Insurance news

• Willis warns others as it settles JLT fine arts and specie team defection for £22m

  08-04-2016 21:17
  
  International broker Willis Towers Watson today reaffirmed it is “committed to protecting its business” and “will always seek legal redress where appropriate”.
  
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• Sam Woods named as new PRA chief

  08-04-2016 18:12
  
  Woods replaces Andrew Bailey who is taking over as CEO of the FCA.
  
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• JLT pays £22m to settle Willis team lift dispute

  08-04-2016 18:12
  
  JLT will pay £22m to settle its legal dispute with Willis after JLT poached a 22-strong team of specie brokers from Willis.
  
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• PRA insurance head named regulator’s new chief executive

  08-04-2016 17:35
  
  PRA executive director of insurance supervision Sam Woods will become the regulator’s new chief executive on 1 July.
  
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• PRA appoints insurance director Sam Woods as CEO

  08-04-2016 16:48
  
  The Prudential Regulation Authority's insurance executive director Sam Woods has been promoted to replace Andrew Bailey as PRA CEO.
  
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• Video: A broking minute with Matt Munro

  08-04-2016 16:35
  
  Igo4's CEO talks superhero powers and his strategy at table tennis.
  
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• Doctor charged with insurance fraud after IFED probe

  08-04-2016 15:28
  
  A London doctor has been charged today (8 April) with insurance fraud following an investigation by the City of London Police’s Insurance Fraud Enforcement Department (IFED).
  
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• Esure chief’s pay rises 11% as company hits target

  08-04-2016 15:06
  
  Esure chief executive Stuart Vann was paid a total of £824,425 in 2015, up 11% on the £746,021 he was paid in 2014.
  
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• Why isn't Flood Re more widely available via brokers?

  08-04-2016 13:58
  
  Software houses say they had the technology in place when the scheme was launched.
  
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• Flood Re likely to be copied by other nations, ABI's Evans predicts

  08-04-2016 13:47
  
  Flood Re is likely to be copied entirely or in part by other countries, according to Association of British Insurers director general Huw Evans.
  
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• XL Catlin names Singapore head

  08-04-2016 13:30
  XL Catlin has promoted its Asia Pacific leader for crisis
  management insurance to country manager for Singapore, it announced
  today (8 April).
  David Guest, who started his role on 5 April, previously led a
  team covering war, terrorism and political violence, product
  recall, kidnap and ransom, political risks, trade credit and
  contingency for the Asia Pacific region.
  Prior to joining XL Catlin in 2013, he spent 15 years with
  Hiscox's London operations, where most recently he held the
  position of.
  
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• TMK Syndicate 510 improves bottom line for 2015

  08-04-2016 13:30
  Tokio Marine Kiln (TMK)'s Syndicate 510 delivered higher
  profits in 2015 amid premium growth and a lower incidence of
  non-catastrophe losses.
  The carrier's flagship Syndicate 510 closed the year with
  profits up 15.7 percent to £111mn ($157mn), equivalent to a
  10.5 percent return on capacity.
  Its combined ratio improved by 1.5 percentage points to 84.4
  percent, which stemmed from the loss ratio decreasing by 1.9 points
  to 48.7 percent.
  TMK said that the narrowing loss ratio was partially dr
  
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• Syndicate 1861 posts flat profits for 2015

  08-04-2016 13:30
  ANV's flagship Lloyd's Syndicate 1861 experienced
  year-on-year premium growth in 2015, alongside flat profits and a
  steady combined ratio.
  Profits remained flat at £11.43mn for the year.
  Gross written premium (GWP) increased by 12.2 percent to
  £222mn, which was largely attributable to a 37 percent
  increase in US premiums to £80.4mn.
  The year-on-year premium growth came despite challenging broader
  market conditions - which ANV said should be considered an
  achievement, given its
  
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• Reinsurer capital falls 2% in 2015: Aon Benfield

  08-04-2016 13:30
  Global reinsurer capital fell 2 percent to $565bn in 2015, driven
  by a strong US dollar and rising interest rates on bond valuations
  hitting unrealised losses, according to Aon Benfield.
  The broker's Reinsurance Market Outlook April 2016, released
  yesterday (7 April), also noted that alternative capacity had
  increased by 12 percent year-on-year to $72bn, and now constituted
  12 percent of total global reinsurance capital.
  Nearly $6bn of additional alternative market reinsurance
  capacity was secur
  
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• OIL profits fall 95.8% amid increased incurred claims

  08-04-2016 13:30
  Energy insurance mutual Oil Insurance Ltd (OIL) reported a 95.8
  percent drop in net income to $30.9mn in 2015 after a challenging
  year for the company.
  Underwriting income fell by 89.7 percent to $56.7mn, while
  incurred losses for the year more than doubled to $787.8mn.
  However, after favourable reserve movement of $430.6mn from
  prior years, total incurred losses totalled $357.3mn.
  Gross written premium fell 19 percent to $423.6mn. The company
  also posted a negative return on investment of $6.4m
  
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• MetLife won Sifi case only on procedural grounds

  08-04-2016 13:30
  MetLife's argument that it should not be considered a
  systemically important financial institution (Sifi) was without
  merit, and its victory in a court case last week reflected process
  failings, according to the judge in the case.
  The insurer won a high-profile case on 30 March relating to its
  Sifi designation. However, the unsealed judgment has shown that US
  District Judge Rosemary Collyer had no sympathy for the substance
  of MetLife's case.
  The full account makes clear that she reached her...
  
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• Greenberg: Market is 'gambling' on low losses for profit

  08-04-2016 13:30
  Chubb CEO and chairman Evan Greenberg has claimed many (re)insurers
  are "simply gambling" on the current benign loss
  environment to make money.
  In a letter to shareholders in Chubb's 2015 annual report,
  Greenberg said the supply-demand imbalance in the (re)insurance
  industry had produced market headwinds that were likely to prevail
  for a number of years to come.
  "The pressures are beginning to show through in the
  operating results of many other companies, but we are just at the
  beginning,&qu
  
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• Great American names ocean marine president

  08-04-2016 13:30
  US insurer Great American has hired Michael Csorba as president
  of its ocean marine division.
  Csorba joins from International Marine Underwriters, where he
  served as vice president for the hull and liability product
  lines.
  He replaces John Rowney, who is retiring after nearly 28 years
  at Great American.
  Csorba also serves as chairman of the inland hull, fishing and
  yacht committee for the International Union of Marine Insurance,
  and has previously sat on the board of directors for the American..
  
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• Generali casualty chief heads to nuclear insurer

  08-04-2016 13:30
  William Morris, head of casualty underwriting at Generali's
  UK branch, has resigned to take up a senior role at Nuclear Risk
  Insurers (NRI), The Insurance Insider can
  reveal.
  Morris has worked at Generali since June last year and was
  previously a director of underwriting at Zurich's UK public
  sector division, Zurich Municipal.
  He has also held the role of head of casualty for UK, Italy and
  Ireland at Zurich, as well as a number of other positions at
  Allianz Global...
  
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• Faraday profits halve in 2015

  08-04-2016 13:30
  Faraday's Lloyd's Syndicate 435 saw its profits fall by
  nearly half in 2015 but continued to comfortably outperform the
  broader market.
  The Gen Re-owned syndicate reported net profits of £54.5mn
  ($76.7m) for the year, down from £101.6mn in 2014.
  The drop-off in profits was largely driven by the carrier's
  underwriting performance, with the combined ratio up 25.2
  percentage points to 70.5 percent.
  Faraday said that this figure allowed it to deliver
  better-than-targeted returns for 2015
  
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• ABIR proposes NFIP reforms

  08-04-2016 13:30
  The Association of Bermuda Insurers and Reinsurers (ABIR) has
  called for US regulators to focus on six specific reforms to help
  transfer flood risk to the private insurance sector.
  The US House Financial Institutions Committee is starting the
  process of considering reauthorisation of the National Flood
  Insurance Program (NFIP), which is $23bn in debt.
  The NFIP has been accused of being too retrospective and for
  failing in its objectives, so much so that a private flood
  insurance bill was passed.
  
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• Quiz of the week - 8 April

  08-04-2016 12:34
  
  Test your knowledge of the week's insurance news with the Post insurance quiz of the week.
  
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• Research: State of the Young Insurer Nation Part 1: Joining the industry

  08-04-2016 12:30
  
  For Post’s first research project of 2016, Michèle Bacchus asks more than 50 young insurer employees why they joined the sector, where they think the industry is heading and whether they want to be a part of its future
  
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• Broking Break: Shakespeare style

  08-04-2016 12:30
  
  As the 400th anniversary of Shakespeare's death approaches Ageas takes us through the playwright and poet's non-standard household insurance needs.
  
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• Hit-and-run interim report to be published in next few weeks

  08-04-2016 12:13
  
  The Motor Insurers’ Bureau expects the University of Leicester to publish an interim report into hit-and-run motor accidents within the “next few weeks” as it aims to get a better understanding of the reasons why people leave the scene of a collision and what can be done to address it.
  
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• Covéa Insurance hails ‘fantastic progress’ as COR and GWP improve

  08-04-2016 11:50
  
  Covéa's UK insurance arm reported an improved gross written premium of £473m (2014: £445m) and combined operating ratio of96.9% (2014: 97.8%) in its 2015 results.
  
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• Covéa Insurance's pre-tax profit falls by 26% to £15.7m

  08-04-2016 11:21
  
  The provider's financial results for 2015 show that GWP and COR improved.
  
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• House prices rise by 10.1%, plus a guide to the 2016 tax year

  08-04-2016 11:09
  
  Also, a fairytale castle up for grabs and the Airbnb guests who could end up costing you your homeHello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Continue reading...
  
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• Quizzical Questions: 08 February 2016

  08-04-2016 11:01
  
  Test your knowledge of the week’s events in our topical news quiz.
  
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• Fall in investment income eats into Covéa Insurance profit

  08-04-2016 10:52
  
  Covéa Insurance made a profit before tax of £15.7m in 2015, down 26% on the £21.3m it made in 2014.
  
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• Blog: Insurers need to stop rolling over and paying outrageous charges

  08-04-2016 10:30
  
  A lack of knowledge around vehicle recovery and the law may be costing insurers dearly.
  
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• Blog: Five things I have learnt about insurance in five weeks

  08-04-2016 10:00
  
  Since joining Post at the end of February, I have come to appreciate just how important insurance is to business. They both go hand in hand. Without insurance, business simply could not operate. Insurance is the grease to the wheels of the commercial world.
  
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• 'You'll be rich': Former LV= employee tried to lure staff into claims data theft

  08-04-2016 09:21
  
  .
  
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• PI insurers alarmed by cyber crime as lawyers lose £85m

  08-04-2016 08:42
  
  Cyber crime on rise in PI legal 
  
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• Claims finalists tell their inspiring stories – Markel, Willis IRM, Allianz, LV= and FM Global

  08-04-2016 07:30
  
  The shortlisted candidates for the 2016 Claims Excellence awards entered the final straight on Wednesday when they presented their case before the judges.
  
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• Claims finalists tell their inspiring stories - Howden, Deacon, Bluefin, Alps, Pen and more

  08-04-2016 07:30
  
   
  
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• Claims finalists on why the industry needs to up its game

  08-04-2016 07:30
  
  Claims have always been important to the insurance industry: they are the measure by which customers value the product they have bought. But the industry’s efforts to improve claims outcomes for all involved have kicked up a gear in recent years, with more innovation than ever in the claims space.
  
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