Insurance news

• Safety-driven vehicle technology will help protect older drivers, says task force

  04-07-2016 18:31
  
  Embracing safety-driven technology such as autonomous early breaking systems would help protect older drivers, a report from the Older Drivers Taskforce has said.
  
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• MSI hopes to usher Japanese corporates to ILS

  04-07-2016 17:27
  Mitsui Sumitomo Insurance is looking to introduce Japanese
  corporates to the insurance-linked securities (ILS) market, with
  the company offering to issue cat bond transactions on their
  behalf, according to local media reports.
  The Nikkei Asian Review reported that the carrier was
  targeting transactions worth between 10bn yen and 20bn yen ($97.4mn
  and $194mn).
  The article suggested that parametric triggers would be used to
  ensure a quick payout to clients such as railway operators,
  electricity an
  
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• Towergate completes sale of majority stake in Broker Network

  04-07-2016 17:27
  
  Towergate has completed the sale of its majority stake in Broker Network to Highbridge Principal Strategies (HPS) for £46m.
  
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• Reinsurance discounts for UK insurers as global rates fall

  04-07-2016 15:08
  
  UK insurers have seen a 10% cut in their catastrophe excess of loss rates in the June/July 2016 renewal season as reinsurance rates are softening worldwide, according to reinsurance broker Willis Re.
  
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• Brightside launches apprenticeship programme

  04-07-2016 15:01
  
  Brightside Group is launching an apprenticeship programme for school leavers who want to go straight into work rather than go to university.
  
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• Probitas expands casualty team with Beaumont hire

  04-07-2016 14:29
  Probitas Lloyd's Syndicate 1492 has expanded its casualty
  offering with the appointment of Richard Beaumont, it announced
  today (4 July).
  Beaumont will launch Probitas's UK liability offering as
  senior underwriter for the division, working alongside senior
  underwriter for international liability Michelle Shaw.
  He will report to chief underwriter officer for casualty Neila
  Buurman.
  Beaumont joins from his position as partner at broker JLT's
  business group, prior to which he served as a regional m
  
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• PRA defers SII external audit decision

  04-07-2016 14:29
  UK regulator the Prudential Regulation Authority has deferred its
  decision on whether carriers can use external auditors to assess
  their Solvency II capital disclosures, it announced today (4 July).
  It said the requirement for external review would be deferred
  and would only apply to firms with years ending on or after 15
  November.
  The regulator previously proposed it would require external
  audit of quantitative and qualitative information included in the
  "Valuation for solvency purposes" and "C
  
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• BP Marsh exits Hyperion stake

  04-07-2016 14:29
  UK-headquartered insurance venture capitalist BP Marsh has sold its
  final 1.6 percent stake in broker Hyperion, it announced on Friday
  (1 July).
  The company confirmed the receipt of approximately £7.3mn
  as a result of the sale.
  The AIM-listed, Brian Marsh-led investment vehicle first
  invested in Hyperion in 1994, accruing a stake of around 13.8
  percent.
  The initial investment in the small Lloyd's broker was
  followed by the formation of Dual International as a European
  underwriting agency i
  
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• Axa provides insurance for government-backed driverless cars tests

  04-07-2016 14:01
  
  Axa is providing cover for three out of four government-backed driverless cars tests across the UK.
  
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• Axa provides insurance for government-backed driverless car tests

  04-07-2016 14:01
  
  Axa is providing cover for three government-backed driverless cars tests across the UK.
  
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• Axa provides insurance for driverless car tests

  04-07-2016 14:01
  
  Axa has written a bespoke policy for driverless car tests across the UK.
  
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• Insurance is 'playing catch-up' to other industries: LMG chief exec

  04-07-2016 13:41
  
  London Market Group (LMG) chief executive Ben Reid has said the insurance industry is “playing catch-up” to other industries and needed to embrace modernisation.
  
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• Bennett Christmas confirms it's on the acquisition trail

  04-07-2016 13:16 via insuranceage.co.uk
  
  Group finance director Roger Christmas says broker wants to expand further in the South-East.
  
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• Sirius Bermuda gets A rating with negative outlook

  04-07-2016 12:59
  Sirius' new Bermuda-based company has been assigned an A
  financial strength rating by AM Best, with a negative outlook that
  reflects the credit profile of its new parent China Minsheng
  Investment (CMI).
  Late last month The Insurance Insider
  revealed details of the carrier's expansion plans, which
  included the conversion of its US cat-focused Bermuda branch into a
  fully capitalised
  company writing across new lines of business.On Friday (1 July), AM Best awarded Sirius Bermuda Insurance
  Company Li
  
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• CIRC expands insurer infrastructure investment

  04-07-2016 12:59
  The China Insurance Regulatory Commission (CIRC) has amended its
  investment rules to allow insurers in the country to invest in
  infrastructure projects.
  The regulator said it had revised its code on indirect
  investment of insurers' funds in infrastructure projects to
  simplify the administrative licences, broaden investment scope,
  strengthen risk capital and to further standardise information
  disclosures.
  Indirect insurer investment in infrastructure projects has been
  permitted since 2006, with t
  
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• East London is uninsured driving hot spot

  04-07-2016 11:59
  
  East London tops the list of uninsured driving hotspots with 13.4% of vehicles in the area being uninsured.
  
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• Henderson buys Sunderland broker

  04-07-2016 11:43
  
  Henderson Insurance Brokers (HIBL) has bought Sunderland-based Branch Insurance Brokers as it plots further expansion in the North East.
  
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• IFED warns Scottish residents of ghost brokers

  04-07-2016 11:39
  
  Detectives from the City of London Police’s Insurance Fraud Enforcement Department (IFED) have warned Scottish residents about ghost brokers targeting their addresses.
  
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• Tower acquirer ACP Re downgraded

  04-07-2016 11:29
  Tower Group acquirer ACP Re has been downgraded to B++ from A-
  by AM Best after it failed to submit financial statements for
  2015.
  The rating remained on review with negative implications after
  the downgrade. However, AM Best then withdrew the rating after ACP
  Re declined to participate further in the ratings process.
  "The under review status reflects continuing uncertainty
  regarding the current and future financial status of the companies,
  due to the lack of information that would enable AM...
  
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• Fujian Yango makes Phoenix bid

  04-07-2016 11:29
  Israeli energy conglomerate Delek Group has signed a memorandum
  of understanding (MOU) with Chinese holding company Fujian Yango
  Group to sell its stake in insurer Phoenix Holdings for 1.8bn
  shekels ($462mn).
  In a statement released yesterday (3 July), Delek said the
  non-binding agreement contained provisions to sell its 52.3 percent
  share in the carrier for between 1.8bn and 1.85bn shekels in
  cash.
  The transaction remains subject to due diligence and the
  execution of a binding agreement before
  
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• China launches earthquake insurance policy

  04-07-2016 11:29
  China's first earthquake insurance policy was unveiled last
  week (1 July) as a first step in an effort to establish catastrophe
  insurance in the country.
  The China Insurance Regulatory Commission (CIRC) said homeowners
  can now buy insurance policies with compensation of up to 1mn yuan
  ($150,000) to cover damage caused by earthquakes with a magnitude
  of 4.7 and above.
  Premiums will be determined by location, construction of
  property and earthquake probability.
  Minimum compensation was set at 20,0
  
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• Capita appoints Powell as chairman

  04-07-2016 11:29
  Insurance outsourcing agency Capita has announced the appointment
  of Ian Powell as non-executive chairman from 1 September 2016.
  In a statement released today (4 July) the company said Powell
  would succeed current non-executive chairman Martin Bolland from 1
  January next year.
  Powell joins from accounting consultancy PwC, where he was
  chairman and senior partner of its UK business.
  Prior to that he led the EMEA network at PwC. He joined the UK
  branch's management board in 2006 as head of...
  
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• RSA kicks off against fraudulent Welsh footballers

  04-07-2016 11:29
  
  A suspected large-scale criminal conspiracy to defraud RSA involving several semi-professional Welsh footballers has been successfully tackled.
  
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• IFED to target ghost brokers in Scotland

  04-07-2016 11:08 via insuranceage.co.uk
  
  IFED will visit addresses targeted by fraudsters to get cheap motor insurance.
  
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• Finch sees profit triple

  04-07-2016 11:00 via insuranceage.co.uk
  
  Broker posts significant growth in 2015.
  
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• Bennett Christmas buys Southwater Insurance Services

  04-07-2016 10:22 via insuranceage.co.uk
  
  Southwater MD Andy Macauley becomes member of senior advisory team as staff move across.
  
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• #Insagepeople: 4 - 10 July 2016

  04-07-2016 09:47 via insuranceage.co.uk
  
  Keep abreast of the movers and shakers in the insurance world this week.
  
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• Ascent names Cleary as COO

  04-07-2016 09:40
  
  Ascent Underwriting has appointed Kevin Cleary as chief operations officer.
  
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• Live webinars at 10:30AM and noon today on implications of Insurance Act

  04-07-2016 09:30
  
  We are just five weeks away from the Insurance Act coming into law.
  
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• East London 'worst for uninsured vehicles'

  04-07-2016 09:02
  
  East London tops the list of UK’s uninsured driving hot spots, according to Churchill Insurance.
  
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• Osborne aims to cut corporation tax below 15%

  04-07-2016 08:38
  
  Chancellor of the Exchequer George Osborne is planning to cut corporation tax to less than 15% to boost investment following the Brexit vote.
  
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• Blog: Subsidence, the forgotten peril

  04-07-2016 08:22
  
  The year 1976 saw the first surge of subsidence insurance claims. Four decades later, why is subsidence the forgotten peril?
  
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• People: Rising star - Michelle Schifano, Allianz

  04-07-2016 08:00
  
  Winner of Post’s Claims Awards Rising Star trophy, Michelle explains the secrets of her success
  
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• Claims handlers soft targets for scammers seeking data

  04-07-2016 08:00
  
  Insurers forced to issue warnings to staff when they socialise after work
  
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• Allianz appoints Loh as chief digital officer, Asia-Pacific

  04-07-2016 04:39
  
  Allianz has appointed Robin Loh in a newly created role - chief digital officer, Asia-Pacific.
  
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• East London tops UK list of places with most uninsured cars

  04-07-2016 01:01
  
  Insurer Churchill says 216,000 of the capital’s near-4m cars are not insuredOne in eight cars on the roads in east London do not have insurance, according to analysis which names the capital as the worst place in Britain for uninsured drivers.About 216,000 of the capital’s 3.9m cars do not have insurance, with north and south-east London also featuring in the list of uninsured hotspots, research by the insurer Churchill found.Continue reading...
  
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• Churchill says 13% of East London cars are uninsured

  04-07-2016 01:01
  
  Across the UK there are estimated to be overmore than a million uninsured motoristsOne in eight cars on the roads in east London do not have insurance, according to analysis which names the capital as the worst place in Britain for uninsured drivers.About 216,000 of the capital’s 3.9m cars do not have insurance, with north and south-east London also featuring in the list of uninsured hotspots, research by the insurer Churchill found.Continue reading...
  
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