Insurance news

• Ex-Zurich CEO Senn paid $6mn in 2015

  04-03-2016 23:21
  Former Zurich CEO Martin Senn had his pay slashed by almost a
  third in 2015, but still walked away with SwF6.1mn ($6mn).
  The 28 percent drop from his 2014 salary of SwF8.5mn reflected a
  lower return from cash incentives due to Senn missing performance
  targets after the insurer experienced a turbulent 2015.
  The executive left the company in December after overseeing a
  disruptive period that saw it report two consecutive profit
  warnings, pull out of its proposed acquisition of RSA...
  
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• Xchanging records flat profits as CSC bid nears finishing line

  04-03-2016 14:18
  Insurance outsourcing and software firm Xchanging saw its adjusted
  operating profit nudge down from £55.8mn to £54.6mn for
  the full-year 2015.
  The London-listed professional service firm recorded a broadly
  flat adjusted operating margin of 13.6 percent, while on a
  statutory operating basis, which includes exceptional items and
  amortisation of intangible assets as well as acquisition costs,
  Xchanging reported a loss of £38.5mn, against full-year
  2014's £36.6mn profit.Net r
  
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• Sompo Canopius moves to address headcount

  04-03-2016 14:18
  Lloyd's (re)insurer Sompo Canopius has told staff that the
  next stage of its efficiency programme will involve a meaningful
  reduction in headcount, The Insurance
  Insider can reveal.
  Staff were told yesterday (3 March) that the company, which
  employs 750 people, is looking to reduce that number to less than
  600 and is starting a formal consultation process.
  Sompo Canopius is understood to have told staff that it will
  look to fill all normal vacancies internally and reduce the use of...
  
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• PICC Re receives regulatory approval

  04-03-2016 14:18
  PICC Re is set to become China's third local reinsurer after
  receiving the green light from the country's insurance
  regulator.
  The venture, established by The People's Insurance Company
  (Group) of China and PICC Property and Casualty Company, was first
  reported by The Insurance Insider on 13
  September 2015, and follows the launch of Taiping Reinsurance's
  Chinese platform last month.
  PICC Re will be based in Beijing and will launch with 1bn yuan
  ($153mn) of start-up capital.
  Dr Sheng Hetai, an...
  
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• Perils revises Desmond flood loss estimate to £662mn

  04-03-2016 14:18
  Industry reporting agency Perils has announced its second loss
  estimate for the floods stemming from Storm Desmond, reducing its
  prediction from £717mn ($1bn) to £662mn.
  Perils will announce its third loss estimate on 4 June.
  The storm brought record-breaking rainfall mainly to the
  northwest of England, where the ground was already saturated from a
  series of depression systems during November. This led to severe
  flooding, which mainly affected the counties of Cumbria and
  Lancashire,
  
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• HCI Group Q4 profits fall 22%

  04-03-2016 14:18
  Florida's HCI Group reported a 22 percent decline in fourth
  quarter profits to $11.1mn as underwriting results deteriorated
  despite top line growth.
  The company said gross earned premiums (GEP) for the period
  increased 11.5 percent to $101.9mn, largely as a result of take-out
  premiums from state-backed insurer Citizens assumed from last
  December and the impact of subsequent renewals.
  A change in policy mix to assume wind-only policies with the
  December take-out had a knock-on effect on reinsuran
  
  Read more

• Brexit could hit GDP by up to 7%: Axa

  04-03-2016 14:18
  A UK exit from the European Union (EU) could cause a 2-7 percent
  hit to gross domestic product (GDP) over the next 15 years,
  according to Axa senior economist David Page.
  Speaking at a Lloyd's lecture on 3 March, Page said that
  while he could not give an exact estimate of the potential economic
  loss, Axa believed a Brexit would have a significant adverse impact
  on the UK.
  Page told the audience that a Brexit was an unlikely prospect,
  regardless...
  
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• AM Best Asia Pacific director dies

  04-03-2016 14:18
  Rating agency AM Best has today (4 March) announced that its
  commercial director for Asia Pacific has died at the age of 58.
  James Sutherland had recently relocated to Singapore as part of
  his role, moving to the country in January this year.
  During his career, which spanned more than 35 years, Sutherland
  acquired extensive experience of the insurance industry in roles
  spanning broking, business development and e-trading.
  Before he joined AM Best, Sutherland was CEO of e-trading
  company Qatarlys
  
  Read more

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• UK Broker Summit 2016: The importance of brand

  04-03-2016 13:43 via insuranceage.co.uk
  
  Brokers and head of John Lewis Financial Services discuss why branding is important for the modern insurance customer.
  
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• Health insurance division drives Bupa UK's 5% revenue growth

  04-03-2016 12:18
  
  Katie Marriner Postonline Bupa UK reported a 5% increase in revenues in 2015 that was largely driven by its health insurance division, which saw an increase in new business in the SME and corporate segments.
  
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• Quizzical questions: 4 March 2016

  04-03-2016 11:45 via insuranceage.co.uk
  
  Test your knowledge of the week's news with our topical news quiz.
  
  Read more

• Iprism strikes deals with QBE and Gallaghers after Gable pulls two lines mid-term

  04-03-2016 10:53
  
  Katie Marriner Postonline Liechtenstein-based insurer Gable Holdings has exited the tradesmen and high-net worth household lines of business it offered through the Iprism Underwriting Agency portal mid-term.
  
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• Gable's mid-term Iprism exit due to profitability fears on two business lines

  04-03-2016 10:53
  
  Katie Marriner Postonline Liechtenstein-based insurer Gable Holdings has exited the tradesmen and high-net worth household lines of business it offered through the Iprism Underwriting Agency portal mid-term.
  
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• Jail for insurance fraudster after failure to repay £13k

  04-03-2016 10:33
  
  Peta Fuller Postonline A man who failed to repay more than £13,000 following his conviction for medical insurance fraud has now been jailed.
  
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• Brokers urged to raise PL limits as pub is sued for £4m trip

  04-03-2016 08:32
  
  Brokers warned that £1m liability limits create hornets’ nest of problems 
  
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• Jackpot for Admiral staff as bosses hand out shares bonanza

  04-03-2016 08:30
  
  Every Admiral worker to enjoy shareS jackpot as departing boss Engelhardt decides to reward loyal workers 
  
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• Direct Line breaks into consumers' Top 10 favourite motor insurers

  04-03-2016 07:30
  
  Reinventing its brand and focusing on customer needs wins customer sentiment
  
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• Insurers face major tech disruption: Capgemini

  04-03-2016 00:43
  Insurers are set to face a raft of disruptions ranging from
  shifting customer expectations to the rise of financial technology
  (fintech) in the near future, according to a report from tech
  consultant Capgemini and financial services think tank Efma.
  The World Insurance Report showed that developments such as the
  increasing importance of Generation Y (15-34 year-olds) and the
  evolution of the Internet of Things were pressuring insurers to
  streamline, enhance and transform traditional models of ri
  
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• Heritage shares slide 11.9% after Q1 weather losses announced

  04-03-2016 00:43
  Shares in Heritage Insurance Holdings slumped 11.9 percent in
  trading today (3 March) after the Florida homeowners' insurer
  warned that early 2016 weather events will likely increase its Q1
  loss ratio by up to 8 points.
  Heritage shares had opened slightly up this morning as investors
  responded favourably to a modest fourth quarter operating earnings
  beat of $0.67 a share, compared to Wall Street consensus forecasts
  of $0.65 a share.
  But the Q1 weather losses announcement on the earnings call...
  
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• Hedge fund re disclosures address US tax issues

  04-03-2016 00:43
  Hedge fund reinsurer Third Point Re has said it remains unclear
  whether the introduction of a methodology in proposed US tax
  regulations would have any tangible effect on the company.
  In its annual 10-K filing, released on 26 February, the carrier
  addressed the proposed regulations on the taxation of offshore
  (re)insurers brought by the Internal Revenue Service (IRS) and US
  Treasury last year.
  The proposals would determine whether a firm was truly an
  insurance company and could therefore be excu
  
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• HCI Group Q4 profits fall 22 percent

  04-03-2016 00:43
  Florida's HCI Group reported a 22 percent decline in fourth
  quarter profits to $11.1mn as underwriting results deteriorated
  despite top line growth.
  The company said gross earned premiums (GEP) for the period
  increased 11.5 percent to $101.9mn, largely as a result of take-out
  premiums from state-backed insurer Citizens assumed from last
  December and the impact of subsequent renewals.
  A change in policy mix to assume wind-only policies with the
  December take-out had a knock-on effect on reinsuran
  
  Read more

• Florida senate committee passes insurance reform bill

  04-03-2016 00:43
  A package of property insurance reforms aimed at fixing the
  so-called assignment of benefits (AOB) problem has successfully
  passed through the Florida senate committee this week.
  The Prohibited Insurance Practices bill contains proposals that
  would mean only licensed public adjusters would be able to perform
  emergency remediation or restoration services on behalf of the
  insured.
  In addition, the same rules will also apply to subcontractors as
  contractors.
  However, the bill has been criticised fo
  
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• Flood bill progresses in US House of Representatives

  04-03-2016 00:43
  The US House Financial Services Committee passed a flood insurance
  bill that could open up the private flood insurance market
  yesterday (3 March).
  The Flood Insurance Market Parity and Modernization Act seeks to
  amend the Flood Disaster Protection Act of 1973 to make technical
  amendments to requirements for flood insurance under either the
  federal program or private flood insurance.
  The legislation said that the term private flood insurance would
  include any policy issued by an insurance company
  
  Read more

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