Insurance news

• Water losses crisis to drive Florida rates higher

  07-03-2016 21:53
  South Florida policyholders face property insurance rate rises
  of 10 percent annually for years to come if legislative reforms
  aren't made to address water losses that have reached crisis
  levels, according to state-backed insurer Citizens.
  As previously reported, Florida carriers' loss
  ratios have come under increasing pressure from rising water loss
  claims, exacerbated by so-called assignment of benefits (AOB) and
  claims filing abuses.
  With AOB claims, homeowners assign their rights under a pol
  
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• Trust Risk wins EUR8.7mn commissions from Italian court

  07-03-2016 21:53
  Italian broker Trust Risk Group has been awarded EUR8.7mn in
  commissions by an Italian court in the firm's ongoing legal
  dispute with AmTrust.
  Trust Risk is pursuing the US specialty insurer in Italian
  arbitration proceedings following the acrimonious breakdown of the
  exclusive distribution arrangement between the two companies. The
  company is led by CEO Antonio Somma.
  The relationship between the two companies fell apart last year
  amid accusations that Somma's son-in-law stole information from
  
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• Ship owner too ill to travel in Brillante Virtuoso case

  07-03-2016 21:53
  A Greek ship owner who is the subject of an $85mn fraud case has
  claimed he is too ill to travel to give evidence at an upcoming UK
  court hearing as part of a long-running legal battle.
  In a 4 March hearing it emerged a family doctor had advised
  Marios Iliopoulos not to travel due to a bout of labyrinthitis, an
  ear condition that causes dizziness and nausea.
  Iliopoulos was due to be cross-examined at a two-day hearing
  scheduled for...
  
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• Senn's 2015 pay slashed by SwF2.4mn

  07-03-2016 21:53
  Former Zurich CEO Martin Senn had his pay slashed by SwF2.4mn
  ($2.39mn) in 2015 after the firm missed key performance targets.
  In total the executive received SwF6.1mn, a 28 percent drop from
  his 2014 salary.
  Senn also received a target performance share allocation from
  transition arrangements with a value of SwF1.2mn, according to the
  company's annual report, published last week (4 March).
  Zurich emphasised that while Senn would receive contractually
  agreed remuneration in 2016, he would not re
  
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• Securis establishes cat bond fund

  07-03-2016 21:53
  Securis Investment Partners has launched its first
  Ucits-compliant cat bond fund, continuing the trend for new
  offerings focused on the liquid side of the market.Many of the Zurich-based insurance-linked securities (ILS)
  specialist managers run Ucits-compliant funds, but until recently
  their London peers did not offer this form of mutual fund, which
  can be marketed freely across the European Union but which is
  limited to tradeable reinsurance investments.Leadenhall Capital also set up a new Ucit
  
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• Safepoint adds to cat bond cover

  07-03-2016 21:53
  Floridian insurer Safepoint is set to close its second Manatee
  Re cat bond at $95mn but has dropped plans to issue a layer of
  notes that would have run alongside its cover from the Florida
  Hurricane Catastrophe Fund (FHCF), sister publication Trading Risk
  understands.
  The largest tranche of the new deal fits into the upper, more
  remote risk layers of Safepoint's reinsurance programme.The class A notes will close at $75mn, above the $50mn initially
  sought, after the insurance-linked coupon...
  
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• Power market faces double hit from Colombian plants

  07-03-2016 21:53
  The power and utilities (re)insurance markets are bracing
  themselves following two major incidents at Colombian power plants
  that are threatening the country's supply of electricity,
  sister publication Inside FAC revealed on
  7 March.
  The incidents could become two of the sector's biggest
  claims of 2016.
  On 29 February, Medellín-based generation and distribution
  firm Celsia reported a damaged turbine at its 610 megawatt (MW)
  Termoflores plant in Barranquilla.
  Celsia, part of Grupo Argos, h
  
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• National Interstate shares surge 30% after AFG renews offer

  07-03-2016 21:53
  National Interstate's stock price surged by more than 30
  percent this morning (7 March) after 51 percent-owner American
  Financial Group (AFG) returned with a fresh attempt to buy-out the
  shares in the US insurer it doesn't already own.
  The offer of $30 a share from AFG's Great American
  subsidiary represents a 32.7 percent premium to National
  Interstate's closing price on Friday (4 March).
  It also values the commercial auto-focused carrier at 1.7x book
  as at the end of 2015, excluding...
  
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• Mars January recall not covered by company programme

  07-03-2016 21:53
  The product recall market looks set to escape a potentially
  significant exposure to US confectionery giant Mars after an
  international recall of chocolate bars was announced last month,
  Inside FAC understands.
  Mars does purchase product recall cover in the open market, but
  for malicious product tamper. The niche cover is offered in the
  London market, with significant writers including XL Catlin and
  Liberty.
  However, as the circumstances of the latest incident do not
  suggest that the act was mali
  
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• March brings stock recovery for some

  07-03-2016 21:53
  James River's stock price started along
  the road to recovery last week after it lost ground following its
  results release in late February, recording a 7.45 percent increase
  to reach $31.30 per share.
  Mapfre also witnessed share price growth
  throughout last week, closing 8.49 percent higher at EUR1.955 as it
  rebounded from a negative reaction to its results in the previous
  week.
  Shares in Admiral rose 10.21 percent to hit an
  all-time high of £19.44 last Friday (4 March), after...
  
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• Lloyd's index could boost London ILS prospects: Newman

  07-03-2016 21:53
  Plans for Lloyd's to launch an insurance index in mid-2016
  could work in tandem with the push to attract more insurance-linked
  securities (ILS) business to London, according to International
  Underwriting Association chairman Malcolm Newman.
  Last week the UK Treasury provided details on the proposed
  regulatory framework that it hopes will lure ILS business to
  London, outlining plans for an insurance special purpose vehicle
  (ISPV) regime overseen by the Prudential Regulation Authority
  (PRA).
  The a
  
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• Late payment clause under 'English votes for English laws'

  07-03-2016 21:53
  The late payment of insurance claims clause in the UK's
  Enterprise Bill is to be considered under the "English votes
  for English laws" procedure as it advances to the report
  stage.
  Certain provisions of the bill were certified by House of
  Commons Speaker John Bercow as being subject to the "English
  votes for English laws" procedure in January this year.
  Among these provisions was the late payment clause, which puts a
  one-year time limit on how long claimants can protest...
  
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• Former AIG exec Doyle named Marsh president

  07-03-2016 21:53
  John Doyle has resurfaced as president of broking giant Marsh,
  just three months after leaving American International Group (AIG)
  as part of the insurer's senior management cull.
  Doyle spent almost 30 years at the carrier after joining its
  National Union subsidiary in 1986. He was most recently CEO of
  AIG's commercial insurance businesses worldwide.
  In this role Doyle was responsible for the carrier's
  property, casualty, financial lines, specialty lines, institutional
  markets and mortgage guaran
  
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• Elements of the SIMR delayed

  07-03-2016 21:53
  A number of rules that had been slated to take effect as part of
  the UK's Senior Insurance Managers Regime (SIMR) have been
  delayed until later this year.
  The SIMR, which replaced the Approved Persons Regime on 1
  January to bring it into line with Solvency II, went live today (7
  March).
  However, while some of the rules have come into force, a number
  have been delayed after several concerns were highlighted by
  industry stakeholders.
  This second tranche of rules...
  
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• Cyber liability policies not ready to deal with property risk

  07-03-2016 21:53
  Existing cyber liability policies in the market will not respond
  to property damage or bodily injury claims, according to speakers
  at the Reactions Cyber Risk Forum in New York last week.Speaking at the event, Garin Pace, American International
  Group's head of cyber liability for North America, explained
  that existing cyber policies had grown out of errors and omissions
  (E&O) coverage."They do a great job of responding to financial loss
  because of a data breach," he said. "They also...
  
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• Catco releases portion of flood and storm reserves

  07-03-2016 21:53
  Retro manager Markel Catco will record an uplift to its returns
  in February after the firm released a portion of its side pocket
  reserves set aside for potential losses from the UK floods and US
  convective storms.Markel Catco had created side pockets worth about 5.5 percent of
  net asset value or roughly $24mn by year-end, with a significant
  amount linked to the UK flooding in December.The side pocket will now be reduced to about 4.5 percent of net...
  
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• Aon accuses Alliant of breaching injunction in staff raid

  07-03-2016 21:53
  Aon has accused Alliant of breaching a restraining order imposed
  after the Californian broker "decimated" the San
  José office of its global rival.
  Aon submitted an emergency motion in Illinois that accuses its
  smaller rival of defying the court and poaching clients in the wake
  of a team raid that saw 27 brokers defect to Alliant.
  It said the Californian intermediary should be held in contempt
  of court and ordered to inform some former Aon clients that it will
  not...
  
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• Turnover up but post-tax profit slips at MCE

  07-03-2016 15:40
  
  Broker grew its headcount in 2015.
  
  Read more

• Interview: Mike Crane - Reaching new heights

  07-03-2016 14:15
  
  Rachel Gordon Postonline The first flush of success has passed and so the pressure is on for LV’s new managing director of broking as the insurer moves on to its next phase of development
  
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• Construction: The fall guys

  07-03-2016 14:12
  
  Richard Willsher Postonline New safety regulations and sentencing guidelines will place additional pressures on firms to ensure construction safety –and it is likely SMEs will find it hardest to comply
  
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• Product Liability Food: Leaving a nasty taste

  07-03-2016 14:08
  
  Francesca Nyman Postonline There are many toxic risks when it comes to food manufacture, with the recent Mars chocolate recall prompting businesses to assess their exposure
  
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• C-Suite - Insurer: Paws for thought

  07-03-2016 13:54
  
  Bill Paton Postonline Vets and insurers should work together to develop and shape the pet insurance market
  
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• US Treasury to submit report on effectiveness of Trip

  07-03-2016 13:23
  The US Treasury's Federal Insurance Office (FIO) will submit
  a report to Congress addressing the overall effectiveness of the
  Terrorism Risk Insurance Program (Trip).
  The FIO, which monitors all aspects of the insurance sector in
  the US, asked insurers last week to voluntarily submit data and
  information regarding their participation in the Trip.
  The organisation stated that the request for information was not
  mandatory and that the data would be used to assist with the
  development of the report
  
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• Transport minister calls for Flood Re for SMEs

  07-03-2016 13:23
  The UK's Flood Re scheme could be used as a model to help
  small and medium-sized enterprises (SMEs) obtain affordable flood
  insurance, according to the flood envoy for Yorkshire Robert
  Goodwill.
  The comments come less than a month before the government-backed
  scheme is set to go live.
  Goodwill - who is also transport minister - told the
  Yorkshire Evening Post that many hundreds of companies
  were struggling to get cover after storms affected the county over
  Christmas.
  "What we need...
  
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• China Oceanwide brings insurer under Asia Pacific brand

  07-03-2016 13:23
  China Oceanwide Holdings has rebranded its P&C unit
  Min'an Insurance to Asia Pacific P&C Insurance, with effect
  from 1 March.
  China Oceanwide will also increase the unit's share capital
  five-fold to 1bn yuan ($15.3mn), from 200mn yuan currently.
  The move brings the non-life insurance unit under the same brand
  as China Oceanwide's reinsurance start-up Asia Pacific Re.
  The carrier was scheduled to start writing business as of 1
  January, but a backlog of applications at the China Insurance
  
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• One Broker's profit nearly doubles

  07-03-2016 13:08
  
  Director Robin Plaster says company is looking to make acquisitions.
  
  Read more

• UK General to populate e-trade platform in line with broker demands

  07-03-2016 12:36 via insuranceage.co.uk
  
  Strategy and innovation director Nick Rawlings says product launches on e-trade platform will depend on broker feedback.
  
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• Coventry ‘crash for cash’ gang ordered to pay van driver £40k

  07-03-2016 12:00
  
  Four tried to claim against insurer Octagon after causing crash
  
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• #Insagepeople: 7 - 13 March 2016

  07-03-2016 11:03 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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• #Insagepeople: 7 - 11 March 2016

  07-03-2016 11:03
  
  Get your fix of the market movers each week in one place with our new way of bringing you the latest recruitment changes.
  
  Read more

• Driverless HGVs to be trialled in UK under government plans

  07-03-2016 11:00
  
  Peta Fuller Postonline Driverless lorries will be trialled on UK motorways this year with funding for trials expected to be earmarked in the 16 March Budget, according to reports.
  
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• UK General launches e-trading platform for brokers

  07-03-2016 10:26
  
  Insurer says BrokerPal will enable brokers to access a wide range of products.
  
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• Blog: A digital tipping point for the insurance industry

  07-03-2016 09:26
  
  Duncan Orme Postonline The insurance industry can no longer afford to maintain the status quo, and is rapidly reaching a tipping point.
  
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• Quindell founder Terry accused of ‘fraudulent’ £185k expense claims

  07-03-2016 09:05
  
  Terry used company money for swimming pool and holiday, suit alleges
  
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• Driverless lorries to be tested on UK roads

  07-03-2016 09:00
  
  Trials will take place on M6 in Cumbria
  
  Read more

• Flood Re could be used as model for SME equivalent

  07-03-2016 08:56
  
  Small businesses are “facing real issues” getting cover, says Yorkshire flood envoy
  
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• UK floods to cost Aviva £100m - analyst

  07-03-2016 08:42
  
  Floods will cut forecast earnings per share to 47p, says Panmure Gordon’s Barrie Cornes
  
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