Insurance news

• AM Best upgrades Africa Re

  10-06-2016 20:00
  AM Best has upgraded the financial strength rating of Africa Re
  (Nigeria) to A from A-, it announced today (10 June).
  The outlook has also been revised to stable from positive.
  "The upgrade reflects Africa Re's excellent
  risk-adjusted capitalisation, consistently strong operating
  performance, and robust market position in the increasingly
  competitive African reinsurance sector," AM Best said.
  "Additionally, the ratings factor in the framework in place
  to mitigate Africa Re's exposure to the heig
  
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• Allianz Re names Asia underwriting head

  10-06-2016 20:00
  Allianz reinsurance subsidiary Allianz Re has appointed Benedikt
  Schermutzki as head of underwriting for Asia Pacific.
  Schermutzki will lead the treaty underwriting team at Allianz Re
  Singapore from 1 July, Asia Insurance Review reported.
  Schermutzki joined Allianz Re in 2013 and before that was head
  of new risk solutions at Munich Re.
  In April, Allianz Re substantially reorganised its internal
  structure to reflect recent changes to its business activities.
  Allianz Re was restructured into three
  
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• FSB presses government to contribute more in cyber crime fight

  10-06-2016 17:33
  
  The Federation of Small Businesses (FSB) is urging the government to make cyber insurance compulsory for small businesses.
  
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• The IMPRA: Stars among PRs recognised

  10-06-2016 17:30
  
  The people making insurance awesome received recognition this afternoon at the second Insurance Marketing and PR Awards.
  
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• The IMPRA: PRs recognised for making insurance awesome

  10-06-2016 17:20
  
  The unsung heroes of insurance received due recognition this afternoon at the second Insurance Marketing and PR Awards.
  
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• Greco targets efficiencies to return Zurich to health

  10-06-2016 17:07
  Zurich Insurance CEO Mario Greco will look to simplify the
  carrier's overall structure as part of a strategy to turn its
  fortunes around, with little indication that divestitures are
  likely in the short-to-medium term.
  Speaking to journalists on a media call earlier today (10 June),
  Greco said that the strategy, which will see the life and non-life
  businesses combined and a new regional structure introduced, would
  put the carrier in a "much better position to respond to
  what's going on...
  
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• IGO4 names Sandy Dunn as board adviser

  10-06-2016 16:33
  
  Personal lines and telematics broker iGO4 has appointed Sandy Dunn as a board advisor.
  
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• Zurich, Vnuk and broker commission in the news; new Airmic chair interviewed

  10-06-2016 15:44
  
  Insurance news and Post exclusives of the past week, in case you missed it
  
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• Prices, property, pensions: 30 EU referendum questions answered

  10-06-2016 14:53
  
  Will the nation’s decision on 23 June make you richer or poorer? We address the key consumer concerns Related: EU referendum: guide to the UK's biggest political decision of the century Pensions is one area where advisers raise red-tape fears Continue reading...
  
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• IMPRC 2016: Veil must be lifted on insurance to gain trust

  10-06-2016 13:32
  
  The insurance industry needs be more transparent on what is does in order to gain customer traction and trust.
  
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• IMPRC 2016: Dialogue more important than just demanding payment say top insurer PRs

  10-06-2016 13:31
  
  Consumers shouldn’t only hear from their insurers once a year when it comes to renewing policies, a conference heard.
  
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• HJ Pook moves after Saffron Insurance takeover

  10-06-2016 13:23 via insuranceage.co.uk
  
  Saffron MD David Beswick says clients will benefit from expanded offering.
  
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• DAC Beachcroft launches hub to boost insurance innovation

  10-06-2016 13:21
  
  DAC Beachcroft has set up Innovations Lab to promote technology processes and products to a reluctant insurance industry.
  
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• Rule named PRA insurance supervision exec

  10-06-2016 13:07
  David Rule has been appointed executive director of insurance
  supervision at the UK's Prudential Regulation Authority
  (PRA).
  Rule was previously executive director for prudential policy at
  the regulator. He replaces Sam Woods, who was announced as the new
  deputy governor for prudential regulation and CEO of the PRA in
  April.
  Woods officially steps down as executive director of insurance
  supervision at the end of June.
  In a statement today (10 June), the Association of British
  Insurers (ABI) welc
  
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• Kumamoto quake claims exceed $2.5bn

  10-06-2016 13:07
  Claims from the earthquake that struck Japan's Kumamoto
  Prefecture in April have passed $2.5bn, according to the General
  Insurance Association of Japan (GIAJ).
  As of 6 June, 168,589 claims totalling 272bn yen ($2.55bn) had
  been paid by domestic and foreign insurance companies, the
  association said in a 9 June statement.
  The Kumamoto region alone has seen claims of 259.3bn yen. The
  Oita Prefecture is the second most impacted region, with claims
  totalling 6.7bn yen.
  The claims total has increased
  
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• Broking Break: Who will win Euro 2016?

  10-06-2016 12:55 via insuranceage.co.uk
  
  European brokers reveal their picks for the golden boot, best player and ultimate tournament winners!
  
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• Quizzical questions: 10 June 2016

  10-06-2016 12:30 via insuranceage.co.uk
  
  Test your knowledge of the week’s news with our topical quiz.
  
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• Zurich restructure will see jobs cuts

  10-06-2016 11:32
  
  Zurich’s proposal to unite its life and GI arms will see jobs go but exact details are still to be ironed out at the insurer.
  
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• IMPRC 2016: Digital transformation is key to business success

  10-06-2016 11:28
  
  The insurance industry needs to undergo digital transformation in order to become more customer centric.
  
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• Zurich to bring general insurance and life businesses in the UK under one leader

  10-06-2016 10:41
  
  Move part of global restructure to be undertaken across the group by 1 July.
  
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• Greco unveils his vision for Zurich

  10-06-2016 10:13
  Zurich Insurance has begun a process to reshape and simplify the
  group.
  In a statement released this morning (10 June), the carrier said
  its global businesses would continue to expand, but would operate
  under a new structure which would combine life and non-life under
  one leadership team and apply a "unified go-to-market
  approach".
  The new structure will see the heads of regions (North America;
  Europe, Middle East and Africa; Latin America; Asia Pacific),
  global corporate, Farmers and investment
  
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• DAC Beachcroft’s Claims Solutions Group launches new Innovations Lab

  10-06-2016 09:51
  
  DAC Beachcroft has responded to calls for the insurance industry to be more innovative with the launch of its Innovations Lab - a research and development hub.
  
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• Pukka signs deal with Transactor

  10-06-2016 09:47 via insuranceage.co.uk
  
  Newly-launched specialist van MGA has chosen its insurance software provider.
  
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• Zurich unveils major company shake-up

  10-06-2016 09:32
  
  .
  
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• Why enter the Tech & Innovation Awards?

  10-06-2016 08:30
  
  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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• Euro 2016: England v Russia ICT industry match-up - Final score 4:2

  10-06-2016 08:10
  
  England is meeting Russia in the group stage of the Euro 2016. But how do both countries compare in terms of information communications technology industry performances and trading risks?
  
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• News editor's comment: Two months in the 'tawdry' world of insurance

  10-06-2016 08:00
  
  On my first day at Post I got an email from a PR at one of the biggest insurers welcoming me to the "tawdry world of insurance".
  
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• Zurich to bring life and non-life units together as Greco restructures senior management

  10-06-2016 07:51
  
  Global giant Zurich is bringing its non-life and life businesses closer together with several senior management changes.
  
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• Ex-Biba small broker chair: 'speak candidly about commissions'

  10-06-2016 07:30
  
  Yutree Insurance managing director Kevin Hancock said it was time for brokers to speak candidly to customers about the commissions they earn and what a client might get for the payments.
  
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• Ex-Biba small broker chair Hancock: "speak candidly about commissions"

  10-06-2016 07:30
  
  Yutree Insurance managing director Kevin Hancock said it was time for brokers to speak candidly to customers about the commissions they earn and what a client might get for the payments.
  
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• United buys more limit and restructures retention

  10-06-2016 05:30
  United Insurance Holdings has bought an additional $100mn of limit
  to take its cascading cat cover to $685mn ahead of the 2016
  hurricane season.
  Including the Florida Hurricane Catastrophe Fund (FHCF) and
  collateralized FHCF replacement layers of its placement, the
  homeowners insurer has first event cover in place of $1.42bn, with
  an overall programme exhaustion point of $1.52bn.
  The renewal included its core operating subsidiary United
  P&C, Family Security and recently acquired Northeast-fo
  
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• Nelson targeting 2017 launch for Lloyd's India

  10-06-2016 00:17
  Outgoing Lloyd's chairman John Nelson has revealed that the
  market's reinsurance operation in India is expected to come
  online at the beginning of next year.In an interview with India's CNBV-TV18, Nelson said Lloyd's
  had already opened the office in Mumbai, and expected to gain
  regulatory approval by the end of 2016."So, we should be ready to operate in the early part of
  2017," the executive said.The market announced back in April that it was applying for
  permission...
  
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