Insurance news

• Zurich MD resigns after less than a year

  09-06-2016 17:26 via insuranceage.co.uk
  
  Zurich Personal Lines and Endsleigh managing director leave after eight months
  
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• Coggan sets out 2020 £20m turnover target

  09-06-2016 16:45 via insuranceage.co.uk
  
  Kelliher Insurance Group chief executive officer has set a turnover target of £20m by 2020.
  
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• Surveys reveal industry has crisis of confidence over EU

  09-06-2016 14:42
  
  Two-thirds of insurance professionals admit having ‘lost faith’ in the EU, yet a majority still believe a Brexit would harm the industry.
  
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• Twia lines up early cover for 2017

  09-06-2016 14:36
  The Texas Windstorm Insurance Association (Twia) has obtained a
  $350mn reinsurance deal to provide coverage for 2017 in the event
  that losses this year erode its surplus.
  If triggered, the second-season cover will provide Twia with
  $350mn to meet 50 percent of its first $700mn of claims in excess
  of $2bn recorded during the 2017 hurricane season.
  Twia's catastrophe reserve trust fund is currently at its
  largest ever balance at approximately $600mn.
  Any remaining balance in the fund would inure..
  
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• MMC board director steps down

  09-06-2016 14:36
  Maria Silvia Bastos Marques has stepped down as a member of the
  board of Marsh & McLennan Companies (MMC), the broker announced
  yesterday (8 June).
  Marques' decision is effective immediately, and follows her
  appointment as president of Brazil's development bank, BNDES,
  last month.
  BNDES was established in 1952 and plays a fundamental role in
  stimulating the expansion of industry and infrastructure in the
  country.
  It has offices in Rio de Janeiro, Montevideo and London, and
  posted earnings of
  
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• London market survey shows lack of confidence in EU

  09-06-2016 14:36
  Some 61 percent of London-based insurance professionals have
  said they have a "loss of faith" in the European Union
  (EU) ahead of the 23 June referendum, according to a poll by Moore
  Stephens.
  In spite of this, 62 percent of respondents said a total divorce
  of the UK from the EU would be too drastic a solution, while 68
  percent believed leaving the EU would damage the London insurance
  market.
  The results were gathered at an 8 June EU referendum...
  
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• Everest boosts US excess casualty

  09-06-2016 14:36
  Everest Insurance has made a raft of new appointments to its excess
  casualty team.
  Donna Pruett has joined as vice president and national excess
  casualty leader, based in New York. Pruett joins from Aspen, where
  she was responsible for establishing the Western region umbrella
  and excess liability capabilities in her role as vice
  president.
  Bruce Griffin leaves his role at Liberty International
  Underwriters to join Everest as vice president and director of
  underwriting for excess casualty. In his
  
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• Barbican hires D&O manager

  09-06-2016 14:36
  Barbican Insurance Group has hired Hans Sherman as directors'
  and officers' (D&O) underwriting manager with immediate
  effect, it announced today (9 June).
  Sherman joins from CV Starr, where he was senior underwriting
  manager and head of management liability. Prior to this, he was an
  associate vice president at American International Group in
  London.
  He will report to Andrew Pearson, underwriting manager,
  financial and professional lines.
  Commenting on the appointment, Pearson said: "[Sherman
  
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• Miller Insurance Services announces CEO succession plan

  09-06-2016 14:08
  
  Miller Insurance Services plans to elevate Greg Collins to CEO in 2017, replacing current CEO Graham Clarke.
  
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• Number of uninsured vehicles since 2010 falls by 28.6% to 1 million

  09-06-2016 13:57
  
  The number of uninsured vehicles is estimated to have reduced to 1 million from 1.4 million since 2010, as a result of the Continuous Insurance Enforcement (CIE) programme.
  
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• Proposed changes to key EU motor directive praised but work continues for industry

  09-06-2016 13:27
  
  The European Commission's third option to change the definition of vehicles in the Motor Insurance Directive is the UK industries preferred option but lobbying by trade bodies needs to continue to ensure this outcome.
  
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• Police seize 121,000 uninsured vehicles amid crackdown

  09-06-2016 13:15
  
  Police have seized 121,000 uninsured vehicles this year as part of the Continuous Insurance Enforcement scheme.
  
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• Number of brokers supporting Brexit on the increase

  09-06-2016 13:08 via insuranceage.co.uk
  
  Research shows 31% of brokers are prepared for a Brexit, while 62% of insurance professionals want to remain in the EU.
  
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• Brokers need to be creative with schemes to stand out from rivals

  09-06-2016 12:57
  
  Brokers need to be more creative if they want to make their schemes stand out in an environment of heavy competition, Commercial Express underwriting manager Jordan Gregg has said.
  
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• Kelliher Insurance Group appoints new CEO and reports increased turnover

  09-06-2016 12:47
  
  The parent company of Kerry London has appointed a new group CEO, and reported increased turnover of 4.4%.
  
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• Zurich personal lines and Endsleigh MD departs after eight months

  09-06-2016 12:41
  
  Zurich UK Personal Lines and Endsleigh managing director Patrick Cohen has resigned after less than a year in his role, Insurance Times can reveal.
  
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• Ex-RSA owned Polish insurer faces lawsuit after portraying brokers as ‘losers’

  09-06-2016 12:36
  
  A Polish insurer is facing a PLN 20m (£3.6m) lawsuit for an advertising campaign portraying brokers as “life’s losers”.
  
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• Kelliher sees revenue growth

  09-06-2016 12:32 via insuranceage.co.uk
  
  Broker sees a drop in profit as it launches five year vision aiming to expand business through organic growth.
  
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• Greg Collins to replace Graham Clarke as Miller boss in 2017

  09-06-2016 12:26
  
  Broker Miller plans to appoint chief operating officer Greg Collins as chief executive in 2017.
  
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• Lloyd's syndicates deliver another strong year - S&P

  09-06-2016 12:23
  
  Fewer catastrophe events, combined with lower and less frequent casualty claims, helped Lloyd’s syndicates deliver another strong set of results in 2015, according to Standard & Poor’s.
  
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• Amanda Blanc repeats call for brokers transparency

  09-06-2016 12:17
  
  CEO Axa UK & Ireland responds to comments from the ABI.
  
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• Euro 2016: France v Romania construction match-up - Final score 2:3

  09-06-2016 12:10
  
  France is meeting Romania in the group stage of the Euro 2016. But how do both countries compare in terms of construction performances and trading risks?
  
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• Oklahoma commissioner challenges earthquake rates

  09-06-2016 11:32
  Oklahoma insurance commissioner John Doak has said insurers must
  give valid reasons for increasing earthquake insurance rates, in
  order to keep the market competitive.
  A public hearing was held last month to discuss the rise in
  earthquake insurance rates and the availability of suitable
  earthquake insurance coverage for Oklahoma consumers.
  During the hearing, Doak found that there was not a reasonable
  degree of competition in the market and that consumers had a
  limited ability to shop for a comp
  
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• IAG 2016 cat losses at top of budget after A$80mn storm claim

  09-06-2016 11:32
  IAG will take net losses of A$60mn-A$80mn ($45mn-$60mn) from
  storms that have struck Australia's east coast in the past
  week, the insurer reported today (9 June).
  This will bring the Australian carrier's net natural peril
  claims for its financial year ending 30 June 2016 in line with its
  A$600mn loss budget, as well as within A$80mn of triggering an
  A$80mn excess A$680mn back-up aggregate reinsurance cover the
  cedant has in place.
  The presence of this agg cover and the main...
  
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• Clarke to step down as Miller CEO in 2017

  09-06-2016 11:32
  Long-serving Miller CEO Graham Clarke will relinquish the role
  in 2017 and step up to become chairman of the broker.
  Clarke will be succeeded as CEO by current chief operating
  officer Greg Collins, who will become deputy CEO as of 1 July.
  The changes are subject to regulatory approval, with no exact
  date given for the handover from Clarke to Collins.
  Last year Clarke, who has been CEO of Miller since 2000, oversaw
  the sale of an 85 percent stake...
  
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• AmTrust brings new bribery case against Trust Risk CEO

  09-06-2016 11:32
  AmTrust has issued legal proceedings in the UK Commercial Court
  against Trust Risk CEO Antonio Somma on accusations of bribery and
  corruption, it emerged in a court hearing yesterday (8 June).
  The case follows a 4 April filing in a New York court where
  AmTrust claimed Somma attempted to defraud the US insurer out of
  "not less" than hundreds of millions of dollars by
  bringing its European division into arbitrations that the Trust
  Risk CEO had rigged through bribery.
  In...
  
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• Kelliher names Coggan chief executive, reports lower profit

  09-06-2016 11:31
  
  Kelliher Insurance announced a new chief executive as it reported lower profit for the year to December.
  
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• Blog: Government needs a plan of attack for flood defences

  09-06-2016 11:17
  
  Phil Bird, pricing and underwriting director at Legal & General, argues the proceeds from the insurance premium tax rise must be spent on long-term strategy to protect home owners at risk of flooding
  
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• The Zurich Masters: Bali Singh wins Norther Qualifier

  09-06-2016 11:16 via insuranceage.co.uk
  
  Compass principal takes the crown in the first round of the competition.
  
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• Airmic 2016: Employees create biggest cyber risks

  09-06-2016 10:46
  
  One of the biggest digital risks to companies is employees themselves, and senior management should think twice before authorising access to data systems.
  
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• AXA: Brokers upfront on commission will step up transparency agenda

  09-06-2016 10:15
  
  Brokers have to play their part and be upfront with customers about commission levels to show the industry is serious about being transparent, AXA UK and General Insurance chief executive Amanda Blanc has said.
  
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• Motor: Hands off - the latest on self-driving cars

  09-06-2016 08:20
  
  On the day the Queen's Speech confirmed driverless cars would soon become insurable on UK roads, more than 2000 motor engineers, manufacturers, insurers, suppliers and academics gathered in Lisbon to hear from some of the industry's headline acts
  
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• North of the Border: Key differences on the Insurance Act

  09-06-2016 08:00
  
  The landscape of Scottish law will feel quite familiar to someone who deals primarily in English law but can be a trap for the unwary where it differs
  
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• Blog: How insurers are coping with Solvency II

  09-06-2016 08:00
  
  Solvency II came into force on 1 January, establishing a revised set of capital requirements and risk management standards. Despite the long build-up to the implementation, several last-minute changes left much of the industry scrambling to prepare for the new regulation
  
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• Blog: TPT was never going to be enough

  09-06-2016 07:50
  
  No one said the transition to Solvency II reporting was going to be easy, particularly the requirement for insurers to provide detailed look-through data on their investment portfolios. But, having witnessed the beginnings of this new regulatory reporting regime, it's very clear that there remain a considerable number of hurdles to overcome
  
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• CIO/CTO Tech Awards winners say success comes from teamwork

  09-06-2016 07:30
  
  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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