Insurance news

• RT Specialty dismisses Aon sale speculation

  22-02-2016 21:16
  In his letter to colleagues, Aon Broking CEO Warren Mula talked
  of a "larger, deeper relationship" with RT Specialty
  after appointing the firm as its "preferred" wholesaler.With the existing ties between Aon and its former CEO Pat Ryan,
  who launched RT's parent Ryan Specialty Group in 2010, it was
  inevitable that broker market speculation would look at the move as
  the first step to a more permanent coming together of the firms.Indeed, with Aon already showing interest in...
  
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• ProSight at Lloyd's management overhaul underway

  22-02-2016 21:16
  ProSight at Lloyd's has continued to reshape its management
  team as it attempts to move on following the ouster of managing
  director Bernard Mageean last September.
  The Insurance Insider understands that
  the CFO David Dunning and operations executive Martin Alderman -
  both closely associated with former QBE executive Mageean - are set
  to leave the company in the next fortnight.
  Sources said that the staff changes are part of the work former
  Ace executive Mike Furgueson, Mageean's successor as MD
  
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• No replacement for Cathedral CEO

  22-02-2016 21:16
  Outgoing Cathedral Capital CEO Peter Scales will not be replaced
  following his departure at the end of March, The
  Insurance Insider can confirm.
  London-listed carrier Lancashire dismissed the CEO of its
  Lloyd's business in December, along with CFO John Lynch.
  Lancashire's head of investor relations Jonny Creagh-Coen
  told The Insurance Insider last week (18 February) there would be
  no like-for-like replacement when Scales leaves on 31 March.
  Lawrence Holder will continue to be head of the managin
  
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• New COO at Aegis London

  22-02-2016 21:16
  Aspen UK operations director Kevin Miller is to take up the new
  position of chief operating officer at top-quartile Lloyd's
  syndicate Aegis London.
  Miller, who will start the role in March, was previously
  director of UK operations at Aspen and CEO of the firm's
  internal service company.
  He is also a director of the London market's electronic
  placement solution Placing Platform Limited.
  Miller will focus on the development and use of online trading
  platforms as part of Aegis' London-focused strat
  
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• Nat cats and Fireman's Fund send AGCS to UW loss

  22-02-2016 21:16
  Group natural catastrophe losses that almost doubled to EUR738mn
  ($814mn) and Fireman's Fund costs helped drag Allianz Global
  Corporate & Specialty (AGCS) to a full-year underwriting loss.The industrial and specialty insurance arm of giant carrier
  Allianz saw operating profits fall in 2015 by some 24 percent to
  EUR423mn (2014: EUR560mn), as it slid to an underwriting deficit
  for the year in difficult trading conditions.Of particular note was AGCS's 2015 combined ratio, which
  surged to 102.9
  
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• Mula becomes ARS president in executive reshuffle

  22-02-2016 21:16
  Aon has reshuffled some of its most senior broking executives,
  with Tom Fitzgerald promoted to CEO of Aon Broking, The
  Insurance Insider can reveal.Sources said that Warren Mula, currently CEO of Aon Broking,
  will move to the new role of president of Aon Risk Solutions (ARS).Prior to his time as CEO of Aon Broking Mula was chairman of ARS
  in the US.It is understood that Fitzgerald will vacate his position as CEO
  of Aon Risk Solutions'...
  
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• Marsh in breach of confidentiality dispute

  22-02-2016 21:16
  Marsh is being sued by Filipino insurer PGA for an alleged breach
  of confidentiality after the carrier lost an aviation account it
  had held for 19 years.
  The case involves Philippines-based airline Cebu Air, for which
  PGA acted as insurer, and Marsh UK, which brokered the reinsurance
  placements for PGA in relation to the Cebu account.
  According to UK court documents, PGA has alleged that Marsh UK
  disclosed confidential information concerning its reinsurance
  arrangements with Cebu that caused the
  
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• Markel Catco reshuffles team

  22-02-2016 21:16
  Markel Catco has appointed Mark Way as chief operating officer
  with immediate effect, the company announced last week.Way was previously corporate communications director at the
  company.He succeeds Ly Lam, who joined the company in February 2015
  following four years as chief financial officer of Aspen Re in
  Bermuda.Markel Catco said that Lam would continue working for the
  company as a consultant, having completed her role in managing
  Catco's sale to Markel, which closed in December.Way has...
  
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• LMG begins search for permanent CEO

  22-02-2016 21:16
  The London Market Group (LMG) has formally launched the search for
  a successor to interim CEO Ben Reid, The Insurance
  Insider understands.
  It is understood that the reform body has appointed executive
  search firm Odgers Berndtson to assist with the recruitment
  process.
  Odgers was the headhunter charged with finding the last chairman
  and CEO of the Corporation of Lloyd's.
  Sources said that the LMG is hoping to have a permanent CEO in
  place at some point during the summer.
  However,...
  
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• Kinesis assets under management dip in 2016

  22-02-2016 21:16
  Lancashire's Kinesis third-party vehicle shrank slightly for
  2016, the company's head of investor relations Jonny
  Creagh-Coen told sister publication Trading
  Risk last week."The AuM [assets under management] is a little down on last
  year, but not a lot," he said, without providing a specific
  figure."There's real competition out there in the retro
  market," he continued. "Unless we can make it work for
  our investors and ourselves, we just won't chase [growth] for
  the sake of it."However, on...
  
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• Insider 30 stages recovery

  22-02-2016 21:16
  The Insider 30 showed stock price improvements,
  expanding by 2.3 percent week-on-week, as the negative impact from
  the fourth quarter results diminished.After reporting Q4 top-line growth of 25 percent on
  17 February, United Insurance Holdings' stock price surged by
  17.3 percent to $16.72 the next day.The carrier closed at $17.70, a 22.4 percent weekly increase, as
  the market continued to respond positively to its fourth-quarter
  results.Randall & Quilter (R&Q) added 9.1 percent to its sh
  
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• Indian government considering 49% FDI: reports

  22-02-2016 21:16
  The Indian government is considering increasing the level of
  automatically permitted foreign direct investment (FDI) for
  insurers to 49 percent, according to The Indian Times.
  The report cited sources who said that the government could
  announce the decision in its next budget on 29 February. The move
  would help improve trading conditions for foreign insurers by doing
  away with the Foreign Investment Promotion Board (FIPB) approval
  process for foreign investments.
  FIBD permission is currently req
  
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• Generali passes key Lloyd's start-up milestone

  22-02-2016 21:16
  Global insurer Generali is moving closer to a mid-year launch at
  Lloyd's after passing one of the key staging posts in the
  start-up process last week, The Insurance
  Insider understands.
  Sources said that the composite insurer had made its full
  presentation to the New Entrants' Assessment Group (Neag) late last week.
  The Neag presentation is the last stage that a Lloyd's
  start-up has to pass before it is put before the Franchise Board to
  judge if it warrants in-principle approval....
  
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• Esser secures $500mn backing from Madison Dearborn

  22-02-2016 21:16
  Former Cooper Gay CEO Toby Esser has reached a deal with private
  equity house Madison Dearborn that will give him a $500mn war chest
  to build a new distribution business with, The
  Insurance Insider can reveal.
  Sources said that Esser's start-up, Next Generation, will
  attempt to create a business on both sides of the Atlantic that
  includes a wholesale broking and managing general agency
  component.
  It is understood that the model could also include a heavily
  reinsured balance sheet business....
  
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• Enstar and Allianz strike $2.2bn run-off deal

  22-02-2016 21:16
  Enstar has agreed to write a 50 percent reinsurance of a $2.2bn
  book of US legacy business belonging to Allianz.The deal, which covers an old Fireman's Fund book, was first
  revealed by The Insurance Insider last week, although the size of
  the transaction was somewhat understated.Enstar will write a quota share of the portfolio, while Allianz
  reinsurance unit Allianz Re will keep a 50 percent share of the
  book and employ Enstar to help manage the legacy claims....
  
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• Chubb parts ways with head of aviation Brett

  22-02-2016 21:16
  Chubb has parted company with its head of aviation Malcolm
  Brett, The Insurance Insider can
  reveal.
  Brett was head of the aviation product line at Chubb and sources
  said that he was the multinational insurer's most senior
  aviation underwriter.
  His deputy Johnny Wadhams has been promoted and will take on
  Brett's responsibilities.
  Chubb is one of the biggest writers of aviation business in the
  world behind American International Group (AIG), Allianz Global
  Corporate & Specialty, Global Aerospa
  
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• Aon's RT move challenges wholesale sector

  22-02-2016 21:16
  Aon's decision to cut its "preferred" wholesale
  panel from two to one has led to a wave of speculation about the
  broking giant's motivations and what its actions might mean for
  a sector that has seen soaring valuations and widespread
  consolidation in recent years.The decision to appoint RT Specialty as its sole preferred
  wholesale partner is thought to have been made without conducting a
  process, or request for proposal.In an internal letter, Aon Broking CEO Warren Mula claimed...
  
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• Aon cuts US wholesale panel to Ryan only

  22-02-2016 21:16
  Aon has appointed RT Specialty as its sole "preferred"
  wholesaler for US retail business as it continues to cut the volume
  of premium it places through third-party intermediaries,
  The Insurance Insider can reveal.The move comes almost five years after the broking giant pared
  back its approved panel to just AmWins and to RT Specialty - the
  wholesale arm of Ryan Specialty Group, the former Aon CEO Pat
  Ryan's intermediary and underwriting management company.The development has prompted fevered mark
  
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• Man faces jail for committing fraud to pay mother’s car premium

  22-02-2016 15:39
  
  Anthony Jones-Hughes gets 20-week sentence following IFED investigation
  
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• Swinton hires Gallagher’s Tony Monnington as commercial head

  22-02-2016 13:52
  
  Monnington previously headed Gallagher’s Birmingham office
  
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• Charles Taylor completes run-off sale

  22-02-2016 13:47
  Insurance services firm Charles Taylor has completed the sale of
  its holding in Bestpark International Limited via subsidiary LCL
  Acquisitions, it announced today (22 February).
  The sale of Bestpark to Ashbrooke Financial Group is part of
  Charles Taylor's strategy of reducing its exposure to non-life
  insurance companies in run-off.
  The completion follows the October announcement that Charles
  Taylor subsidiaries Cardrow Insurance Limited and Beech Hill
  Insurance Limited, also non-life insurance c
  
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• Aegis London names COO

  22-02-2016 13:47
  Aegis London has appointed Aspen's Kevin Miller to the new
  position of chief operating officer, it announced today (22
  February).
  Miller, who takes up the role in March, was previously director
  of UK operations at Aspen and CEO of the firm's internal
  service company.
  He is also a director of the London market's electronic
  placement solution Placing Platform Limited.
  Miller will focus on the development and use of online trading
  platforms as part of Aegis' London-focused strategy, reporting
  to ma
  
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• FCA to draw up strategy on older consumers

  22-02-2016 13:40
  
  Peta Fuller Postonline The Financial Conduct Authority has released a paper to spark debate on how to better address the needs of the UK’s ageing population.
  
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• Swinton appoints new head of commercial from Gallagher

  22-02-2016 13:09 via insuranceage.co.uk
  
  Monnington was previously MD of Gallagher's Birmingham branch.
  
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• Charles Taylor completes Bestpark disposal

  22-02-2016 11:54
  
  Marcus Alcock Postonline Charles Taylor subsidiary LCL Acquisitions has completed the sale of its holding in run-off insurer Bestpark International to Ashbrooke Financial Group.
  
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• ABI's Huw Evans says UK benefits from EU membership

  22-02-2016 11:47 via insuranceage.co.uk
  
  Director general notes the UK sells £21bn more in insurance and long-term saving products to the EU than it sells to us.
  
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• ABI director general says UK benefits from EU membership

  22-02-2016 11:47 via insuranceage.co.uk
  
  Huw Evans notes the UK sells £21bn more in insurance and long-term saving products to the EU than it sells to us.
  
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• Scam sees three convicted over £10k Esure claim

  22-02-2016 11:40
  
  Peta Fuller Postonline Three people have been sentenced in a crash for cash scam uncovered by Esure, with the Insurance Fraud Enforcement Department appealing for information to find a fourth person wanted in connection with the fraud.
  
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• Crash for cash trio sentenced after trying to defraud Esure of £10k

  22-02-2016 11:33
  
  Fourth person remains wanted in connection with fraud
  
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• Aegis looks to Aspen for COO hire

  22-02-2016 11:33
  
  Katie Marriner Postonline Aegis London has appointed Aspen UK operations director Kevin Miller to the newly created role of chief operating officer.
  
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• Hiscox launches e-trading system for UK commercial brokers

  22-02-2016 10:43
  
  Lloyd’s insurer teams up with software Open GI for new solution
  
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• Hiscox launches e-trading platform

  22-02-2016 10:43 via insuranceage.co.uk
  
  The range for Hiscox Trader includes PI, office, public and products liability, cyber and data insurance cover.
  
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• #Insagepeople: 22 - 28 February 2016

  22-02-2016 09:58 via insuranceage.co.uk
  
  Get your fix of the market movers each week in one place with our new way of bringing you the latest recruitment changes.
  
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• ABI backs EU deal as "valuable" for sector

  22-02-2016 09:55
  
  Peta Fuller Postonline The Association of British Insurers has welcomed a “valuable” deal for the financial sector as Prime Minister David Cameron announced reforms agreed to between the UK and the European Union late on Friday (19 February).
  
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• Marsh introduces new charge to corporate clients in Australia

  22-02-2016 09:03
  
  Clients could face premium hike as insurers look for ways to recover additional costs
  
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• Marsh introduces new charge to corporate clients

  22-02-2016 09:03
  
  Clients could face premium hike as insurers look for ways to recover the additional costs
  
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• Marsh introduces new charge to Australian insurers

  22-02-2016 09:03
  
  Clients could face premium hike as insurers look for ways to recover additional costs
  
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• Towergate appoints Pat Butler as non-executive director

  22-02-2016 08:57
  
  Butler has more than 26 years experience in the financial services sector 
  
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• Towergate appoints Pat Butler as non-exec director

  22-02-2016 08:57
  
  Butler has over 26 years experience in the financial services sector 
  
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• ABI chief Evans says EU is ‘valuable’ to financial sector

  22-02-2016 08:48
  
  Evans was discussing the reforms ahead of the in/out referendum which will take place in late June.
  
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• ABI chief Evans claims EU 'valuable' to financial sector

  22-02-2016 08:48
  
  Evans was discussing the reforms ahead of the in/out referendum which will take place in late June.
  
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• AXA fails to get UK Insurance to share £2m factory fire losses

  22-02-2016 07:30
  
  Judge rules motor insurer is not liable for factory loss after worker starts blaze welding his car
  
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