Insurance news

• Underwriting and investments drive strong Allied World beat

  19-07-2016 23:40
  Allied World has built on a solid set of Q1 results with a strong
  earnings beat for the second quarter as it reported a significant
  improvement in underwriting performance and an enhanced
  contribution from its investment portfolio.
  Q2 operating profits of $82.7mn, or $0.91 a share, surged from
  $25.8mn, or $0.27 a share in the prior-year period and were more
  than twice the $0.39 a share consensus of Wall Street analysts'
  forecasts.
  Underwriting income jumped from just $5.9mn in the...
  
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• PRA voices concerns on Lloyd's reserve strength

  19-07-2016 19:03
  Lloyd's is set to review syndicates' reserve releases
  after the Prudential Regulatory Authority voiced its concern over
  their sustainability, the UK watchdog has revealed.In a "Dear CEO" letter distributed yesterday (18
  July), the PRA's director of general insurance Chris Moulder
  shared findings from an analysis of regulatory returns and a
  questionnaire that London market insurers completed last year.
  The PRA found that reserve releases in 2015 as measured by the
  percentage of reserves brought f
  
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• BHSI enters transactional liability in US and Canada

  19-07-2016 19:03
  Berkshire Hathaway Specialty Insurance (BHSI) has expanded into the
  transactional liability market in US and Canada, it announced today
  (19 July).
  The company named Robert Underhill as senior vice president,
  head of transactional liability; Dan Crosby as vice president,
  transactional liability; and Amy Bowman and Michael Brooks as
  assistant vice presidents.
  Underhill joins with more than 15 years of experience in the
  financial and insurance industries and was most recently a partner
  at law firm
  
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• Insurers unprepared for driverless vehicles - KPMG

  19-07-2016 17:02
  
  Insurers are unprepared for the arrival of driverless vehicles, a new study from KPMG says.
  
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• Webinar: Industry discusses challenges of cyber crime

  19-07-2016 16:51
  
  Now that cyber-attacks are becoming a regular occurrence, the insurance industry is now honing in on a lucrative market.
  
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• Webinar: Chubb, Hiscox and IDT911 discuss challenges of cyber crime

  19-07-2016 16:51
  
  Now that cyber-attacks are becoming a regular occurrence, the insurance industry is now honing in on a lucrative market.
  
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• Cyber vulnerability found in 40% of Lloyd's reinsurance policies

  19-07-2016 16:22
  A review of Lloyd's-written reinsurance policies has revealed
  at least 40 percent were significantly exposed to a catastrophic
  cyber-attack.
  An Adsensa study of 392 reinsurance policies from three managing
  agents found at least 40 percent did not contain a standard cyber
  exclusion in the wording.
  One of the portfolios studied contained no reference to cyber
  terms in 68 percent of cases.
  In the event of a catastrophic cyber-attack, reinsurers could
  find themselves exposed to the full limits on po
  
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• AIG launches cyber cover for property damage

  19-07-2016 16:22
  American International Group (AIG) has launched a standalone cyber
  policy that will cover property damage and bodily injury on a
  primary basis, the US insurance giant announced today (19 July).
  It is believed to be the first product of its kind to be written
  on a primary basis. The policy will also cover business
  interruption and product liability risks.
  "Cyber is a peril. It can no longer be considered a risk
  covered by a traditional network security insurance product,"
  said...
  
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• Six out of 10 policyholders now using online self-service

  19-07-2016 15:42
  
  Six out of 10 policyholders are now using online self-service for car and home insurance.
  
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• ANV MGU hires professional lines underwriter

  19-07-2016 14:44
  ANV's managing general underwriter arm has brought Simon
  Fragiacomo on board as a professional lines underwriter, the
  company announced today (19 July).
  He will be based in Barcelona with a remit to grow the
  carrier's professional lines portfolio in France and
  francophone Europe.
  The appointment is effective immediately, with the underwriter
  reporting to underwriting director for professional lines Dennis
  Gattinger.
  Fragiacomo joins the company from XL Catlin in Paris, where he
  was a financial i
  
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• Only one in ten insurers are prepared for arrival of driverless cars

  19-07-2016 14:37
  
  The majority of insurers are unprepared for the arrival of driverless vehicles, according to a report from KPMG.
  
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• Only one in 10 insurers are prepared for arrival of driverless cars

  19-07-2016 14:37
  
  The majority of insurers are unprepared for the arrival of driverless vehicles, according to a report from KPMG.
  
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• Insurtech start-ups will change industry says PwC report

  19-07-2016 14:02
  
  A PwC trend report has revealed that insurtech start-ups have the potential to reduce costs across the insurance industry and improve the customer service given to policy holders.
  
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• Insuretech start-ups will change industry says PwC report

  19-07-2016 14:02
  
  A PwC trend report has revealed that insurtech start-ups have the potential to reduce costs across the insurance industry and improve the customer service given to policy holders.
  
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• Insurance Europe warns of lack of political support for ICS

  19-07-2016 13:27
  Trade body Insurance Europe has voiced concern about the lack of
  political support for the development of the global insurance
  capital standard (ICS).
  The lobby group released a statement today (19 July) in response
  to the publication of the International Association of Insurance
  Supervisors (IAIS) consultation on the ICS, which will apply to
  around 50 of the largest internationally active insurance groups
  from 2018.
  However, the IAIS is looking to finalise
  the rules by the end of the year.
  Insu
  
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• Accountant faces jail after stealing £24,000 from Biba

  19-07-2016 13:06
  
  An accountant has pleaded guilty to stealing more than £24,000 from Biba, and could face jail.
  
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• Customer satisfaction in the insurance industry continues to rise

  19-07-2016 12:47
  
  Customer satisfaction in the insurance sector has increased over the past year, research from the UK Customer Satisfaction Index has revealed.
  
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• Ex-Biba accountant pleads guilty of £24,000 fraud against trade body

  19-07-2016 12:29
  
  Accountant may be facing jail after case at Old Bailey for stealing money from Biba.
  
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• Arag posts increased GWP for 2015 but profits slip

  19-07-2016 12:25
  
  An "artificial peak" in profit for 2014 distort comparison with 2015 according to insurer.
  
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• InsurTech Futures: Start-ups focus on customer relationships

  19-07-2016 12:21
  
  Report shows a third of InsurTech start-ups look to improve customer relationships.
  
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• TMK opens online broker exchange

  19-07-2016 12:16
  Tokio Marine Kiln (TMK) has launched a web-based broker exchange
  that enables real time quotation and binding of policies.
  The "One TMK" platform will initially offer cargo
  insurance quotes through the "Cargo 10" product, which
  the carrier said will deliver a quote after answering 10
  questions.
  The process is fully automated and offers full post-bind
  documentation at the point of sale.
  A further six to 10 products are scheduled to come online during
  2017.
  TMK said the platform was designed...
  
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• Darag to buy Ergo Assicurazioni

  19-07-2016 12:16
  Darag has agreed to buy Ergo Assicurazioni from Ergo Italia, the
  run-off specialist announced today (19 July).
  The acquisition of the non-life business is subject to
  regulatory approval from domestic regulator the Italian Insurance
  Supervisory Authority.
  The terms for Darag's first Italian transaction were not
  revealed.
  Should the acquisition go ahead, Ergo Assicurazioni will be
  renamed Darag Italia and become a platform for the legacy
  company's activities in southern Europe.
  Darag said that it
  
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• Atrium shuts Singapore platform

  19-07-2016 12:16
  Lloyd's managing agency Atrium is to close its Singapore
  operation, it announced today (19 July).
  Richard Harries, CEO of the Enstar subsidiary, said the carrier
  could not see Atrium Singapore growing to the size that was
  previously envisaged, given its specialism in specialty lines.
  "Atrium remains committed to the Asian region. This
  business will now be conducted through its London office," he
  added.
  The business written in Singapore represented less than 2
  percent of Atrium's worldwide premiu
  
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• AXA creates new role as part of claims transformation programme

  19-07-2016 12:01
  
  AXA Insurance has appointed Kim Pearce to the newly created role of claims customer services director as part of its ongoing Claims Transformation Programme.
  
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• Charles Taylor licenses insurance platform to boost client service

  19-07-2016 11:56
  
  Charles Taylor InsureTech, the insurance technology arm of insurance services firm Charles Taylor, has licenced software provider Fadata’s INSIS platform to extend its systems capability for life, general and health insurance clients.
  
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• Charles Taylor license insurance platform to boost clients’ professional services

  19-07-2016 11:56
  
  Charles Taylor InsureTech, the insurance technology arm of insurance services firm Charles Taylor, has licenced software provider Fadata’s INSIS platform to extend its systems capability for life, general and health insurance clients.
  
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• KPMG poll highlights "apathy" towards driverless cars

  19-07-2016 11:37
  
  Insurers and brokers lack of interest is because they believe that they have ample time to prepare their business before the technology becomes mainstream.
  
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• Barbican appoints Decombes energy chief

  19-07-2016 11:09
  Barbican has hired Olivier Decombes as its new divisional head of
  energy, power and utilities, the carrier announced today (19 July).
  Decombes was previously chief underwriting manager for offshore
  energy at CV Starr, based in London.
  He departs after over six years at the company, having joined in
  2010 as regional manager for European property and industrial
  risks.
  Prior to that he served as upstream and downstream regional
  manager for the Mena and Asia regions at privately owned Swiss
  insurer.
  
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• Hood appoints finance director

  19-07-2016 10:11
  
  Affinity insurance broker Hood Group has appointed Mark Hunter as finance director following the retirement of Bob Gildie.
  
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• HPS to fund Broker Network acquisition drive

  19-07-2016 10:05
  
  Network boss Andy Fairchild hopeful of completing first deal before end of 2016.
  
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• Video: Power hour - motor trade

  19-07-2016 09:56
  
  Specialist motor trade brokers met up with Allianz to discuss the hot topics in the market.
  
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• Tokio Marine Kiln launches online platform for specialist business lines

  19-07-2016 09:09
  
  Lloyd’s insurer Tokio Marine Kiln (TMK) has launched a web-based platform to give brokers access to specialist business lines that have traditionally been difficult and uneconomic to reach.
  
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• Barbican hires divisional head of energy, power and utilities

  19-07-2016 08:46
  
  Barbican Insurance Group has announced that Olivier Decombes will join as divisional head of energy, power and utilities.
  
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• Insurance provider launches last-minute travel cover service at UK airports

  19-07-2016 08:26
  
  Travel insurence provider Columbus Direct is rolling out 30 self-service kiosks at nine UK airports this summer to offer last-minute travel cover to uninsured holiday goers.
  
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• Broker launches last-minute travel cover service at UK airports

  19-07-2016 08:26
  
  Travel insureance broker Columbus Direct is rolling out 30 self-service kiosks at nine UK airports this summer to offer last-minute travel cover to uninsured holiday goers.
  
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• Aviva's Simon Warsop on flood resilience

  19-07-2016 08:00
  
  Simon Warsop, chief underwriting officer for Aviva’s personal lines business, talks about recent flood debates and what action is needed now to protect homes and businesses next winter.
  
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• Brown & Brown delivers organic growth improvement

  19-07-2016 00:35
  Brown & Brown opened the Q2 earnings season with organic
  growth of 2.6 percent that represented a notable improvement on the
  figures it reported in the first quarter this year and in the
  prior-year period.
  The top-line growth helped the US retail giant generate adjusted
  earnings per share of $0.49 that were ahead of Wall Street
  analysts' consensus forecasts of $0.44.
  Organic growth at the Florida-based intermediary in Q2 2015 was
  1.9 percent, while in Q1 2016 the firm delivered...
  
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• Axis estimates $104mn hit from Q2 cat and weather events

  19-07-2016 00:35
  Axis Capital's second quarter results will include a
  preliminary estimate for catastrophe and weather-related pre-tax
  losses of $104mn, said the Bermudian in a statement today (18
  July).
  The (re)insurer said the estimate is after reinsurance and
  reinstatement premiums and includes $71mn of losses from major
  natural catastrophes with the remaining $33mn from weather
  events.
  It added that its insurance segment took $41mn of the overall
  losses, largely from the US weather events, while its reinsura
  
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