Insurance news

• Specialty duo face redundancy after Markel restructure

  13-04-2016 19:36
  Markel International has unveiled a streamlining of its
  wholesale business structure that will simplify its seven operating
  divisions into three.
  Under the new regime, James Hastings will lead specialty and
  financial lines, which will also include the insurer's trade
  credit and equine businesses, headed by Ewa Rose and Juliet Redfern
  respectively.
  Sources have told The Insurance
  Insider that current joint managing directors of
  specialty, Wayne Paternoster and Robin Ungless, are in discussions
  ab
  
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• PPL board signs Ebix contract

  13-04-2016 19:36
  The contract for the provision of the placing platform (PPL)
  that will allow London Market brokers and insurers to quote,
  negotiate and bind business electronically has officially been
  signed today, The Insurance Insider can
  reveal.
  The news comes more than a year after Ebix, the insurance
  software firm selected to develop the electronic placing platform,
  first won the tender.
  Kirk Madden, member of the PPL board said: "The creation of
  a single electronic placement platform is a vital part of...
  
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• Markel in talks to make trio of redundancies following restructure

  13-04-2016 18:50
  
  Markel International is in redundancy talks with three of its employees, following a wholesale business restructure announced earlier today (13 April), Post understands.
  
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• Markel reduces number of operating divisions

  13-04-2016 16:55
  
  Markel International has reduced the number of its operating divisions from seven to three, with the changes effective from 1 May.
  
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• US insurers call for rewrite to draft cybersecurity rules

  13-04-2016 15:23
  US insurance groups have asked the New York Department of Financial
  Services (NYDFS) to rewrite the recently drafted model
  cybersecurity law.
  At the National Association of Insurance Commissioners
  (NAIC)'s spring meeting last week, industry representatives
  including the American Insurance Association (AIA) and the Property
  Casualty Insurers Association of America favoured a national,
  uniform cybersecurity model, but said that rewrites were
  required.
  The law, which is intended to "establish the e
  
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• McDermott to leave the FCA

  13-04-2016 15:23
  Acting CEO of the Financial Conduct Authority (FCA) Tracey
  McDermott will leave the organisation on 1 July 2016, the UK
  regulator announced today (13 April).
  McDermott withdrew from the FCA's process to find a
  permanent chief executive in January this year.
  The FCA said that McDermott had taken the decision to withdraw
  her name in early December and would remain in situ until a
  permanent replacement had started work.
  She had been hotly tipped in the City to take the...
  
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• Aviation rates and premiums fall as exposure increases: JLT

  13-04-2016 15:23
  Aviation underwriters continued to experience sustained pressure
  from falling premium levels and increased exposure in the first
  quarter of 2016, according to JLT.
  In the broker's Q1 aviation market update Plane Talking, JLT
  said there was no indication the aviation sector would change
  direction this year, as persistent problems surrounding abundant
  capacity and increased competition continued to pressure bottom
  lines.
  Combined hull and liability rates were down by approximately 13
  percent in Q1
  
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• British Insurance Awards: The 2016 shortlist

  13-04-2016 13:00
  
  Have you made the cut as a potential headliner? Well the wait is over - as today we reveal those companies that made it onto the British Insurance Awards 2016 shortlist.
  
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• Beazley completes return of its head office to the UK

  13-04-2016 12:43
  
  Beazley has completed the transfer of its head office to the UK from Ireland.
  
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• The Hartford launches energy practice

  13-04-2016 12:15
  The Hartford has launched a dedicated energy practice, which
  will initially focus on writing power and utilities business, the
  carrier announced yesterday (12 April).
  The practice will be overseen by Ric Pena, who joined the
  insurer from rival Zurich last month, and will also look to expand
  its coverage to renewable energy companies.
  "The energy sector is an important contributor to the
  overall economy and an industry with complex risks requiring
  specialised expertise," said David Carter, execut
  
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• Strong joins AGCS as London EIL head

  13-04-2016 12:15
  Allianz Global Corporate & Specialty (AGCS) has hired Chris
  Strong as head of environment impairment liability (EIL) for its
  Regional Unit London (RUL) with immediate effect.
  Strong joins from QBE Insurance, where he was a senior
  underwriter.
  The EIL specialist has worked in insurance for 12 years, and is
  also a qualified environmental scientist with consultancy
  experience.
  Tim Galloway, head of RUL liability, said: "This is an
  exciting time with the opportunity to further grow in the EIL
  ma
  
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• Sackett launches MGA consolidator

  13-04-2016 12:15
  A consortium of investors led by specialty managing general agent
  (MGA) veteran Matthew Sackett has launched MGA aggregator Doxa
  Insurance, the group announced yesterday (12 April).
  The Indiana-based investment vehicle is aimed at acquiring MGAs
  that focus on specialty commercial P&C niches.
  Doxa said it would specifically target small to medium-sized,
  independently owned and established MGAs seeking to delegate
  operations "without limiting or sacrificing full control of
  operations".
  Sackett
  
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• Power market remains soft amid new capacity: Marsh

  13-04-2016 12:15
  New entrants to the power generation market have contributed to
  the continued softening of rates, with losses alone unlikely to
  lead to any hardening of market conditions, according to Marsh.
  In the broker's Power and Utilities Market Update, released
  yesterday (12 April), Marsh noted that property insurance remained
  the most significant area of premium spend for clients, with
  capacity of around $4.25bn.
  The capacity is spread around regional underwriting hubs, all of
  which have a strong appetit
  
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• New Zealand regulator to review Insurance Act

  13-04-2016 12:15
  The Reserve Bank of New Zealand (RBNZ) has announced that it will
  review the Insurance (Prudential Supervision) Act (IPSA) five years
  after it came into being.
  The bank said the review would be undertaken during 2016/17 and
  would look to ensure the continuance of a cost-effective,
  risk-based supervisory regime.
  If legislative changes arise from the review, amendments would
  be introduced into the 2018 parliament at the earliest.
  The bank wants to consider if there are any opportunities to
  reduce
  
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• Marine Re promotes Callaghan to president

  13-04-2016 12:15
  Ironshore's specialist marine reinsurance division Marine Re
  has appointed David Callaghan as president following the
  resignation of Steven Komis.
  Callaghan moves from being vice president and senior treaty
  underwriter at Marine Re - positions he has held since
  Ironshore's acquisition of the company in 2009.
  He will be based in North Carolina and will report to Ironshore
  International chief underwriting officer Tim Glover.
  Before joining Ironshore in 2009, Callaghan was a facultative
  underwriter
  
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• Lockton opens Morocco office

  13-04-2016 12:15
  Independent insurance broker Lockton has opened a Morocco office
  based in the Casablanca Finance City hub, it announced today (13
  April).
  Lockton's Middle East operations serve clients in the
  marine, aviation, energy, power, hospitality, construction and
  other industries, offering risk management, insurance and employee
  benefits consulting services.
  Salah El Kadiri, general manager of Lockton Casablanca, will
  lead the broker's operations in Morocco and West Africa,
  supporting regional and multin
  
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• IFG's Lewis appointed permanent successor to Levinson

  13-04-2016 12:15
  Christopher Lewis, who was drafted in as interim president of IFG
  after Lou Levinson's surprise departure, is set to assume the
  role on a permanent basis.
  In February, The Insurance Insider
  revealed that Levinson had left the US carrier but yesterday (12
  April) the board announced that Lewis would become his long-term
  successor.
  Lewis joined IFG as chief risk officer (CRO) in early 2014
  having previously worked for The Hartford in a similar role.
  "After two months as interim president,...
  
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• Euler Hermes hires regional heads

  13-04-2016 12:15
  Euler Hermes has appointed heads of its Northern European and Asia
  Pacific regional businesses, the Allianz-owned trade credit insurer
  announced on Monday (11 April).
  Fabrice Desnos was unveiled as head of the Northern European
  region, and Holger Schaefer as head of the Asia Pacific region,
  effective from 1 June.
  Desnos has been head of Asia Pacific since 2012, and will move
  from Hong Kong to Brussels to cover the 16-country Northern
  European region.
  He previously served as the company's UK...
  
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• Beazley completes UK domicile move

  13-04-2016 12:15
  Lloyd's carrier Beazley has re-domiciled to the UK following
  the enactment of a scheme of arrangement, the insurer announced
  today (13 April).
  The move completes a Jersey Court-sanctioned order issued
  earlier this week that appointed New Beazley as the company's
  UK-based holding company.
  The group's management will now be based in the UK,
  effectively completing the company's relocation from
  Ireland.
  Beazley was previously incorporated in Jersey and domiciled in
  Ireland.
  It comes after chairman D
  
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• Markel restructures wholesale business

  13-04-2016 11:54 via insuranceage.co.uk
  
  Insurer reduces number of divisions to three.
  
  Read more

• Tracey McDermott to leave the FCA

  13-04-2016 11:48
  
  Regulator confirms McDermott will leave the organisation on 1 July.
  
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• Tracey McDermott to leave FCA in July

  13-04-2016 11:45
  
  FCA acting chief executive Tracey McDermott is leaving the regulator on 1 July.
  
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• CII urges industry to tackle lack of SME reputational cover

  13-04-2016 11:45
  
  The CII is urging the industry to plug the gap in reputational risk cover for small-to-medium-sized enterprises (SMEs) in a new report.
  
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• Modus launches home product on SSP

  13-04-2016 11:21
  
  MGA says product is designed for a wide range of properties and tenants.
  
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• Stuart Williams joins Romero in new Nottingham office

  13-04-2016 11:10
  
  New director hails the opportunity after leaving Circle on “great terms”.
  
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• Video: Oliver Little of IFED

  13-04-2016 10:30
  
  It’s an era of big data and automated systems for insurers but in the fight against fraud, the human touch is helping catch scams and confront fraudsters
  
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• CJCA s57 fundamentally dishonest ruling sends 'strong message' to fraudsters

  13-04-2016 10:28
  
  The first fundamentally dishonest ruling under section 57 of the Criminal Justice and Courts Act 2015 will act as a significant deterrent to potential fraudsters, according to the Association of British Insurers and law firm Horwich Farrelly.
  
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• Businesses urged to understand terrorism exposure as European risk rises

  13-04-2016 10:22
  
  2015 was the most lethal year for terrorist violence in Europe in nearly a decade, according to research from Aon Risk Solutions, which also found one-third of all attacks in the western world since January 2015 targeted private citizens and public gatherings.
  
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• Blog: Driverless cars - picturing the road ahead

  13-04-2016 10:00
  
  While the government is gung-ho about the development of autonomous vehicles, insurers may seek to temper that enthusiasm if there are too many risk uncertainties
  
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• UK insurtech start-up Guevara to follow US P2P provider Lemonade and launch licensed insurer

  13-04-2016 08:23
  
  One of the investors behind insurtech start-up Guevara has warned others they will need "a lot of patience” to bear fruit in the insurance market.
  
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• AXA customers to manage end-to-end claims online in digital push

  13-04-2016 07:31
  
  AXA is investing heavily in its claims proposition to enable customers to manage their own claims online.
  
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• Romero opens Midlands office after hiring Circle's Williams

  13-04-2016 07:29
  
  Leeds-based broker Romero has opened a new office in Nottingham to serve clients in the Midlands.
  
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• Uninsured driver charged after car chase with police

  13-04-2016 07:25
  
  A man has been charged with dangerous driving and having no insurance after a car chase on the M25 and A3 roads, BBC News reports.
  Jonathan Lewis, 44, of Long Walk, Epsom was arrested after travelling up to 90 miles per hour in a black Peugeot yesterday.
  He is die to appear at Guildford Crown Court on 12 May.
  
  Read more

• M&A and retrenchment trends to continue in P&C sector: Eastwood

  13-04-2016 05:01
  The trends for M&A and retrenchment by some carriers from
  certain lines of business in the commercial insurance sector are
  set to continue, according to Berkshire Hathaway Specialty
  Insurance president Peter Eastwood.
  Speaking at the RIMS annual conference in San Diego this morning
  (12 April), the executive simplified insurance companies to
  entities with two forms of capital: financial and human.
  "In the 25 years I've been in this business I've
  not seen more movement in both forms of capital
  
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• Consumer watchdog warns against 2018 deadline for PPI claims

  13-04-2016 01:01
  
  Which? says date set by Financial Conduct Authority is ‘ill-judged’, adding that banks should be making the compensation process ‘simpler and fairer’The City regulator’s plan to set a 2018 deadline for payment protection insurance claims is “ill-judged” and would set a dangerous precedent, according to consumer body Which?Last year the Financial Conduct Authority set out plans to impose a two-year time limit on PPI claims, drawing a line under the financ
  
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