Insurance news

• UK IPT to rise to 10%

  16-03-2016 20:47
  Insurance premium tax (IPT) will increase by 0.5 percent to 10
  percent, Chancellor of the Exchequer George Osborne announced in
  the UK budget statement today (16 March).
  The 10 percent rate will come into effect from 1 October this
  year and the revenue raised from the additional 0.5 percent will be
  invested in flood defences and resilience measures.
  The IPT increase is forecast to raise an extra £80mn
  ($113mn) for the Treasury during the 2016/17 fiscal year, an extra
  £200mn...
  
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• UK budget includes ILS tax law commitment

  16-03-2016 20:47
  The UK government has formally outlined plans to legislate the
  tax treatment of insurance-linked securities (ILS) vehicles by
  including the proposal as a commitment in its annual budget
  proposals.
  The budget, unveiled today (16 March) by Chancellor of the
  Exchequer George Osborne, said that the Finance Bill 2016 would
  institute powers for regulating the tax treatment of ILS at the
  level of issuers and the investor.
  Such measures are seen as key requirements for London to be able
  to attract...
  
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• Tokio Marine Kiln appoints new CUO

  16-03-2016 20:47
  Tokio Marine Kiln (TMK) has appointed Paul Culham as group chief
  underwriting officer (CUO) with effect from 1 April, subject to
  regulatory approval.
  He replaces the departing Richard Lewis, who is leaving after
  more than 30 years with the company.
  As group CUO, Culham will lead the strategy and management of
  all TMK Group underwriting activities across its Lloyd's and
  company platforms, comprising a book of business with an annual
  gross written premium of £1.7bn ($2.4bn).
  Culham will cont
  
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• Swiss Re plans SwF1bn share buyback

  16-03-2016 20:47
  The Swiss Re board of directors has requested authorisation for a
  SwF1bn ($1bn) share buyback scheme, it announced today (16 March).
  The reinsurer completed its previous SwF1bn buyback earlier this
  month, which saw it purchase more than 10 million shares at an
  average purchase price of SwF94.03 per share.
  The scheme is part of Swiss Re's wider objective of
  returning capital to shareholders when excess capital is available,
  no major loss events have occurred and other business opportunities
  do no
  
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• Munich Re 2016 profit target falls

  16-03-2016 20:47
  Munich Re today (16 March) announced a profit target of EUR2.3bn to
  EUR2.8bn ($2.6bn to $3.1bn) for 2016, down from guidance of
  EUR2.5bn to EUR3bn a year earlier and the consensus estimate of
  EUR2.7bn.
  The reinsurer has taken a more cautious approach amid persistent
  market headwinds and ongoing challenges at its primary insurance
  unit Ergo.
  Outgoing CEO Nikolaus von Bomhard said that the 2016 profit
  guidance was "an ambitious target, especially because we
  cannot expect to see a repeat of...
  
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• MGAA elects James Gerry as chair

  16-03-2016 20:47
  The Managing General Agents' Association (MGAA) has elected
  James Gerry, chairman of privately owned managing general agent GB
  Underwriting, as its new chairman.
  Gerry has been an MGAA board director since 2012 and replaces
  founding chairman Reg Brown, who announced his retirement in
  February.
  Before joining GB Underwriting, Gerry served as CEO of Dual
  International, where he oversaw the company's transformation
  into a managing general underwriter with gross written premiums of
  more than EUR100m
  
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• London 'open for business from Brazil'

  16-03-2016 20:47
  The London market is actively seeking to raise its profile in Latin
  America, International Underwriting Association (IUA) CEO Dave
  Matcham will say today (16 March).
  Matcham will tell attendees at the Anglo-Brazilian Insurance and
  Reinsurance Summit in São Paulo that London is "very much
  open for business from Brazil".
  "You can be assured that a lot of work is being undertaken
  to make the London market as attractive to do business with as
  possible," he will say.
  "[London] should be...
  
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• Hyperion FP Marine Risks CEO steps down

  16-03-2016 20:47
  Philip Bilney is to step down as CEO of Hyperion-owned Asian marine
  insurance broker FP Marine Risks (FP) and will be replaced by
  Richard Walker, the company announced today (16 March).
  Walker was previously regional managing director, Asia at FP. He
  joined the company from the business he founded, specialist marine
  broker Risk Exchange Ltd, in 2014 after it was acquired by FP.
  Prior to setting up his own company Walker was chief executive
  of Heath Lambert's Asian operations for...
  
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• Everest Re rebrands programme business

  16-03-2016 20:47
  Bermudian carrier Everest Re has rebranded the programme
  business that falls under its US specialty insurance.
  The carrier said the rebrand from Everest Insurance to Everest
  Underwriting Partners reflected "rapid evolution" in
  distribution channels and opportunities for the company to engage
  with a "growing and more sophisticated" range of
  potential partners.
  Everest Insurance will continue to target business opportunities
  in a complementary manner to its expanding direct underwriting
  operations
  
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• Brexit would be 'disaster' for Europe and Britain: Kessler

  16-03-2016 20:47
  Scor CEO Denis Kessler has warned that a UK exit from the
  European Union (EU) would be "a disaster" for
  (re)insurers in both London and Europe.
  Speaking at an Insurance Institute of London event at
  Lloyd's today (16 March), Kessler became one of only a few
  (re)insurance market executives to openly discuss their views on a
  potential Brexit.
  A Brexit would cause uncertainty in the short term as the UK
  negotiated separate deals with the EU, he opined, adding that...
  
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• Big four reinsurers get go-ahead for Indian operations

  16-03-2016 20:47
  Munich Re, Hannover Re, Swiss Re and Scor have received initial
  approval to operate in India from the country's regulator.
  The Insurance Regulatory and Development Authority (Irda) of
  India has granted the four reinsurers R1 approval, according to
  The Indian Express. The regulator is now conducting due
  diligence ahead of issuing the final approvals, known as R2, which
  will allow the carriers to set up direct operations in India.
  Two more international players, US-based life carrier
  Reinsurance G
  
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• Biba to launch UK SME flood scheme

  16-03-2016 20:47
  The British Insurance Brokers' Association (Biba) is in
  talks with carriers to launch a flood insurance initiative for UK
  businesses and property owners later this year.
  Speaking to The Insurance Insider,
  Biba executive director Graeme Trudgill said that the aim of the
  initiative was to provide a solution for small and medium-sized
  enterprises (SMEs), as the incoming government-backed Flood Re
  scheme excludes commercial risks.
  "We will be creating a commercial facility to be launched
  this year t
  
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• AJG acquires Midwest retail broker BCW

  16-03-2016 20:47
  Global broker Arthur J Gallagher (AJG) has acquired US retail
  insurance broker Bomford, Couch & Wilson Inc (BCW), the company
  announced today (16 March).
  The terms of the deal were not disclosed.
  Following the deal, BCW president Jim Couch and his associates
  will operate under the direction of Jay Eshelman, AJG's central
  US regional head of retail P&C brokerage operations.
  BCW provides commercial property and casualty, risk management
  consulting, employee benefits and personal lines insu
  
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• AGCS announces new North America chief

  16-03-2016 20:47
  Specialist corporate insurer Allianz Global Corporate &
  Specialty (AGCS) has announced that its North American president
  and CEO Art Moossmann will step down on 1 July.
  Moossmann will also vacate his position as a member of the
  company's board of management on 31 December.
  He be replaced by current AGCS North America chief underwriting
  officer (CUO) for specialty lines Bill Scaldaferri, who will add
  the North American president and CEO roles to his existing
  responsibilities.
  Moossmann previo
  
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• Osborne's mighty gamble on corporate tax base | Nils Pratley

  16-03-2016 20:20
  
  Corporate tax changes are slated to bring in an extra £9bn but once again these revenue-raising measures are calculated on assumptions, conjecture and hopeGeorge Osborne seems to have learned his political lesson from the fiasco of Google’s modest tax settlement with HM Revenue & Customs. Back in January, the chancellor looked ridiculous as he hailed the £130m deal as a “major success” while almost everybody else concluded the sum, covering a 10-year period, was
  
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• Ecclesiastical achieves biggest underwriting profit in six years

  16-03-2016 19:33
  
  Ecclesiastical CEO Mark Hews has heralded “a set of extremely positive results” after the insurer recorded an 11% rise in pre-tax profits to £53.6m in 2015 (FY 2014: £48.2m) alongside its biggest underwriting profit since 2009.
  
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• Brokers fear IPT could hit 20%

  16-03-2016 16:47
  
  Market concerned that the tax will continue to rise steadily in Budgets to come.
  
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• L&G pushes for long-term pricing in home

  16-03-2016 16:30
  
  Managing director for partnerships Mark Holweger says prices need to turn in 2016 for insurers to maintain consistency.
  
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• UK commits to driverless cars

  16-03-2016 16:18
  
  Government pledges funds for a £15m connected corridor from London to Dover and says it will “establish the UK as a global centre for excellence in connected and autonomous vehicles”.
  
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• FCA to take over regulation of CMCs

  16-03-2016 16:03
  
  Government announces move following publication of independent review
  
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• Insurance industry angry at Osborne's further IPT increase

  16-03-2016 15:19
  
  Biba ‘astonished’ at Osborne’s second IPT rise; ABI says rise is ’disappointing’
  
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• IPT increase to come into effect in October this year

  16-03-2016 15:18
  
  Tax rises earmarked to help with flood defences despite government pledging last year that there were no plans for a further rate rise.
  
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• Osborne increases IPT 0.5% with funds raised to be spent on flood defences

  16-03-2016 14:37
  
  Insurance premium tax will rise again with Chancellor of the Exchequer George Osborne today (16 March) announcing a 0.5% increase in his Budget speech.
  
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• Budget 2016: Osborne increases IPT 0.5% with funds raised to be spent on flood defences

  16-03-2016 14:37
  
  Insurance premium tax will rise again with Chancellor of the Exchequer George Osborne today (16 March) announcing in his Budget speech a 0.5% increase effective from 1 October.
  
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• IPT to rise again

  16-03-2016 14:29
  
  The 0.5% rise is the second in less than a year and Chancellor said extra money raised would go towards flood protection.
  
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• Osborne raises IPT to 10% from 9.5%

  16-03-2016 14:25
  
  Extra revenue ringfenced to fund flood defences
  
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• CEO reiterates warning to brokers ahead of Flood Re

  16-03-2016 13:56
  
  Brendan McCafferty urges brokers to avoid falling behind because software houses don’t prioritise Flood Re.
  
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• Forces Financial offers free telematics with car insurance

  16-03-2016 13:26
  
  Forces Financial, the financial services firm for the UK military, is offering a free telematics device with all new car insurance policies from 21 March.
  
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• Flood Re still waiting for regulatory approval

  16-03-2016 13:16
  
  Three weeks ahead of the launch CEO Brendan McCafferty says Flood Re has two issues to solve before PRA authorisation.
  
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• Post magazine – issue date (24 March 2015)

  16-03-2016 13:07
  
  The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS app edition on the App Store or read the Post digital edition online.
  
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• Post magazine – issue date (17 March 2016)

  16-03-2016 13:07
  
  Many of you will notice we have a new look Insurance Post website. We are delighted to offer subscribers a massively improved experience, combining a fresh and easy to read appearance with cutting edge...
  
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• Post magazine – issue date (17 March 2015)

  16-03-2016 13:07
  
  The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS app edition on the App Store or read the Post digital edition online.
  
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• BGL profit hit by £35m loss at Minster Law

  16-03-2016 12:47
  
  Broking group says IPO review is ongoing
  
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• CII proposes apprenticeship levy scheme

  16-03-2016 12:44
  
  Professional body offers to act as “broker” for buddy scheme to enable large firms to use some of their levy outside of their company.
  
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• ERS launches enhanced offering for classic car collections

  16-03-2016 12:40
  
  Facility will provide cover of up to £50m.
  
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• Cheltenham charity bets: Day two - Queen Mother Champion Chase

  16-03-2016 12:05
  
  All eyes are on the Queen Mother Champion Chase today and Dodging Bullets (with its insurer-related owners) could be in the frame.
  
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• CII's Fisher proposes insurance apprentice 'buddy scheme' to government

  16-03-2016 12:02
  
  Sian Fisher, CEO of the Chartered Insurance Institute, has written to the government to propose an insurance buddy scheme for apprenticeships, which would take advantage of the ability to use levy contributions outside of firms.
  
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• CII urges government to adopt apprenticeship buddy scheme

  16-03-2016 11:54
  
  Large firms could help smaller firms afford training programmes
  
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• London is 'open for business' to Brazil says IUA's Matcham

  16-03-2016 11:36
  
  International Underwriting Association CEO Dave Matcham has encouraged Brazilian customers to do business with London after changes to reinsurance regulation in the country have made it easier for clients there to access the London Market.
  
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• Pre-tax profit drops 15% at BGL

  16-03-2016 11:05
  
  Group reports increase in both revenue and policies.
  
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• Tokio Marine Kiln appoints Paul Culham as group CUO

  16-03-2016 11:01
  
  Tokio Marine Kiln has appointed Paul Culham as group chief underwriting officer with effect from 1 April 2016, subject to regulatory approval.
  
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• James Gerry appointed as MGAA chair

  16-03-2016 10:49
  
  The Managing General Agents’ Association has elected James Gerry as chairman following the first meeting of its new board on Monday.
  
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• James Gerry elected MGAA chair

  16-03-2016 10:22
  
  GB Underwriting chairman replaces founding chairman Reg Brown
  
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• Lloyd’s insurer Marketform shifts malpractice business to rival

  16-03-2016 10:13
  
  Four-strong team moves to Dale Underwriting Partners
  
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• Munich Re targets lower profit for 2016

  16-03-2016 08:35
  
   Global reinsurer to buy back €1bn of shares
  
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• Cheltenham 2016: Insurance Times insider's day two tips

  16-03-2016 08:32
  
  The Horse Whisperer reviews day one and gives his recommendations for today’s racing
  
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• Fitch upgrades Ageas rating after legal settlement

  16-03-2016 08:30
  
  Insurance group’s debt rating increased to A from A-
  
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• Zurich's Spencer links climate risks with economic growth in Asia-Pacific

  16-03-2016 07:04
  
  Stuart Spencer, general insurance Asia-Pacific CEO at Zurich, warns theAsia-Pacific region could face a "perfect storm" if it fails to understand the full impacts of climate change.
  
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• Hong Kong Analysis: SMEs' more sophisticated approach

  16-03-2016 05:02
  
  Intense competition and a slowdown in China’s economy will make the Hong Kong SME market more challenging writes Nicky Burridge.
  
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• Ping An's profits climbed 38% in 2015

  16-03-2016 04:53
  
  Chinese financial services giant Ping An has reported a 38% rise in profits in 2015 to 54.2bn yuan (£5.88bn) compared with 39.3bn yuan in 2014.
  
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