Insurance news

• SMEs: All things unequal

  23-03-2016 17:07
  
  Last year’s FCA thematic review found a gap between what SMEs expect of their insurers and the service they actually get. What can insurers do to make SMEs feel more valued?
  
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• Fairchild: It’s day one for newly independent Broker Network

  23-03-2016 16:51
  
  CEO seeking to grow the business with existing and new members.
  
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• Gallagher/Portsoken judge rules on remaining parts of court order

  23-03-2016 16:47
  
  Lawyers were also able to agree over most of the search terms that the computer expert would use
  
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• Towergate makes 2015 loss following restructuring

  23-03-2016 16:19
  UK broker aggregator Towergate fell to an Ebitda loss of
  £34.6mn ($49.5mn) in 2015 after a year of major restructuring.
  In 2014, the firm made an Ebitda profit of £32.9mn.
  Financial restructuring at the company resulted in costs of
  £41.2mn for the year, more than four times the costs booked
  for restructuring in 2014.
  The group completed the reforms in April. The transaction saw
  Finco, a new holding company, acquire Towergate Insurance Limited
  under indirect parent company Topco
  
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• Talbot branches into Australian financial lines

  23-03-2016 16:19
  Validus-owned Lloyd's carrier Talbot Underwriting has launched
  an Australian financial lines unit with two hires from Axis.
  David McKenzie was previously state manager of Queensland for
  Axis Specialty Australia.
  He has also worked for Aon and Willis, and founded a proprietary
  trading firm that invested in varied financial products in a career
  that has spanned more than 25 years.
  David Jones, most recently state manager of Victoria at Axis
  Specialty Australia, has also worked at Chubb Insurance,
  
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• More Lloyd's carriers considering legacy disposals: Willis Towers Watson

  23-03-2016 16:19
  Some 77 percent of Lloyd's businesses are considering legacy
  portfolio disposals, with more than half of firms based in Western
  Europe expecting to make at least one sale in the next three years,
  according to Willis Towers Watson.
  The broker's annual insurance M&A survey, released
  earlier this week, noted that changing market conditions and the
  rise of a handful of well-capitalised legacy business acquirers was
  ramping up interest in portfolio disposals.
  Andy Staudt, director at Willis Tower
  
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• Lloyd's profits fell almost 30% in 2015

  23-03-2016 16:19
  Pre-tax profits at Lloyd's fell by 29.6 percent to
  £2.1bn ($3bn) in 2015, the Corporation announced today (23
  March).
  The drop was largely attributable to lower investment returns,
  which fell to their lowest level since annual accounting began in
  2001, and an increased expense ratio.
  Return on investment fell by 61 percent to £402mn from
  £1.04bn in 2014, as Lloyd's grappled with continued low
  interest rates and volatile equity markets.
  However, excluding unrealised gains return
  
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• Lloyd's motor and life classes suffer underwriting loss

  23-03-2016 16:19
  The accident-year combined ratio at Lloyd's motor segment
  deteriorated by 2.4 percentage points in 2015 to 109.5 percent.
  In its annual results released today (23 March), Lloyd's
  said that underwriting conditions in the UK motor market remained
  challenging and that claims frequency and severity were
  growing.
  Gross written premiums in the Lloyd's motor market fell by
  7.7 percent to £1.1bn for 2015, which the Corporation said was
  partly down to the withdrawal of one major syndicate from the
  
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• Lloyd's marine and aviation performance continues to deteriorate

  23-03-2016 16:19
  Marine and aviation underwriting performance at Lloyd's
  continued to deteriorate in 2015, as the sectors grappled with
  downward rate pressure driven by overcapacity in the market and
  consistently low oil prices.
  The Corporation's annual results, published today (23
  March), showed that the marine and aviation segments generated
  accident year combined ratios of 105.4 percent and 113 percent
  respectively for 2015.
  This represented a deterioration of 1.7 percent for the marine
  segment, while aviatio
  
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• Lloyd's casualty business falls to underwriting loss

  23-03-2016 16:19
  Casualty insurance business at Lloyd's swung to an underwriting
  loss on an accident-year basis in 2015, with a combined ratio of
  104.5 percent for the year.
  The class of business suffered a 4.5 percentage point
  deterioration in its accident year combined ratio as the market
  continued to see suppressed rates as a result of overcapacity.
  However, the prior-year reserve movement produced a surplus of
  4.4 percent, compared to 1.9 percent in 2014.
  Pricing was below widely agreed-upon claims inflation
  
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• Broker Network sale “removed the handcuffs”

  23-03-2016 15:59
  
  Brokers welcome sale to Highbridge and believe deal will see network regain freedom.
  
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• Demise of the high-street broker?

  23-03-2016 15:54
  
  Swinton is closing 130 branches in response to changing customer behaviour, but many brokers believe there is still life in the high-street model.
  
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• Post magazine – issue date (24 March 2016)

  23-03-2016 14:51
  
  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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• Hiscox teams with Arag on home emergency

  23-03-2016 13:38
  
  Arag will now supply cover to Hiscox home insurance customers.
  
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• Penny Black's Social World - 24 March 2016

  23-03-2016 13:09
  
  All the latest news from the world of social media
  
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• Penny Black's Insurance Week - 24 March 2016

  23-03-2016 13:09
  
  All the latest gossip from the world of insurance
  
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• Claims Excellence Awards shortlist announced

  23-03-2016 12:59
  
  Prestigious awards to recognise the best in claims over the past year
  
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• Career Development: Markel launches new recruitment programme

  23-03-2016 12:31
  
  Markel International has launched a new recruitment programme for graduates, interns and school-leavers
  
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• Apprentices: You're hired!

  23-03-2016 12:26
  
  A growing number of school leavers are choosing work over university and the insurance sector is capitalising on this wealth of much-needed young talent
  
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• Towergate to repay insurers as it exits upfront commission deals

  23-03-2016 11:37
  
  Market needs Towergate as a ‘challenger’ to Aon and Marsh, chief executive says
  
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• Towergate results a "buffet of good and bad", says Ross

  23-03-2016 11:30
  
  CEO stresses that the business is not for sale.
  
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• Lloyd’s COR creeps up to 90%

  23-03-2016 10:50
  
  Lloyd’s notes falling profit of £2.1bn but says performance is "robust".
  
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• Marketform sells UK med-mal book to Beazley

  23-03-2016 10:29
  American Financial Group's Lloyd's platform Marketform has
  sold its UK medical malpractice book to Beazley and agreed to
  transfer its team across, completing its exit from the class of
  business, The Insurance Insider can
  reveal.
  Taken in conjunction with the transfer of the international and
  US med-mal team to Dale Underwriting, the deal means that
  Marketform has now completely exited med mal.
  The move represents a stark break with the past for a business
  that was founded as a managing...
  
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• Towergate appoints Atrium founder Christine Dandridge to board

  23-03-2016 10:11
  
  Towergate has appointed Christine Dandridge, the founder and former executive director of Atrium Underwriting, to its board as a non-executive director.
  
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• Towergate reports 2015 loss as revenue falls and restructuring costs rise

  23-03-2016 09:42
  
  Chief executive David Ross says new management knows what needs to be done to turn company around
  
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• Des O’Connor joins Broker Network as chief commercial officer

  23-03-2016 09:01
  
  Appointment comes as Highbridge buys majority stake of network
  
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• Towergate sells majority of Broker Network to Highbridge for £46m

  23-03-2016 08:51
  
  Network says move will ensure independence.
  
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• Staysure reaches out to travel agents with partnership scheme

  23-03-2016 08:50
  
  Move follows criticism that Staysure is freezing agents out of holiday bookings
  
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• Towergate posts £34.6m Ebitda loss

  23-03-2016 08:48
  
  Consolidator's income at £352.7m in 2015.
  
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• Towergate to sell majority of Broker Network to Highbridge for £46m

  23-03-2016 08:21
  
  Deal part of £65m new funding plan
  
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• Lloyd's 2015 pre-tax profit falls as underwriting result slips

  23-03-2016 08:16
  
  Gross written premiums rose, but investment income falls
  
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• Towergate sets aside £19.8m to compensate clients

  23-03-2016 08:15
  
  Company set to compensate clients for financial advice by Towergate Financial unit
  
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• International Group reaches compromise with US authorities over Iran

  23-03-2016 02:23
  The International Group of P&I Clubs (IG) has announced it has
  reached an agreement with the US Treasury's Office of Foreign
  Asset Control (OFAC) to allow US domiciled (re)insurers to
  participate in an interim "fall back" programme which
  will provide cover for liabilities relating to Iran, the group
  announced today (22 March).
  Following extensive negotiations, the IG confirmed it had created a
  workaround, with OFAC's approval, to provide reinsurance cover
  in the event that losses can't be re
  
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• Heritage finally closes Zephyr deal at $120mn

  23-03-2016 02:23
  Heritage finally sealed its deal to acquire Hawaiian specialty
  carrier Zephyr yesterday (21 March) for a final consideration of
  $120mn that is $14mn higher than initially announced.
  The Floridian homeowners specialist said the amount paid
  increased because of Zephyr's higher-than-expected earnings in
  the last three quarters.
  It said the improved earnings had increased shareholder equity
  but that it would not impact the goodwill amount associated with
  the deal.
  Heritage chairman and CEO, Bruce Lu
  
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• Brit leads new Lloyd's commercial general aviation consortium

  23-03-2016 02:23
  Brit will lead a new Lloyd's consortium to write commercial
  general aviation business, The Insurance
  Insider can reveal.
  The consortium will write hull risks of up to $10mn and cover
  liabilities up to a maximum of $150mn and is the only Lloyd's
  consortium set up solely for commercial general aviation
  insurance.
  Kiln, Hiscox, Apollo and Pritchard syndicates will all write
  following lines on the consortium which will allow commercial
  general aviation risks to be placed 100 percent within
  Lloyd's.
  
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