Insurance news

• QBE hires Bleich to run US commercial agriculture

  21-06-2016 23:59
  QBE North America has hired Nathan Bleich to drive growth in its
  commercial agriculture business.
  The executive joins from Nationwide, where he spent 12 years in
  the US insurance giant's agribusiness division, most recently
  as underwriting director.
  As vice president at QBE, Bleich will be based in Denver,
  Colorado and report to Walter Grote.
  "Commercial agriculture is a critical growth segment for
  our commercial insurance business. Nathan's leadership of the
  dedicated underwriting team servicin
  
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• Munich Re America promotes executives

  21-06-2016 18:18
  Munich Re's US arm has promoted Stephan Hochburger and Paul
  Ludwig to executive positions in its reinsurance division.
  Effective from 1 July 2016, Hochburger and Ludwig will serve as
  senior vice presidents and client executives for reinsurance,
  reporting to Steven Levy, president of the division.
  Hochburger is currently head of the property certificate and
  programme team within the reinsurance operation, while Ludwig
  manages the financial/strategic management and underwriting support
  department
  
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• AGCS appoints global aviation executive

  21-06-2016 18:18
  Allianz Global Corporate & Specialty (AGCS) has promoted
  Matthew Farrell to the new role of global aviation executive.
  Farrell was previously regional head of aviation at AGCS London,
  a role he has held for 10 years. In his new position he will report
  to Henning Haagen, global head of aviation.
  Tom Fadden will now become regional head of aviation for AGCS
  London, alongside his current role as global airline product
  leader.
  Fadden has been with Allianz for 12 years in...
  
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• Axa looks to 94% combined ratio goal

  21-06-2016 17:34
  
  Axa's new four year strategic plan will aim for its global non-life business to post a global combined ratio within the 94-5% range by 2020.
  
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• Regulator slams Berkshire workers' comp unit

  21-06-2016 16:43
  Berkshire Hathaway used an illegal insurance scheme to evade a
  state law designed to protect small businesses from unexpected
  workers' compensation costs, California's insurance
  commissioner has found.
  In a statement yesterday (20 June) the California Department of
  Insurance said Berkshire Hathaway had used a complex insurance
  scheme to avoid regulatory review of its rates and policy terms, to
  the disadvantage of small and medium-sized businesses.
  Commissioner Dave Jones found that California In
  
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• Citizens considers rate rise after water losses

  21-06-2016 16:43
  The Florida Citizens Property Insurance board is considering a
  state-wide average rate increase of 6.8 percent for 2017, following
  a spike in water loss claims.
  The suggestion is considerably less than what had been predicted
  in March this year, when Citizens warned that water losses in
  southern Florida had reached crisis levels and would require
  homeowners' rates to rise by 10 percent annually for years to
  come.
  By law, Citizens is required to recommend rates that are
  actuarially sound but...
  
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• Digital Risks partners with Aviva for combined commercial cover

  21-06-2016 16:28
  
  Digital Risks, the new digital-first broker for technology and media businesses, has announced a partnership with Aviva to launch its combined commercial product.
  
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• Aviva marketing boss becomes CEO of royal business body

  21-06-2016 14:48
  
  Aviva's former chief marketing officer Amanda Mackenzie has been appointed as CEO of a "responsible business" organisation run by The Prince of Wales.
  
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• Marsh’s Weil: SME broking needs to change

  21-06-2016 14:46
  
  Simply finding the right price for clients will no longer be good enough to thrive as an SME broker, according to Marsh UK and Ireland chief executive Mark Weil.
  
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• Man sentenced for lying about documents in £300,000 insurance claim

  21-06-2016 14:17
  
  A 61-year-old man has been sentenced to 12 months’ imprisonment, suspended for two years, after using fake invoices in a £300,000 insurance claim.
  
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• Travelers goes direct for UK small business

  21-06-2016 13:53
  Travelers has today (21 June) announced plans to go direct to
  market with small business insurance for UK companies.
  Policies will cover firms with fewer than 10 employees and
  annual revenues below £2.5mn ($3.7mn), the insurer said.
  Initially, policies will be available to office-based businesses
  such as consultants, web designers and recruiters.
  However the carrier said it planned to expand the product to
  shop businesses, such as convenience stores, bike shops and
  florists.
  The cover will
  
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• Suncorp's chief risk officer resigns

  21-06-2016 13:53
  Suncorp Group's chief risk and legal officer Anna Lenahan has
  resigned, the company announced today (21 June).
  Lenahan, who joined Suncorp in 2011, will take up a senior role
  at the Commonwealth Bank of Australia in September....
  
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• RLI appoints Restrepo Jr to board

  21-06-2016 13:53
  RLI has appointed Robert Restrepo Jr to its board of directors, the
  US specialty insurer announced today (21 June).
  The appointment is effective from 1 July and Restrepo's term
  will expire in May 2017, after which he will stand for
  re-election.
  Restrepo joins the company from Ohio-based State Auto Insurance
  Companies, where he served as chairman, CEO and president for nine
  years from 2006.
  Prior to that he served as senior vice president of insurance
  operations for Florida-based carrier Main...
  
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• Neon opens Bermuda office

  21-06-2016 13:53
  Neon, formerly Marketform, has opened a branch office in Bermuda,
  the Lloyd's carrier announced today (21 June).
  The office, which is already writing business, is headed up by
  Chris Fisher, who was chief underwriter of insurance for Ariel Re
  in Bermuda.
  Fisher will initially be writing direct and facultative property
  insurance on a global basis as an approved coverholder for
  Lloyd's Syndicate 2468.
  Business will be considered on a primary, quota share and excess
  of loss basis with critical catas
  
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• BHSI launches A&H in Asia

  21-06-2016 13:53
  Berkshire Hathaway Specialty Insurance Company (BHSI) has
  entered the accident and health (A&H) market in Asia with the
  appointment of Phillip Brain.
  Brain will become head of A&H for Asia at BHSI. He was
  formerly vice president and A&H group manager for Asia Pacific
  at Chubb.
  The executive will be based in BHSI's Singapore office.
  BHSI will initially focus on broker-distributed group personal
  accident and business travel products, and will strategically
  expand its suite of A&H p
  
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• Axa targets EUR2.1bn of cost savings

  21-06-2016 13:53
  Axa will try to realise EUR2.1bn ($2.4bn) of pre-tax cost
  savings by 2020 as it targets growth in commercial lines.
  In the four-year Ambition 2020 strategic plan published this
  morning (21 June), the Paris-headquartered insurance giant also
  said that it will target annual underlying earnings per share
  growth of between 3 percent and 7 percent.
  Axa's expenses in 2015 amounted to EUR9.8bn.
  Other stated aims of Ambition 2020 include an adjusted return on
  equity of between 12 percent and 14...
  
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• Aquila launches Paris marine specialty business

  21-06-2016 13:53
  London-headquartered specialist managing general agency (MGA)
  incubator Aquila Underwriting has launched a Paris-based specialty
  business named WeSpecialty.
  The business will initially focus on writing marine cargo
  business originating from France and placed in the Lloyd's
  market, the company said today (21 June).
  WeSpecialty's senior team currently comprises former Axa
  Corporate Solutions France employees Patrick de la Morinerie and
  Charles Gounel.
  Morinerie previously served as the carrier's d
  
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• Aon appoints global cyber co-head

  21-06-2016 13:53
  Aon has hired Luke Foord-Kelcey as co-head of its global cyber
  practice group, the broker announced today (21 June).
  He will be based in London and will work alongside practice
  founder Bill Henriques.
  Foord-Kelcey joins from insurance manager Tindall Riley, where
  he launched and managed cyber insurance and incident response
  business Athena.
  Prior to this he served as head of the communications,
  technology and media practice at JLT Specialty for nine years from
  2005, having initially qualified as
  
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• Axa targets cost savings of €2.1bn by 2020

  21-06-2016 12:52 via insuranceage.co.uk
  
  Insurer aiming for 3%-5% growth in property and casualty revenues between 2015 and 2020.
  
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• Confused brokers must get up to speed

  21-06-2016 12:15
  
  As a Brexit vote approaches BLM’s Helen Devery warns confused brokers to get on top of regulation or face huge fines.
  
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• Liberty Mutual Insurance launches safeguard product with NSPCC

  21-06-2016 11:24
  
  Policy is designed to help organisations minimise risks to children.
  
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• Broker Network plots acquisitions

  21-06-2016 11:04
  
  Broker Network is planning to acquire brokers, according to market sources.
  
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• Broker Network poised to go down acquisition route

  21-06-2016 10:41
  
  Members give unanimous welcome to prospect of new capital for the network.
  
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• Travelers Europe targets direct channel 'growth area' with online SME offering

  21-06-2016 10:35
  
  Travelers Europe has launched an online platform to provide insurance directly to small UK companies but remains committed to its existing model.
  
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• Travelers enters direct channel with cover for small businesses

  21-06-2016 10:30
  
  Lloyd’s insurer Travelers has launched a direct SME proposition for small businesses in the UK with fewer than 10 employees and less than £2.5m in revenues.
  
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• Customers losing out

  21-06-2016 10:30
  
  The most recent wave of consolidation could lead to a revamp of commission structures, which won’t be good for brokers or their clients, says Ian Stutz
  
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• Broker Apprentice can unveil your hidden talents

  21-06-2016 10:30
  
  You have to “get out of your little box” and apply for 2016 Broker Apprentice, says a 2015 finalist.
  
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• AXA Global unveils new five-year plan

  21-06-2016 10:30
  
  AXA Global has revealed its Ambition 2020 strategy.
  
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• Aon Benfield makes senior hire to head global cyber practice group

  21-06-2016 10:27
  
  Aon Benfield has hired Luke Foord-Kelcey to co-head its global cyber practice group.
  
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• There's no way you can replace a broker, says Travelers Europe CEO

  21-06-2016 10:20 via insuranceage.co.uk
  
  Matthew Wilson says broker business is still its main market as insurer launches direct online platform for small businesses.
  
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• Fine firms for failing to report data breaches - MPs

  21-06-2016 10:00
  
  MPs are calling for tougher rules that could force companies to report cyber attacks.
  
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• More than four in 10 workers fear claiming for compensation

  21-06-2016 09:54
  
  A You Gov survey has found that 45% of workers in Britain fear losing their job if they take legal action against an employer.
  
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• Saga makes 'good start to year' in core business arms

  21-06-2016 09:44
  
  Saga said it has made a good start to the year across its core trading divisions in the period from 1 February to 20 June 2016.
  
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• Axa seeks to save €2.1bn by 2020

  21-06-2016 08:26
  
  Axa is looking to "focus and transform" its business by 2020 as it seeks to boost underlying earnings per share by between 3-7% per year.
  
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• Euro 2016: Czech Republic v Turkey machinery match-up - Final score 3:3

  21-06-2016 08:05
  
  The Czech Republic is meeting Turkey in the group stage of Euro 2016. But how do both countries compare in terms of engineering industry performances and trading risks?
  
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• Axa targets growing Asia profits 60% within five years

  21-06-2016 08:03
  
  Global insurer Axa wants to grow its underlying profits in Asia, including Japan and Korea, to €900m (£690m) by the end of 2020 from €551m this year.
  
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• C-Suite Insurer: Ageas' François-Xavier Boisseau on why the Insurance Act will be a giant leap for insurance

  21-06-2016 08:00
  
  Commercial insurance law is entering a new era of clarity
  
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