Insurance news

• Universal shares bounce by 6% on share buybacks

  14-06-2016 22:43
  Shares in Florida carrier Universal climbed by 5.8 percent today
  (14 June) in early trading after the company made well-received
  announcements on capital management.
  The stock had climbed almost 6 percent to $19.54 by 16:31
  GMT.
  The company announced yesterday that a new $20mn share
  repurchase programme had been approved.
  The new allowance follows the completion of the share repurchase
  programme Universal launched on 19 November 2015, which saw 527,107
  common shares bought back at an average pri
  
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• Maiden raises $110mn from debt markets

  14-06-2016 22:43
  Maiden Holdings has closed a $110mn offering of 6.625 percent
  notes, the company said today.
  The Bermudian reinsurer said that it would use the net proceeds
  of $106.3mn for general corporate purposes which may include the
  repayment of $107.5mn of outstanding debt. This outstanding debt
  carries a coupon of 8.25 percent.
  Bank of America Merrill Lynch, Morgan Stanley and Wells Fargo
  acted as joint book-running managers. Keefe, Bruyette & Woods
  acted as senior lead manager, with FBR, JMP Securit
  
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• Everest hires AIG exec to head structured solutions

  14-06-2016 22:43
  Everest Re has appointed Marty Scherzer as head of its structured
  solutions unit, the company announced.
  Scherzer, who will be based in New York, joins from American
  InternationaI Group (AIG), where he most recently served as
  president of the insurer's alternative risk solutions
  business.
  In a 14-year career at AIG, Scherzer worked in a number of areas
  including risk finance, multinationals and alternative risk
  solutions.
  His career before that included stints at Marsh and Johnson
  & Higgins.
  
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• Markerstudy CEO warns about possible job cuts following a Brexit

  14-06-2016 17:33
  
  Markerstudy’s group CEO has warned staff that jobs at the company could be at risk if they vote to leave the European Union.
  
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• Automated cars will be the norm by 2050, says Thatcham

  14-06-2016 17:11
  
  By 2050 all drivers in the UK will use fully automated cars, according to Matthew Avery, director of insurance research at Thatcham Research.
  
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• Markerstudy boss urges staff to vote for staying in EU

  14-06-2016 15:34
  
  Markerstudy Group chief executive Kevin Spencer has sent an email to his staff telling them to vote to remain in the EU.
  
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• Gocompare accused of pushing more expensive phone numbers

  14-06-2016 13:48
  
  Esure-owned price comparison site Gocompare has been accused of advertising more expensive phone numbers for insurance companies on its website where cheaper or free ones were available.
  
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• LDPA changes name to The Channel Partnership

  14-06-2016 13:33
  
  Broker's rebrand comes after it was regularly mixed up with the Los Angeles Police Department.
  
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• Allianz hits out against new EIOPA stress tests

  14-06-2016 13:24
  
  Europe-wide stress tests are “extreme” and unlikely to provide a meaningful picture of the health of the industry, Allianz has warned.
  
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• Video: Improving access to justice

  14-06-2016 13:14
  
  The review into add-ons by the Financial Conduct Authority has pushed legal expenses insurance into the spotlight.
  
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• Video: Digital Insurance Collective - The value of design thinking

  14-06-2016 13:03
  
  Post's Digital Insurance Collective tried to #WakeUpInsurance with a session on design thinking
  
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• Jepp appointed MD for Zurich Municipal as Torry promoted to head of UK life business

  14-06-2016 12:58
  
  Zurich has appointed Andrew Jepp as Zurich Municipal managing director as Anne Torry steps up as head of its life business, and CEO of Zurich Assurance and Sterling Investment Managers.
  
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• Nephila and MS Amlin scale back FHCF lines

  14-06-2016 12:33
  Nephila and MS Amlin both slashed their lines on the $1bn
  Florida Hurricane Catastrophe Fund (FHCF) reinsurance programme
  when it renewed at 1 June.
  The FHCF has revealed full details of the programme it has lined
  up for 2016, which will put the state-backed reinsurer in its
  strongest ever financial position with $17bn available to pay
  claims.
  The make-up of its reinsurance panel looked largely similar to
  its inaugural placement in 2015, but there were some notable
  changes.
  For the...
  
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• Compre agrees fourth acquisition of 2016

  14-06-2016 12:33
  Legacy specialist Compre has agreed to acquire Allianz
  IARD's share of the Ridgwell Fox & Partners (RFP) pool
  legacy reinsurance business for an undisclosed sum.
  In an announcement today (14 June), Compre said that the
  transaction, structured as a loss portfolio transfer followed by a
  legal business transfer, would provide Allianz IARD with complete
  finality on its involvement with RFP.
  Nick Steer, CEO of Compre, said that the transaction underlined
  the company's ability to provide complete
  
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• Barbican appoints class underwriter

  14-06-2016 12:33
  George Doughty has joined Barbican as class underwriter for
  political and trade credit risks with immediate effect, the carrier
  announced today (14 June).
  Doughty will report to Jessica Johnson, class underwriter for
  malicious acts.
  He was most recently class underwriter for political risk, trade
  credit and terrorism at Argo Syndicate 1200, where he had worked
  since 2013.
  Prior to this, Doughty was a senior underwriter for political
  risk and trade credit at Hardy Syndicate 382, a position he hel
  
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• Australia's political parties pressed on disaster mitigation funds

  14-06-2016 12:33
  The Insurance Council of Australia (ICA) has called on the
  country's main political parties to commit to increasing
  federal funding for natural disaster resilience ahead of next
  month's election.
  The call came after Prime Minister Malcolm Turnbull and
  opposition leader Bill Shorten visited Tasmania last week, which
  was battered recently by severe storms.
  The ICA's CEO Rob Whelan said both leaders saw how
  mitigation efforts had protected the Launceston community from
  significant personal and fina
  
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• New head for Zurich Municipal as Anne Torry shifts to life unit

  14-06-2016 12:21
  
  Zurich has named Zurich Municipal managing director Anne Torry (pictured) as its new permanent UK life chief executive.
  
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• PRA approves Direct Line Group’s Solvency II model

  14-06-2016 12:18
  
  The PRA has approved Direct Line Group’s Solvency II partial internal model.
  
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• Lack of understanding among public fuels reputation crisis for UK insurers

  14-06-2016 12:12
  
  Less than one third of the UK public trust insurance companies, data from the Research Institute released today suggests.
  
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• Compre announces fourth acquisition of the year

  14-06-2016 12:08
  
  Insurance and reinsurance legacy specialist Compre has acquired Allianz IARD’s Ridgwell Fox & Partners pool legacy reinsurance business for an undisclosed sum.
  
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• Nichola Thomson leaves Zurich

  14-06-2016 12:00 via insuranceage.co.uk
  
  The head of personal lines broker is being replaced in the interim by Paul Emery.
  
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• ABI has never been more relevant to its members says outgoing chair Paul Evans

  14-06-2016 11:43
  The Association of British Insurers has never been “more relevant to its members” and “the work, focus and voice of the ABI is directed by its members, for its members” according to outgoing chairman Paul Evans.
  
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• R&Q Commercial Risk Services launches cyber cover

  14-06-2016 11:24
  
  Cover will be embedded in its commercial combined and package products.
  
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• KPMG poll highlights policy pressure

  14-06-2016 10:32 via insuranceage.co.uk
  
  More than a third of insurance executives globally believe that the need to comply with
  government policy/enforcement is the top business model disruptor.
  
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• Broker Apprentice was “huge boost of confidence”

  14-06-2016 10:30
  
  Last year’s winner Charlie Barrett tells how being a finalist on the show helped his career.
  
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• PRA approves Direct Line’s Group-wide internal model for Solvency II

  14-06-2016 10:00
  
  Direct Line has confirmed it will use its Group-wide partial internal model (PIM) to calculate the Group Solvency Capital Requirement under the Solvency II regime, following approval from the Prudential Regulation Authority.
  
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• UK homeowners throw £37m a year into auto-renewal black hole

  14-06-2016 09:10
  
  UK homeowners are “tricked” into collectively wasting £37m annually by allowing their home insurance provider to automatically renew their policy, according to MoneySuperMarket research.
  
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• Customers should push industry to reinvent itself – KPMG

  14-06-2016 08:53
  
  Customers should be the “inspiration” for insurers to reinvent themselves, after KMPG research found insurers focus more on complying with new regulations instead.
  
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• Euro 2016: Austria v Hungary food industry match-up - Final score 4:3

  14-06-2016 08:00
  
  Austria is meeting Hungary in the group stage of the Euro 2016. But how do both countries compare in terms of food industry performances and trading risks?
  
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• Cycling: Reaching new summits

  14-06-2016 08:00
  
  The London 2012 Olympics made cycling popular in the UK again but what affect has it had on the insurance industry supporting it?
  
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