Insurance news

• Zurich appoints new EMEA CUO

  08-03-2016 22:21
  Insurance giant Zurich has appointed Jane Hayes as its new chief
  underwriting officer (CUO) for the company's EMEA general
  insurance (GI) business.
  She replaces Alan Fairhead, who was appointed as global GI CUO
  in October 2015.
  Hayes will be based in Dublin and will report to CEO of the
  insurer's GI EMEA segment Patrick Manley.
  She will be responsible for leading Zurich's underwriting
  operations, including pricing and performance, across the
  region.
  Hayes was previously the company's global unde
  
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• Political risk levels declined in 2015: Aon

  08-03-2016 22:21
  Eight countries have seen their levels of political risk reduce in
  the past year, according to Aon's 2016 Political Risk Map.
  China, Ethiopia, Haiti, Iran, Jamaica, Nepal, Pakistan and
  Serbia were upgraded in Aon's latest political risk index,
  meaning they had experienced a reduction in political risk.
  Meanwhile, four countries - Cape Verde, Micronesia, the
  Philippines and Suriname - were downgraded in the review. It is the
  first time in three years the number of upgrades has outweighed the
  numb
  
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• Marketform task force members given leadership roles

  08-03-2016 22:21
  American Financial Group's specialist Lloyd's carrier
  Marketform has dissolved the task force set up under new CEO Martin
  Reith and has appointed its members to permanent senior positions,
  the company announced.
  Former task force chairman Ian Martin has been appointed to the
  new role of managing director, reporting to Reith. Martin is
  currently chairman of data collection company Belgravium
  Technologies, and was previously CEO of Avesco Group plc.
  Mark Stockton becomes director, head of underwri
  
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• Liberty names US technology chief

  08-03-2016 22:21
  Liberty International Underwriters (LIU) has promoted Simon White
  to senior vice president of privacy, professional and technology,
  it announced today (8 March).
  White will have responsibility for all of LIU's US privacy,
  professional and technology, cyber and miscellaneous professional
  errors and omissions (E&O) business. He will also have
  underwriting oversight of these products nationwide.
  He was previously vice president of the same division, a
  position he held for around two years. Whit
  
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• Ironshore boosts Asia terrorism and war team

  08-03-2016 22:21
  International specialty insurer Ironshore has appointed James
  Hill as its new underwriting manager of terrorism, political
  violence and war for the Asia Pacific region.
  Hill will be based in the company's Singapore office and
  will report to Asia Pacific managing director Hui Yun Boo.
  He joins Ironshore from broker Willis, where most recently he
  was executive director of the Willis Asia group.
  Hill also served as head of crisis management for Willis in
  Asia, with a focus on building the...
  
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• Beazley: US healthcare cyber rates up as much as 20%

  08-03-2016 22:21
  Cyber rates for the US healthcare sector have seen increases of
  between 10 and 20 percent after a string of high-profile losses,
  according to Beazley.
  Paul Bantick, UK focus group leader for cyber at the Lloyd's
  carrier, told The Insurance Insider there
  was "huge demand" for cyber insurance cover in the
  healthcare space, following increases in both the frequency and
  severity of breaches.
  Large accounts are experiencing the greatest levels of
  hardening, in the 10 to 20 percent range, while...
  
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• Alesco appoints new LatAm property facultative chief

  08-03-2016 22:21
  AJ Gallagher-owned wholesale broker Alesco has hired Adam Bragg
  to lead its Latin American property facultative team.
  Bragg will focus on developing the business in Latin America,
  with a particular emphasis on expanding in Peru, Chile, Mexico and
  Colombia.
  He will be based in London and will report to chairman Martin
  Emkes when he joins the company later this year.
  He joins the firm from broker Lockton, where he served as vice
  president of property, focusing on Latin American business....
  
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• AIG set for Taiwan return: reports

  08-03-2016 22:21
  American International Group (AIG) is set to return to the
  Taiwanese market after the Financial Supervisory Commission (FSC)
  approved the request of Singapore-based AIG Asia Pacific Insurance
  Pte Ltd (AIG API) to set up a branch in the country.
  According to the Taipei Times, the FSC said it had
  approved the proposal for the branch, which will focus on expanding
  the company's commercial insurance operations in the
  country.
  The move comes five years after the company sold its 97.57
  percent...
  
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• Five sentenced in Birmingham over £30k crash-for-cash claim

  08-03-2016 18:23
  
  Peta Fuller Postonline A group of five men pleaded guilty in an insurance fraud case and were today (8 March) handed suspended sentences and ordered to pay a total of £10,800 in compensation.
  
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• Penny Black's Social World - 10 March 2016

  08-03-2016 18:03
  
  Stephanie Denton Postonline
  
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• Editor's comment: Not an easy target

  08-03-2016 17:55
  
  Stephanie Denton Postonline While insurers are busy trying to inform customers that the sector is not an easy target for fraud there are fears that it is becoming an easy target for the government to make money instead.
  
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• ‘Crash for cash’ gang sentenced for trying to defraud RSA of £30k

  08-03-2016 17:55
  
  Group sentenced for staging crash following IFED investigation
  
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• Career development: Insurers honoured at customer service awards

  08-03-2016 17:49
  
  Peta Fuller Postonline
  
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• Insurance Act full of potential traps, warn lawyers

  08-03-2016 17:01 via insuranceage.co.uk
  
  Lawyers Colin Wynter and Stuart Hill explain the possible pitfalls for brokers ahead of the implementation of the Insurance Act.
  
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• Vann to drive home growth at Esure with 'test and learn' approach

  08-03-2016 16:26
  
  Callum BrodiePostonline Esure is adopting a “test and learn" approach to expanding its home insurance footprint in a bid to quote for a wider UK demographic once rates improve.
  
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• Zurich promotes for top underwriting role

  08-03-2016 14:50
  
  Peta Fuller Postonline Jane Hayes has been formally promoted to chief underwriting officer for general insurance in Europe, Middle East and Africa and Zurich Insurance Plc.
  
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• Data breaches caused by hacking or malware on the rise, Beazley finds

  08-03-2016 14:00
  
  Callum BrodiePostonline Beazley’s specialist breach response services unit responded to 60% more data breaches in 2015 compared to the previous year, the insurer has revealed.
  
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• Zurich appoints EMEA GI underwriting head

  08-03-2016 13:54
  
  Jane Hayes replaces Alan Fairhead
  
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• Brightside could start looking at acquisitions by year-end

  08-03-2016 13:31
  
  Chief executive Mark Cliff confident that the broking group is back on track
  
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• Esure’s Vann: motor market still needs more rate increases

  08-03-2016 13:02
  
  Chief executive sees opportunities to grow profitably
  
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• Generali receives SII partial internal model approval

  08-03-2016 12:42
  Global insurer Generali has secured approval for its partial
  internal model from domestic regulator the Italian Insurance
  Supervisory Authority (IVASS).
  The carrier said in a statement today (8 March) that it had
  received authorisation for the use of a partial internal model to
  calculate the Solvency Capital Requirement at group level.
  Generali has also received approval to calculate the Solvency
  Capital Requirements for its main Italian and German insurance
  companies, its non-life French operat
  
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• Esure 2015 profits fall on higher loss ratio

  08-03-2016 12:42
  Underlying profits before tax at UK-listed motor specialist
  Esure fell 22.7 percent to £82.9mn ($117.7mn) in 2015 after
  deterioration in the firm's loss ratio pushed its combined
  ratio up.
  The results were broadly in line with analysts'
  expectations.
  Esure's group combined ratio deteriorated by 5.9 percentage
  points to 97.8 percent, driven by a 6 point increase in the loss
  ratio to 74 percent.
  The loss ratio deterioration stemmed almost entirely from the
  motor portfolio, where the loss rat
  
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• Endurance branches into international casualty

  08-03-2016 12:42
  Endurance has launched a new international casualty insurance
  business with the hire of Giles Quartly.
  Quartly joined the firm from CV Starr, where he was chief
  underwriter for general liability. He has 20 years' experience
  in casualty insurance, and has previously held roles at Argo,
  Allianz and QBE.
  As senior vice president and head of international casualty,
  Quartly will be responsible for Endurance's international
  general liability insurance business and establishing a presence
  for the compa
  
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• Casualty reinsurance boosts Amlin's 2015 top line

  08-03-2016 12:42
  Lloyd's carrier Amlin reported 7 percent growth in its top line
  to £2.74bn ($3.89bn) for 2015, driven by 14.6 percent gross
  written premium (GWP) growth in its reinsurance unit.
  The softening trend in reinsurance markets continued to lead
  clients to seek multi-year policies, typically with two- or
  three-year policy periods that are fully recognised on inception of
  the contract, Amlin explained.
  Group GWP included £88mn of multi-year contracts written in
  London and Bermuda, with a fur
  
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• Allianz Global appoints Vagenende to UK role

  08-03-2016 12:42
  Allianz Global Corporate & Specialty (AGCS) has appointed
  Elke Vagenende as its new head of market management for the UK from
  1 April.
  She will be responsible for the leading the company's key
  account management and broker distribution in the UK.
  Vagenende previously served as the insurer's head of
  financial institutions from May 2014 after originally joining AGCS
  in 2012 as head of product development for financial lines.
  Prior to joining Allianz she worked at Liberty Mutual as a
  senior...
  
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• In Focus: Construction - challenges and opportunities

  08-03-2016 12:30 via insuranceage.co.uk
  
  Sam Barrett explores how brokers can take advantage of a growing construction sector in the second part of our In Focus series.
  
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• Industry bosses unite to warn government against further IPT hike

  08-03-2016 12:24
  
  Katie Marriner Postonline The industry is rallying against a further potential increase in insurance premium tax ahead of the 16 March Budget.
  
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• Apil CEO hopes to restore claims 'credibility' with cold calling ban

  08-03-2016 11:07
  
  Callum BrodiePostonline The CEO of the Association of Personal Injury Lawyers has come out in support of the banning of cold calling in a bid to restore some “credibility and respect” to the claims sector.
  
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• Gocompare's pre-tax profit falls 9% to £23.3m

  08-03-2016 10:52 via insuranceage.co.uk
  
  Parent company Esure's underlying profit before tax decreased by 22.7% to £82.9m in 2015.
  
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• Sompo Canopius close to selling broker-only UK motor book

  08-03-2016 10:16
  
  Sompo plots exit from UK motor as trade buyers circle 
  
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• MGA launches online quote and buy platform in rebrand

  08-03-2016 10:12
  
  ARO says capability will enhance the service that brokers can deliver to their clients and offer them more products
  
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• Sompo Canopius ponders UK motor business sale

  08-03-2016 10:01 via insuranceage.co.uk
  
  Insurer bought KGM in 2010.
  
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• Underlying profit drops at Esure amid challenging market in 2015

  08-03-2016 10:00
  
  Callum BrodiePostonline Esure recorded a deterioration in its combined operating ratio to 97.8% in 2015 (FY 2014: 91.9%) as underlying profit dipped by 22.7% to £82.9m (FY 2014: £107.2m) amid “highly competitive” market conditions.
  
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• Aviva flood loss of £100m predicted by analyst in otherwise 'good year'

  08-03-2016 09:59
  
  Callum BrodiePostonline Aviva is expected to reveal a £100m loss in earnings for 2015 as a result of the extensive flooding that swept the UK during the months of December last year and January.
  
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• Gocompare's profits fall 9.7% amid big advertising push

  08-03-2016 09:49
  
  Turnover grew by 5% to £119m 
  
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• Deteriorating underwriting performance cuts Esure profit

  08-03-2016 09:44
  
  Esure’s motor profits fell by 78.4% while its combined operating ratio increased by six percentage points to 98.4% 
  
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• Greggains heads Canada for XL Catlin

  08-03-2016 05:36
  Nick Greggains has been named CEO of XL Catlin's Canadian
  insurance operations based in the carrier's Toronto office.
  The executive was previously Catlin's chief underwriting
  officer in the US, moving to director of underwriting for XL
  Catlin's US operations with last year's merger of the
  companies....
  
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