Insurance news

• No 'brain damage' for retail investors in Blackstone's Harrington Re

  22-07-2016 19:36
  Blackstone's reinsurance joint venture with Axis Capital,
  Harrington Re, was pitched as a way for retail investors to get
  access to a broad Blackstone portfolio in one vehicle, chief
  operating officer Tony James said on a Q2 earnings call.
  "You don't have to... go through a lot of brain damage
  and filling out papers and big minimums and all that to get into
  all these different funds," he said, according to a Seeking
  Alpha transcript.
  "You get Blackstone returns across...
  
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• AmTrust acquires US space MGA

  22-07-2016 19:36
  Acquisitive US-listed carrier AmTrust has acquired
  Maryland-based space managing general agency (MGA) Assure Space,
  The Insurance Insider can reveal.
  As part of the deal, Assure Space will write on behalf of
  AmTrust's Lloyd's paper and part company with its current
  insurance partner Hallmark Financial Services, this publication
  understands.
  The transaction sees AmTrust buy out the interest of private
  equity firm Auster Capital Partners (ACP) in the MGA.
  Assure Space was founded five years ago by
  
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• Gibraltar insurer Enterprise goes bust

  22-07-2016 17:22
  
  Gibraltar’s Financial Services Commission (FSC) has ordered Enterprise Insurance Company to stop writing new insurance contracts immediately after the insurer advised it that it is insolvent and has been unable to secure additional funding.
  
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• Neil Pearce appointed as managing director of Towergate London market

  22-07-2016 17:00
  
  Towergate has appointed Neil Pearce as managing director of Towergate London market.
  
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• Towergate makes hire from RKH to accelerate London Market growth

  22-07-2016 16:51
  
  Towergate has confirmed the appointment of Neil Pearce as managing director of its London Market division.
  
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• Firms that use ARs must recognise responsibility - Biba

  22-07-2016 16:39
  
  Insurers, brokers and networks that use ARs must recognise the model carries a higher degree of responsibility on the regulated firm than a simple delegated authority, Biba chief executive Steve White has said.
  
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• Fraudulent four jailed over 'crash for cash' claims

  22-07-2016 16:33
  
  Four fraudsters have each landed themselves a sixth month jail sentence after taking part in a ‘crash for cash’ scam.
  
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• Beazley looks to target EU business from Dublin as it seeks to extend reinsurance license

  22-07-2016 14:04
  
  Lloyd's of London insurer Beazley is working to ensure its Irish reinsurance business gains access to the European market, even if Lloyd's loses its pass-porting rights.
  
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• Brokers say FCA's AR attack “fair”

  22-07-2016 13:59 via insuranceage.co.uk
  
  Experts say that brokers taking on appointed representatives need to be aware of the "huge responsibility".
  
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• Biba warns industry on using ARs

  22-07-2016 13:30 via insuranceage.co.uk
  
  Businesses must have appropriate processes and supervision in place wherever the AR distribution method is used.
  
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• CIRC: Insurers should not be used as ATMs

  22-07-2016 13:26
  The chairman of the China Insurance Regulatory Commission (CIRC)
  has warned against insurers becoming "automatic teller
  machines" for activist shareholders.
  Xiang Junbo said insurance companies had been used for M&A
  or restructuring in sectors that are redundant or suffering from
  overproduction, and that the industry should promote the purpose of
  insurance as a risk management tool.
  He added: "We must have strict review criteria for
  shareholders of insurance companies. We have to let those w
  
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• Beazley commits to Singapore after Atrium exit

  22-07-2016 13:26
  Beazley has expressed confidence in its Singapore operation as
  Atrium's decision to exit Lloyd's Asia earlier this week
  placed the platform's performance in the spotlight.
  Speaking at the carrier's first half results briefing this
  morning, Beazley's head of marine Clive Washbourn acknowledged
  that Singapore was a competitive market.
  "You can't wave a magic wand and create great rates,
  but I think we have got two very smart guys who have taken a
  long-term view of developing the business there,&am
  
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• AR network leaders welcome thematic review findings

  22-07-2016 13:14 via insuranceage.co.uk
  
  Biba boss highlights that with an appointed rep a firm “is lending its regulatory permission to someone else and with that lending its name”.
  
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• 'If FCA AR probe drives up quality it is a good thing' - TEn network boss

  22-07-2016 12:46
  
  TEn network boss James Sharp says that FCA review into appointed representatives (ARs) will weed out the good firms from the bad ones.
  
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• Quizzical questions: 22 July 2016

  22-07-2016 12:40 via insuranceage.co.uk
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Your holiday is booked – then the firm goes bust. Have you lost your money?

  22-07-2016 12:00
  
  Not if the company was registered with Atol, which is why it’s important to check for the logo when you bookThe collapse of LowCostHolidays, which has left 110,000 holidaymakers out of pocket, has turned the spotlight on how vulnerable people are to booking through websites that appear to be British but are in fact based overseas, sometimes with almost zero financial protection.Victims of LowCost’s collapse are set to be offered just £7.50 each, after it emerged that the Majorc
  
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• Nicholls leaves Berkshire Hathaway

  22-07-2016 11:59
  Blair Nicholls, managing director of Berkshire Hathaway's
  reinsurance operations in Australia, has left the carrier,
  The Insurance Insider understands.
  Nicholls' next destination is not currently known.
  Prior to working at Berkshire Hathaway Nicholls was at QBE for
  12 years, latterly as chief actuarial officer and head of
  reinsurance.
  He began his career in 1988 as a consultant at Trowbridge
  Consulting in Sydney.
  While at Berkshire Hathaway, Nicholls was responsible for
  brokering a number of dea
  
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• Dima appoints interim CEO and chairman

  22-07-2016 11:59
  Irish insurance trade body the Dublin International Insurance &
  Management Association (Dima) has appointed Eddy Van Cutsem as
  interim CEO, it announced yesterday.
  Van Cutsem will take up his position on 1 August and will
  replace outgoing CEO Sarah Goddard.
  He was one of the founders of Dima in 1990 when he worked at
  Eurco Re.
  Dima has also appointed David Stafford as chairman, succeeding
  Marco Nuvoloni.
  Stafford is CEO of ALD Re, a reinsurance subsidiary of ALD
  International and...
  
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• JLT Re takes on Peruvian portfolio

  22-07-2016 11:59
  JLT Group's reinsurance arm JLT Re has acquired the portfolio
  of Peruvian broker Olsa Re.
  Olsa Re is a specialist in the aviation and cargo sectors, with
  clients also situated in Colombia, Ecuador and Costa Rica.
  Jose Espinosa and Clara Escobar, Olsa Re's key aviation
  brokers, have also joined JLT Re to manage the aviation
  portfolio.
  JLT Re said the acquisition has further strengthened its
  position as Peru's leading reinsurance broker.
  In May, JLT Re also launched JLT Re Global...
  
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• Brit signs South African strategic deal

  22-07-2016 11:59
  Brit has made a strategic investment in South Africa-based Camargue
  Underwriting Managers, it announced today.
  Lloyd's coverholder Camargue writes a range of specialised
  insurance products across the South African market, with gross
  written premiums of 215mn rand ($15mn) for the year to 31 December
  2015.
  Under the agreement, Camargue will retain its independence,
  underwriting on behalf of Lloyd's syndicates, international
  insurers and local capacity.
  Founded in 2001, Camargue has traded with Bri
  
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• Collateral lies ruling and abuse claims - the Post week

  22-07-2016 11:47
  Here are the important insurance news and Post exclusives of the past week, in case you missed them.
  
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• FCA urged to get even tougher on brokers over unruly AR controls

  22-07-2016 11:39
  
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• FCA slams oversight of appointed representatives

  22-07-2016 11:39 via insuranceage.co.uk
  
  Regulator finds “significant shortcomings” and orders two companies to stop sales activity.
  
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• FCA identifies ‘serious and widespread’ mis-selling among ARs

  22-07-2016 11:35
  
  The Financial Conduct Authority has identified “serious and widespread” issues on the oversight of appointed representatives.
  
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• FCA slams brokers over lax AR controls

  22-07-2016 11:24
  
  The FCA has slammed brokers for having poor oversight over their appointed representatives.
  
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• FCA issues two S166 reviews against brokers over 'AR mis-selling'

  22-07-2016 11:22
  
  The FCA has taken action against five firms, including issuing two Section 116 skilled person reviews, as a result of its probe into appointed representatives.
  
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• Mann Broadbent targets lesiure clubs with sports product launch

  22-07-2016 10:57 via insuranceage.co.uk
  
  Policy covers playing surfaces, floodlights and trophies.
  
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• Beazley posts dip in post-tax profits

  22-07-2016 10:46 via insuranceage.co.uk
  
  GWP rises for first six months of 2016.
  
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• Thatcham code of conduct for Advanced Driver Assistance Systems to be published this month

  22-07-2016 10:22
  
  The Thatcham code of conduct report for Advanced Driver Assistance Systems is due to be published later this month, Post can reveal.
  
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• Best Employer line-up revealed

  22-07-2016 10:15 via insuranceage.co.uk
  
  Winner to be announced at the UK Broker Awards in September.
  
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• Beazley sees profits slip in H1 results as rates fall

  22-07-2016 09:49
  
  Beazley has seen a slight dip in profits in its results for the first half of this year owing to declining rates.
  
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• Beazley H1 profit falls as specialty GWP grows

  22-07-2016 09:13
  First-half pre-tax profit at Beazley fell 3 percent to $150.2mn, as
  an uptick in claims and expenses during the period offset higher
  revenues.
  The London-listed carrier reported revenue of $939.9mn for the
  first half, up 3 percent on the year-ago period.
  However, net insurance claims grew 4 percent to $436.2mn, while
  expenses also saw a 4 percent increase to $782.6mn.
  The group's combined ratio deteriorated by 4 percentage
  points to 90 percent for the period.
  Investment returns totalled $62.7mn
  
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• Beazley posts $150m profits and reveals fierce pricing competition

  22-07-2016 09:13
  
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• Too rude to insure: Hastings computer says no to pub name

  22-07-2016 08:51
  
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• Too rude to insure: Hastings 'computer says no' to offensive pub name

  22-07-2016 08:51
  
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• Aviva shrinks brokered private motor amid 22% rate hike

  22-07-2016 08:43
  
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• Blog: Why insurers can capitalise on CMA bank crackdown

  22-07-2016 08:35
  
  By Gerald McLarnon, consultant and former Swinton commercial/marketing director 
  
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• Aviva, Zurich, RSA - why we should watch these insurers at H1 results

  22-07-2016 08:31
  
  Insurance Times editorial gives a five minute video preview of what to look out for as the half-year results season begins 
  
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• Passenger drones: Look to the skies

  22-07-2016 08:05
  
  The airspace above our cities could be the roadway of the future but what will insurance look like in times to come? And what kind of policy would cover flying taxi cabs – motor or aviation?
  
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• Blog: Home insurers should look at data sharing before connected home

  22-07-2016 08:00
  
  It's undoubtedly a challenging time for home insurers.
  
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• South to take over from Bentley at Marsh US and Canada

  22-07-2016 00:24
  Marsh has named Martin South as the new president of its US and
  Canada operations as it moves Rob Bentley over to work on
  "strategic initiatives".
  The MMC subsidiary said South will officially take the reins of
  its largest region on 1 September when he will move over from his
  current position as CEO of Marsh's Asia-Pacific region.
  The giant broker added that in his new role he will report to
  Marsh president John Doyle, who joined earlier this year...
  
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