Insurance news

• Flood Re updates, Legacy sell offs, fraudsters, lobbying and solicitors' PI

  01-04-2016 22:04
  
  The best of Post the last week in case you missed it
  
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• Gallagher blames David Ross exit for misfiring UK performance

  01-04-2016 17:13
  
  Gallagher suffered after management talent left the business for Towergate
  
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• Fraudsters are 'hijacking' genuine claims as crash-for-cash detection improves

  01-04-2016 16:50
  
  Hijacking of genuine claims is a new tactic being employed by fraudsters as insurance fraud is increasingly being picked up by insurers
  
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• Barbara Bradshaw joins TEn as non-exec director

  01-04-2016 15:26
  
  Bradshaw was previously CEO of the IIB and also worked with Biba.
  
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• Paul Williams to leave Thistle Insurance Services

  01-04-2016 15:05
  
  His departure follows plans by JLT Group, the MGA's parent company, to merge Thistle with JLT Specialty.
  
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• Flood Re reveals Aviva, Direct Line and Lloyds Bank among launch insurers

  01-04-2016 15:00
  
  Flood Re has revealed that more than half of the UK household insurance market by premium will be offering products backed by the provider when it formally launches next week
  
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• Flood Re publishes list of insurers

  01-04-2016 15:00
  
  Aviva, Hiscox, Legal & General, LV and More Than among firms which will offer policies backed by the scheme.
  
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• JLT's Thistle managing director Paul Williams to depart

  01-04-2016 14:02
  
  Williams’ exit is part of management changes under Thistle and JLT Specialty broking merger plans
  
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• Flood Re reveals initial list of signed-up insurers

  01-04-2016 13:54
  
  Brands on list represent more than 50% of home insurance market
  
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• Editor's Comment: What makes a family?

  01-04-2016 13:45
  
  We have a complicated extended family tree and, rather than depending on blood links, I tell my son that family are the people who love you, which makes more sense to us
  
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• 360Globalnet expands market reach of high-speed claims settlement tool

  01-04-2016 13:23
  
  Technology harnesses the power of self-service on mobile devices
  
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• Swiss Re wins coinsurance agreement

  01-04-2016 12:26
  Swiss Re has struck a deal to write a coinsurance agreement
  covering a block of life insurance policies held by Citigroup
  subsidiary Primerica Life Insurance Company.
  A subsidiary of Swiss Re Life & Health America has taken
  over the agreement from Prime Re, a Citigroup unit created
  following the spin-off of life insurance business Primerica
  Inc.
  The transaction is effectively the mechanism for carrying the
  acquisition of the Prime Re book through. It closed yesterday (31
  March) and resulted
  
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• Suncorp CIO resigns

  01-04-2016 12:26
  Matt Pancino, Suncorp's chief information officer, has decided
  to step down from 29 April, the Australian carrier announced today
  (1 April).
  Pancino has worked at Suncorp since 2010 and was described as
  "instrumental" in developing the insurer's
  simplification programme and other technology-based projects....
  
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• RSA completes Colombian disposal

  01-04-2016 12:26
  RSA has completed the sale of its Colombian operations to
  Suramericana SA, it announced today (1 April).
  RSA first revealed it was selling the whole of its Latin
  American operations to the Grupo de Inversiones Suramericana
  subsidiary for £403mn ($579mn) in September last year.
  The London-listed firm said it expects the completion of the
  remaining disposals of its Latin American operations - which
  comprise businesses in Chile, Argentina, Mexico and Uruguay - to
  occur over the next six month
  
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• RDG completes Midas acquisition

  01-04-2016 12:26
  Ryan Direct Group (RDG) has completed its acquisition of Midas
  Underwriting, following regulatory approval. The transaction was
  previously announced on 6 January 2016.
  Midas brings RDG scale and presence in personal and commercial
  lines in both Northern Ireland and the Irish Republic, as well as
  extending the group's reach into standard and non-standard
  private car business....
  
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• Perils releases updated exposure database

  01-04-2016 12:26
  Industry loss compilation agency Perils has this morning (1 April)
  released the 2016 update of its industry exposure database (IED),
  which includes market-wide property sums insured for windstorm,
  flood and quake.
  The biggest exposure in the IED is European windstorm, with
  around EUR43trn of insured property values included as overall
  windstorm sums insured increased by 4.5 percent from the start of
  2015....
  
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• Lloyd's targets Indian reinsurance branch

  01-04-2016 12:26
  Lloyd's will apply for permission to open a reinsurance
  branch in Mumbai, it announced today (1 April).
  The move comes after the Insurance Regulatory and Development
  Authority of India (Irdai) published new regulations governing the
  Lloyd's market earlier this week.
  The Corporation said an onshore branch would help provide local
  reinsurance brokers with access to the Lloyd's market for
  complex and specialist risks, including agriculture, infrastructure
  and disaster management.
  Chairman of Lloyd'
  
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• Gable warns of 2015 loss

  01-04-2016 12:26
  Gable Holdings has said it will make a pre-tax loss of between
  £7mn and £8mn ($10mn to $11.5mn) for the full-year 2015,
  following a £7.5mn reserving provision and losses from the
  winter storms in the UK and Europe.
  In a trading update released yesterday (31 March), the non-life
  carrier said it expected the impact of the floods, which occurred
  at the end of 2015, to be between £2mn and £3mn.
  The pre-tax loss also takes into account a £7.5mn provision...
  
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• AXA expands cover on e-trade offering

  01-04-2016 12:14
  
  E-trading director Deepak Soni says changes have been made as a result of broker feedback
  
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• Arc Legal and Road Halo offer new distribution model for motor legal cover

  01-04-2016 11:34 via insuranceage.co.uk
  
  Motor prosecution defence insurance can be bought as an add-on or standalone product.
  
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• European windstorm tops Perils exposure list for 2016

  01-04-2016 11:31
  
  European windstorm has topped Perils’ industry exposure database in 2016 with €54trn (£42trn) of insured property values.
  
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• Axa expands risk appetite for e-traded products

  01-04-2016 11:19
  
  Insurer amends minimum premiums and adds additional optional covers.
  
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• Quizzical Questions: 1 April 2016

  01-04-2016 11:00 via insuranceage.co.uk
  
  Test your knowledge on this week's news and events in the insurance industry.
  
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• Blog: The FCA’s £53,161.71 a mile taxi ride

  01-04-2016 11:00
  
  Some random calculations on the cost of finding the regulator’s new CEO.
  
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• RSA completes sale of Colombian operation

  01-04-2016 10:43
  
  Insurer expects to complete sale of remaining Latin American units in next six months
  
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• What brokers need to consider

  01-04-2016 10:30 via insuranceage.co.uk
  
  With just a few months until the Insurance Act comes into force, Bruce Hepburn explains why brokers need to be clued up on its implications
  
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• Solicitors' PI: Unrated insurers – is it the long goodbye?

  01-04-2016 10:30
  
  They may be dwindling in number, but no one knows if the end of unrated insurers in the solicitors' professional indemnity market is near
  
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• Picking a pension

  01-04-2016 10:30
  
  Compliance with auto-enrolment regulations shouldn’t be too taxing, it’s choosing the right workplace pension provider that brokers may need help with, explains Henry Tapper
  
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• Market dismayed by further IPT increase

  01-04-2016 10:30
  
  Brokers describe tax rise to 10% as a “slap in the face” but support increased funding for flood defences
  
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• Broking success: Data driven

  01-04-2016 10:30
  
  Matt Munro, chief executive officer of Igo4, talks telematics, aggregator sites and the importance of brokers utilising data to add value for insurers
  
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• Blog - Overseas operations: From a distance

  01-04-2016 10:30
  
  Expanding overseas poses challenges for the insurance sector and, in particular, with the level of management oversight required
  
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• Transactor partners with Winn Solicitors

  01-04-2016 10:25
  
  Move marks software specialist’s first deal with a law firm.
  
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• Broking break: Top 5 trends in insurance for 2016

  01-04-2016 10:00 via insuranceage.co.uk
  
  Rupert Naylor, SVP Europe at Applied Predictive Technologies on the biggest opportunities for the industry in 2016.
  
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• Swiss Re completes $152.5m IHC Risk Solutions takeover

  01-04-2016 09:54
  
  Swiss Re Corporate Solutions completed its acquisition of stop loss underwriter IHC Risk Solutions from Independence Holding Company yesterday (31 March).
  
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• Ryan Direct Group completes Midas purchase

  01-04-2016 09:21
  
  Insurance services firm Ryan Direct Group has completed the acquisition of Northern Ireland-based managing general agent Midas Underwriting for an undisclosed amount.
  
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• Embattled reinsurers fight back against low prices

  01-04-2016 09:11
  
  Wilis Re report says reinsurers are rejecting low prices on offer 
  
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• Japanese insurers to use Star Wars-like holograms for claims service

  01-04-2016 08:46
  
  Insurers told holograms will be huge disruptor by end of the decade 
  
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• ​New credit hire row sparks questions over state of market

  01-04-2016 08:17
  
  Insurers continue to desire tough regulatory action as latest case highlights issues with credit hire 
  
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• FCA to carry out thematic review into thematic reviews - updated

  01-04-2016 07:34
  
  The Financial Conduct Authority has begun a thematic review into its previous thematic reviews at the behest of new CEO Andrew Bailey, Post can reveal.
  
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• FCA to carry out thematic review into thematic reviews

  01-04-2016 07:34
  
  The Financial Conduct Authority has begun a thematic review into its previous thematic reviews at the behest of new CEO Andrew Bailey, Post can reveal.
  
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• RDG completes acquisition of Midas Underwriting

  01-04-2016 05:27
  
  Acquistion will boost private car footprint of RDG
  
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