Insurance news

• Lightning strikes lead to claims spike, says insurer

  23-06-2016 17:40
  
  Direct Line has received more than 200 claims since the beginning of June rather than the 10-20 it normally sees every month
  Stormy weather in June has led to a surge in insurance claims for damage caused by lightning strikes, one of the UK’s largest insurers has said. Direct Line said that since the start of the month it had received more than 200 home insurance claims for lightning damage, when it usually receives between 10 and 20 a month. Continue reading...
  
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• Integro hires Behrends as CFO

  23-06-2016 17:33
  Integro has hired Andrew Behrends as its chief financial officer
  (CFO), the international broker announced today (23 June).
  Behrends brings more than 20 years of financial management
  experience in senior leadership roles to Integro.Most recently he was interim CFO of One Call Care Management, an
  ancillary services provider in workers' compensation, where he
  was responsible for the private equity-sponsored firm's
  finance, accounting, treasury, forecasting and planning, financial
  systems and lende
  
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• Expertise from A-Z: Taking stock of the year so far

  23-06-2016 17:02 via insuranceage.co.uk
  
  Six months into 2016, what have been the highs and lows for the insurance industry – and what does the rest of the year have in store?
  
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• Lockton names Spencer as next president and CEO

  23-06-2016 16:17
  Lockton has named Glenn Spencer as its next president and CEO,
  effective from 1 May 2017.
  He will succeed John Lumelleau, who will continue to serve the
  broker as a special adviser after his retirement at the end of
  Lockton's fiscal year on 30 April 2017.
  Spencer currently serves as Lockton's global COO and
  president of US operations and has held several operations
  leadership roles with the company since 2005.
  He worked previously as an executive with insurance brokers
  Johnson...
  
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• Jardine: Tom not the answer to improving London efficiency

  23-06-2016 16:17
  XL Catlin chief experience officer Paul Jardine today (23 June)
  threw doubt on the success of the London Target Operating Model
  (Tom), claiming that the initiative does not go far enough to take
  costs out of the market.
  Speaking at the Reactions London Market Conference,
  Jardine said he applauded any move to cut down on costs and
  inefficiency but "quite frankly, it isn't the Target
  Operating Model".
  He continued: "If it's going to take us five years to
  automate the...
  
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• Mobile experience with insurance providers worse than any other sector

  23-06-2016 15:56
  
  The mobile experience with insurance providers leave customers less satisfied than with any other type of company, a global survey has found.
  
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• Kumamoto losses top $3bn

  23-06-2016 14:58
  Claims resulting from the earthquake which struck Japan's
  Kumamoto prefecture in April have broken the $3bn barrier as they
  increased 5 percent in the last week to hit 317bn yen ($3bn).
  According to the General Insurance Association of Japan,
  domestic and foreign insurance companies have so far paid out
  201,186 claims, 179,921 of which are based in the Kumamoto
  prefecture.
  The next most impacted region is the neighbouring Oita
  prefecture, which has seen 9,445 claims paid.The most recent update..
  
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• Executive pay made more challenging by SII changes

  23-06-2016 14:58
  Solvency II has made senior executives' remuneration
  requirements more onerous, according to a survey of financial
  services chairman and CEOs by executive search firm Per Ardua
  Associates.
  The survey found that 69 percent of insurance respondents said
  that Solvency II Article 275, which addresses executive and board
  pay, had made the process of determining remuneration more
  onerous.
  The firm further outlined the consensus view of interviewees
  that the regulations had shunted companies' remunerat
  
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• Fosun readies Ironshore IPO

  23-06-2016 14:01
  Fosun has filed an application to the Hong Kong Stock Exchange
  to float Ironshore on the New York Stock Exchange, the Chinese
  conglomerate has said.
  "The board of directors of the Company (the
  'Board') would like to announce that the Company has
  submitted an application under Practice Note 15 of the Listing
  Rules to seek approval of The Stock Exchange of Hong Kong Limited
  for the proposed spin-off and separate listing on the New York
  Stock Exchange or Nasdaq Stock...
  
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• Channel Syndicate launches innovation division

  23-06-2016 14:01
  The Channel Syndicate 2015 has launched an innovation division
  aimed at tackling emerging risks including cyber, the Scor-backed
  Lloyd's business announced today (23 June).
  The announcement coincides with the arrival of Tom Allen as head
  of technology and cyber insurance within the new segment.
  Allen joins from Aspen Syndicate 4711, where he most recently
  served as head of technology liability and data protection
  indemnity.
  Prior to this he worked for global broker Marsh for eight years
  in a var
  
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• AM Best downgrades credit ratings of Chubb P&C subsidiaries

  23-06-2016 14:01
  AM Best has downgraded the issuer credit rating of the The Chubb
  Corporation's P&C subsidiaries from aaa to aa+ following
  the completion of the company's merger with Ace, it announced
  yesterday (22 June).
  The action follows a significant increase in the carrier's
  levels of debt, level of tangible capital and resulting goodwill,
  which "somewhat diminished" its risk-adjusted
  capitalisation, AM Best commented.
  However, it also removed Chubb from being under review with
  negative implications and
  
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• Channel Syndicate appoints new head of technology and cyber insurance

  23-06-2016 13:12
  
  Tom Allen has joined Lloyd’s managing agency Channel Syndicate’s new innovation division as head of technology and cyber insurance.
  
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• UK firms to face increased cyber regulations even with Brexit

  23-06-2016 12:38
  
  UK companies will still have to comply with new EU regulations regarding data breaches irrespective of the outcome of the referendum vote today, leading cyber risk experts at Beazley’s Hacked! Conference said earlier this week.
  
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• UK companies to face increased cyber regulations even with Brexit

  23-06-2016 12:38
  
  UK companies will still have to comply with new EU regulations regarding data breaches irrespective of the outcome of the referendum vote today, leading cyber risk experts at Beazley’s Hacked! Conference said earlier this week.
  
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• Generali launches ‘disruptive’ health scheme

  23-06-2016 12:36
  
  Generali has launched a “disruptive” health incentive programme for life and occupational disability policyholders.
  
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• Neon targets lead role in marine construction

  23-06-2016 11:38
  Rebranded Lloyd's insurer Neon (formerly known as
  Marketform) has hired Mireille Dolonen to write a book of marine
  and offshore construction business, as CEO Martin Reith continues
  his efforts to turn around the company.
  In a statement this morning (23 June), Neon said that Dolonen
  had agreed to join from Aon, where she was marine and offshore
  construction business development manager.
  Reith said: "We have identified marine as a key line for
  Neon as we move the business forward and...
  
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• Lloyd's Colombia opens with Brit and Advent

  23-06-2016 11:38
  Lloyd's has launched its Colombian platform, with two
  Fairfax Financial subsidiaries the first managing agents to join,
  the Corporation announced yesterday (22 June).
  Brit and Advent will be able to take advantage of the licence to
  write onshore reinsurance that Lloyd's secured last year to
  bind business in Bogotá.
  In October last year, The Insurance
  Insider reported that the Corporation was in
  discussions with a number of managing agents about co-locating with the
  representative office l
  
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• Aon enhances PI underwriting via Maven facility

  23-06-2016 11:29 via insuranceage.co.uk
  
  Maven, Aon's specialist MGA, to offer up to £5m PI policy limits through regional brokers.
  
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• HDI opens in Scotland with Glasgow office

  23-06-2016 10:55 via insuranceage.co.uk
  
  Insurer appoints new senior development underwriter in expansion push.
  
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• Liberty to make 70 redundancies in Ireland

  23-06-2016 10:46
  
  Liberty Insurance is realigning its commercial insurance and back office functions in Ireland with an expected 70 redundancies as a result.
  
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• The Future of Broking: Articulating the value of a broker

  23-06-2016 10:43 via insuranceage.co.uk
  
  Articulating the value of being a broker sounds easy doesn’t it?
  
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• South East and London hit by flash floods

  23-06-2016 10:42
  
  The South East and London have been hit by flash floods after a month’s rain fell in a few hours this morning.
  
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• HDI Global expands into Scotland with Glasgow office

  23-06-2016 10:31
  
  HDI Global is strengthening its regional footprint by establishing a presence in Scotland.
  
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• Keep the faith

  23-06-2016 10:30 via insuranceage.co.uk
  
  With ‘utmost good faith’ on the way out, Tony Cornell argues that it could be a case of brokers beware as they have to pay the costs of the Insurance Act
  
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• AOB crisis drives Citizens rates up 6.8%

  23-06-2016 10:27
  The board of Florida's state-backed insurer Citizens has
  approved statewide rate increases of 6.8 percent for personal lines
  policyholders in 2017, as it pointed to rising non-weather water
  losses and assignment of benefit (AOB) abuse.
  The carrier had previously warned that the growing AOB crisis
  could send rates higher in the short-term and leave homeowners
  facing price hikes for years to come if the situation was not
  addressed.
  And in a statement today (22 June), Citizens' board members
  recomm
  
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• CFO role evolving fast in tough market

  23-06-2016 09:06
  The role of the chief financial officer (CFO) in insurance
  companies is rapidly changing as soft market conditions, a tough
  investment climate and burdensome regulation continue to bite.
  Panellists at The Insurance Insider
  CFO Forum yesterday (22 June) said the burden placed on CFOs had
  increased exponentially as the role evolved from one involved just
  in financial management to being an essential component of overall
  company strategy.
  Sompo Canopius group CFO Paul Cooper said underwriting profi
  
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• Chubb's European high net worth head to depart

  23-06-2016 09:06
  
  Chubb Europe’s head of personal lines Simon Mobey is leaving the company.
  
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• HDI plots Scottish expansion with Glasgow branch

  23-06-2016 09:05
  
  HDI Global is planning to open an office in Glasgow.
  
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• Marsh and Gallagher plot UK acquisitions

  23-06-2016 08:29
  
  Much of the recent talk about UK SME broker mergers and acquisitions has been dominated by the new consolidators such as GRP and PIB.
  
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• Europe: Caution in the online art world

  23-06-2016 08:20
  
  Online art transactions remain buoyant, despite a global decline in the trade. What are the perils and pitfalls that insurers should be aware of?
  
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• AGCS strengthens global aviation team

  23-06-2016 08:15
  
  Allianz Global Corporate and Specialty has strengthened its global aviation team with three senior appointments.
  
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• Live: Brexit - the impact of the EU referendum on insurance

  23-06-2016 08:00
  
  Britain has decided to leave the European Union - find all the latest reactions here.
  
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• Live: Brexit or Bremain - the impact of the EU referendum on insurance

  23-06-2016 08:00
  
  Britain takes to the polls on 23 June to decide whether it will remain part of the European Union or become independent from it.
  
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