Insurance news

• Video: Expertise from A-Z with Stuart Toal

  22-03-2016 22:39
  
  Allianz's Stuart Toal talked to Post editor Stephanie Denton in the studio about the impact of claims inflation and PPOs, and explained why insurers should be supporting their brokers.To read more...
  
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• Expertise from A-Z: Casualty - Into the unknown

  22-03-2016 22:39
  
  The casualty landscape is ever-changing. Insurers and brokers must be aware of all developments when giving advice
  
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• Expertise from A-Z: Casualty - All you need is patients

  22-03-2016 22:39
  
  The casualty insurance area witnesses changes to legislation all the time, so insurers and brokers must be on top of their game when it comes to educating and communicating with the employers they work with
  
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• Gallagher v Portsoken trial set for October

  22-03-2016 19:14 via insuranceage.co.uk
  
  Parties dispute terms in injunction order at new court hearing.
  
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• Judge denies Gallagher speedy trial in Portsoken case

  22-03-2016 19:03
  
  Justice Slade will give judgement tomorrow on further aspects of Gallagher injunction against MGA and ex-employee
  
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• CMA healthcare report predicts London competition unlikely until 2022

  22-03-2016 18:28
  
  Bupa UK has asked the Competition and Markets Authority to rethink its Private Healthcare Remittal report, released today (22 March), in which it predicts further competition in the London healthcare market will not materialise until 2022.
  
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• Interview: Richard Pryce - Keeping discipline

  22-03-2016 18:18
  
  QBE European Operations CEO Richard Pryce talks about maintaining underwriting discipline in light of a heavily criticised sales email and contingency planning ahead of the EU referendum this summer
  
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• Trade Voice: The value of insurance

  22-03-2016 17:59
  
  It is more important than ever for the market and its customers to work together to demonstrate the value of commercial insurance
  
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• Trade Voice: Airmic's John Hurrell - The value of insurance

  22-03-2016 17:59
  
  It is more important than ever for the market and its customers to work together to demonstrate the value of commercial insurance
  
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• Oil cost-cutting linked to increased major incidents: Marsh

  22-03-2016 17:56
  Marsh has drawn a specific correlation between falls in the oil
  price, energy firms' cost-cutting, and falling safety
  standards, leading in turn to significantly larger insured losses.
  In a report released today (22 March), the global broker
  highlighted that insured losses peaked in the global upstream
  energy sector in the 1980s as Brent crude fell from $35 to $15 a
  barrel, and noted the same trend when oil prices plummeted in the
  1990s and 2008.
  Energy companies should continue to...
  
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• Maritime consultancy launches in Singapore

  22-03-2016 17:56
  Lee Wai Pong, the former executive director of the Singapore
  Chamber of Maritime Arbitration, has set up LWP.Sg Consultants, a
  maritime and dispute resolution agency based in Singapore.
  Lee has received two appointments through the new consultancy,
  both of which will start next month. The first is as regional
  adviser to Thomas Miller in Southeast Asia, and the second is as a
  consultant to the Singapore Mediation Centre, where he will help
  promote awareness and adoption of mediation in the...
  
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• Japanese bulker runs aground in Washington state

  22-03-2016 17:56
  A Panama-flagged bulker ship has run aground in the Columbia
  River near the town of Cathlamet in Washington state, according to
  local media reports.
  The 190-metre Sparna ran aground after it collided with
  a submerged object, according to a statement from the US Coast
  Guard (USCG).
  The ship is owned by Japanese company Santoku Senpaku and is
  insured by the Japan P&I Club.
  While the ship has taken on water in void spaces, local
  authorities reported that there was no...
  
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• Helios Underwriting beats 2013 profit forecast

  22-03-2016 17:56
  Names-backed Lloyd's carrier Helios Underwriting closed its
  2013 year of account ahead of its forecasted range, with profits of
  14.1 percent of capacity.
  Based on its 2013 stamp capacity of £28.7mn ($41.4mn), this
  equates to a profit of £4mn.
  The result was 0.61 points ahead of the top end of the previous
  2013 profit forecast of between 7.76 percent and 13.49 percent of
  capacity.
  For the 2014 year of account, the syndicate increased its profit
  forecast to between 4.96 percent...
  
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• Fosun confirms part-sale of Ironshore

  22-03-2016 17:56
  Chinese conglomerate Fosun has announced that it is exploring an
  IPO in its Bermudian insurance subsidiary Ironshore.
  "The board of the company would like to announce that the
  company is considering pursuing an initial public offering of the
  ordinary shares of its wholly-owned subsidiary, Ironshore
  Inc," Fosun said in a stock exchange announcement.
  The statement follows a 17 March story from this publication
  revealing that Fosun was exploring a part-sale of the business that
  it acquired as recen
  
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• Commercial market exposed to Belgian terror attacks

  22-03-2016 17:56
  The international reinsurance market is on alert after multiple
  explosions hit Brussels airport and the city's metro system
  today (22 March), killing at least 13 people.
  The global reinsurance community writes a EUR587mn ($658mn)
  stop-loss protection in excess of an annual aggregate of EUR300mn
  for the Belgian Terrorism Reinsurance and Insurance Pool
  (Trip).
  Two separate blasts hit the airport at around 08:00 CET. This
  was followed by an explosion at Maelbeek metro station, close to
  the city's E
  
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• Capsicum Delegated Authority hires Snowden

  22-03-2016 17:56
  Specialist binding authority broker Capsicum Delegated Authority
  (Capsicum DA) has hired Daniel Snowden from RFIB Group as a
  director.
  Based in London, Snowden will be responsible for growing
  Capsicum DA's offering across multiple territories,
  particularly Asia, Australia, Scandinavia and South Africa. He will
  report to senior executive director Philip Richardson.
  As a director at RFIB Group he was involved in producing and
  placing binding authorities and facultative business into the
  Lloyd's ma
  
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• Capita Managing Agency CEO to join Barbican

  22-03-2016 17:56
  Iain Bremner, CEO of Capita Managing Agency, has resigned from
  the FTSE 100 company, The Insurance
  Insider can reveal.
  Sources said that Bremner will join Lloyd's carrier Barbican
  later in the year.
  It is understood that the executive will become CEO of
  Barbican's managing agency, reporting to group CEO David
  Reeves.
  It is not known at this stage who will succeed Bremner at
  Capita.
  Bremner has run Capita's third-party managing agency
  business since 2010.
  During that period Capita provided turnke
  
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• BMS hires cyber chief

  22-03-2016 17:56
  BMS has hired James Gordon as managing director of its cyber and
  technology division, the specialist wholesale broker announced
  today (22 March).
  Gordon will join BMS from Lockton, where he is vice president of
  the global technology and privacy practice, after he serves his
  notice period.
  He will report to managing director of BMS Risk Solutions Ian
  Gormley.
  Prior to joining Lockton, Gordon worked at Jardine Lloyd
  Thompson and HSBC Insurance Brokers.
  The appointment is the latest in a string...
  
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• C-Suite Insurer: Hiscox's Robert Childs - Good in a crisis

  22-03-2016 17:46
  
  It is in an emergency that the industry’s expertise is needed most. It’s up to London to lead the way
  
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• C-Suite - Insurer: Good in a crisis

  22-03-2016 17:46
  
  It is in an emergency that the industry’s expertise is needed most. It’s up to London to lead the way
  
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• Comment: Handle with care

  22-03-2016 17:36
  
  The ABI and Biba have come together to provide a code of good practice for vulnerable customers
  
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• Comment: ABI's Paul Evans and Biba's Lord Hunt says customers must be handled with care

  22-03-2016 17:36
  
  The ABI and Biba have come together to provide a code of good practice for vulnerable customers
  
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• Editor's Comment: Pulling off the sticking plaster

  22-03-2016 17:27
  
  I believe in getting bad news out of the way quickly and nasty things over and done with – then we can move on to the fun things, or the ‘adventure’ as I call it.
  
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• Direct Line’s Geddes and Reizenstein to get 2.5% pay rise

  22-03-2016 16:18
  
  Geddes took home £4.8m and Reizenstein £2.8m in 2015
  
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• DLG's Geddes gets 2.5% pay-rise for 2016

  22-03-2016 13:43
  
  Direct Line Group CEO Paul Geddes is to receive a 2.5% increase in his base salary for 2016 to £794,000.
  
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• Phoning while driving nearly doubles accident risk

  22-03-2016 13:21
  
  Telematics data shows even hands-free callers increase their chance of making an insurance claim
  
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• Brexit offers UK insurers respite on ECJ VAT ruling for outsourced claims

  22-03-2016 13:02
  
  UK insurers are facing significant increases to the cost of outsourced claims handling if the government is forced to align its VAT position to a recent European Court of Justice ruling, but the June vote on whether the UK should leave the European Union could mean implementation is delayed.
  
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• Former Ageas CEO Smith joins Uinsure

  22-03-2016 11:49
  
  Barry Smith will join Manchester-based general insurance provider Uinsure as non-executive director, following his departure from Ageas in October last year.
  
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• Ex-Ageas UK boss Barry Smith joins Uinsure

  22-03-2016 11:49 via insuranceage.co.uk
  
  Smith hired as non-exec to help the firm's growth plans.
  
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• Budget 2016: Latest IPT rise could ‘interfere’ with Flood Re’s primary objectives

  22-03-2016 11:46
  
  Flood Re’s CEO Brendan McCafferty has urged the government to look at other ways of spending that don’t involve increasing the cost of premiums after warning last week’s Budget announcement could interfere with Flood Re’s primary objectives before the project even launches.
  
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• Budget 2016: Corporate tax changes aimed at banks could impact insurers offsetting losses

  22-03-2016 11:43
  
  Insurers hit by rises in claims as a result of the recent floods and increases in insurance premium taxes will also now face corporate tax changes that will affect them offsetting losses.
  
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• Budget 2016: Safe Harbour lanes mooted as UK shifts gears on autonomous vehicle investment

  22-03-2016 11:40
  
  A £15m ‘connected corridor' from London to Dover, driverless car and truck platooning trials were all outlined as part of the 2016 Budget in a move to retain the UK's position in the market.
  
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• Barry Smith joins Uinsure board

  22-03-2016 11:03
  
  Ageas veteran to help company take next step in its expansion
  
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• FOS confirms £226.5m budget for 2016/17

  22-03-2016 10:23 via insuranceage.co.uk
  
  FCA to consult on allocation of compulsory jurisdiction levy.
  
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• PRA deputy tipped for top role

  22-03-2016 09:57
  
  Lyndon Nelson is among a group of candidates who have been interviewed for the role of PRA chief executive - reports
  
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• CMA to launch fresh probe of price comparison sites

  22-03-2016 09:34
  
  The competition regulator wants to find out if problems exist in the sector 
  
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• Poll: Will IPT go up more?

  22-03-2016 09:30 via insuranceage.co.uk
  
  Have your say on the future of the insurance premium tax.
  
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• Poor communication is still big driver for motor complaints to FOS

  22-03-2016 09:19
  
  FOS said when insurer fall back on jargon like “misrepresentation” or “fault claim” it can leave people frustrated
  
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• Arthur J Gallagher buys insurance management firm

  22-03-2016 09:17
  
  Kane Insurance Management specialises in captive consulting and Insurance-Linked Security
  
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• SMEs split over Brexit - Zurich

  22-03-2016 09:13
  
  Zurich says noise surrounding EU Referendum is creating uncertainty about the risks to small and medium businesses
  
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• SRA warns lawyers over breaching referral fee ban

  22-03-2016 09:10
  
  The SRA is planning to carry out a review of the personal injury market this year
  
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• I paid for no claims bonus protection – but my insurance premium has gone up

  22-03-2016 08:00
  
  Zurich said that despite the extra insurance, I’m going to have to pay more after a claimI insure my car with Zurich and pay extra for no claims bonus (NCB) protection. I had to make a claim this year for the first time and was told afterwards that my premium would go up despite the insurance. They said that although my NCB stayed the same, the claim still affected the premium. I don’t think the millions of people paying for this extra insurance realise this. RC, Chipping Norton, Oxf
  
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• Ward: Technology and conduct risk big threats to industry

  22-03-2016 00:59
  The insurance industry must tackle the issues of quality
  customer service and technological advancement to continue to
  prosper in the future, according to Cunningham Lindsey executive
  chairman Richard Ward.
  Speaking at a London Market Claims Council briefing last week,
  the former Lloyd's chief executive said the insurance industry
  had failed to recognise the shifting regulatory environment for
  conduct risk quickly enough following the financial crisis of
  2009.
  Ward said that while the industry h
  
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• The Hartford shows E&S appetite with Maxum deal

  22-03-2016 00:59
  The Hartford's bolt-on acquisition of excess and surplus
  lines (E&S) carrier Maxum Specialty Insurance Group for $170mn
  in cash will accelerate expansion of the US insurer's small
  commercial segment, it said last week.
  The Insurance Insider revealed in
  December last year that Atlanta-based Maxum had been put up
  for sale , with financial adviser Evercore running the
  process.
  And in a statement after markets closed in New York last
  Wednesday (16 March), The Hartford said it had entered into an
  
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• Tatulli to head AIG executive liability team

  22-03-2016 00:59
  American International Group (AIG) has promoted Anthony Tatulli to
  head up its executive liability team as the carrier looks to
  replace a number of the product leads it has lost amid a mass
  executive cull.
  Tatulli is set to replace the departing Christopher Sparro, who
  formerly headed up the insurance giant's North American
  financial lines division.
  It is understood Tatulli was president of financial lines claims
  before the promotion was announced internally last week.
  In the interim AIG's head
  
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• Monthly risers give up gains

  22-03-2016 00:59
  Despite enjoying a strong performance throughout the
  past month, White Mountains and Everest Re both gave up earlier
  gains to end last week with negative share price movements.Shares in White Mountains fell 2.46 percent to
  $776.45 per share, after slipping 1.96 percent on Friday (18
  March).Similarly, Everest Re saw its share price
  decrease by 2.44 percent to $191.29, trimming its monthly rise to
  2.77 percent.Previous gainer Enstar came close to a flat
  monthly performance, as its shares...
  
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• JLT Specialty faces UK negligence claim

  22-03-2016 00:59
  JLT Specialty is being sued in the UK High Court for broker
  negligence after a waste recycling plant suffered a £6mn
  ($8.7mn) loss as a result of a factory fire in 2011.J&Y Young, which trades as Jayplas, was unable to fully
  recover the losses from the fire after its insurers refused to pay
  out the full claim amount, having alleged that Jayplas had breached
  a number of warranties in the contract.In court filings Jayplas claimed JLT breached its...
  
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• Hearn brothers look to dismiss $3.6mn Willis Re fight

  22-03-2016 00:59
  Former Willis Re executives Peter and David Hearn have asked a
  court to throw out a $3.6mn claim brought against them by their
  erstwhile employer.The broker is looking to recoup some of the money the brothers
  were paid in performance-related bonuses after the pair resigned
  unexpectedly last year.Peter, who was previously chairman of Willis Re, tendered his
  notice in May 2015 and will resurface as CEO of rival reinsurance
  broker Guy Carpenter.David then led a trio of...
  
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• HCC parts company with excess casualty head

  22-03-2016 00:59
  HCC Insurance Holdings has parted company with the head of its
  excess casualty division Phil Joschko in a restructure as it looks
  to continue to grow its liability business, The
  Insurance Insider can reveal.
  According to sources, the executive left the Tokio Marine-owned
  US specialty insurer just over four years after joining to launch
  the division.
  It is thought that the head of HCC's primary casualty
  division, Chris Day, will take over both units.
  Meanwhile, it is understood that the...
  
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• Government introduces FCA regulatory regime for CMCs

  22-03-2016 00:59
  The UK government will clamp down on claims management companies
  (CMCs) and establish the Financial Conduct Authority (FCA) as their
  regulator, Chancellor of the Exchequer George Osborne said in the
  budget statement last week (16 March).
  The final report of the Independent Claims Management Regulation
  Review was published as part of the chancellor's budget package
  and will ensure CMC managers can be held personally accountable for
  the actions of their businesses.
  "In order to ensure that the new
  
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