Insurance news

• Broker Network launches exclusive etrade AXA home offering

  18-03-2016 17:48
  
  The network is also planning to launch an AXA mini fleet product and four Ageas SME products on Acturis
  
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• Broker Network launches exclusive AXA home offering

  18-03-2016 17:48
  
  The network is also planning to launch an AXA mini fleet product and four Ageas SME products on Acturis
  
  Read more

• Lloyd's appoints first country manager in India

  18-03-2016 14:54
  Lloyd's has appointed Shankar Garigiparthy as country
  manager for India, the Corporation announced today (18 March).
  In his new role, Garigiparthy will be responsible for market
  development, representing Lloyd's in discussions with
  regulators, and building business relationships as the Corporation
  seeks to grow its presence in India.
  No fixed start date has been agreed yet.
  Garigiparthy has more than 23 years' experience in the
  financial services sector and was most recently a regional
  complianc
  
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• Liiba appoints AJG's Agnew as chair

  18-03-2016 14:54
  The London & International Insurance Brokers'
  Association (Liiba) has named AJ Gallagher's Andrew Agnew as
  its next chairman.
  Agnew, who is currently managing director of specialty and a
  member of the executive committee at the broker, succeeds Steve
  Hearn, and will take up the position with immediate effect.
  Agnew joined AJ Gallagher in 2011 from JLT, where he had served
  as chairman of the broker's London market specialty arm since
  2007.
  He has also served as Liiba's deputy chairman for...
  
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• JLT cuts senior executive pay following profits drop

  18-03-2016 14:54
  JLT slashed the remuneration of its senior executives following a 7
  percent drop in profits at the broker in 2015.
  CEO Dominic Burke's pay was cut by 18.6 percent from
  £3.32mn to £2.7mn ($4.8mn to $3.9mn) last year according
  to the company's annual report, released today (18 March).
  Deputy chief executive Mark Drummond Brady suffered an even
  bigger drop of 26 percent as his wages fell from £1.35mn to
  £1mn in 2015.
  Commercial director James Twining also experienced a pay..
  
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• Generali posts top and bottom line growth for 2015

  18-03-2016 14:54
  Generali's operating profits increased by 6.1 percent to
  EUR4.8bn in 2015, boosted by an increase in premiums and an
  improved P&C performance.
  Net profits rose by 21.6 percent to reach EUR2bn, while
  Generali's operating return on equity reached 14 percent, which
  was above the 13 percent target. Investment income improved from a
  loss of EUR203mn at the end of 2014 to a profit of EUR159mn at the
  end of last year.
  The top line also grew by 4.6 percent to...
  
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• Donnet unveiled as Generali CEO

  18-03-2016 14:54
  Italy-headquartered global carrier Generali has appointed
  Philippe Donnet as its new CEO, replacing Mario Greco, who has left
  to lead Zurich.
  Donnet is an internal appointment, having worked as
  Generali's Italy country manager since July 2013. He will
  retain this responsibility alongside his new role of CEO.
  As a Frenchman, he's also the first non-Italian to lead the
  carrier.
  His appointment is likely to upset some stakeholders who were
  concerned about the power being wielded by French activist
  
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• China Re names acting chairman

  18-03-2016 14:54
  China Re has nominated Wang Pingsheng as acting chairman of the
  board, following the resignation of Li Peiyu.
  Wang was previously executive director and vice chairman of the
  board, and will serve in his new role until a new chairman is
  found.
  Li resigned as chairman earlier in March due to "work
  commitments". He was also an executive director, a member of
  the strategy and investment committee and chairman of the risk
  management committee at China Re.
  Wang will start...
  
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• Ageas commits to commercial digital trading

  18-03-2016 13:22
  
  Ageas is committed to trading on digital platforms according to commercial digital trading manager Allison Hughes.Hughes told Insurance Age that since last year the team has grown from three to 30 and...
  
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• Academy pre-tax profit rises 31% to £1.8m

  18-03-2016 12:46
  
  Turnover also increases by 5% to £9.1m for the year to the end of June 2015.
  
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• Video: QBE European Operations CEO Richard Pryce

  18-03-2016 12:39
  
  Speaking to Post news editor Callum Brodie, QBE European Operations CEO Richard Pryce gives his take on industry game-changers in 2016, while also providing an insight into his own organisation's strategy.
  
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• NFU Mutual GI arm reports 83.7% increase in profits

  18-03-2016 12:16
  
  Insurer’s COR improved by 10 percentage points despite £50m bill from December storms
  
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• Allianz refreshes cyber and data corruption proposition

  18-03-2016 11:50
  
  Allianz has added new covers and services to its proposition for the broker market for risks such as cyber and data corruption to reflect the emerging dangers faced by UK businesses.The insurer said...
  
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• Quizzical questions: 18 March 2016

  18-03-2016 11:42
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Quiz of the week - 18 March

  18-03-2016 11:37
  
  Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
  
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• Crawford TPA Broadspire to be led by Sutcliffe as Clubley steps down

  18-03-2016 11:18
  
  Crawford & Company’s third-party administration business Broadspire has replaced Margaret Clubley as managing director of its UK business with Ian Sutcliffe, former Crawford UK client relationships director.
  
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• Cheltenham charity bets: Day four – The Gold Cup

  18-03-2016 11:06
  
  The Gold Cup is one of the most exciting races of the year and with the victor taking £327,463 it's the one that all the trainers, owners and jockeys want to win.Four of our tipsters have backed Cue...
  
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• Generali appoints Donnet as group CEO

  18-03-2016 10:16
  
  Italian giant Generali has appointed Philippe Donnet, Generali's Italy country manager, as group CEO.
  
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• Blog: Insurers - ignore the Millennials at your peril

  18-03-2016 09:24
  
  After spending decades in the insurance industry on several continents, it never ceases to amaze me how we continuously fail to adapt to change as effectively as other industries around us.
  
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• JLT boss Burke delivers grim warning on insurance outlook

  18-03-2016 09:21
  
  Burke says industry must brace itself for a number of challenges 
  
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• JLT bosses take pay cut amid falling profits

  18-03-2016 09:12
  
  Boss Burke still takes home multi-million pound package despite pay drop 
  
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• Horse Whisperer's final day Cheltenham briefing

  18-03-2016 08:44
  
  The Horse Whisperer signs off Cheltenham week with his look at the final day’s racing, and gives his tip for the big race of the day, the Cheltenham Gold Cup
  
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• Fleets urged to check cover amid new corporate manslaughter fines

  18-03-2016 08:31
  
  Tough new regulation sparks a call to action for businesses with fleets 
  
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• Sea-level rises: why flooding is the next big business risk

  18-03-2016 07:00
  
  A new breed of insurers, risk analysts and designers is aiming to help businesses and homeowners prepare for rising sea levelsAs climate change risks go, rising sea levels fail to sound the same alarm bells as dramatic weather events and melting ice caps. Yet their long-term effects are among the most alarming. Flooded cities, submerged coastal areas, mass migrations.According to recent research, the world’s oceans rose by 14cm last century. If we’re lucky, that number will merely do
  
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• Lloyd’s insurers pay on $20m superyacht fire claim

  18-03-2016 05:35
  
  Lloyd’s insurer settle quickly on claim 
  
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• Zurich to sell Taiwan business

  18-03-2016 00:03
  Zurich is planning to auction off its Taiwanese non-life
  business as it continues to take steps to scale back its footprint,
  The Insurance Insider understands.
  The unit, which wrote $122mn of premium in 2015, makes up part
  of the global carrier's Asia Pacific operations, which
  generated $2.24bn of non-life gross written premium overall last
  year.
  Sources said that the capital in the business is believed to be
  meaningfully lower than the amount of premium written.
  It is understood that interest..
  
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• QBE launches public entity PL program

  18-03-2016 00:03
  QBE's North American division has partnered with Public Risk
  Underwriters of Texas to provide professional liability cover to
  teachers, public officials and law enforcement.
  In an announcement today (17 March), QBE said the new program
  could be written on an admitted or non-admitted basis on the A AM
  Best-rated paper of its North American platform.
  It will look to cover officials, educators, public and private
  junior schools, charter schools, and law enforcement agencies
  including municipalities
  
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• Moody's: Solvency II ratios not fully comparable

  18-03-2016 00:03
  Solvency II ratio compatibility is hindered by the ability of
  insurers to use one or more methods to enhance their ratios,
  according to ratings agency Moody's.
  In a report released today (17 March), the ratings agency said
  that the different methods included transitional methods and third
  country equivalence.
  "The very use of internal models also creates the potential
  for inconsistent assumptions," the report said.
  At a breakfast briefing held in London today, Dominic Simpson,
  vice president and
  
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• Marsh lures construction and surety exec from Aon

  18-03-2016 00:03
  Marsh has hired Rob McDonough to lead its construction and surety
  practice in the Northeast of the US.
  Although the broker didn't reveal where the executive is
  moving from, it is thought McDonough was most recently a regional
  managing director at Aon Risk Services, where he also focused on
  the construction and surety sector.
  In a statement, Marsh said the executive will be based in the
  firm's New York headquarters, and will report to Chris Roak,
  Northeast zone leader.
  &quo...
  
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• Fosun forced to look at partial Ironshore sale

  18-03-2016 00:03
  Chinese conglomerate Fosun is exploring a partial sale of recently
  acquired Ironshore as it looks to ease ratings agency pressure on
  the specialty insurer, The Insurance
  Insider can reveal.
  Sources told this publication investment bank Citi has been
  approaching potential acquirers about a partial divestiture of the
  business, which Fosun bought in two stages for a combined
  $2.3bn.
  Fosun is keen to hold onto the asset but is looking for an
  M&A solution that will allow Ironshore to retain at...
  
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