Insurance news

• QBE hires LatAm business development head

  16-05-2016 18:41
  QBE has appointed Alfonso De Mares as business development manager
  for Latin America, the company announced today (16 May).
  De Mares will be based in Miami and will report to director of
  overseas business development Tim Harris.
  He joins the company from reinsurance broker Guy Carpenter in
  Miami, where he was previously senior vice president for
  facultative business in Latin America and the Caribbean. Prior to
  joining QBE he was the intermediary's head of Latin American
  property in the UK....
  
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• Dual appoints Mark Hudson as CFO

  16-05-2016 17:16
  
  Dual has hired Mark Hudson as chief financial officer, effective from September 2016.
  
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• QBE targets Latin American growth with Miami hire

  16-05-2016 16:33
  
  QBE Europe has hired Alfonso De Mares (pictured) as  business development manager for Latin America.
  
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• Ryan Direct Group extends contract with Close Brothers

  16-05-2016 15:40
  
  Ryan Direct Group (RDG) has extended its contract with Close Brothers Premium Finance for a further three years.
  
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• New $460mn Chinese reinsurer in pipeline

  16-05-2016 14:43
  Listed Chinese construction firm Jiangsu Zhongnan Construction
  Group intends to launch a domestic reinsurer with a group of other
  partners, according to stock exchange filings.
  Jiangsu Zhongnan said that it planned to invest 600mn yuan
  ($91.99mn) in the venture, which would constitute 20 percent of its
  total equity capital, according to a translated filing from the
  company.
  The other sponsors backing the start-up are Xiamen Jinyuan
  Investment Group, Xiamen Haicang Investment Group and Lingyun
  Ji
  
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• Nelson calls for US government to exit flood insurance

  16-05-2016 14:43
  Lloyd's chairman John Nelson has called on the US government
  to stop providing residential flood cover, the Financial
  Times reported yesterday (15 May).
  Nelson argued that state support had become unsustainable and
  encouraged irresponsible housebuilding.
  Lloyd's said that Washington should be largely "out of
  the risk-taking business" and that the private sector should
  pick up the policies, bar some essentially uninsurable risks, the
  Financial Times reported.
  However, one US insurance executive s
  
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• Half of wildfire loss could go to reinsurers: S&P

  16-05-2016 14:43
  At least half of all losses stemming from the wildfires that swept
  across Alberta a fortnight ago will impact the global reinsurance
  markets, according to Standard & Poor's (S&P).
  The ratings agency said reinsurers could pay up to half the
  losses at the lower end of the range, but added that the proportion
  ceded will increase if loss estimates rise.
  It said primary insurers should be able to cope with the event,
  as those exposed had sufficient available reinsurance coverage,...
  
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• AM Best affirms PartnerRe after review

  16-05-2016 14:43
  AM Best has affirmed PartnerRe's A financial strength rating
  and removed its status of under review with negative
  implications.
  The move was announced on Friday (13 May), with the rating
  agency also taking the same action for the reinsurer's bbb+
  credit rating. Both ratings were awarded a stable outlook.
  The action reflected the resolution of uncertainty regarding
  PartnerRe's management and business plan under Exor's
  ownership, AM Best said.
  It added that the ratings were indicative of the reins
  
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• Claims management company fined £250,000 by ICO after making 17.5m nuisance calls

  16-05-2016 14:07
  
  Blackburn-based Check Point Claims has been fined £250,000 by the Information Commissioner’s Office, which launched an investigation following 248 complaints.
  
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• Markerstudy joins SSP’s Keychoice panel

  16-05-2016 13:18
  
  Markerstudy has joined the insurer panel of Keychoice, the insurance distribution business owned by software house SSP.
  
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• Allianz’s commercial COR stronger than personal as restructuring continues

  16-05-2016 13:18
  
  Allianz has reported an 89.9% combined ratio in commercial for Q1 2016 but despite improvements, its personal lines COR remains over 100 at 101.2% (FY 2015: 106%).
  
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• ASR aims to launch IPO in Q2 2016

  16-05-2016 13:15
  
  Dutch insurer ASR has confirmed its intention to proceed with an IPO and listing of its ordinary shares on Euronext Amsterdam.
  
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• Markerstudy’s Zenith cuts Irish motor exposure with agency exit

  16-05-2016 13:03
  
  Markerstudy’s Gibraltar-based insurer Zenith has reduced its exposure to the Irish motor market by exiting a deal with a local underwriting agency.
  
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• Das takes ex-boss Paul Asplin to court

  16-05-2016 12:44
  
  Court case follows Asplin's suspension in October 2014 and departure in February 2015.
  
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• Keychoice adds Markerstudy to motor panel

  16-05-2016 12:40
  
  Broker members can now access Zenith Insurance and Zenith Marque products.
  
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• Profits up but GWP down at Allianz in Q1

  16-05-2016 12:31 via insuranceage.co.uk
  
  Insurer has been “crystal clear” on ongoing support for brokers in personal lines, says Dye.
  
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• Former OIM Underwriting MD launches MGA with £20m GWP target

  16-05-2016 12:12
  
  Jason Anthony, former managing director at OIM Underwriting, has launched MGAM Limited, a managing general agent with a target of reaching £20m gross written premium in year one.
  
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• DAS takes legal action against former chief executive Paul Asplin

  16-05-2016 11:24
  
  DAS is taking legal action against former chief executive Paul Asplin.
  
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• ICO fines CMC £250,000 for making 17.5m nuisance calls

  16-05-2016 11:22
  
  A claims management company that made 17.5 million calls asking people if they had suffered hearing loss at work has been fined £250,000 by the Information Commissioner’s Office (ICO).
  
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• Allianz UK reports 89.9% commercial COR but 101.2% in personal

  16-05-2016 11:01
  
  Allianz UK reported a commercial lines combined operating ratio (COR) of 89.9% for the first quarter of 2016, which chief executive Jon Dye hailed as the unit’s “most profitable quarter for some years.”
  
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• Ryan Direct and Close Brothers extend contract

  16-05-2016 10:32
  
  Ryan Direct Group and Close Brothers will enter an exclusive contract in the home SME and motor books for a further three years.
  
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• Chubb promotes Ly to president director for Indonesia

  16-05-2016 10:32
  
  Chubb's vice president and deputy Asia-Pacific head of personal business Tai-Kuan Ly has been appointed president director, general insurance in Indonesia.
  
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• LexisNexis adds Flood Re data

  16-05-2016 10:15
  
  Data available to direct and broking channels.
  
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• #Insagepeople: 16 - 22 May 2016

  16-05-2016 10:06
  
  Get your fix of the market movers each week in one place with our new way of bringing you the latest recruitment changes.
  
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• Winning at the UK Broker Awards helped with PR

  16-05-2016 10:00
  
  Qdos’s Brendan Dawson says winning has helped build opportunities for the business.
  
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• Lloyd’s calls for end to US government-backed flood cover

  16-05-2016 09:18
  
  Lloyd’s insurers have called for the US government to stop providing flood damage, the Financial Times reports.
  
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• Macquarie downgrades RSA stock over pension risk

  16-05-2016 09:04
  
  Investment bank Macquarie has downgraded its rating on RSA’s shares to ‘underperform’ from ‘neutral’ because of the risk from the insurer’s pension scheme.
  
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• Blog: Proposed whiplash reforms are cynical

  16-05-2016 08:30
  
  Andrew Twambley, founder of Injury Lawyers 4 U and spokesman of Access 2 Justice, reacts to the proposals put forward by Allianz's head of technical claims Sarah Mallaby to clamp down on claims farming.
  
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• Smart cars: how technology is putting the brakes on insurance premiums

  16-05-2016 07:59
  
  From parking with the press of a button to crash-avoidance systems, driving is becoming safer, and cheaperMany drivers looked at their car insurance with an air of resignation last year. After years of declines, the average premium was on the way back up, by an average of 8%.That frustration may be shortlived, however, due to the increasing influence of machines and automation in driving, which is set to saving motorists hundreds of pounds in premiums. Related: Forget smartwatches, sma
  
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• Aviva gathers cast of celebrities to promote safer driving

  16-05-2016 07:30
  
  Aviva has teamed up with Channel 4 and celebrities including rap star Tinchy Stryder and entertainers the Chuckle Brothers (pictured) for a series of short videos promoting safer driving.
  
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