aviva detected almost 2,200 cases of commercial motor fraud in 2015, with the company now set to screen all such polices for fraud at application.
  
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• Pool Re hires risk specialist

  17-02-2016 14:19
  UK state-backed terrorism writer Pool Re has appointed Ed Butler as
  head of risk analysis with immediate effect, the carrier announced
  today (17 February).
  Butler was in the British Army for 24 years and designed,
  planned and led inter-agency counterterrorism operations.
  He will report to Pool Re CEO Julian Enoizi and will be
  responsible for the development of the company's understanding
  of terrorism.
  Butler said: "The team and I will work closely with Pool
  Re's members and its other stakeholder
  
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• Insurance commissioner applicants examined

  17-02-2016 14:19
  Two out of 25 initial applicants for the role of Florida insurance
  commissioner have performed well in the early screening process to
  replace the outgoing Kevin McCarty.
  Cornerstone National Insurance president and CFO Kirk Schmidt
  and Jeffrey Bragg, who retired from the US Department of Treasury
  in 2014 after serving as head of the Terrorism Risk Insurance
  Program, were the only applicants to have 10 years of experience
  that would be preferred in the role, according to reports.
  Candidates were.
  
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• IAG buys Berkshire adverse development cover

  17-02-2016 14:19
  IAG revealed that it had entered a new adverse development cover
  with Berkshire Hathaway as it reported its results for the
  half-year ended 31 December 2015.
  The Australian carrier had previously signed a 10-year 20
  percent quota share deal with the reinsurer in June 2015.
  The quota share reduced IAG's net earned premium by 20.4
  percent to A$4.1bn for the half-year. But insurance profit fell
  more narrowly by 12 percent year-on-year to A$610mn due to the
  benefit of A$373mn of...
  
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• Fosun drops Phoenix acquisition

  17-02-2016 14:19
  Chinese conglomerate Fosun has pulled out of plans to buy a
  controlling stake in Israeli insurer Phoenix Holdings, it announced
  today (17 February).
  Fosun had agreed to pay 1.8bn shekels ($462mn) to buy a 52.31
  percent stake in Phoenix from Delek Group in June last year, but
  the Chinese firm said it was unable to "consummate" the
  deal to the satisfaction or waiver of the closing conditions of the
  agreement.
  The firm said in a statement to the Hong Kong...
  
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• Eiopa to spend EUR21.8mn on 2016 priorities

  17-02-2016 14:19
  The European Insurance and Occupational Pensions Authority
  (Eiopa) will spend a total of EUR21.8mn to deliver its strategic
  objectives for 2016.
  The organisation published its annual work plan yesterday (16
  February) with four priorities to reflect major demands and
  important developments within the regulatory space.
  Eiopa has placed leading the development of sound and prudent
  regulations supporting the EU internal market as one of its
  objectives. It has budgeted EUR3.6mn for this area.
  Expandi
  
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• Ageas to review pricing and Flood Re strategy after storms

  17-02-2016 13:34
  
  Insurer’s £46.1m storm claims bill is unlikely to trigger reinsurance payout
  
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• Watson “not concerned” by Ageas results

  17-02-2016 12:56
  
  Profits fall for 2015 but CEO says that COR would have performed 4.2% better were it not for UK December storms and floods.
  
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• Data breach at Aviva-owned Quotemehappy.com

  17-02-2016 12:29 via insuranceage.co.uk
  
  Customers were able to see other customers' contact details.
  
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• Data breach at Aviva’s online offering Quote Me Happy

  17-02-2016 12:09
  
  Peta Fuller Postonline Customers of Aviva brand Quote Me Happy were able to see the contact information of other clients, but the insurer says it was a small percentage and the details could not be altered.
  
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• Ageas will replace UK General capacity deal

  17-02-2016 11:48
  
  Katie Marriner Postonline Ageas will look to replace the agreement it had with UK General after it was announced Great Lakes Reinsurance (UK) will takeover as the managing general agent's major capacity provider.
  
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• Brokers urged to avoid falling behind when Flood Re launches

  17-02-2016 11:42 via insuranceage.co.uk
  
  CEO Brendan McCafferty wants brokers to make sure the proposition is available to their customers.
  
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• Brokers risk falling behind when Flood Re launches

  17-02-2016 11:42
  
  CEO Brendan McCafferty urges brokers to make sure the proposition is available to their customers.
  
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• Google should buy AIG, says Citigroup

  17-02-2016 11:33
  
  Bank says tech giant’s disruptive power could transform the insurance industry
  
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• CII boss Fisher urges industry to seize opportunity on balancing gender pay

  17-02-2016 11:16
  
  Callum BrodiePostonline One of the most high profile women within the UK general insurance community has urged the industry to become a “model example” of how to balance gender pay in the financial services sector.
  
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• New home in Cheesegrater for Brit

  17-02-2016 10:55
  
  Peta Fuller Postonline Specialty insurer Brit has completed its move to the iconic Leadenhall Building in London.
  
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• Profit fall for Ageas

  17-02-2016 10:43
  
  Insurer blames adverse weather for profit decline to £21.4m and COR which deteriorated to 102.0%.
  
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• Aviva's online car insurance brand suffers website data breach

  17-02-2016 10:28
  
  But Quote me happy said that no sensitive personal data, such as bank or card details, had been accessed 
  
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• Willis sues Peter and David Hearn over 'breach of contract'

  17-02-2016 10:20
  
  Willis Towers Watson is suing the brothers in a contractual dispute over monies owed following their departure from the broker
  
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• Storms to cost Ageas £46.1m as FY profit slides

  17-02-2016 10:01
  
  Katie Marriner Postonline Ageas estimates it will pay £46.1m worth of claims following the December 2015 storms and floods, taking its 2015 combined ratio to 102% (2014: 99.8%).
  
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• Barbican hires UK property head from Towergate's Fusion

  17-02-2016 09:21
  
  Sam Brown’s previous role was as London market relationship director at Fusion/XP
  
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• Ageas UK 2015 profit falls 65% because of storm claims

  17-02-2016 09:02
  
  Extreme weather claims of £46.1m push COR to 102%
  
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• Fosun withdraws from Israel purchase

  17-02-2016 07:35
  
  Andrew Tjaardstra Postonline Chinese conglomerate Fosun has decided to end the firm's bid to buy a controlling 52% stake in Israeli insurer Phoenix.
  
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• IAG's half year profits fall 19.5% as provisions for 2011 Christchurch earthquake rise

  17-02-2016 04:24
  
  Andrew Tjaardstra Postonline Australian giant IAG is still counting the cost of the 2011 Christchurch earthquake and announced a 19.5% fall in profits for the first half of the 2015/16 financial year.
  
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