Insurance news

• MGAs need to communicate better to ensure growth - MGAA chair

  07-07-2016 19:01
  
  MGAs need to communicate better to ensure the growth of their sector, Managing General Agents’ Association (MGAA) chair James Gerry has said.
  
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• Worst Q1 for US P&C since 2011: AM Best

  07-07-2016 17:58
  A substantial number of catastrophes and comparatively sparse
  reinsurance cover drove the US primary P&C market to its worst
  first quarter underwriting result since 2011.
  In a report released this week (6 July) AM Best said the
  industry's combined ratio deteriorated by 1.6 percentage points
  year-on-year to 97.4 percent in the first quarter of 2016.
  Current estimates indicated the ratio suffered a 4.0 percentage
  point impact from catastrophe losses in the quarter, an increase of
  3.2 points fr
  
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• Swiss Re Corporate Solutions names China head

  07-07-2016 17:58
  Swiss Re Corporate Solutions has appointed Jingwei Jia as CEO of
  its China operations, effective immediately.
  Jia will replace Andreas Hillebrand, who will return to Zurich
  to become global head of credit and surety.
  Prior to becoming CEO, Jia was chief operations officer (COO) of
  the China segment. He has also held senior business development and
  underwriting roles for Swiss Re in China, Singapore, UK and the
  US.
  The appointment is subject to approval from the China Insurance
  Regulatory Commiss
  
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• Axa to divest Serbian business

  07-07-2016 17:58
  Axa has entered an agreement with Vienna Insurance Group to sell
  its entire Serbian operation.
  The Austrian carrier has agreed a deal to acquire 100 percent of
  the life and savings and P&C businesses of Axa Neživotno
  Osiguranje Ado.
  The terms of the transaction were not disclosed and it remains
  subject to regulatory approvals.
  The announcement follows the unveiling of the carrier's
  four-year strategic plan, Ambition 2020, at an investor day in
  Paris last month.
  In order to boost its...
  
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• Q&A: Wunelli looks to the future of telematics

  07-07-2016 16:27
  
  Wunelli, A LexisNexis Risk Solutions company, launched in 2008 following a test period as a telematics insurance broker under the brand Coverbox. The company has since invested in delivering telematics innovations and solutions to the insurance sector.
  
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• Property funds fall, the lowest ever 10-year mortgage, and a car hire guide

  07-07-2016 15:41
  
  Plus, the the impact of Brexit on pensioners living overseas, consumer champions tackle your problems, and summer homes for saleHello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Continue reading...
  
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• Europe: Getting ready for the General Data Protection Regulation

  07-07-2016 15:05
  
  Insurers have two years to adapt to the European Union's General Data Protection Regulation, at least until the timetable and details of Brexit are clarified.
  
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• IFED arrests Birmingham pair in ‘crash for cash’ investigation

  07-07-2016 14:18
  
  A man and a woman have been arrested on suspicion of conspiracy to defraud and money laundering as part of an investigation into a suspected “crash for cash” gang.
  
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• Markerstudy choose Cyberseer to safeguard against threats

  07-07-2016 14:17
  
  Markerstudy Group have decided to adopt Cyberseer services in order to safeguard cyber security across their network.
  
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• ABI extends funding commitment to Insurance Fraud Register

  07-07-2016 14:15
  
  The Association for British Insurers will extend funding for the Insurance Fraud Register until 2020.
  
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• BIBA joins TrustSeal panel

  07-07-2016 14:12
  
  The British Insurance Brokers’ Association will sit on the advisory board responsible for issuing a kitemark to sharing economy companies.has joined the Expert Advisory Panel for the sharing economy’s ‘TrustSeal’ as Sharing Economy UK (SEUK) launches today.
  
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• Biba joins sharing economy standards scheme

  07-07-2016 13:53
  
  Biba has lent its support to a scheme to set standards for the new sharing economy.
  
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• Arrests made as a IFED and IFB investigate 'crash for crash' gang

  07-07-2016 13:47
  
  Arrests have been made following a police investigation into a suspected Birmingham crash for cash gang.
  
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• ABI welcomes BT into Associate Membership

  07-07-2016 13:05
  
  BT has joined the Association of British Insurers as an associate member and is the first technology firm to do so.
  
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• Henderson opens Sheffield office

  07-07-2016 12:56
  
  Broker opens 12th office to be led by Adrian Hiley.
  
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• Biba joins sharing economy panel

  07-07-2016 12:51
  
  Stamp of approval launched for sharing economy companies.
  
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• Transparency disclosure in post-Brexit future

  07-07-2016 12:30
  
  Low growth in the insurance industry plus Brexit means brokers depend even more on commissions.
  
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• Allianz: Transparency disclosure in post-Brexit future

  07-07-2016 12:30
  
  Low growth in the insurance industry plus Brexit means brokers depend even more on commissions.
  
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• S&P warns of 'cracks' in hedge fund re model

  07-07-2016 12:25
  Standard & Poor's (S&P) has questioned the viability of
  hedge fund reinsurers (HFRs) amid struggling underwriting
  profitability and declining returns on equity (RoEs).
  As reinsurance pricing continues to decline and subdued
  investment returns fail to compensate for underwriting losses,
  "we might start to see bigger cracks in certain HFR
  models", the rating agency said in a study released yesterday
  (6 July).
  It added that although the HFRs have outpaced their traditional
  cousins on top-li
  
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• Industry extends commitment to the Insurance Fraud Register

  07-07-2016 11:26
  
  Funding for three more years has been pledged by the ABI.
  
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• US June storms cost insurers $350mn: Aon Benfield

  07-07-2016 11:17
  The thunderstorms that hit the US in June are expected to lead to
  insured losses of more than $350mn, according to Aon Benfield unit
  Impact Forecasting.
  It its latest report, the firm noted that despite the wind and
  hail damage caused by the storms, there were the lowest number of
  June tornadoes in the US since 1988.
  The June tally comes after a more expensive preceding two
  months, with Impact Forecasting estimating claims from US storms at
  more than $3bn...
  
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• Taiwan braces for Super Typhoon Nepartak

  07-07-2016 11:17
  The first western North Pacific typhoon of 2016, Super Typhoon
  Nepartak, is expected to make landfall in Taiwan tomorrow (8
  July).
  The China Meteorological Administration has forecast that the
  storm will make landfall on the eastern coast in Hualien County and
  Taitung County, which are south of the capital Taipei, as a super
  typhoon.
  It is expected to weaken before crossing the Taiwan Strait and
  making landfall on China's Fujian coast, either as a typhoon or
  super typhoon.
  Impact Forecasting...
  
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• New forms of capital pushing into MGAs

  07-07-2016 11:17
  Aggressive investors seeking yield amid perpetual low interest
  rates are driving "alternative capital" towards managing
  general agents (MGAs).
  According to panellists at the Managing General Agent
  Association (MGAA) annual conference in London today (6 July),
  capital is pouring into the firms as investors seek a more
  aggressive and active investment play in the current depressed
  environment.
  Arch Insurance Europe CEO James Weatherstone said data
  transparency in the industry had enabled investors
  
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• Marsh names vice chair of global placement

  07-07-2016 11:17
  Marsh has appointed Jeremy Cooke as vice chairman of global
  placement, effective immediately.
  Cooke was most recently head of placement for Marsh's
  international division, and has worked at the big-three broker
  since 2003.
  He reports to Dean Klisura, global head of industry specialties
  and placement, and is based in London....
  
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• Fairfax acquires Zurich South Africa

  07-07-2016 11:17
  Fairfax Financial has reached a deal to acquire Zurich's South
  African and Botswanan operations, the insurance holding company
  announced today (7 July).
  The 100 percent agreement is expected to close by the end of the
  year, pending various regulatory approvals.
  Zurich Insurance Company South Africa was founded in 1965 and
  has over 800 employees.
  Fairfax chairman and CEO Prem Watsa said: "Africa is a
  continent that represents a long-term growth opportunity for
  Fairfax, but where we have tradition
  
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• Aran subsidiary named Lloyd's coverholder

  07-07-2016 11:17
  North American carrier Aran Insurance Services has secured
  approval as a Lloyd's coverholder.
  Aran specialises in developing and acquiring underwriting
  facilities offering specialty insurance products and services to
  the P&C and accident and health markets.
  The coverholder will write US and Canadian business on behalf of
  managing agents....
  
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• Jonathan Evans wins achievement award at the BIA

  07-07-2016 10:26 via insuranceage.co.uk
  
  Former chair of the All Party Parliamentary Group for Insurance and Financial Services Jonathan Evans was last night crowned the achievement winner at the British Insurance Awards.
  
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• Beach Point raises stake in ex-Quindell Watchstone

  07-07-2016 10:16
  
  Beach Point Capital Management has increased its stake in Watchstone, formerly the Quindell group to more than 11%.
  
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• Hastings, Direct Line tipped as best motor performers post-Brexit

  07-07-2016 09:46
  
  Hastings and Direct Line are better-positioned financially for Brexit than some of their motor insurer rivals, according to investment bank Berenberg.
  
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• Zurich sells South Africa operations to Fairfax Financial

  07-07-2016 09:43
  
  Swiss-headquartered insurance giant Zurich has sold its South Africa operations to Toronto-headquartered Fairfax Financial Holdings for an undisclosed sum.
  
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• UK woman may die in US after insurer refuses payout

  07-07-2016 09:17
  
  A terminally-ill British woman may die in the US after her insurance company refused to pay for her healthcare, the BBC reported.
  
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• Post-Brexit UK needs to match EU cyber protection rules

  07-07-2016 09:01
  
  If the UK wants to compete with the EU on equal terms post-Brexit, UK data protection standards will have to match EU regulations, according to cyber protection firm NCC.
  
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• CEGA expands fraud investigations team

  07-07-2016 08:43
  
  Medical assistance and claims handling firm CEGA has appointed a special investigator and invested in fraud training.
  
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• ABI extends funding to initiative that tackles fraud

  07-07-2016 07:00
  
  The ABI said it will extend the funding commitment to the Insurance Fraud Register (IFR) until 2020.
  
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• Jonathan Evans, Maurice Tulloch, Aviva, Allianz and Covea among 2016 BIA winners

  07-07-2016 04:17
  
  Former chair of the All Party Parliamentary Group for Insurance and Financial Services Jonathan Evans, pictured, was last night acclaimed as the achievement winner at the British Insurance Awards.
  
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