Insurance news

• Lloyd's cracks down on lineslips

  26-04-2016 22:32
  Lloyd's will publish a set of minimum standards for delegated
  underwriting following two thematic reviews of aviation and
  terrorism lineslips.
  Where Lloyd's believes managing agents have inadequate
  controls it may impose restrictions on the writing of lineslips,
  the Corporation said in a market bulletin today (26 April).
  The challenging conditions in the aviation war space have
  largely been attributed to the extensive use of lineslips and
  delegated underwriting, as softening rates defy a huge lo
  
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• AIG-Hamilton MGA to offer full range of SME products

  26-04-2016 22:32
  The newly-unveiled joint venture (JV) between AIG, Hamilton and
  Two Sigma will operate as an MGA offering an extensive range of
  products to the US small-to-medium enterprise market under a
  separate brand, according to Brian Duperreault.
  In an interview, the Hamilton chairman and CEO told
  The Insurance Insider the
  technology-enabled initiative would accelerate the Bermudian's
  ability to deliver a "complete solution" to the sector,
  while for AIG it will provide a means to directly target customers
  
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• UK insurers pass PRA stress test

  26-04-2016 18:51
  The UK general insurance industry was found to be
  "resilient" in the Prudential Regulation Authority
  (PRA)'s market-wide stress tests.
  At an aggregate level, general insurers in the PRA's sample
  were resilient to the stress tests, which were set last year, with
  only a handful of insurers thought likely to breach their solvency
  capital requirements.
  The PRA took the 26 largest general insurers, including
  Lloyd's syndicates, and asked them to run five market-wide
  stress tests, each set at a 1-in-2
  
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• Chubb targets environmental liability market

  26-04-2016 18:51
  Chubb has broadened the distribution of its environmental liability
  products, it announced yesterday (25 April), as it targets
  opportunities created by American International Group (AIG)'s
  exit from the space.
  "As other insurers exit core lines of pollution liability
  coverage, Chubb remains committed to being a full service provider
  of environmental insurance for businesses of all sizes," said
  Craig Richardson, executive vice president of Chubb's
  environmental division.
  Market conditions, specif
  
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• Aspen Re appoints LatAm and Caribbean head

  26-04-2016 18:51
  Aspen Re today (26 April) named Hugo Cardona as managing director
  for Latin America and Caribbean.
  He will join Aspen on 2 May from Odyssey Re, where he was chief
  underwriting officer and senior vice president, Latin America,
  Brazil and Caribbean.
  Cardona succeeds Peter Emblin, who will continue in his roles as
  managing director, Middle East and Africa, and head of casualty
  reinsurance, Aspen Re.
  With nearly 30 years' experience in the industry, Cardona
  has worked in a variety of...
  
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• AIG and Hamilton to create SME joint venture

  26-04-2016 18:51
  American International Group (AIG) has signed a memorandum of
  understanding with Brian Duperreault's Hamilton Insurance Group
  and its fund manager Two Sigma Investments to form an insurance
  platform for the small to medium-sized enterprise market.
  In an announcement today (26 April), Hamilton said that the
  North American joint venture would combine the expertise of both
  carriers with Two Sigma's science and technology platform and
  would use predictive analytics to deliver pricing and
  servicing.
  
  Read more

• Blog: Uber for claims – How the 'gig economy' could disrupt the loss adjusting sector

  26-04-2016 16:20
  
  Chris Sandilands argues that the loss adjusting process is perfectly suited to being disrupted by the 'gig economy', leading to benefits for insurers and policyholders alike. Perhaps most surprisingly, using freelancers for claims surveys could lead to greater insight for insurers.
  
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• Broker fee for FSCS levy falls as insurers pay more

  26-04-2016 15:40
  
  General insurance brokers will pay £8m for the Financial Services Compensation Scheme (FSCS) in the 2016/17 year – down £11m on the £19m that was forecasted in January.
  
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• Road Haulage Association launches insurance for members with Aviva, Griffiths & Armour

  26-04-2016 14:06
  
  The Road Haulage Association has launched FR8, an insurance service for its member organisations.
  
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• Global Risk Partners backs Lonmar MBO

  26-04-2016 13:12 via insuranceage.co.uk
  
  Peter Cullum-backed firm says Lloyd's broker is "highly complementary" to its other businesses.
  
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• Insurtech firm Trov raises £17.5m as it gears up to launch in the UK and Australia

  26-04-2016 13:00
  
  Technology giant Guidewire and Australian insurer Suncorp are among the parties involved in the latest fund-raising from US insurance disruptor Trov, as it gears up to launch its on-demand cover for single items in the UK with Axa.
  
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• Insurtech firm Trov raises £17.5m as it gears up for UK on-demand insurance launch with Axa

  26-04-2016 13:00
  
  Technology giant Guidewire and Australian insurer Suncorp are among the parties involved in the latest fund-raising from US insurance disruptor Trov, as it gears up to launch its on-demand cover for single items in the UK with Axa.
  
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• Global Risk Partners buys into Lonmar

  26-04-2016 12:58
  Insurance investor Global Risk Partners (GRP) has struck a deal to
  acquire a 75 percent stake in Lloyd's broker Lonmar Global
  Risks, The Insurance Insider can reveal.
  As part of the deal, the first generation of Lonmar management
  including chairman George Boden and former CEO Simon Rice are being
  bought out of the business.
  The next generation of management including CEO David Pexton,
  finance director Peter Ross and bloodstock chief Philip Nelson are
  collectively taking on a 25 percent equity...
  
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• AM Best: Japan quakes to have moderate earnings impact

  26-04-2016 12:58
  AM Best expects losses from the Japanese earthquakes that struck
  earlier this month to have a moderate impact on insurers'
  earnings but little effect on their financial strength.
  The series of earthquakes comprised two foreshocks on 14 April
  and the magnitude 7.3 main quake on 16 April in the prefecture of
  Kumamoto.
  Although they are expected to lead to sizeable losses, the
  impact could be mostly mitigated by the release of catastrophe
  reserves, the rating agency said.
  "Although Japan is...
  
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• Cullum consolidator GRP backs Lonmar MBO

  26-04-2016 12:51
  
  Peter Cullum’s broking consolidator Global Risk Partners (GRP) has agreed to back the management buy-out (MBO) of Lloyd’s broker Lonmar Global Risks.
  
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• Biba acknowledges positive news on FSCS

  26-04-2016 11:50 via insuranceage.co.uk
  
  Trade body criticises “fundamentally unfair” aspect of the compensation scheme.
  
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• Unite union “strongly opposes” RSA redundancy pay proposals

  26-04-2016 11:30 via insuranceage.co.uk
  
  Insurer consulting on halving payouts for staff employed before April 2013.
  
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• Bexhill launches peer-to-peer premium finance platform

  26-04-2016 11:21
  
  Premium finance provider Bexhill UK has launched a peer-to-peer lending platform for premium finance called Orchard Lending Club.
  
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• Video: Liverpool Regional Review Part 1

  26-04-2016 11:17 via insuranceage.co.uk
  
  Ida Axling meets with local brokers in Liverpool to discuss the market.
  
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• Insurers face a 46% increase in cost of compensation claims

  26-04-2016 11:01
  
  Insurers will pay 46% more in compensation to consumers this year, as part of the Financial Services Compensation Scheme.
  
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• PRA to sharpen focus on how insurers manage property and liability exposure

  26-04-2016 10:49
  
  The Prudential Regulation Authority (PRA) is planning to increase its focus on how well insurers are managing and measuring their exposure to property or liability risks.
  
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• JLT predicts £34m hit at start of year

  26-04-2016 10:35 via insuranceage.co.uk
  
  Bulk of charge comes from settlement costs in Willis court case.
  
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• Senior management: Parachuting in

  26-04-2016 10:30
  
  With more senior management roles going to those from outside the general insurance industry, how will this affect the sector in the future?
  
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• C-Suite Insurer: XL Catlin's Jonathan Eaton on the perils of misdeclared cargo

  26-04-2016 10:30
  
  Misdeclared cargo is a problem that has long caused headaches for the shipping industry.
  
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• Broking success: Team player

  26-04-2016 10:30 via insuranceage.co.uk
  
  Having a good team around youand a focus on customers is key to success explains The A&A Group CEO Tony Allen
  
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• Investment in insurance tech start-ups triples to $2.6bn

  26-04-2016 10:15
  
  Investment in insurance tech start-ups more than tripled last year.
  
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• Brokers’ FSCS levy comes in at £8m

  26-04-2016 10:10 via insuranceage.co.uk
  
  Organisation confirms total levy of £337m.
  
  Read more

• Blog: Recall insurance must address car hacking

  26-04-2016 10:05
  
  Vehicles are increasingly connected and far more software-reliant than they used to be. Unfortunately, most insurers offering product recall solutions are unprepared for this new reality.
  
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• JLT wins lead broker account for Singapore Airlines

  26-04-2016 09:49
  
  JLT has won the account as lead broker for Singapore Airlines (SIA) Group’s aviation insurance programme.
  Under the terms of the deal the agreement will run for a period of three years for policies beginning 1 July 2016.
  It is another big win for the national broker.
  Last October JLT was appointed the insurance broker for London-based offshore oil and gas drilling company Ensco.
  JLT had won the business from Ensco’s incumbent broker Marsh.
   
  
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• FSCS announces £337m levy for 2016/17

  26-04-2016 09:37
  
  The Financial Services Compensation Scheme (FSCS) has announced its levy for 2016/17 will be £337m - £26m less than forecasted in its plan and budget for 2016/17.
  
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• JLT expects one-off costs of £34m in 2016

  26-04-2016 09:20
  
  Jardine Lloyd Thompson (JLT) expects that the restructuring of its employee benefits arm and the settlement of its legal dispute with Willis will result in one-off costs of £34m in 2016.
  
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• JLT Group commercial director James Twining to depart

  26-04-2016 09:10
  
  Jardine Lloyd Thompson (JLT) Group commercial director James Twining is stepping down from his role.
  
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• Top and bottom lines shrink at Everest Re

  26-04-2016 07:45
  Everest Re saw gross written premium and profit contract in the
  first quarter as the company acknowledged significant headwinds in
  the investment and underwriting climate impacting the broader
  sector.
  The carrier reported after-tax operating income of $222.7mn,
  down more than 30 percent on the $329.9mn that it reported for the
  same period in 2015.
  At $5.19 a share the performance was below Wall Street consensus
  forecasts of $5.57 a share.
  Everest Re reported gross written premiums shrink by 5 pe
  
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