Insurance news

• AM Best upgrades IFG's issuer credit rating

  14-07-2016 21:58
  Ratings house AM Best has upgraded the issuer credit rating (ICR)
  of surplus lines writer IFG Companies.
  In an announcement today (14 July), the rating agency increased
  the ICR from A to A+ with a stable outlook.
  AM Best affirmed the carrier's A-level financial strength
  rating with a stable outlook.
  The improved ICR will extend to the insurance subsidiaries in
  IFG's stable, which include First Financial as well as its
  subsidiary Alamance and its two affiliates: The Burlington
  Insurance Company..
  
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• RKH Specialty hires P&I broker

  14-07-2016 18:54
  RKH Specialty has hired Mike Riddick to join its marine protection
  and indemnity (P&I) team, the Hyperion-owned broker announced
  today (14 July).
  Riddick joins from Lockton, where he was senior vice president
  in the marine practice.
  He has previously held P&I positions at JLT and specialist
  P&I broker Godfrey Merritt Amiss, having started his career at
  The Standard Club in 1980.
  Particular experience includes working with clients in the UK,
  Europe, Russia, the US, Canada and Pakistan
  
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• BHSI launches Australian cyber product

  14-07-2016 18:54
  Berkshire Hathaway Specialty Insurance (BHSI) is set to launch an
  insurance product in Australia in partnership with IT security
  company Symantec.
  BHSI will release the product next week, as reported by
  Strategic Risk earlier today (14 July).
  It comes a week after BHSI launched of a full suite of accident
  and health (A&H) products in the country, including corporate
  travel insurance, group personal accident insurance, expatriate
  insurance, journey insurance and voluntary workers'
  insurance.
  
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• ABI issues warning to Pokemon Go players

  14-07-2016 18:08
  
  The Association of British Insurers has issued a warning to Pokemon Go fans not to get so caught up in the game they have an accident.
  
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• Registration opens for Lloyd's Dive In festival

  14-07-2016 18:02
  
  Registration has opened for Lloyd's flagship Dive In festival for Diversity and Inclusion.
  
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• Changes to driving test won't reduce death on the roads, says ABI

  14-07-2016 17:35
  
  Proposed changes to the practical driving test do not go far enough to prevent road deaths, the Association of British Insurers has warned.
  
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• Cat losses push Chaucer to Q2 underwriting loss

  14-07-2016 17:16
  The Hanover has announced its Lloyd's business Chaucer will
  post a second quarter underwriting loss due to the impact of
  catastrophe and large loss activity at the beginning of the year.
  In a statement today (14 July), the company said it expected the
  segment to produce a Q2 combined ratio of between 103 and 105
  percent.
  The most significant loss events included the Alberta wildfires,
  earthquakes in Japan and Ecuador, the Brussels Airport terrorist
  attacks and the turret malfunction at...
  
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• Brexit to have no impact on India business: Beale

  14-07-2016 17:16
  Lloyd's CEO Inga Beale has said that the Corporation's
  business in India will not be affected by the UK's decision to
  leave the European Union.
  Speaking at the India Insurance Global Summit event hosted by
  Reinsurance Magazine this week (12 July), Beale tried to allay any
  fears by giving reassurances that Lloyd's had plans in
  hand.
  "In the future if there is a 'Brexit', it will have
  no impact on our business in India," she said.
  "Sometimes there's a bit...
  
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• Eighty more jobs at risk at Allianz

  14-07-2016 15:52 via insuranceage.co.uk
  
  Insurer confirms a total of 250 potential redundancies following its organisational restructure.
  
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• Allianz UK puts 80 more jobs at risk following review

  14-07-2016 15:25
  
  Allianz UK has put 80 more jobs at risk after completing a review of its organisational structure.
  
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• Allianz could make 80 more redundancies as a result of restructure

  14-07-2016 15:21
  
  Allianz could make up to 80 redundancies by the end of the year as a result of a wider restructure.
  
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• Guernsey is inviting insurers to relocate from Brexit UK

  14-07-2016 13:45
  
  Guernsey is carrying out a strategic review into how it can become a “more important player” as an international insurance hub.
  
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• Number of insurance M&As falls by 30%

  14-07-2016 13:01
  
  The number of mergers and acquisitions has fallen by 30%, research has found.
  
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• Financial mishandling was not endemic at Towergate

  14-07-2016 12:54
  
  The Towergate boss at the centre of a client cash mishandling case was "very professional" and the fault was down to a technicality, a source close to the company has said.
  
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• R&Q enters US surety underwriting agreement

  14-07-2016 12:35
  Randall & Quilter (R&Q) subsidiary Accredited Surety and
  Casualty Company (ASC) has entered into an underwriting agreement
  with surety bond specialist East Coast Surety Agency (ECS).
  ECS, a subsidiary of CB Holdings Group and an affiliate of
  Boston Indemnity Company, specialises in providing surety bonds to
  small and mid-sized companies that are underserved in the
  traditional surety market.
  Under the agreement, ASC will retain a small percentage of the
  underwriting, supported by a reinsu
  
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• Kemper adds $52mn cat losses to Q2 tally

  14-07-2016 12:35
  US insurer Kemper Corporation has estimated its second quarter
  2016 results will include pre-tax catastrophe losses of
  approximately $52mn.
  In a statement released on 12 July, the company said it does not
  expect to recover any of these losses under its catastrophe
  reinsurance programme.
  The personal personal lines carrier said the losses were the
  result of several storms, but added that a north Texas hailstorm in
  mid-April in particular had heavily impacted policyholders.
  The firm was almost cer
  
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• Barbican Protect hires property and package underwriter

  14-07-2016 12:35
  Barbican Insurance's UK arm Barbican Protect has appointed
  Martyn Bleakley as a property and package underwriter, the carrier
  announced today (14 July).
  The appointment is effective immediately.
  Bleakley joins from WR Berkley, where he served as a development
  underwriter in the P&C unit, focusing on the Midlands and North
  of England region.
  Prior to that he spent around 12 years with French carrier Axa
  as a development underwriter working across the property, casualty
  and commercial combined
  
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• Analysts warn on outsized Q2 cat losses

  14-07-2016 12:35
  Equity analysts have warned of higher-than-expected second
  quarter catastrophe losses and share price pressure at US P&C
  insurers following a swathe of loss estimate pre-announcements.
  Validus issued a statement on 11 July anticipating a $60mn loss
  after reinsurance and retro recoveries, non-controlling interest
  and reinstatement premiums.
  Market bellwether Chubb followed up on 12 July,
  saying it expected a Q2 pre-tax net loss of $390mn.
  XLwas next on 13 July, estimating Q2 pre-tax nat cat l
  
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• PIB boosts professional indemnity team with four hires

  14-07-2016 11:42
  
  PIB Insurance Brokers has hired four professional indemnity (PI) brokers to its legal team as part of its expansion plans.
  
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• Motorists believe premiums should be linked to driving behaviour

  14-07-2016 11:25
  
  Four out of five motorists think that the price they pay for insurance should be linked to their driving behaviour, new research from Wunelli has found.
  
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• Chubb enhances tech company product

  14-07-2016 11:15 via insuranceage.co.uk
  
  Provider lists key features including cyber cover no warranties.
  
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• ABI welcomes appointment of Theresa May

  14-07-2016 11:04
  
  The appointment of Theresa May has been welcomed by the Association of British Insurers as a ‘positive day in British public life’.
  
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• ABI: Theresa May appointment a “positive day”

  14-07-2016 11:00 via insuranceage.co.uk
  
  Trade body vows to work closely with government over insurance industry Brexit issues.
  
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• Dodgy claimant trips up after Facebook post

  14-07-2016 10:48
  
  An Ashford man who tried to claim thousands after he tripped up on a curb, was caught out after investigators spotted an incriminating post on Facebook.
  
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• Zurich series on Future Proofing Broking: The views of the next and current generation of brokers

  14-07-2016 10:18 via insuranceage.co.uk
  
  Whitepaper part of bespoke series to promote fresh thinking in the sector.
  
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• Van In to lead Axa Belgium

  14-07-2016 10:01
  Axa has promoted Jef Van In to CEO of its Belgian business, the
  French carrier announced yesterday (13 July).
  He replaces Frank Koster, who is leaving the company after
  leading the Belgium division for almost two years.
  Van In joined the insurer in 2011 as CEO of Bank Europe based in
  Brussels, and in 2012 was appointed head of the company's
  Central and East European region.
  Prior to joining Axa he served as programme director for ING
  Bank in Belgium,...
  
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• Barbican Protect appoints property and package underwriter

  14-07-2016 09:03
  
  Barbican Protect, the UK insurance arm of Barbican Insurance Group, has hired Martyn Bleakley as a property and package underwriter.
  
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• Cancer patient stuck in US makes safe return to UK

  14-07-2016 08:55
  
  A terminally-ill mum who was stuck in the US for more than two weeks when her insurance firm refused to pay her healthcare has been flown back to the UK, the BBC reported.
  
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• Europe: Crewless ships ready to sail

  14-07-2016 08:20
  
  Could crewless ships be docking somewhere near to you anytime soon? It is beginning to look like it.
  
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• Appointment of May 'a positive day in British public life' – ABI

  14-07-2016 08:13
  
  The ABI congratulated Theresa May on becoming Prime Minister and said it’s “a positive day in British public life”.
  
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• Appointment of May “a positive day in British public life” – ABI

  14-07-2016 08:13
  
  The ABI congratulated Theresa May on becoming Prime Minister and said it’s “a positive day in British public life”.
  
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• Blog: The impact of Brexit on the insurance industry

  14-07-2016 08:00
  
  The UK has voted to leave the EU. What will this mean for the insurance industry?
  
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• XL and Aspen preannounce Q2 cat losses

  14-07-2016 00:08
  XL and Aspen have become the latest (re)insurers to preannounce
  second quarter natural catastrophe losses that include hits from
  the Canada wildfires.
  XL said it estimates net losses for the quarter of $240mn from
  natural catastrophes, with approximately $100mn in its insurance
  division and the balance of $140mn from its reinsurance book.
  The estimates are before tax and net of reinsurance and
  reinstatement premiums.
  The company said the largest hit came from the Fort McMurray
  wildfires in Canad
  
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• Assurant cuts back limit and retention on US cat cover

  14-07-2016 00:08
  Assurant scaled back limit and retention as it restructured its
  core US property catastrophe reinsurance programme at the recent 1
  July renewal.
  The US insurer cut the retention on its US cat cover by almost
  20 percent from $155mn to $125mn as it cited reduced lender-placed
  insurance exposure.
  The reduction followed a similar lowering of its retention last
  year from $205mn to $155mn, which Assurant attributed to lower
  lender-placed insurance exposure and the sale of American Reliable
  to Global I
  
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