Insurance news

• Brexit poses ‘grave threat’ to London insurance market

  03-06-2016 17:14
  
  Britain leaving the European Union poses “a grave threat” to jobs and business in the London insurance market, according to Lloyd’s, the International Underwriting Association of London (IUA) and insurer Fidelis.
  
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• DWF added to ABI’s associate member list

  03-06-2016 17:08
  
  The Association of British Insurers has added DWF to its associate membership category, the latest in a series of law firms accepted to the new offering.
  
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• Brexit or Bremain: this month's question, this week's answers

  03-06-2016 15:45
  
  News and exclusives from Post this week and in the June issue
  
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• Ex-AIG chief Hank Greenberg faces New York fraud trial

  03-06-2016 13:41
  
  Former AIG chief executive Maurice ‘Hank’ Greenberg faces a civil fraud trial in New York relating to his tenure at the insurance group.
  
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• Wilson appointed Xchanging chairman

  03-06-2016 13:15
  Outgoing Xchanging CEO Craig Wilson has been appointed the
  outsourcing and software firm's chairman for its forthcoming 28
  June annual general meeting (AGM).
  The move was announced in a filing to the London Stock Exchange
  yesterday (2 June).
  However, the company told The Insurance
  Insider the appointment was made for the sole purpose
  of chairing the AGM and would not be permanent.
  Xchanging shares are due to be delisted from on 6 June around
  8:00am UK time following the completion...
  
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• PCS estimates Canada wildfire claim at $3.5bn

  03-06-2016 13:15
  Property Claim Services (PCS) has estimated that industry losses
  from the Alberta wildfires could cost C$4.6bn ($3.5bn), sister
  publication Trading Risk has reported.
  The agency's initial estimate has come in just above the
  lower end of AIR Worldwide's modelled loss forecast of C$4.4bn
  to C$9.0bn ($3.4bn-$6.9bn) and a $3bn-$7bn forecast from Morgan
  Stanley analysts.
  PCS typically resurveys insurers for loss estimates several
  times before finalising its claims figure for an event, so this
  number
  
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• Brindle, IUA and Lloyd's warn of 'grave' Brexit threat

  03-06-2016 13:15
  A bleak outlook for London's insurance market was offered by
  the International Underwriting Association (IUA) today (3 June),
  should Britain vote to leave the European Union (EU).
  The IUA, along with the Corporation of Lloyd's and Fidelis
  CEO Richard Brindle, warned that job losses were a highly likely
  consequence of a Brexit vote, and that foreign capital was likely
  to leave for more trade-friendly jurisdictions.
  In a paper released today, the trio also warned that insurance
  companies that stay
  
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• Teenage 'ghost broker' jailed for a year for faking Allianz policies

  03-06-2016 12:48
  
  A 19-year-old ‘ghost broker’ from Walsall has been jailed for a year for selling fake motor insurance to unsuspecting customers, leaving them uninsured and illegally driving on the roads.
  
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• Teenage ‘ghost broker’ jailed

  03-06-2016 12:45
  
  A Walsall man has been sent to prison for a year for selling fake motor insurance.
  
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• Quiz of the week - 03 June 2016

  03-06-2016 12:33
  
  Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
  
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• Perils loss estimate for Storm Desmond falls by £65m

  03-06-2016 11:52
  
  Catastrophe data firm Perils has revised its loss estimate from Storm Desmond down to £597m, from £662m in its last report.
  
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• Game of claims

  03-06-2016 11:42 via insuranceage.co.uk
  
  Robin Reames, founding director of RecoverMe, explains why the insurance world mirrors that of Westeros in Game of Thrones.
  
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• Broker Service Survey: Have your say about insurer partners

  03-06-2016 11:22
  
  Insurance Times is launching the survey for the 2016/17 Broker Service Survey (BSS), now in its tenth year.
  
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• Post Claims Awards: AIG, Allianz, Aviva, LV and RSA's Paton among the winners

  03-06-2016 11:19
  
  RSA group claims director Bill Paton was last night acclaimed as the achievement award winner at the Post Claims Awards.
  
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• Twia confirms $100mn reinsurance cutback

  03-06-2016 11:14
  The Texas Windstorm Insurance Association (Twia) confirmed today
  (2 June) that it had reduced the size of its traditional
  reinsurance programme by $100mn.
  The association said it had secured $1.1bn in traditional
  reinsurance to be purchased this year, in addition to its in-force
  cat bond protection of the same amount.
  In 2015 Twia had $2.3bn of reinsurance in excess of a $2.6bn
  retention, but this year it has lifted the attachment point to
  $2.7bn after benefiting from a loss-free year...
  
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• Texas April hailstorm costs near $2bn

  03-06-2016 11:14
  The Insurance Council of Texas (ICT) estimates that three April
  hailstorms that struck San Antonio will cost insurers around
  $2bn.
  The council said that insured auto and homeowner losses have
  reached $1.9bn, and commercial claims could place the total well
  over $2bn.
  The first hailstorm, which struck the city on 12 April, became
  the costliest such event in Texan history and was followed by two
  further damaging hailstorms on 25 and 29 April.
  The insurance council had previously put the...
  
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• RenRe hires Aon Securities' Parry

  03-06-2016 11:14
  Chris Parry has left Aon Securities, where he headed the
  international division of the capital markets team, and is expected
  to join RenaissanceRe Ventures later this summer.
  Sister title Trading Risk reported on
  1 June that Parry was set to move from London to Bermuda to join
  the reinsurer's third-party capital management platform.
  The Ventures team, led by Aditya Dutt, looks after the DaVinci
  Re sidecar as well as the Medici and Upsilon cat bonds and
  collateralised reinsurance funds.
  Parry...
  
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• Perils cuts 10% off Desmond industry loss estimate

  03-06-2016 11:14
  Catastrophe data specialist Perils has lowered its industry loss
  estimate for Storm Desmond to £597mn ($860.6mn) from
  £662mn ($936mn) in March.
  Storm Desmond brought record-breaking rainfall to the northwest
  of England, with floods peaking on 5 and 6 December 2015.
  This is the agency's third loss report for the floods.
  Perils originally estimated the floods would cost £717mn -
  just over the $1bn mark.
  The latest Perils report contains loss data by Cresta zone (area
  code), broke
  
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• Liberty Mutual shuffles commercial management

  03-06-2016 11:14
  Liberty Mutual has promoted Mike Fallon to president of national
  insurance, alongside two other senior appointments at its
  commercial insurance arm.
  Fallon was previously CFO of commercial insurance.
  The national insurance segment within the commercial insurance
  division caters for large and specialised businesses.
  Steve McAnena, formerly president of Liberty Mutual Benefits,
  has been appointed president of the business insurance arm, which
  provides coverage for small and mid-sized businesses.
  M
  
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• JLT Re hires client relationship chief

  03-06-2016 11:14
  JLT Re has appointed Francesca Marc-Antonio as global head of
  client relationship management, the broker announced today (3
  June).
  Marc-Antonio will join after leaving Swiss Re, where she was
  senior vice president, head of US P&C broker marketing and head
  of the global broker group. Prior to joining Swiss Re in 2000 she
  worked at a number of global brokers, most recently Guy
  Carpenter.
  She will be based in the New York office reporting to Mike
  Reynolds, global CEO of...
  
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• Brexit poses “grave threat” to insurance market

  03-06-2016 11:02 via insuranceage.co.uk
  
  Lloyd's, the International Underwriting Centre and Fidelis warn of 34,000 job losses and significant risk to London market if Britain leaves EU.
  
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• Post Blog: Why Amanda Blanc's ascension to Axa UK CEO was never in doubt

  03-06-2016 11:01
  
  The news last week that Amanda Blanc is to become CEO of Axa UK was probably among the least surprising insurance-related announcements in the last decade
  
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• InsurTech Futures: Simply Business calls on brokers to develop own tech

  03-06-2016 10:51
  
  The broker insists that ‘off the shelf’ software is not always the best solution.
  
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• Insurance sees 371% increase in data breaches

  03-06-2016 09:23 via insuranceage.co.uk
  
  FOI request to Information Commissioner's Office reveals “worrying” increase in breaches for first six months of 2016.
  
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• Quindell founder Terry values his revamped firm at £80m

  03-06-2016 08:55
  
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• Insurers suffer 317% rise in data breaches

  03-06-2016 08:55
  
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• Bank boss warns brokers of debt dangers amid buying spree

  03-06-2016 08:35
  
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• Blog: Digital Insurance Collective: Using technology to attract millennials

  03-06-2016 08:30
  
  I closed my last post by promising some thoughts on attracting millennials to work in our industry.
  
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• Greenberg to face civil fraud charges in New York

  03-06-2016 05:47
  
  Hank Greenberg, former chairman and CEO of AIG and current CEO of insurer Starr, will need to stand trial for civil fraud charges in New York.
  
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• Mullins joins Chubb in Australia

  03-06-2016 04:59
  
  Environment consultant Ian Mullins has joined Chubb to become environmental risk underwriter for Australia.
  
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• Twia confirms $100mn reinsurance cut back

  03-06-2016 01:03
  The Texas Windstorm Insurance Association (Twia) confirmed today (2
  June) that it had reduced the size of its traditional reinsurance
  programme by $100mn.
  The association said it had secured $1.1bn in traditional
  reinsurance to be purchased this year, in addition to its in-force
  cat bond protection of the same amount.
  In 2015, TWIA had $2.3bn of reinsurance in excess of a $2.6bn
  retention, but this year it has lifted the attachment point to
  $2.7bn, after benefitting from a loss-free year...
  
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• Greenberg must face fraud trial

  03-06-2016 01:03
  Former AIG boss and now CV Starr CEO Maurice "Hank"
  Greenberg must face fraud charges in a long-running legal battle
  brought by the New York attorney general, the state's supreme
  court has ruled.
  In a judgement handed down today (2 June), the state's
  highest court refused to grant Greenberg's last-ditch attempt
  to have the case dropped.
  It was the second time that Greenberg's lawyers had lobbied
  the court to throw out the charges and argue that the attorney
  general's office...
  
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• AIG gets AM Best reprieve

  03-06-2016 01:03
  In a much needed boost to AIG, the insurance giant has had its
  financial strength and issuer credit ratings removed from under
  review with negative implications by AM Best today (2 June).
  The ratings agency said it had also affirmed the ratings with a
  stable outlook.
  The action applied to a host of A financial strength ratings
  across AIG's global property casualty platform, including the
  US group that houses E&S subsidiary Lexington and other units
  including AIG Property Casualty Company....
  
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