Insurance news

• Willis appoints satellite insurance head

  20-04-2016 21:25
  Willis Towers Watson has named Mark Quinn as head of its
  specialist satellite insurance business Inspace with immediate
  effect.
  Quinn succeeds Roger Bathurst, who will leave the broker after
  more than six years as head of the business. Quinn will be based in
  Washington DC.
  With more than 20 years' experience in the space insurance
  industry, Quinn has played a major role in the development of
  Inspace since joining the firm in the early 1990s, the company
  said.
  Inspace was...
  
  Read more

• UK Supreme Court overturns London riots judgement

  20-04-2016 21:25
  Insurers will face paying business interruption losses from the
  destruction of a Sony warehouse during the London riots of August
  2011, after the UK Supreme Court overturned a previous ruling by
  the Court of Appeal.
  Five Supreme Court judges considered whether insurers can
  recover consequential losses under the Riot (Damages) Act 1886, a
  Victorian-era law that makes the police liable for riot-related
  damage on the grounds that it is their responsibility to prevent
  disorder.
  However, in a judgmen
  
  Read more

• A&A Group restructures after making acquisition

  20-04-2016 18:28
  
  Tony Allen to focus on underwriting following staff and assets deal with Service Underwriting Agency.
  
  Read more

• Rentguard launches tenant liability insurance

  20-04-2016 16:48
  
  The product is available via brokers and covers tenant liability up to £2m.
  
  Read more

• Advertisement

• Record $2bn ILS issuance in Q1: WCMA

  20-04-2016 15:36
  The first quarter of 2016 saw a record $2bn of non-life
  catastrophe bond issuance, according to Willis Capital Markets
  & Advisory (WCMA).
  The Q1 total is 35 percent higher than in the same period last
  year, but it is too early to say whether this will translate to a
  record-breaking year, WCMA said in its latest ILS Market
  Update.
  All deals came from repeat sponsors and the first quarter ended
  with $23.2bn of outstanding cat bonds - marking another record....
  
  Read more

• QIC grows top line by 41% in Q1

  20-04-2016 15:36
  Qatar Insurance Company (QIC) expanded its top line by 41
  percent in the first quarter to $741mn, driven largely by premium
  growth at its reinsurance arm Qatar Re.
  Qatar Re disclosed reinsurance premiums of $307mn, accounting
  for more than 41 percent of the group's total premium income,
  QIC said, adding that the company had also seen growth in its life
  and medical operations.
  Net earned premiums in the quarter grew 67 percent to
  $468mn.
  QIC reported a net underwriting result...
  
  Read more

• Macroeconomic issues affecting claims activity

  20-04-2016 15:36
  Challenging macroeconomic conditions are causing a bump in
  claims activity as insurers experience substantial problems with
  increased fraud and product liability issues, according to law firm
  BLM.
  Delegates at BLM's casualty roundtable today (20 April) said
  the poor economy presented an "ideal opportunity" for
  fraudsters.
  Liability claims fraud tripled between 2010 and 2014 to reach a
  total of £343mn ($493.7mn) from 19,283 claims.
  Attendees pointed to the effect on claims of increased debt
  
  Read more

• UK aircraft collision calls for greater regulation of drones

  20-04-2016 13:24
  
  Experts have called for greater regulation of drones to minimise the risks to aviation, following a drone collision with a British Airways flight.
  
  Read more

• Advertisement

• Aviva relaunches high net worth unit as Aviva Private Clients

  20-04-2016 13:22
  
  Aviva has relaunched its high net worth business under the brand Aviva Private Clients.
  
  Read more

• Wallin looks to growth at CGSC

  20-04-2016 13:14
  
  New group commercial director hoping to drive more business through in-house MGAs and turn broker into “powerhouse”.
  
  Read more

• Aviva relaunches HNW division

  20-04-2016 13:10
  
  Adam Beckett becomes managing director for Aviva Private Clients.
  
  Read more

• Fraudsters steer away from motor as casualty fraud almost triples in five years

  20-04-2016 13:00
  
  Organised casualty fraud claims saw a significant spike from 2010 to 2014 as the government tightened up on whiplash and motor fraud, according to a new report.
  
  Read more

• LIU promotes Capicchioni to head of US railroad

  20-04-2016 12:29
  Liberty International Underwriters (LIU) has appointed Robert
  Capicchioni as vice president in charge of its US railroad product
  line.
  Capicchioni was previously an underwriting manager at LIU's
  casualty group.
  In his new role, Capicchioni will be responsible for overseeing
  underwriting, overall product development and performance of the
  carrier's US railroad portfolio. He will report to Diana
  Cossetti, head of US casualty at LIU.
  The portfolio targets freight, passenger and contractor
  railroads
  
  Read more

• Irdai to make decision on foreign reinsurers

  20-04-2016 12:29
  The Insurance Development and Regulatory Authority of India (Irdai)
  will decide within four months whether to licence four reinsurance
  entities to start operations in the country, according to local
  news outlet First Post.
  The applications filed by Swiss Re, Lloyd's, Munich Re and
  Hannover Re will be processed at the next Irdai board meeting,
  chairman TS Vijayan told reporters on the sidelines of Irdai's
  "Formation Day" celebrations.
  Lloyd's announced earlier this month that it would apply for
  p
  
  Read more

• CIRC to permit OTC listings for insurers

  20-04-2016 12:29
  The China Insurance Regulatory Commission (CIRC) has drafted rules
  permitting insurance companies to list on an over-the-counter
  equity market.
  The National Equities Exchange and Quotations (NEEQ) platform,
  based in Beijing, transfers shares in unlisted companies -
  predominantly small and medium-sized enterprises - directly between
  participants, rather than via an exchange.
  According to a report in Asia Insurance Review, the
  CIRC said insurance companies that sought to list on NEEQ
  "should compl
  
  Read more

• Beazley hires Benet from Gen Re

  20-04-2016 12:29
  Lloyd's carrier Beazley has appointed Elizabeth
  "Libby" Benet to drive new business and product
  development at the specialty treaty team's partner solutions
  focus group.
  The specialty treaty team partners with insurance carriers to
  provide them with supplementary insurance products such as
  employment practices liability and data breach in order to enhance
  their product offerings to policyholders.
  The team also works with these carriers to provide products such
  as policy forms, rates, underwritin
  
  Read more

• Russell Bence joins Brightside after leaving Markerstudy

  20-04-2016 12:16
  
  He takes on managing director, volume lines role.
  
  Read more

• Markerstudy’s Russell Bence joins Brightside

  20-04-2016 12:13
  
  Markerstudy retail managing director Russell Bence, whose departure was announced yesterday, is to join broking group Brightside as managing director of volume lines.
  
  Read more

• Insurers lose legal battle over Sony warehouse riot fire

  20-04-2016 12:05
  
  Insurers have lost their battle with London mayor Boris Johnson over the payout for the Sony warehouse fire in Enfield following the August 2011 riots.
  
  Read more

• CGSC appoints Andy Wallin as group commercial director

  20-04-2016 10:58
  
  Former Brightsight CEO has resurfaced at the wholesale and specialty broker.
  
  Read more

• Andy Wallin joins Cooper Gay as commercial director

  20-04-2016 10:48
  
  Former Brightside chief executive Andy Wallin has joined broking groups Cooper Gay Swett & Crawford (CGSC) as group commercial director.
  
  Read more

• Adrian Colosso to support MGA’s UK broker push

  20-04-2016 10:38
  
  Broking industry veteran and former Howden UK chief executive Adrian Colosso has joined specialist property managing general agent Inet3 as non-executive chairman.
  
  Read more

• FCA cancels permissions for two brokers

  20-04-2016 10:19
  
  Both brokers failed to pay their fees and levies to the regulator.
  
  Read more

• Chancellor gives Parliament power to appoint or dismiss FCA chief exec

  20-04-2016 10:00
  
  Appointments and renewals to be for five year terms.
  
  Read more

• Sure Thing teams up with Motorplus

  20-04-2016 09:25
  
  Scottish motor broker signs up with claims management specialist.
  
  Read more

• John O’Roarke gets £10m share of £39m award to LV= GI bosses

  20-04-2016 08:43
  
  LV=’s outgoing general insurance managing director John O’Roarke has been paid a £10.1m share of a total £39.4m long-term incentive award paid to “certain key management personnel” of the general insurance division.
  
  Read more

• FCA strikes off two brokers for not paying fees

  20-04-2016 07:30
  
  The FCA has cancelled the permissions of two general insurance brokers because they failed to pay outstanding fees.
  
  Read more

• Motorists do not trust driverless cars – survey

  20-04-2016 07:25
  
  Most motorists do not trust the technology behind driverless cars, a new survey by motoring publication What Car? has found.
  
  Read more

• Allied World returns to reserve releases in Q1 earnings beat

  20-04-2016 00:47
  Allied World reported a solid earnings beat for the first
  quarter as it returned to some sort of form after a challenging end
  to 2015.
  The Switzerland-based carrier unveiled operating profits of
  $59.0mn, or $0.65 a share, which were down on the $91.7mn, or $0.93
  a share generated in the prior-year period, but ahead of
  analysts' consensus forecasts of $0.56 a share for the
  quarter.
  After the reserve charges of Q4 2015, there was a return to
  reserve releases, as...
  
  Read more

Follow @Insurance_UKnws on Twitter!