Insurance news

• White Mountains tops up buyback programme to $1bn

  26-02-2016 22:56
  The board of insurance holding company White Mountains has
  authorised an additional share repurchase programme of 1 million
  shares, it announced today (26 February).
  This is in addition to around 407,000 shares remaining under the
  company's current repurchase authorisation, bringing the total
  buyback potential to $1.07bn at the current share price.
  With common shareholder equity of $3.9bn at year-end 2015, the
  buyback authorisation gives management the opportunity to
  significantly shrink the com
  
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• Biba chairman Lord Hunt: Majority of brokers want to stay in EU

  26-02-2016 18:00
  
  The peer says a vote to leave would be "jumping into the abyss".
  
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• Brokers need to understand value of MGAs, says Charles Manchester

  26-02-2016 17:30
  
  Manchester Underwriting Management CEO joins the board of the Managing General Agents' Association.
  
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• Marsh appoints new strategy and operations head

  26-02-2016 14:53
  Global broker Marsh's captive operation has announced that Will
  Thomas-Ferrand will be its new strategy and operations leader for
  EMEA and Asia Pacific.
  Thomas-Ferrand has moved into the newly created vacancy at Marsh
  Captive Solutions from his previous role as head of the Malta
  office, where he will be replaced by Stephen Portelli.
  Both men will report to Captive Solutions EMEA and Asia Pacific
  chief Ian Clancy.
  Thomas-Ferrand was head of Marsh's Malta office from 2010,
  prior to which he...
  
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• Almost 14% of M&A deals result in claims: AIG

  26-02-2016 14:53
  American International Group (AIG) has released a study showing
  that almost 14 percent of M&A policies the global insurer has
  underwritten have resulted in a claim.
  The report analysed claims data on AIG's representation and
  warranties cover for breaches of deal terms.
  It studied nearly 1,000 transactions between 2011 and 2014 with
  a combined value of $200mn.
  The results suggest that large M&A deals can be threatened
  by breaches of terms that are discovered after the transaction has
  comp
  
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• Drivers warned pets in cars could void cover

  26-02-2016 14:00
  
  Increasing numbers of unrestrained pets in car is a problem for insurers and policyholders 
  
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• Video: Covéa Insurance CEO James Reader

  26-02-2016 13:34
  
  Katie Marriner Postonline Covéa Insurance CEO James Reader tells Post his plans for the next 12 months including the continuing integration of the Sterling business.
  
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• The FCA's pressure on smaller brokers

  26-02-2016 12:57
  
  Ida Axling looks into the issue of disproportionate regulation.
  
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• TEn MD to step down as network appoints replacement

  26-02-2016 12:36
  
  Malcolm Lee will continue as financial director for the foreseeable future
  
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• AIG says 14% of M&A policies result in a claim

  26-02-2016 11:56
  
  Financial mis-statements and tax errors biggest causes of complaints by dealmakers
  
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• Century Underwriting launches professions division

  26-02-2016 11:34
  
  Katie Marriner Postonline Managing general agent Century Underwriting has launched a professional indemnity and directors' and officers' service in partnership with insurer Arch.
  
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• Britannia and UK P&I Club in merger talks

  26-02-2016 11:33
  
  Peta Fuller Postonline The boards of the Britannia Club and the UK P&I Club have entered into merger talks.
  
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• Skuld announces executive changes and 2016 renewals growth

  26-02-2016 11:32
  
  Katie Marriner Postonline Norwegian marine insurer Skuld has announced three changes to its management team including appointing Lars Dueled as chief underwriting officer.
  
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• Ten appoints Alistair Body as managing director

  26-02-2016 11:26
  
  Network also adds Ray Heap as broker development manager.
  
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• Momentum posts surge in profit

  26-02-2016 10:51
  
  Network's turnover grew to £1.05m.
  
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• Quizzical questions: 26 February 2016

  26-02-2016 10:17
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Century Underwriting launches professional risks division

  26-02-2016 10:17
  
  MGA rolls out second new product in three months.
  
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• Schemes survey: brokers urged to have their say

  26-02-2016 08:41
  
  UK General and Insurance Times partner for schemes survey 
  
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• Q4 investment result offsets underwriting loss at Third Point Re

  26-02-2016 08:09
  A positive investment result in the fourth quarter offset
  underwriting losses at Third Point Re, helping the hedge fund
  reinsurer to a net profit of $42.2mn for the period.
  The performance was a turnaround from the $14.7mn net loss for
  the prior-year period, but was not enough to prevent the Bermudian
  sliding to an $87.4mn net loss for the year, compared to the
  $50.4mn profit earned in 2014.
  And at $0.39 a share, fourth quarter operating earnings were
  below Wall...
  
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• Marketform exits general liability space

  26-02-2016 08:09
  Lloyd's carrier Marketform has announced its intention to exit
  the general liability market as part of an overhaul that will see
  the carrier significantly reshape its book of business.
  The news follows the syndicate's decision to exit the
  international medical malpractice space that nearly brought it to
  its knees after it was hit by hundreds of millions of dollars of
  losses from its under-performing Italian business.
  Now, under its new CEO Martin Reith, the American Financial
  Group-owned insurer
  
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• Britannia and UK P&I Clubs look to merge

  26-02-2016 08:09
  Two of the world's oldest protection and indemnity (P&I)
  clubs, Britannia and UK P&I, are in discussions over a
  potential merger, the mutuals announced earlier today (25
  February).
  If the deal goes ahead the resulting combined entity would be
  the largest carrier in the marine mutual space.
  Sister publication Reactions, which
  first revealed the potential tie-up, said the news followed months
  of market rumours.
  In a statement Britannia said: "The boards of the clubs
  will now begin a proces
  
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• Zurich’s new boss must fix years of 'deep-rooted problems'

  26-02-2016 07:33
  
  Problems with large losses been going on for nearly a decade 
  
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• Aviva ordered to pay residents' legal bills for diesel spill

  26-02-2016 07:30
  
  Insurer disputed source of contamination, and claimed policy didn’t cover the spill
  
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• LV Broker finds underinsurance gap in 2.7 million ‘mid-net-worth’ homes

  26-02-2016 01:05
  
  Peta Fuller Postonline Households are not identifying themselves as wealthy enough, leaving the vast majority underinsured according to LV Broker.
  
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