Insurance news

• UK P&I Club combined ratio improves in 2015

  11-05-2016 19:16
  The UK P&I Club improved its combined ratio by 8 percentage
  points to 92 percent in 2015, according to its annual report,
  published today (11 May).
  The result marked the sixth successive year that the club has
  run close to or below breakeven.
  Chairman Alan Olivier said strong underwriting and a benign
  claims environment had allowed the club to reduce mutual premiums
  by 2.5 percent.
  The total cost of claims in 2015 was one of the lowest for a
  decade,...
  
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• Minister confirmed for EU debate on 18 May

  11-05-2016 19:16
  Matt Hancock, minister for the UK Cabinet Office and Paymaster
  General, will discuss the issues surrounding a potential UK exit
  from the European Union with (re)insurance professionals next week.
  He will be speaking at The Insurance
  Insider's EU referendum ministerial debate on 18
  May at the Willis Auditorium, 51 Lime Street, London.
  The event, which is free to attend, provides an opportunity for
  participants to give their views directly to a senior government
  minster on a decision that affects
  
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• Hamilton Syndicate 3334 shelves Sportscover book

  11-05-2016 19:16
  Hamilton has confirmed Syndicate 3334 has discontinued the book
  of business inherited from Sportscover, as the Bermudian looks to
  expand its own portfolio on the Lloyd's platform.
  Speaking to The Insurance Insider at
  the launch of the company's new offices, Hamilton at
  Lloyd's CEO Dermot O'Donohoe said the syndicate no longer
  writes any Sportscover business and has put the entire book into
  run-off.
  "The syndicate had various books of existing business, some
  were sports-related and some were not
  
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• Allianz’s McGinn promises extra time, resources and focus for brokers

  11-05-2016 17:55 via insuranceage.co.uk
  
  Boss of new trading structure commits to personal lines business.
  
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• Biba 2016: Brokers should look to industry disruptors to stay ahead

  11-05-2016 16:49
  
  Insurers shouldn't be alone in tackling market disruption, it’s time for brokers to get in on the act, according to Axa Assistance.
  
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• #BibaFever 2016 - Brexit or Bremain

  11-05-2016 16:35
  
  Did the debate on the upcoming EU referendum sway any delegates at Biba 2016?
  
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• #BibaFever 2016 - Who has the go to stand?

  11-05-2016 16:19
  
  According to this year's tagline, Biba 2016 is the "go to place". But whose stand is the go to stand?
  
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• Biba 2016: Young broker of the year revealed

  11-05-2016 16:10
  
  Oliver Rose of One Call is announced as the winner.
  
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• Everest Re hires US property chief

  11-05-2016 13:55
  Bermudian carrier Everest Re has appointed Erik Nikodem as
  leader of is US property insurance division, the company announced
  yesterday (10 May).
  The newly formed division is an amalgamation of the
  company's key property underwriting groups, excess and surplus
  lines, retail and inland marine businesses.
  Nikodem moves to Everest Insurance from American International
  Group (AIG), where he most recently served as president and global
  property executive for the Americas.
  Before joining AIG, he was a
  
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• Chedid Capital acquires Emirati broker

  11-05-2016 13:55
  Lebanese (re)insurance broker Chedid Capital Holding has acquired
  75 percent of UAE-based intermediary Al Manara Insurance Services,
  the company announced today (11 May).
  Chedid said the move was part of plans to expand its presence
  within the EMEA region by next year, in addition to its growth
  plans in Africa.
  Chedid Capital chairman and CEO Farid Chedid said the company
  was proud to continue its expansion in the Gulf Co-operation
  Council with the acquisition of Al Manara, and to gain...
  
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• Allianz P&C records double-digit profit growth

  11-05-2016 13:55
  Operating profit in Allianz's P&C division grew 12
  percent to EUR1.4bn ($1.6bn) in the first quarter of this year,
  thanks to a low number of claims and lower restructuring
  expenses.
  Gross P&C premiums written nudged down 0.5 percent to
  EUR17.2bn in the first quarter of 2016, with the fall blamed on
  negative foreign exchange effects.
  Excluding foreign currency movements, growth would have been 2.7
  percent, driven by Allianz Global Corporate & Specialty (AGCS),
  Turkey and Germany. Pric
  
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• Biba 2016: Biba urges industry to embrace the Insurance Act

  11-05-2016 13:00
  
  Trade body launches implementation guide.
  
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• LV Broker awarded chartered insurer status

  11-05-2016 12:35 via insuranceage.co.uk
  
  Mike Crane praises staff for dedication to professionalism.
  
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• Biba 2016: LV Broker gets chartered status

  11-05-2016 12:30
  
  LV Broker has been awarded chartered status following formal presentation at Biba 2016 this afternoon (11 May).
  
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• Biba appoints Lorega as loss recovery insurance provider

  11-05-2016 12:01
  
  Biba has appointed Lorega as the provider for its loss recovery insurance scheme for members.
  
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• Biba 2016: Trade body partners with Lorega

  11-05-2016 12:00
  
  Lorega to provide loss recovery cover to Biba members following three year deal.
  
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• Broker Network now 100% independent of Towergate - Clark

  11-05-2016 11:55
  
  Broker Network is now 100% independent from Towergate in its day-to-day activities and operations, says new executive chairman Ian Clark.
  
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• Biba 2016: Live updates

  11-05-2016 11:43
  
  The latest Biba 2016 news as it happens from the Insurance Times team 
  
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• Motor premiums up 7.2% in Q1 – Biba/Acturis

  11-05-2016 11:31
  
  Personal motor premiums increased by 7.2% in the first quarter of 2016 compared with the same period last year, according to the Biba/Acturis Insurance Price Index.
  
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• Biba 2016: Biba ‘on track’ to develop flood insurance scheme for SMEs

  11-05-2016 11:31
  
  A scheme to provide flood cover for most businesses should be launched by autumn this year, the British Insurance Brokers’ Association CEO Steve White announced today (11 May).
  
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• Biba 2016: Motor premiums rise but home rates fall in Q1

  11-05-2016 11:30
  
  Private car premiums rose for the second quarter year, but rates for household insurance fell, according to the latest insurance price index from the British Insurance Brokers’ Association and Acturis.
  
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• Biba 2016: Biba calls for push on cyber cover

  11-05-2016 11:30
  
  Trade body to create cyber committee to monitor developments and guide members.
  
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• Novae GWP grows 9.8% in first quarter despite rate pressure

  11-05-2016 11:09
  
  Novae reported gross written premium (GWP) of £282.8m in the first quarter of 2016, up 9.8% on the £257.6m it reported in last year’s first quarter.
  
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• Hood Group refinances with Clydesdale Bank

  11-05-2016 11:08
  
  Broker says deal provides foundation for growth.
  
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• Pii creates flood excess product for brokers

  11-05-2016 10:55
  
  .
  
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• Biba 2016: Calls for more innovation support in GI

  11-05-2016 10:00
  
  Biba highlights innovation barriers and calls for reduction in regulatory burden for brokers.
  
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• Allianz UK profit up 43% in first quarter

  11-05-2016 10:00
  
  Allianz UK made an operating profit of £47.4m in the first quarter of 2016, up 43% in the £33.2m it reported in last year’s first quarter.
  
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• Novae's SPS aids top line growth in Q1

  11-05-2016 09:43
  London-listed Novae has reported 9.8 percent growth in its gross
  written premiums, taking the total to £282.8mn ($408.3mn).
  Growth was achieved through "capitalising on opportunities
  in lines of business where rates remain adequate", Novae said,
  as well as through the ongoing investment in new underwriting teams
  and initiatives.
  In addition, its special purpose syndicate 6129 - launched at 1
  January with fund manager Securis - was described as "a
  significant driver of growth in the quarter
  
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• HSB launches machinery and technology insurance

  11-05-2016 09:30
  
  Product targeted at manufacturing, food, pharmaceutical and specialist engineering industries.
  
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• Allianz's UK Q1 premiums fall as operating profits climb 43%

  11-05-2016 09:30
  
  Allianz UK saw operating profits climb 43% in the first quarter of 2016 to £47.4m from £33.2m in the same quarter last year.
  
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• Allianz sees global profits and revenue fall in Q1

  11-05-2016 09:09
  
  Global insurer Allianz's revenues and profits fell by 6.4% and 3.5% respectively in the first quarter of 2016.
  
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• Europe: Competition law - all over for Iber?

  11-05-2016 08:15
  
  The Insurance Block Exemption Regulation is set to lapse on 31 March 2017, and the European Commission is not looking for a replacement. What will this mean for cooperation and competition?
  
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• Legal: Macro trends to hit casualty market

  11-05-2016 08:00
  
  The London insurance district is plugged into so many global markets that macroeconomic issues on the other side of the world can translate into problems much closer to home.
  
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• Insureds bemoan market consolidation

  11-05-2016 03:30
  Berkshire Hathaway Specialty Insurance executive vice president
  David Bresnahan has said he has not met a single client that is
  happy about the wave of consolidation that has consumed the market
  in recent times.Speaking at InsiderScope New York 2016 today (10 May), the
  executive said: "Consolidation has started but most believe it
  will continue for the foreseeable future."For customers it just means less options and less competition
  in theory, so none of them are happy about it."However...
  
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• Centralised reinsurance trend slows: InsiderScope panel

  11-05-2016 03:30
  The trend towards centralisation of reinsurance buying has slowed,
  as an increasing number of carriers look to buy more localised
  placements for niche risks, according to panelists at InsiderScope
  New York 2016 today (10 May).
  As previously reported by The Insurance
  Insider, the last six months has seen a series of
  product specific quota share and excess-of-loss placements from
  buyers such as AIG in lines of business that have seen a
  deterioration of results.
  Although he didn't comment on specif
  
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