Insurance news

• Modus launches landlord's insurance on PowerPlace

  16-06-2016 18:34
  
   
   
  
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• Rolls-Royce unveils 'luxury' driverless car

  16-06-2016 18:24
  
  Rolls-Royce has unveiled its first driverless car which it claims is the “the future of luxury mobility”.
  
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• Modus launches landlord insurance product

  16-06-2016 17:37 via insuranceage.co.uk
  
  Product was designed specifically for accidental or part-time landlords, says MGA.
  
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• EIS receives approval as Lloyd's coverholder

  16-06-2016 16:47
  South African underwriting agency Engineered Insurance Solutions
  (EIS) has been approved as a Lloyd's coverholder.
  The corporate liability specialist has also brought in Simon
  Leppard as chief underwriting officer and director of EIS, the firm
  revealed today (16 June).
  Leppard arrives from his eponymous underwriting agency following
  its purchase by Lombard Insurance.
  EIS has worked with the Lloyd's broker Chesterfield in
  placing an underwriting facility within the Lloyd's market,
  with support fr
  
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• Cooper Gay hires Angelini-Hurll as reinsurance CEO

  16-06-2016 16:47
  Cooper Gay has hired Kieran Angelini-Hurll from Miller to become
  CEO of its reinsurance arm, The Insurance
  Insider understands.
  Angelini-Hurll is currently head of sales and business
  development for programmes at Miller. The outgoing executive has
  been with the broker for nearly three years.
  The last CEO of Cooper Gay Re, Peter Gorman, left when Swett
  & Crawford was sold to BB&T.
  Prior to working at Miller Angelini-Hurll was at Willis Re,
  where he was regional director of its Indian...
  
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• BHSI opens in Germany

  16-06-2016 16:47
  Berkshire Hathaway Specialty Insurance (BHSI) has opened an office
  in Düsseldorf, Germany, the carrier announced today (16 June).
  A number of key executives have been hired for the new Northern
  Europe base, including Jörg Bechert, head of executive and
  professional lines for Northern Europe, and Ulrich Kütter,
  head of marine for the division.
  In addition, BHSI has hired Leander Metzger as head of property
  for Northern Europe, and Robert Scherf as head of human resources
  for the re
  
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• Allstate pegs May cat losses at $202mn

  16-06-2016 16:47
  Allstate has estimated pre-tax catastrophe losses of $202mn for
  May, the US insurance giant announced today (16 June).
  Catastrophe losses occurring during last month comprised eight
  events at an estimated cost of $259mn, pre-tax, but this was
  partially offset by favourable reserve re-estimates for March and
  April 2016 events.
  Estimated catastrophe losses for the second quarter months of
  April and May 2016 now total $835mn, pre-tax.
  Allstate reported an earnings outperformance for Q1 this year,
  w
  
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• Insurers must prepare for big changes as driverless era looms

  16-06-2016 16:09
  
  The UK motor insurance market must prepare itself for legislation changes, huge falls in premium income and fewer crashes as driverless vehicles become reality, research firm Thatcham said.
  
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• Sompo Canopius operations head Stephen Manning departs

  16-06-2016 15:15
  
  Sompo Canopius chief operating officer Stephen Manning will leave the Lloyd’s insurer at the end of the year.
  
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• Man sentenced for using charity bank account to defraud Swiftcover

  16-06-2016 14:20
  
  A 29-year-old man has been sentenced to five and a half months, suspended for 18 months, for trying to buy car insurance from Swiftcover using a charity’s bank account.
  
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• Pembroke partners with Old Mutual on African risk

  16-06-2016 13:42
  Ironshore Lloyd's subsidiary Pembroke has entered into an
  agreement with Old Mutual Group to provide $250mn of select
  specialty capacity for African risks.
  Syndicate 4000 will partner with Old Mutual Specialty Insurance
  to offer coverage for multiple property, casualty and specialty
  business lines in Africa, leveraging Old Mutual's sub-Saharan
  African network for distribution.
  The $250mn limit is on a portfolio or single project basis.
  Syndicate 4000 and Old Mutual Specialty Insurance, as a
  cove
  
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• Nephila and ART pilot 'smart contracts' with blockchain tech

  16-06-2016 13:42
  Nephila and fronting partner Allianz Risk Transfer (ART) have
  successfully piloted the use of blockchain technology for
  transacting a catastrophe swap.
  Blockchain-based contracts are executed automatically when a set
  of agreed conditions are met.
  The companies said in an announcement yesterday (15 June) that
  the test demonstrated the contracts could significantly cut delays
  in cat bond payments, reducing transaction time from weeks and
  months to hours and days.
  These "smart contracts" also had t
  
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• Irdai considers risk-based capital approach

  16-06-2016 13:42
  The Insurance Regulatory and Development Authority of India (Irdai)
  has decided to form a committee to consider employing a risk-based
  capital approach and liability valuation methods, the watchdog
  announced last week (10 June).
  The committee is chaired by Dilip Chakraborty, consulting
  actuary, and other members include BN Rangarajan, chairperson of
  the advisory group on life insurance at the Institute of Actuaries
  of India; and Mehul Shah, chairperson of the advisory group on
  general insurance
  
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• Diversified capital base needed for success: Doucette

  16-06-2016 13:42
  A flexible capital structure with both rated and unrated capital
  is needed for reinsurers to succeed in the "new world
  order", according to Everest Re chief underwriting officer
  John DoucetteSpeaking at sister title Trading
  Risk's Convergence London conference
  today (16 June), Doucette said the traditional reinsurance value
  chain had become "unshackled" from the past amid a
  softening market, increasing broker facilitisation and investors
  searching for diversified yield.
  "By having both rated and
  
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• Profit-making in motor insurance market goes off track

  16-06-2016 13:07
  
  The motor insurance market is set to experience significant losses in premiums over the next year.
  
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• AIG mulls new hub away from London if UK votes for Brexit

  16-06-2016 11:51
  
  AIG could establish a hub elsewhere in Europe if a Brexit occurs, the company’s chief executive Peter Hancock said.
  
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• Motor insurance market delivers 2015 loss

  16-06-2016 11:24
  
  Ernst & Young predicts profitable period has come to an end.
  
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• Zurich Masters: Golfers retire to watch England

  16-06-2016 11:20
  
  Rain stops play but golfers now set to enjoy a special screening of the England vs Wales Euro 2016 match.
  
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• Flood Re doubles insurer signings since April launch

  16-06-2016 11:14
  
  The number of insurers signed up with Flood Re has more than doubled since the scheme’s April launch, it was revealed yesterday.
  
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• Zurich Masters: Southern Qualifier begins

  16-06-2016 11:09
  
  Broker golfers start to play the course in the second semi-final of the Zurich Insurance Masters.
  
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• Zurich splits Endsleigh and personal lines management

  16-06-2016 10:47 via insuranceage.co.uk
  
  Jeff Brinley to lead Endsleigh as Kay Martin steps up for personal lines.
  
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• Suncorp storm losses could hit A$80mn

  16-06-2016 10:41
  Australian carrier Suncorp expects the east coast storms that hit
  the country last week to cause it losses of between A$60mn and
  A$80mn ($44mn and $59mn), the company announced today (16 June).
  The carrier said it had received approximately 8,000 home, motor
  and commercial claims so far.
  Suncorp has a natural hazards allowance of A$670mn for the year
  to 30 June. After taking into account the impact of the east coast
  storms, Suncorp said total natural hazard costs for the...
  
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• EY predicts further underwriting losses for UK motor insurers

  16-06-2016 10:32
  
  UK motor insurers will report a 100.1% combined operating ratio (COR) in 2016 which will worsen to 101.7% in 2017, accounting and consulting firm EY has predicted.
  
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• Broker optimism rising

  16-06-2016 10:00 via insuranceage.co.uk
  
  Profitability expected to increase in the next three months and investment in IT scheduled to grow.
  
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• Flood Re signs up 20 more insurance providers

  16-06-2016 09:29
  
  Flood Re now has 36 insurance providers signed up to support it, up from 16 when it launched two months ago.
  
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• Euro 2016: Spain v Turkey automotive match-up - Final score 4:3

  16-06-2016 09:00
  
  Spain is meeting Turkey in the group stage of the Euro 2016. But how do both countries compare in terms of automotive performances and trading risks?
  
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• Airmic to update broker remuneration guide

  16-06-2016 07:30
  
  UK risk manager trade body Airmic is planning to update its guide to broker remuneration.
  
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• Lonmar changes board as directors exit following GRP deal

  16-06-2016 07:25
  
  Lloyd’s broker Lonmar is reshuffling its board after three directors left following the completion of the management buy-out backed by Peter Cullum’s consolidator Global Risk Partners (GRP).
  
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• Insurers face skills shortages in software and digital

  16-06-2016 01:05
  
  Insurers in the life and general insurance sectors are planning to hire more staff with digital skills, according to a survey.
  
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• Distribution costs too high: Long

  16-06-2016 00:05
  The cost of distribution is too high and with increased
  transparency, intermediaries should start to interrogate their
  charging structure, Liberty Mutual CEO David Long has argued.
  Speaking at the Standard & Poor's Insurance Conference
  in New York today (15 June), the executive said there had to be a
  lot more attention paid to expenses in the system and distribution
  costs.
  "I think intermediaries need to take a hard look at the
  compensation and commission structure with less of an emphasis..
  
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