Insurance news

• National General to pay $165mn for auto insurer Direct General

  24-06-2016 21:24
  National General has agreed a deal to buy Elara Holdings, the
  parent of Southeast US-focused non-standard auto company Direct
  General, for around $165mn.
  The Insurance Insider revealed in
  January this year that the Nashville, Tennessee carrier had been
  put up for sale by its private equity owners, TPG Capital and
  Calera Capital.
  The price, which is subject to post-closing adjustments,
  represents a 1.27x multiple of Direct General's total equity of
  $130mn as at 31 December 2015.
  TPG and Calera -.
  
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• Ironshore gets AM Best reprieve ahead of IPO

  24-06-2016 21:24
  Ironshore has received a significant boost today (24 June) after AM
  Best affirmed its ratings and removed them from under review with
  negative implications.
  The move appears to be an endorsement of plans by parent Fosun
  to IPO the insurer, which has been under review with negative
  implications for almost a year.
  The agency put the insurer's A financial strength and issuer
  credit ratings under review with negative implications in July last
  year after its acquisition by Fosun was announced,...
  
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• Volume of claims from flash floods manageable – Insurers

  24-06-2016 18:33
  
  Insurers said the volume of claims following yesterday’s flash floods had been manageable.
  
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• IUA: London will weather Brexit

  24-06-2016 18:02
  The International Underwriting Association (IUA) has issued a
  rallying call to the London market, calling it resilient and well
  positioned to respond to the result of the UK referendum.
  Insurers have been preparing for the possibility of a UK vote to
  leave the EU and considering how to adapt their business plans in
  response to new trading conditions, it said.
  The trade body added that it was imperative that financial
  services formed a key part of any discussions about a...
  
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• Cathedral hires D&F reinsurance underwriter

  24-06-2016 18:02
  Lancashire's Lloyd's managing agent Cathedral has appointed
  Matthew Narbett to write property direct and facultative (D&F)
  reinsurance business, the carrier announced today (24 June).
  He will report to Syndicate 2010's property D&F
  reinsurance head Richard Wood.
  Narbett was previously a class underwriter at XL Catlin and has
  more than 13 years of experience in the industry as both a broker
  and an underwriter in the Lloyd's and London markets.
  Cathedral Syndicates 2010 and 3010 active und
  
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• American Club NEP falls but underwriting strong

  24-06-2016 18:02
  Protection and indemnity marine mutual the American Club has
  reported a 14 percent decrease in net earned premiums (NEP) for
  2015 following a challenging year for the shipping industry.
  NEP fell from $94.2mn to $81.4mn, while total income also
  dropped 16.9 percent compared to the prior year to $87.6mn.
  However, underwriting performance continued an improving trend,
  with the mutual adding that net claims were benign during 2015. The
  club said that at the 15th month of development, retained claims
  
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• S&P: UK rating faces multi-notch cut over Brexit

  24-06-2016 16:30
  
  The UK’s sovereign rating could be downgraded by more than one notch over today’s decision to leave the EU, rating agency Standard & Poor’s (S&P) has warned.
  
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• RSA names non-executive director

  24-06-2016 16:11
  UK carrier RSA has appointed Isabel Hudson as a non-executive
  director as of 1 August, it announced today (24 June).
  Hudson is currently a non-executive of Phoenix Group Holdings
  and Standard Life, and was a non-executive director of QBE
  Insurance Group until 2014.
  She will now cease to be a non-executive director of Standard
  Life.
  RSA said Hudson would bring wide-ranging commercial, corporate
  finance and business development experience both from the UK and
  internationally that is focused on the
  
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• Pound slumps, insurance shares track market lower after Brexit vote

  24-06-2016 14:36
  
  Sterling fell to its lowest in three decades and £86bn was wiped off the value of the stock market after Britain voted to leave the EU.
  
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• UK Eva-Frank flood damages downgraded to £538m

  24-06-2016 14:18
  
  Damages from flooding earlier this year are less than originally thought, Perils has said.
  
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• UK Eva-Frank flood damages cost £538m

  24-06-2016 14:18
  
  Damages from flooding earlier this year are less than originally thought, Perils has said.
  
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• New passporting agreement with EU ‘will be straightforward’

  24-06-2016 14:15
  
  Brexit will have little impact on the financial services sector and a workable agreement with the European Union will be “straightforward”, according to Managing Partners Group.
  
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• Perils cuts Eva-Frank loss estimate to £538mn

  24-06-2016 14:04
  Modelling agency Perils' latest insured loss estimate for
  storms Eva and Frank is £538mn ($797mn), down 7 percent from
  its previous projection.
  The storms caused widespread flooding in the UK in late December
  and early January.
  They followed slightly heavier losses from the Desmond floods
  between 4 and 24 December 2015, which Perils has estimated will
  cost insurers £597mn.
  Of the combined £1.14bn in losses from both events, the
  majority (62 percent) stemmed from commercial clai
  
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• Market takes stock of Brexit vote

  24-06-2016 14:04 via insuranceage.co.uk
  
  Calm called for as insurers insist it will be "business as usual" and Biba pledges to represent brokers in Brexit negotiations.
  
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• Direct Line sees more than 200 lightning claims

  24-06-2016 13:38
  
  Direct line has seen more than 200 claims for lightning damage to homes so far this month, with some claims worth up to almost £46,000.
  
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• FERMA elects new board members

  24-06-2016 13:19
  
  The Federation of European Risk Management Associations today elected three new board members with hopes of generating fresh perspectives.
  
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• XL Group to redomicile to Bermuda from Ireland

  24-06-2016 12:53
  
  XL ordinary shareholders have approved a scheme of arrangement that will change the place of incorporation of the parent holding company to Bermuda from Ireland.
  
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• XL Group to redomesticate to Bermuda from Ireland

  24-06-2016 12:53
  
  XL ordinary shareholders have approved a scheme of arrangement that will change the place of incorporation of the parent holding company to Bermuda from Ireland.
  
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• Brokerbility’s Mistry “surprised” by Brexit result

  24-06-2016 12:24 via insuranceage.co.uk
  
  Brokerbility chairman appeals for calm and says brokers need to watch how the insurers will react.
  
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• Editor's comment: A time to come together

  24-06-2016 12:13
  
  The UK electorate has had its say and the decision is for the UK to leave the European Union.
  
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• Broking break: Top tips to target new clients more effectively

  24-06-2016 12:00
  
  Chris Cowan at market research specialist Clusters outlines five things brokers can do to better understand their clients.
  
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• Nelson: Lloyd's equipped to operate in new environment

  24-06-2016 11:58
  Lloyd's chairman John Nelson has issued a statement in the
  wake of the UK's EU referendum result, with a clear message
  that business will carry on as usual.
  "I am confident that Lloyd's will stay at the centre of
  the global specialist insurance and reinsurance sector, and I look
  forward to continuing our valuable relationship with our European
  partners," he said.
  "For the next two years our business is unchanged.
  Lloyd's has a well prepared contingency plan in place and...
  
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• Blog: Brexit - How much preparation has gone on behind the scenes?

  24-06-2016 11:57
  
  Post made hay with a Freedom of Information request earlier this month, which revealed that the industry’s two main regulators had not carried out a formal review of the regulatory and financial impact of a Brexit.
  
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• Insurers try to allay Brexit fears

  24-06-2016 11:49
  
  Insurers have moved to allay fears of disruption following UK voters’ decision to leave the EU.
  
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• Losing the Schengen could force insurers to restructure

  24-06-2016 11:37 via insuranceage.co.uk
  
  The loss of these rights could see insurers being forced to restructure and face large operational, regulatory and tax costs as they adapt to such a change.
  
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• Losing passporting rights could force insurers to restructure

  24-06-2016 11:37
  
  The loss of these rights could see insurers being forced to restructure and face large operational, regulatory and tax costs as they adapt to such a change.
  
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• Brexit: Losing passporting rights could force insurers to restructure

  24-06-2016 11:37 via insuranceage.co.uk
  
  The loss of these rights could see insurers being forced to restructure and face large operational, regulatory and tax costs as they adapt to such a change.
  
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• Leave vote will 'significantly damage' insurance market, analysts say

  24-06-2016 11:35
  
  Today’s leave vote has the potential to significantly damage the UK insurance market, several analysts have claimed.
  
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• AA: fuel prices will be the "biggest immediate concern" following decision to leave the EU

  24-06-2016 11:17
  
  Motor, home and travel insurer AA said fuel prices, border controls and motor insurance are likely to be affected as a consequence of the referendum result.
  
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• Melanie Hampton delighted with result

  24-06-2016 11:13 via insuranceage.co.uk
  
  Leave supporter Melanie Hampton says there is no reason for the strong, stable UK industry to change due to Brexit.
  
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• Melanie Hampton delighted with Brexit result

  24-06-2016 11:13 via insuranceage.co.uk
  
  Leave supporter Melanie Hampton says there is no reason for the strong, stable UK industry to change due to Brexit.
  
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• AIG 'evaluating options' following leave vote

  24-06-2016 10:57
  
  AIG are “evaluating their options” following today’s Brexit vote after stating earlier this month that they were considering a new hub elsewhere in Europe if the UK votes to leave.
  
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• FCA: EU-derived rules still apply despite Brexit vote

  24-06-2016 10:54
  
  The FCA has reminded companies that they must continue to abide by their obligations under UK law, including any derived by the EU, following the vote to leave the European Union.
  
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• Brexit: Gender directive too costly too reverse claims AA

  24-06-2016 10:54
  
  The prospect of gender equality for motor insurance being overturned has been raised and dismissed in the wake of UK voters electing to leave the European Union.
  
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• Insurance M&A activity will slow following leave vote

  24-06-2016 10:49
  
  Insurance sector transactional activity will slow following today's leave vote, RPC has said.
  
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• Business as usual, says insurers after Brexit vote

  24-06-2016 10:36
  
  The ABI and insurers have stressed that its business as usual following the Brexit vote.
  
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• Business as usual, say insurers after Brexit vote

  24-06-2016 10:36 via insuranceage.co.uk
  
  The ABI stresses the importance of "ensuring the UK remains a globally competitive place to do business".
  
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• $136bn wiped off UK stock market following Brexit vote

  24-06-2016 10:33
  The FTSE 100 opened around 8 percent down this morning (24
  June), wiping more than £100bn ($136bn) off the UK stock
  market in reaction to the UK's EU referendum result.
  With one of the highest turnouts on record of 72 percent, some
  51.9 percent of the electorate has voted to leave the EU.
  Sterling plummeted to a 30-year low against the dollar to
  $1.3224, before recovering slightly.
  The Bank of England has issued a statement saying it is
  monitoring developments...
  
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• What next for insurance after Brexit? Read the SR guide

  24-06-2016 10:15
  
  How does the insurance industry cope with Brexit?
  Our sister publication Strategic Risk has published a guide to the key risks of Brexit, with contributions from academics, legal experts and QBE chief executive Richard Pryce.
  Click here to view the guide: Assessing the Key Risks of Brexit.
  
  Read more

• FCA issues statement on financial regulation status after Brexit vote

  24-06-2016 10:15
  
  Regulator monitoring developments and liaising with Bank of England.
  
  Read more

• Aviva said ‘no impact’ from Brexit even as share prices fall

  24-06-2016 10:06
  
  Aviva has said a Brexit will have “no significant impact” on its business even as the company’s share prices drop by 16.83%.
  
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• Customers should avoid hasty decisions after Brexit vote - ABI

  24-06-2016 10:01
  
  Customers of UK insurance companies should avoid making hasty decisions about their financial matters in the wake of the UK Brexit vote, according to the ABI
  
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• Biba commits to working with government on Brexit

  24-06-2016 10:01
  
  Trade body recognises the ramifications of the results will cause concerns for members.
  
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• Brexit: Insurers and brokers urge calm as shares tumble

  24-06-2016 09:52
  
  Insurers have urged calm as uncertainty grips the markets and causes share prices to tumble.
  
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• Lloyd’s reacts to Brexit vote

  24-06-2016 09:46
  
  Chairman stresses that the business will be unchanged for the next two years.
  
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• Brexit could force insurers restructure as passporting rights go - PwC

  24-06-2016 09:46
  
  The loss of passporting rights following the UK’s Brexit vote could force general insurers and the London market into a major restructuring, according to corporate services firm PwC.
  
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• Brexit could force insurer restructure as passporting rights go - PwC

  24-06-2016 09:46
  
  The loss of passporting rights following the UK’s Brexit vote could force general insurers and the London market into a major restructuring, according to corporate services firm PwC.
  
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• Pound, share prices slump on Brexit vote, Cameron resignation

  24-06-2016 09:31
  
  Britain’s vote to leave the EU and Prime Minister David Cameron’s resignation have sent the pound plunging and wiped billions of share prices as markets opened this morning.
  
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• In-depth: After hours

  24-06-2016 09:30
  
  The UK has a thriving night time economy and with that comes a range of both unusual and prosaic insurance needs. Sam Barrett examines what brokers need to know about how best to insure the businesses that keep night owls entertained and the food establishments where people go to enjoy an evening meal or grab a takeaway after a night on the tiles
  
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• Cameron quits as Prime Minister amid EU exit shock

  24-06-2016 09:29
  
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