Insurance news

• Insurers pay 90% of UK winter storm claims

  15-06-2016 19:23
  Some 90 percent of insurance claims from Storms Desmond, Eva and
  Frank have been fully or partly settled, according to the
  Association of British Insurers (ABI).
  In an announcement today (15 June), the trade body said that
  15,000 property claims had been filed after the storms, which
  struck the country in December.
  According to the ABI, 94 percent of domestic customers had their
  claims fully or partly settled, along with 83 percent of commercial
  customers.
  The final bill for all...
  
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• Flood Re take-up more than doubles

  15-06-2016 19:23
  The number of carriers signed up to Flood Re has more than
  doubled since its 4 April launch, the scheme announced today (15
  June).
  After going live with 16 insurance providers, the number of
  carriers signed up to support the UK flood scheme has now increased
  by 125 percent to 36.
  Speaking following his appearance in front of the Environment,
  Food and Rural Affairs Select Committee today, Flood Re chief
  executive Brendan McCafferty said that the scheme was talking to...
  
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• European and Chinese regulators announce MoU

  15-06-2016 19:23
  The European Insurance and Occupational Pensions Authority
  (Eiopa) and the China Insurance Regulatory Commission (CIRC) have
  signed a Memorandum of Understanding (MoU) today (15 June) to
  increase mutual understanding of one another's supervisory
  regimes.
  The European regulator said the agreement was aimed at achieving
  three objectives: to build a practical framework for the exchange
  of supervisory information; to update each other on developments in
  the regulatory and supervisory frameworks for
  
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• Flood Re sees surge in insurer support

  15-06-2016 18:58
  
  Organisation says 36 insurers have gone live since launch of scheme.
  
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• Crawford & Co launches Alternative Business Structure

  15-06-2016 18:25
  
  Jason Spencer will join Crawford in setting up the alternative business structure (ABS) in order to deliver a wider variety of services.
  
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• Robertson Taylor and Lloyd's sued by Foo Fighters

  15-06-2016 17:23
  Entertainment insurance broker Robertson Taylor and several
  Lloyd's underwriters are being sued by US rock band the Foo
  Fighters after the carriers failed to pay out for a number of
  cancelled gigs.
  The group had taken out two insurance policies placed by
  Robertson Taylor - a non-appearance and cancellation policy and a
  terrorism policy - which the band believes should have paid out
  after it was forced to cancel a number of gigs following an injury
  to singer Dave Grohl...
  
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• Manning to step down from Sompo Canopius

  15-06-2016 17:23
  Stephen Manning, group chief operating officer at Sompo
  Canopius, is to step down from his role at the end of the year,
  The Insurance Insider can reveal.
  Manning took the role following a management reshuffle in
  February, and has been a member of the leadership team since
  2005.
  He was also responsible for designing and implementing the
  carrier's operations model and enterprise risk management
  framework, including its multi-year Solvency II programme.
  Manning first joined the carrier 11 years ago
  
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• Liberty explores legacy motor sale

  15-06-2016 17:23
  Global insurer Liberty Mutual has begun work on examining the sale
  of a £100mn ($142mn) legacy book of UK commercial motor
  business written from its Lloyd's arm, The
  Insurance Insider can reveal.
  Sources said that Liberty was in the early stages of working
  with a broker to test the appetite of the legacy market.
  Last October, The Insurance Insider
  reported that the global insurer was placing its UK commercial
  motor book, which is written by its company market business in...
  
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• Aspen names international marine head

  15-06-2016 17:23
  Aspen Insurance has appointed Christopher Wildee as head of
  international marine, it announced today (15 June).
  He will retain his current role as head of international
  upstream energy.
  Wildee will report to global head of marine Donald Harrell and
  Ann Haugh, president of Aspen International Insurance and COO,
  Aspen Insurance.
  Haugh commented: "His knowledge, insights and experience in
  this sector are invaluable and I very much look forward to
  continuing to work with Christopher in his new role.
  
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• American Strategic bond nears trigger after storm losses

  15-06-2016 17:23
  American Strategic Insurance has told investors in its $200mn Gator
  Re cat bond that tornado losses incurred this year have eroded
  almost 70 percent of the deal's deductible, sister publication
  Trading Risk reported last week.
  The carrier has notified investors that covered losses for the
  four months to 30 April have reached $121.7mn, well on the way to
  the $175mn trigger, sources said.
  This is the three-year bond's final risk period, as it is
  due to mature in early 2017....
  
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• Fraudster sentenced for using charity’s bank details to buy insurance policy

  15-06-2016 15:48
  
  A Bolton man has been given a suspended sentence after using a charity's bank account to take out an insurance policy.
  
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• General insurers to hire more as disruption fears grow

  15-06-2016 15:26
  
  General insurers are looking to hire more people as their fear of being disrupted increases, according to the latest quarterly CBI/PwC financial services survey.
  
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• Rob Flynn to replace Phil Wilson-Brown at More Than

  15-06-2016 15:00
  
  More Than, part of insurance group RSA, announced the appointment of Rob Flynn as managing director today, replacing outgoing MD Phil Wilson-Brown.
  
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• Fraudster sentenced after trying to use charity account for car insurance

  15-06-2016 14:32
  
  A Bolton man has been given a suspended six month sentence for attempting to use fake details to buy motor insurance.
  
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• Zurich names personal lines and Endsleigh heads as broking director exits

  15-06-2016 14:30
  
  Zurich is planning to split the management of Endsleigh and its personal lines divisions.
  
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• RSA names new head of direct brand More Than

  15-06-2016 14:18
  
  RSA has appointed Rob Flynn as the new managing director of its More Than direct brand.
  
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• Cyber insurance could be worth billions, ABI claims

  15-06-2016 13:32
  
  The market for cyber insurance could be worth billions in future as companies start to understand the risks, the ABI said.
  
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• Broker Apprentice will "bring extra edge to CV"

  15-06-2016 12:55
  
  Emma Garrity, a former contestant of the 2015 Broker Apprentice, talks to Insurance Age about this year's competition and encourages new applicants to take part.
  
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• Foo Fighters sue Integro broker and insurers over cancelled shows

  15-06-2016 12:50
  
  Foo Fighters are suing Integro-owned broker Robertson Taylor and several insurance companies for not paying out for seven cancelled gigs.
  
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• PIB launches telematics-based fleet product

  15-06-2016 12:44
  
  PIB has launched a telematics-based insurance product for the fleet market.
  
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• Markerstudy boss warns about possible job cuts in case of a Brexit

  15-06-2016 12:37
  
  Group CEO Kevin Spencer sent email to staff warning company could be at risk if the UK leaves the EU.
  
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• US commercial rates rise less than 1%: Clips

  15-06-2016 12:09
  US commercial insurance rates rose by less than 1 percent during
  the first quarter of 2016, Willis Towers Watson's latest
  Commercial Lines Insurance Pricing Survey (Clips) has shown.
  The result continued a three-year trend of smaller
  increases.
  Price changes in the first quarter for most classes of business
  were generally in line with changes in the fourth quarter of last
  year.
  Commercial auto prices increased the most, driven by poor claims
  results.
  Meanwhile, rates for workers' compensation, c
  
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• Lockton hires surety expert

  15-06-2016 12:09
  Independent insurance broker Lockton has hired Drew Vann as
  surety unit manager in its Atlanta office, it announced yesterday
  (14 June).
  Vann was most recently surety practice leader for Willis Towers
  Watson, and prior to that was senior bond underwriter for The
  Hartford and area vice president for AJ Gallagher.
  In his new role, Vann will provide Lockton's clients with
  surety services, including bond execution and contract review.
  Commenting on the appointment, COO of Lockton's southeast US
  oper
  
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• Guy Carpenter names new head of Nordic operations

  15-06-2016 12:09
  Guy Carpenter has appointed Tobias Andersson as CEO of GC
  Stockholm, with effect from 1 April next year.
  He will replace Tomas Ljungqvist, who will become the
  division's chairman.
  In his new role, Andersson will oversee Guy Carpenter's
  activities across the Nordic region and will report to Massimo
  Reina, CEO of continental Europe and Middle East and North
  Africa.
  Andersson most recently worked at
  Länsförsäkringar Non-Life, where he was general
  manager of business area reinsurance
  
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• Aviva targets further long-tail reinsurance deals

  15-06-2016 12:09
  UK general insurer Aviva has revealed that it chose a
  reinsurance agreement with Swiss Re for its £1bn ($1.4bn) UK
  employers' liability (EL) book as it did not want the cost of a
  Part VII transfer.
  Speaking at the Insurance and Reinsurance Legacy Association's
  annual congress in Brighton, Aviva's UK general insurance CEO
  Colm Holmes said the carrier had originally targeted a traditional
  run-off approach for its latent liabilities.
  "But the reality was these liabilities existed much better
  
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• Gallagher: our data justifies calls for more commission

  15-06-2016 12:07
  
  Arthur J Gallagher deserves the commission it is paid because it now has more and better data than insurers, special adviser Dave McGurn has said.
  
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• Foo Fighters sue Lloyd's insurers over cancelled gigs following Paris terrorist attacks

  15-06-2016 11:47
  
  Musicians the Foo Fighters have filed a suit against insurers for failing to reimburse cancelled European shows following the Paris terrorist attacks last November.
  
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• Mutual and cooperative sector sees above average growth

  15-06-2016 11:19
  
  Three-quarters of the world’s biggest cooperative and mutual insurers saw positive premium growth in 2014, and 18% saw double digit growth in the same year.
  
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• Thomas Miller launches MGA

  15-06-2016 11:09
  
  Group also unveils two new products, Cyber Risk Cover and Kidnap & Ransom.
  
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• Euro 2016: Germany v Poland construction match-up - Final score 4:2

  15-06-2016 10:00
  
  Germany is meeting Poland 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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• Lancashire names Barnes in lead property underwriting role

  15-06-2016 08:48
  
  Lancashire Holdings said Jon Barnes will be joining Cathedral Underwriting to lead the underwriting of property treaty reinsurance business for Syndicate 2010.
  
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• Govt calls for evidence on non-compete employee clauses

  15-06-2016 08:41
  
  The government has asked for evidence on whether non-compete clauses in employment contracts unfairly hinders people moving between jobs and stops them starting their own businesses.
  
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• Interview: Mike Brockman, Insure the Box

  15-06-2016 08:00
  
  Insure the Box founder and CEO Mike Brockman talks to Post about the firm's acquisition by Aioi Nissay Dowa Insurance Europe and adapting to a changing market
  
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• WR Berkley names Dunn head of Carolina Casualty

  15-06-2016 02:44
  WR Berkley has hired David Dunn as president and CEO of its
  commercial transportation insurance subsidiary Carolina Casualty.
  Dunn was most recently president of rival specialty insurer
  RLI's transportation division.
  Commenting on the appointment, WR Berkley president and CEO Rob
  Berkley said: "Our continued commitment to the commercial
  transportation industry and his broad experience in managing
  specialized insurance operations will enable us to apply our
  capabilities across a broader range of
  
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• Pro set to test new Rhode Island run-off rules

  15-06-2016 02:44
  Industry outsourcer and consultancy Pro Global Insurance
  Solutions is set to be the first to test a new Rhode Island
  regulation that creates a US equivalent to the UK's Part VII
  transfer mechanism.
  The new rules, which were introduced by the state's
  legislature last year, permit (re)insurers to transfer their legacy
  liabilities into a newly formed cell company to be run-off as a
  separately capitalised vehicle.
  Similar to the UK's long-standing Part VII mechanism,
  "insurance business transfers" a
  
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