Insurance news

• Uncertainties hinder Florida ratings: Fitch

  27-05-2016 20:18
  Fitch Ratings said that the lack of landfalling hurricanes in
  Florida since 2005 has created a situation where the risk could be
  put "out of sight, out of mind", increasing the potential
  to under-estimate insured and economic losses from the next major
  weather event.
  The agency noted that many specialist Florida insurers have
  improved their profitability and surplus in recent years but they
  remain unlikely to achieve an A rating from Fitch.
  In a report, Fitch commented that many Florida...
  
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• Ropner hires six following GRP investment

  27-05-2016 20:18
  Lloyd's broker Ropner Insurance Services has hired six
  brokers as part of its ongoing expansion, it announced today (27
  May).
  Nick Kirby joins from the fine art team at JLT, while Richard
  Gayton has been added to Ropner's marine hull and liability
  division from Marsh.
  Neil Willett has joined the cargo division from UIB, while
  Andrew Lewis has been brought into the marine trades team.
  In addition, Gary Watson and Cooper Gay's Stewart Alliston
  have joined the international non-marine division....
  
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• NOAA forecasts near-normal hurricane season

  27-05-2016 20:18
  The National Oceanic and Atmospheric Administration (NOAA)
  predicted a near-normal 2016 Atlantic hurricane season on Friday
  (27 May), but warned that uncertain climate signals made predicting
  this season particularly difficult.
  The organisation said there was a 70 percent likelihood of 10 to
  16 named storms, of which 4 to 8 storms could become hurricanes,
  including 1 to 4 major hurricanes.
  While a near-normal season is most likely with a 45 percent
  chance, there is also a 30 percent chance of...
  
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• Blanc vows to keep AXA’s momentum in her new role

  27-05-2016 17:17
  
  AXA’s Amanda Blanc is keen to ensure that the insurer keeps up its pace of development when she takes over as UK and Ireland group chief executive.
  
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• Man sentenced in £100,000 Mr Whippy van insurance fraud case

  27-05-2016 16:07
  
  Police still trying to identify others behind the scam.
  
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• InsurTech Futures: Simply Business hosts hackathon

  27-05-2016 15:37
  
  Company-wide hackathon generates ideas including Tinder for insurance and SimplyBot, language processing technology.
  
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• 'Fundamentally dishonest' kick boxer KO'd by judge in court

  27-05-2016 15:00
  
  A kick boxer has been ordered to pay £4,000 costs to esure after a public video uncovered the fraud to have falsely claimed the injuries sustained in the ring were received in a previous car accident.
  
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• Axa UK must innovate, says incoming CEO Amanda Blanc

  27-05-2016 14:38
  
  Amanda Blanc is putting innovation towards the top of her priorities as she takes the reins at Axa UK, just six months on from starting her last promotion, running general insurance for UK & Ireland at the global insurer.
  
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• TT Club GWP slides, COR rises to 94.4% in ‘normal year’

  27-05-2016 14:35
  
  TT Club reported a drop in gross written premium and a weaker combined operating ratio for 2015, following an up-tick in large claims from events such as the Tianjin explosion.
  
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• Jobs at risk at Towergate's Milton Keynes office

  27-05-2016 14:11
  
  Broker moves all retail policies to other locations.
  
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• Broker appetite for cyber could be cut by Insurance Act demands

  27-05-2016 14:00
  
  The demands of the Insurance Act could result in non-specialist brokers steering away from selling cyber products, according to Biba.
  
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• “Business as usual for brokers” as Amanda Blanc looks to new role

  27-05-2016 13:31
  
  Amanda Blanc says brokers will not see a change from Axa as she prepares for new UK & Ireland CEO role.
  
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• Sony reveals $1bn Kumamoto loss

  27-05-2016 13:29
  Technology giant Sony has revealed that it expects losses from
  the Kumamoto earthquakes to result in a 115bn yen ($1bn) hit to its
  operating income, the company announced today (27 May).
  The losses comprise an estimated 45bn yen impact to the
  manufacturer's imaging products and solutions segment and a
  60bn yen loss in its devices branch.
  Sony also said approximately 10bn yen in fixed costs that were
  scheduled to be allocated to these two segments are no longer
  expected to...
  
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• Sciemus hires Lloyd's emerging risks manager

  27-05-2016 13:29
  Sciemus has hired Lloyd's emerging risks expert Nick
  Beecroft as director of product innovation and strategy, it
  announced today (27 May).
  As emerging risks and research manager at Lloyd's, Beecroft
  led various initiatives on the quantification of cyber risk
  aggregation and broader systemic market risk.
  His appointment is part of a wider strategy at Sciemus to
  combine advanced modelling with a deeper understanding of emerging
  risk, the firm said.
  "Nick's background gives him the unique ability t
  
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• PRA reveals approach to preventing 'model drift'

  27-05-2016 13:29
  UK regulator the Prudential Regulation Authority (PRA) this week
  (25 May) released a consultation paper setting out its approach to
  monitoring "model drift" for companies with internal
  model approval.
  Under Solvency II, Solvency Capital Requirements (SCRs) are
  calculated using approved internal models and the PRA said that
  there was a risk that as these could evolve over time and
  "drift" away from their origins.
  This could lead to a risk of capital levels creeping down and
  failing to adequately
  
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• Novae and Travelers join Lloyd's construction consortium

  27-05-2016 13:29
  Novae and Travelers have joined the construction consortium at
  Lloyd's, expanding its total number of lead underwriters to
  six, the group announced today (27 May).
  The move increases the programme's capacity to around $320mn
  per risk, equivalent to in excess of $1bn on a sum insured basis,
  which the group said would offer an improved alternative to large
  non-Lloyd's carriers.
  The consortium was formed in 2013 by Beazley, Sompo Canopius,
  Hardy and Talbot syndicates with a total capacity of $167mn
  
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• LMG pairs up with UKTI to promote London market

  27-05-2016 13:29
  UK government department UK Trade & Investment (UKTI) has
  written a publication with the London Market Group (LMG) designed
  to promote the London (re)insurance market internationally.
  In an announcement yesterday (26 May), the LMG said that the
  publication of "Britain is Great - the London Market"
  would open up new business opportunities and attract global capital
  and talent.
  It is a major strand of the co-operation between industry and
  government on initiatives to help promote the London in
  
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• Kumamoto quake losses hit $1.65bn

  27-05-2016 13:29
  Claims related to the earthquake that struck Japan's
  Kumamoto Prefecture in April have hit 181bn yen ($1.65bn),
  according to the General Insurance Association of Japan (GIAJ).
  In a report released this week, the GIAJ revealed the
  overwhelming majority of claims originated in the Kumamoto region,
  accounting for 172bn yen of the total.
  The Oita Prefecture was the second most impacted region,
  producing 9,565 claims with some 4.8bn yen of claims paid out.
  The claims total has increased substantially
  
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• IDB receives cash offer to acquire Clal

  27-05-2016 13:29
  IDB has received a cash offer to acquire either a portion or the
  entirety of its stake in Israeli insurer Clal.
  According to a statement filed to the Tel Aviv Stock Exchange
  yesterday (26 May), the Israeli conglomerate received an offer to
  acquire either between 25 and 30 percent of the company, or its 55
  percent controlling stake. The cash offer values Clal at
  approximately 2.85bn shekels ($742mn).
  The offer is non-binding and the potential buyer has not been
  named....
  
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• Axa realigns senior management

  27-05-2016 13:29
  Gaëlle Olivier has been named CEO of Axa Global P&C
  amid a wider management reshuffle under incoming group CEO Thomas
  Buberl.
  Olivier was previously CEO of Axa Enterprises, which provides
  P&C and health insurance to small and medium-sized enterprises
  in France.
  Axa announced yesterday (26 May) that Jean-Laurent Granier,
  chairman and CEO of Axa's P&C operations, had resigned and
  would leave the insurer at the end of the June.
  Granier, who was also CEO for the Mediterranean and La
  
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• UK Broker Awards: Winning raised our industry profile, says Ben Bailey

  27-05-2016 13:14
  
  Clark Thomson boss says its triumph gave a boost to the firm.
  
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• Jobs at risk as Towergate closes Milton Keynes retail function

  27-05-2016 13:02
  
  Towergate is transferring the retail business handled by its Milton Keynes operation to other offices, putting jobs at risk, Insurance Times can reveal.
  
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• Risk of firms over-leveraging amid buying spree - Bill Cooper

  27-05-2016 12:35
  
  The number of broking firms that are willing to sell their businesses has increased significantly compared to a year ago.
  
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• Quizzical questions: 27 May 2016

  27-05-2016 12:16
  
  Test your knowledge of the week’s news with our topical quiz.
  
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• Broker Ropner hires six following GRP backed-MBO

  27-05-2016 12:12
  
  Lloyd’s and London Market broker, Ropner Insurance Services, has appointed six new brokers following its Global Risk Partners-backed management buyout last year.Gary Watson and Stewart Alliston have joined the international non-marine division.
  Nick Kirby has joined the Fine Art team from JLT.
  Richard Gayton from Marsh has joined the Marine Hull and Liability division.
  Andrew Lewis has joined the Marine Trades ...
  
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• Government accepts Insurance Fraud Taskforce measures

  27-05-2016 11:26
  
  Government calls for urgency in implementing fraud prevention measures.
  
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• InsurTech Futures: Mind the gap — cyber security

  27-05-2016 10:52
  
  Alexandra Foster, head of insurance and strategy, global banking and financial markets, BT, explains why cyber is a huge opportunity.
  
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• Rational acquisitions

  27-05-2016 10:32
  
  There is a vibrant market for structured and sensible broker acquisitions in the UK, says Peter Blanc
  
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• In-depth: Looking out for the little guy

  27-05-2016 10:30
  
  Business from the SME sector is a lifeline for many regional brokers and, on the whole, intermediaries do a great job for their clients. However, lack of clarity on underinsurance and reputational risk, along with market-shaking issues such as IPT and Flood Re, can all impact on the local broker. Sam Barrett finds out more
  
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• Amanda Blanc takes over from Evans as AXA domestic boss

  27-05-2016 10:01
  
  Amanda Blanc has taken over from Paul Evans as AXA UK and Ireland boss. 
  
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• Amanda Blanc becomes chief executive of Axa UK & Ireland

  27-05-2016 09:55
  
  Paul Evans moves to Axa Group Management Committee with responsibility for the group’s life, savings and health business.
  
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• Pet owners hit with £232m vet bill amid 37% claims rejected - report

  27-05-2016 09:11
  
  Nearly four in ten pet claims are rejcted landing UK animal lovers with a collective £232m bill that they have to dig out from their own pockets, according to a report from money.co.uk.
  
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• Biba victory as MoJ agrees tough action on insurance fraud

  27-05-2016 08:52
  
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• Sharing Economy: Taking a slice of the action

  27-05-2016 08:20
  
  With the sharing economoy growing year-on-year, what are the challenges and opportunities for the insurance industry?
  
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• Brokers' clients can cut rental fleet premiums 20% with telematics

  27-05-2016 08:09
  
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• Research: State of the Risk Management Nation: Part Three: Services

  27-05-2016 08:00
  
  In the third part of this research, Michèle Bacchus asks the risk managers whether commodotisation is a concern and discusses the merits of the services offered by the insurance industry
  
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• 'Crash for cash' duo caught in the act

  27-05-2016 07:30
  
  Two men have been sentenced after they were spotted by a member of the public staging a car crash in Keighley, West Yorkshire.
  
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• Appeal court rules no proof of fraud needed to dismiss a claim

  27-05-2016 07:30
  
  An appeal court ruling has confirmed that trial judges don’t have to confirm that fraud has taken place in order to dismiss a claim.
  
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• Marsh veteran Davies joins Eliot Partnership

  27-05-2016 05:53
  Marsh veteran George Davies has joined global insurance sector
  executive search firm Eliot Partnership as chairman.
  Davies, who was most recently chief client officer UK and Island
  at the broking giant, will take the executive chairman position
  from 1 September, based out of Eliot Partnership's London
  office.
  The executive has held a variety of senior positions at Marsh
  over a 36-years career with the broker, including as head of its UK
  and European major account practice, its UK and European...
  
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