Insurance news

• JLT Re takes Bueler from Guy Carp

  26-07-2016 18:50
  JLT Re has appointed former Guy Carpenter stalwart Aaron Bueler
  as executive vice president and managing broker for workers'
  compensation and terror lines.
  The new recruit will be based at the reinsurance broker's
  Seattle office and report to George Daddario, deputy CEO of JLT Re
  in North America.
  He is set to join on 8 September once his contractual
  obligations with Guy Carpenter have expired.
  JLT Re said Bueler had nearly 30 years of experience in the
  sector starting at...
  
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• Howell leaves Generali Asia

  26-07-2016 18:50
  Jack Howell, the CEO for Asia at Generali, has resigned,
  The Insurance Insider has learned.
  Howell had been in place since April last year having joined
  from Prudential, where he was CEO of Prudential Assurance in
  Vietnam.
  Prior to this, he worked for more than six years at American
  International Group, latterly as CEO of Philam Plans.
  He has also held roles at the Boston Consulting Group and
  Charles River Associates.
  Generali declined to comment....
  
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• UK insurers to support brokers following Enterprise liquidation

  26-07-2016 16:18 via insuranceage.co.uk
  
  Motor insurers fear news could have negative impact on the UK insurance market.
  
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• Enterprise's liabilities could exceed assets by up to £18m - reports

  26-07-2016 15:55
  
  The liabilities of failed Gibraltar insurer Enterprise could exceed its assets by as much as £18m, according to reports.
  
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• Parent of stricken insurer Enterprise unveils MGA plans

  26-07-2016 15:51
  
  The parent company of failed Gibraltar insurer Enterprise is planning to expand its managing general agency (MGA) in a bid to replace some of the revenue it will lose.
  
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• JLT names Keswick NED

  26-07-2016 15:36
  JLT has appointed Adam Keswick as non-executive director, effective
  from 1 September, the broker announced today.
  He will become deputy chairman and will also join the
  remuneration and nominations committees - positions held by Lord
  Leach before his death.
  JLT said that its chairman Geoffrey Howe would replace Lord
  Leach as chairman of the nominations committee.
  Keswick is currently based in Hong Kong and is deputy managing
  director of Asia-based business Jardine Matheson Holdings.
  He will reloc
  
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• The County Group launches new headquarters as part of expansion drive

  26-07-2016 14:26
  
  The County Group has launched its new headquarters in Crewe as part of its future expansion plans.
  
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• Elite to set up office in Luxembourg to counter Brexit fears

  26-07-2016 14:16
  
  Gibraltar-based Elite Insurance said it will set up a new regulated insurance company in Luxembourg to ensure that it would not miss out on passporting rights following Brexit.
  
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• Charles Taylor buys medical assistance specialist

  26-07-2016 14:03
  Charles Taylor has acquired CEGA Group for a maximum consideration
  of £29.8mn ($39mn).
  CEGA Group is a specialist provider of technical medical
  assistance and travel claims management services.
  Charles Taylor has paid £23.8mn on completion, of which
  £700,000 is in its own shares.
  The remaining £6mn, of which up to 20 percent could be in
  Charles Taylor plc shares and the remainder in cash, is payable as
  a deferred consideration over a period of two years from
  completion, s
  
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• Catalina to acquire Excess

  26-07-2016 14:03
  Catalina is to acquire The Hartford's £477mn ($627mn)
  UK run-off book Excess, the legacy company announced today.
  Catalina said that it had signed a definitive agreement to
  acquire Hartford Financial Products International Limited (HFPI)
  and Downlands Liability Management Limited from The Hartford.
  HFPI is the UK-regulated company into which The Hartford
  transferred the business of Excess Insurance Company, along with
  business from Hart Re and London & Edinburgh.
  Catalina said that the
  
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• Argenta builds energy and political risk teams

  26-07-2016 14:03
  Argenta has made two underwriting hires to build out its energy and
  political risk capabilities.
  Mark Palmer has been appointed political risks underwriter to
  Argenta Syndicate 2121, starting from 1 August.
  Palmer was previously head of London market underwriting at
  Atradius Credit Insurance NV, where he underwrote a portfolio of
  short-, medium- and long-term credit and political risk insurance
  structures.
  In his new role Palmer will report to active underwriter Ian
  Maguire.
  Meanwhile, Ian Picto
  
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• Sprinklers should be compulsory in new warehouses says ABI

  26-07-2016 12:21
  
  Sprinklers should be made a legal requirement in all new warehouses over 2,000m2, the Association of British Insurers has said.
  
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• Charles Taylor buys travel claims firm CEGA for £29.8m

  26-07-2016 12:01
  
  Insurance services firm Charles Taylor has bought medical assistance and travel claims management firm CEGA Group for £29.8m.
  
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• Charles Taylor buys travel claims firm CEGA

  26-07-2016 12:01
  
  Insurance services firm Charles Taylor has bought medical assistance and travel claims management firm CEGA Group.
  
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• Adrian Brown: Towergate Underwriting to focus on specialising

  26-07-2016 11:56 via insuranceage.co.uk
  
  Brown says no deals on current agenda but does not rule out acquisitions down the line. Business also seeking to develop London specialty and private client market.
  
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• BP Marsh hires bank to advise on sale of Besso stake

  26-07-2016 11:55
  
  The board of Besso and its shareholders have hired investment bank and financial advisory firm Canaccord Genuity to carry out a strategic review for the Lloyd’s broker.
  
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• MPs call for a breakup of the FCA

  26-07-2016 11:50
  
  A review on the possible breakup of the Financial Conduct Authority has been called for by senior MPs and the Treasury Select Committee due to ‘severe flaws’ in its past operations.
  
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• MPs call for a break up of the FCA

  26-07-2016 11:50
  
  A review on the possible break up of the Financial Conduct Authority has been called for by senior MPs and the Treasury Select Committee due to ‘severe flaws’ in its past operations.
  
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• Flint Insurance refinances with RBS

  26-07-2016 11:45
  
  Regional broker plans to grow through acquisitions.
  
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• Almost a fifth of UK motorists lying to get cheaper insurance

  26-07-2016 11:44
  
  Almost a fifth of British motorists are lying to get cheaper premiums, research from Kwik Fit Insurance Services has revealed.
  
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• The A & A Group announces new name, rebranding efforts

  26-07-2016 11:30
  
  The rebrand will provide the firm with the ability to support growth through additional channels.
  
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• Carole Nash grows turnover to £26.2m

  26-07-2016 11:30
  
  Motor broker sees 77% increase in pre tax profit according to results for 2015.
  
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• A & A Group rebrands as Complete Cover Group

  26-07-2016 11:30
  
  The rebrand will provide the firm with the ability to support growth through additional channels.
  
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• MPs call for FCA to break up

  26-07-2016 11:05
  
  MPs say regulator is "outdated and unfair" and merits re-examination.
  
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• Charles Taylor acquires Cega Group

  26-07-2016 10:56
  
  Charles Taylor has acquired Cega Group, a specialist provider of technical medical assistance and travel claims management services.
  
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• Charles Taylor acquires Cega for £29.8m

  26-07-2016 10:56
  
  Charles Taylor has acquired Cega Group, a specialist provider of technical medical assistance and travel claims management services, for £29.8m.
  
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• MGA Euna opens motor trade office

  26-07-2016 10:52
  
  Specialist managing general agency Euna has opened a new office dedicated to motor trade.
  
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• Elite to set up Luxembourg unit to combat Brexit

  26-07-2016 10:39
  
  Gibraltar-based insurer Elite has chosen Luxembourg as the location for its second insurance company, which it is setting up to counter the effects of Brexit.
  
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• JLT announces 300 job cuts as part of restructuring programme

  26-07-2016 10:08
  
  JLT today announced it has taken “decisive action” to better align costs, cutting more than 300 UK and Irish jobs as part of its restructuring programme announced in March.
  
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• Profits fall 46% for JLT

  26-07-2016 10:05
  
  However revenue grows to £619.4m and profit drop is blamed on investment and exceptional costs.
  
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• Police seize 1.5 millionth uninsured vehicle

  26-07-2016 09:59
  
  Motor Insurers’ Beureau has confirmed that the UK’s 1.5 millionth uninsured vehicle has been seized in Haringley, North London.
  
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• Reinsurance now cheaper than other forms of capital: JLT Re

  26-07-2016 09:57
  The cost of reinsurance has now fallen significantly below other
  forms of contingent capital such as equity, debt and even
  carriers' own capital, a new study has found.
  The research paper, released by JLT Re today, said current
  reinsurance buying trends were somewhat illogical given the soft
  rating environment.
  JLT Re's global head of analytics David Flandro commented:
  "Some buying behaviours could, at the moment, be described as
  counter-intuitive. Cedants' recent purchases have not, on
  average,
  
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• JLT profits hit by US investment and employee benefits business

  26-07-2016 09:57
  UK-based global broker JLT saw its profits fall by almost half
  during the first half of 2016, reflecting its £17.2mn
  ($22.5mn) investment in JLT USA, one-off costs and challenges in
  its employee benefits business.
  Profits before tax fell 46 percent in H1 2016 to £55.2mn,
  while underlying profit before tax fell 7 percent to £89.2mn,
  ahead of analysts' consensus of £81mn, helped by foreign
  exchange gains. Excluding the US investment, the profits would have
  fallen by 2 perce
  
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• BP Marsh confirms Besso strategic review

  26-07-2016 09:57
  UK-headquartered insurance venture capitalist BP Marsh has this
  morning confirmed that the board of broker Besso and its
  shareholders have engaged Canaccord Genuity to carry out a
  strategic review.
  BP Marsh has a 44.97 percent equity holding in Besso, which
  together with debt funding represents around 27 percent of BP
  Marsh's net asset value.
  The strategic review will include discussions around selling or
  investing in Besso, the investment firm's statement said.
  The announcement follows The Insu
  
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• MPs renew call for FCA split

  26-07-2016 09:37
  
  Senior MPs have said there is a case for splitting the FCA into separate supervisory and enforcement bodies.
  
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• JLT reveals deeper-than-expected job cuts at UK EB unit

  26-07-2016 09:22
  
  JLT announced today that it has cut more than 300 jobs at its UK and Ireland employee benefits (EB) unit during its restructuring.
  
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• Carole Nash announces positive results for last financial year

  26-07-2016 09:12
  
  Altrincham-based specialist brokers Carole Nash have maintained their position as the leading provider in the motorcycle insurance market, results revealed today.
  
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• JLT reports 46% profit drop and 1% organic growth for first half

  26-07-2016 09:02
  
  Broking group Jardine Lloyd Thompson (JLT) made a profit before tax of £55.2m in the first half of 2016, down 46% on the £101.5m it reported in the same period last year.
  
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• Howell resigns from Generali Asia

  26-07-2016 08:44
  
  Post understands Jack Howell, regional officer for Generali Asia, has resigned.
  
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• Hiscox's Ross Dingwall on the value of relationships

  26-07-2016 08:00
  
  Ross Dingwall, managing director of the Broker Channel for Hiscox UK and Ireland explains why, in a digital world, relationships still count
  
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• Aviva defends quoting teenager £11,500 for telematics policy

  26-07-2016 07:30
  
  Aviva has defended giving a 19-year-old driver a telematics based car insurance quote of £11,500 a year.
  
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• Everest Re Q2 profits drop 40% on cats

  26-07-2016 01:01
  Second quarter operating profits fell 40 percent to $134.2mn at
  Everest Re as the (re)insurer revealed $123.8mn of net catastrophe
  losses for the period.
  At $3.17 a share, operating profits were comfortably ahead of
  the $2.84 a share mean consensus forecast from Wall Street
  analysts, however.
  The Bermudian said it had taken a total of $149.1mn of cat
  losses for the Canada wildfires, Ecuador earthquake and Texas
  hailstorms, partially offset by reserve releases on a number of
  2011 events.
  After...
  
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• Everest Re agrees deal to sell and reinsure crop unit

  26-07-2016 01:01
  Everest Re has agreed a deal to sell its US crop business
  Heartland in a transaction that will also see it enter into a
  long-term reinsurance relationship with the buyer.
  In a statement, the Bermudian said it had signed a letter of
  intent to sell the unit to CGB Diversified Services.
  It described CGB, which already participates in the Federal crop
  insurance system, as one of the fastest growing insurers in the
  sector.
  The transaction will also see Everest Re...
  
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