Insurance news

• Insurers must innovate to provide adequate cyber cover

  06-06-2016 21:47
  The insurance industry must change tack to provide adequate cover
  for companies which suffer a cyber attack, according to cyber
  security experts Professor Marco Gerke and Peter Hacker of the
  Cybercrime Research Institute.
  Speaking to delegates at the Airmic risk management conference
  in Harrogate, UK today (6 June) the pair said insurers had to
  develop more innovative, bespoke cyber coverage, because of the
  inevitability of breaches occurring.
  The comments came during a demonstration of the real
  
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• Insurance industry must take greater risk management role: Aubert

  06-06-2016 21:47
  Willis Towers Watson UK CEO Nicolas Aubert has said the insurance
  industry must think of itself more as an integral part of the risk
  management process.
  Speaking to The Insurance Insider at
  Airmic conference in Harrogate today (6 June), Aubert said the
  industry needed to develop further into one which not only provides
  cover, but uses its expertise to advise clients on all elements of
  risk management.
  He said too often insurance was spoken of in isolated terms,
  when it...
  
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• Fed unveils plans for two-tier capital approach

  06-06-2016 18:46
  The US Federal Reserve board has proposed two separate capital
  standards that could apply to systemically important insurance
  companies and to insurance companies that own a bank or a
  thrift.
  In a statement released on Friday (3 June), the board presented
  an advance notice of proposed rulemaking (ANPR), which works in the
  same way as a consultation and invites comments on the two
  approaches for capital standards.
  The so-called consolidated approach would apply to systemically
  important insurance
  
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• Bluefin Network hires three for relationship teams

  06-06-2016 18:10
  
  Bluefin Network has hired three new executives to join its broking and insurer relationship teams.
  
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• Brexit could drive up M&A activity

  06-06-2016 16:55
  
  Brexit could become a major source of M&A activity in the insurance sector.
  
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• James Hallam becomes Lloyd’s registered

  06-06-2016 15:58
  
  The broker is now set to expand its specialist lines offering.
  
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• Pool Re partners with Guy Carp for terrorism model

  06-06-2016 15:57
  UK government-backed terror scheme Pool Re has teamed up with Guy
  Carpenter and Cranfield University to develop a terrorism risk
  model, it announced today (6 June).
  It is the UK's first terrorism risk model to include the
  potential impact of a chemical, biological, radiological or nuclear
  attack.
  Commenting on the news, Pool Re CEO Julian Enoizi said the risk
  model would help the scheme introduce more risk-reflective pricing
  and improve its understanding of the exposures faced by the
  insurance a
  
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• Axa Insurance appoints Allison Hughes to head of business development

  06-06-2016 15:26
  
  Axa Insurance has appointed Allison Hughes to the newly-created role of head of business development in order to better cater to corporateclients.
  
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• CIO/CTO Tech & Innovation Awards winners say success comes from teamwork

  06-06-2016 14:50
  
  Chief Information Officer/Chief Technology Officer of the Year is the blue riband accolade of the night at the annual Insurance Times Tech & Innovation Awards. Here we look at some of the recent recipients of this prestigious award.
  
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• CIO/CTO Tech & Innovation Award winners say success comes from teamwork

  06-06-2016 14:50
  
  Chief Information Officer/Chief Technology Officer of the Year is the blue riband accolade of the night at the annual Insurance Times Tech & Innovation Awards. Here we look at some of the recent recipients of this prestigious award.
  
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• Bluefin Network hires new recruits

  06-06-2016 14:47
  
  Bluefin Network said it has hired three new recruits to join its broking desk and insurer relationship teams.
  
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• Digital Insurance Collective Blog: Ping Pong, Brexit and learnings from Mondo/Starling Banks

  06-06-2016 14:37
  
  At the end of May, Post held the second meeting of the Digital Insurance Collective at the Bounce venue in Farringdon London.
  
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• GRP completes investment in Cavendish Munro

  06-06-2016 13:28
  
  Global Risk Partners has completed its investment in the specialist retail broker, Cavendish Munro Professional Risks, following several acquisitions and buyouts in recent months.
  
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• GRP targets retail broking

  06-06-2016 13:24
  
  Latest acquisition is most recent move as the consolidator seeks to develop its retail broking offering.
  
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• Tech and Innovation Awards 2016: Entry deadline next week

  06-06-2016 13:02
  
  The deadline for entering the Insurance Times Technology and Innovation Awards is approaching fast, so be sure to get your entries in soon.
  
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• Tech & Innovation Awards 2016: Entry deadline next week

  06-06-2016 13:02
  
  The deadline for entering the Insurance Times Tech & Innovation Awards is approaching fast, so be sure to get your entries in soon.
  
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• Shouting from the rooftops - why enter the Tech & Innovation Awards?

  06-06-2016 13:01
  
  What does it take to enter for the Insurance Times Tech & Innovation Awards? Here, four entrants for this year’s awards talk about their achievements and what motivated them to nominate their products and innovations.
  
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• Shouting from the rooftops - why enter for the awards?

  06-06-2016 13:01
  
  What does it take to enter for the Insurance Times Tech and Innovation Awards? Here, four entrants for this year’s awards talk about their achievements and what motivated them to nominate their products and innovations.
  
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• GRP buys Cavendish Munro

  06-06-2016 12:51
  
  Deal extends Global Risk Partner’s reach in the retail broking space.
  
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• JLT hires professional indemnity veteran Martin Ellis from Willis

  06-06-2016 12:05
  
  Jardine Lloyd Thompson (JLT) Specialty has hired professional indemnity veteran Martin Ellis as head of UK Professions in its financial lines division.
  
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• New South Wales storms declared a catastrophe

  06-06-2016 11:58
  The Insurance Council of Australia (ICA) has declared an insurance
  catastrophe for New South Wales following severe storms over the
  weekend.
  As of 2pm local time today (6 June) insurers had received more
  than 11,150 claims, with estimated insured losses of A$38mn
  ($28mn).
  Thousands of residents have been evacuated, and at least three
  people are known to have died.
  The New South Wales state emergency services said they had received
  more than 9,250 calls and had conducted 280 flood rescues....
  
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• GRP completes Cavendish Munro deal

  06-06-2016 11:58
  Global Risk Partners (GRP) has completed its investment in
  professional indemnity specialist broker Cavendish Munro
  Professional Risks Limited, The Insurance
  Insider can reveal.
  Cavendish Munro is focused primarily on the surveyor, architect,
  solicitor, accountant and engineering sectors.
  Following the transaction, the annual premium transacted across
  GRP's businesses will increase to more than £370mn
  ($537mn).
  Managing director Paul Byrne will continue to lead Cavendish
  Munro, and will be
  
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• Aon Benfield hires Chile chief

  06-06-2016 11:58
  Reinsurance broker Aon Benfield has appointed Martin Soto Quintus
  as CEO of its Chilean operation, the company announced late last
  week (2 June).
  The appointment is effective immediately and Soto Quintus will
  report to Latin America CEO Alejandro Galizia.
  He will continue in the role of facultative director, which he
  assumed in 2013, until a successor has been chosen.
  Soto Quintus has over 30 years of experience in the
  continent's reinsurance and retail broking sectors, and the
  companies he has.
  
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• AJG makes two senior Willis aviation hires

  06-06-2016 11:58
  AJ Gallagher (AJG) has appointed two Willis Towers Watson
  executives as divisional directors of its London-based aviation
  arm, it announced today (6 June).
  Mark Champion, formerly regional director for continental Europe
  at Willis, joined AJG this week.
  At his last role he held responsibility for a significant
  proportion of the aerospace division's budget and was a member
  of its leadership team.
  Champion led a team of 15 while continuing to manage a large
  portfolio of clients as a risk placement
  
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• Agencies withdraw Ergo Leben ratings at carrier's behest

  06-06-2016 11:58
  Rating agencies Standard & Poor's (S&P) and Fitch
  have withdrawn their ratings for Ergo Leben, the life insurance
  segment of Munich Re subsidiary Ergo, at the company's request,
  they announced late last week (3 June).
  S&P said the move reflected its revised opinion of the life
  insurer as no longer central to Munich Re's primary insurance
  business, following the announcement earlier in the week of a large
  overhaul of the Ergo parent company.
  The decision to discontinue new business an
  
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• #Insagepeople - 6 - 10 June 2016

  06-06-2016 11:50
  
  Keep abreast of the movers and shakers in the broker world this week.
  
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• GRP buys professional indemnity broker Cavendish Munro

  06-06-2016 11:48
  
  Peter Cullum-backed consolidator Global Risk Partners (GRP) has bought London-based specialist professional indemnity retail broker Cavendish Munro Professional Risks.
  
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• Tysers reports 13.4% increase in revenue

  06-06-2016 10:44
  
  Revenue rises to £46.8m according to the Lloyd’s broker.
  
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• RSA hires Swiss Re underwriters to risk management team

  06-06-2016 10:23
  
  RSA has hired Kevin Demmon as specialist underwriting leader and Rosie Dalton as property underwriter in its UK risk management team.
  
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• Gallagher bolsters aviation team with Willis hires

  06-06-2016 09:58
  
  Arthur J Gallagher has hired long-serving Willis Towers Watson executives Mark Champion and Paul Rogers as divisional directors of its aviation unit.
  
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• Tysers sees profits rise in 2015

  06-06-2016 09:54
  Lloyd's broker Tysers has posted Ebitda profits of
  £9.4mn ($13.5mn) for 2015, an increase of 14.2 percent from
  the previous year, the company announced today (6 June).
  Revenues at the intermediary rose 13.4 percent to £46.8mn,
  while the Ebitda margin held steady at 20 percent.
  Turnover also increased for the second year running, rising 11
  percent to £46.8mn.
  Tysers CEO Chris Elliot said the results were pleasing,
  particularly given the challenging broader market conditions, and
  
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• JLT's Thistle PI team exits for MGA EUNA

  06-06-2016 07:30
  
  Former members of the Towergate Underwriting PI team that left to join JLT-owned managing general agency (MGA) Thistle Insurance have now left the MGA to join underwriting firm EUNA.
  
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• Ingenie a bright spot in tough year for former Quindell

  06-06-2016 07:25
  
  Telematics broker Ingenie was the only division of recovering technology firm Watchstone to report an underlying profit for 2015.
  
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• Tysers chairman questions client value of big broker facilities

  06-06-2016 07:20
  
  Lloyd’s broker Tysers chairman Christopher Spratt has called into question to client value offered by big brokers’ placement facilities.
  
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