Insurance news

• Greenlight Re falls to $25mn UW loss on run-off charge

  01-08-2016 23:57
  Losses generated by Cayman Islands-based Greenlight Re's
  investment and underwriting divisions have almost doubled for the
  second quarter of the year.
  The carrier reported a net underwriting loss of $24.5mn for the
  period marking a significant deterioration from the $13.3mn it lost
  for the same quarter last year.
  Meanwhile, the reinsurer saw significant deterioration in the
  performance of its investment portfolio.
  The company reported a net investment loss of $38.1mn for the
  quarter, up from $20
  
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• Cunningham Lindsey promotes duo

  01-08-2016 18:07
  Loss adjusting and risk management services company Cunningham
  Lindsey has appointed Harry Patel as global chief operating officer
  effectively immediately, it announced today.
  In his new role, Patel will oversee all global operations,
  professional services and strategy across the more than 60
  countries serviced by Cunningham Lindsey.
  Patel has previously served as CEO of the Americas region and
  CEO of Cunningham Lindsey Australia. He will continue to be based
  in Tampa, Florida.
  Cunningham Lindse
  
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• John O’Roarke makes his first hire at Horwich Farrelly

  01-08-2016 17:12
  
  Former LV= GI boss makes his mark at insurance law firm
  
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• Gable non-executive director Andrew Trott resigns

  01-08-2016 16:33
  
  Gable non-executive director Andrew Trott has resigned from his post as the troubled insurer looks to streamline its board as part of an ongoing strategic review.
  
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• CMA’s motor no-claims bonus rules come into force

  01-08-2016 16:01
  
  Insurers now have to give better information when sellnig NCB protection
  
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• Private Motor Insurance Order officially comes into effect

  01-08-2016 15:29
  
  Measures to boost competition among insurers and reduce premiums for drivers have come into effect today.
  
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• DIMA brings in David Stafford as chairman and Eddy Van Cutsem as interim CEO

  01-08-2016 15:14
  
  The Dublin International Insurance and Management Association (DIMA) has appointed David Stafford as chairman, taking over from Marco Nuvoloni.
  
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• DIMA appoints David Stafford as chairman and Eddy Van Cutsem as interim CEO

  01-08-2016 15:14
  
  The Dublin International Insurance and Management Association has appointed David Stafford as chairman, taking over from Marco Nuvoloni.
  
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• Weak investment returns to dent China H1 earnings

  01-08-2016 14:28
  Several Chinese (re)insurers have issued profit warnings for the
  first half of 2016 as market volatility hits investment returns.
  China Re, China Taiping and China Pacific insurance all
  announced their profits would fall by between 40 and 60 percent
  year-on-year.
  In a filing to the Hong Kong Stock Exchange, China Re said its
  profits could drop by approximately 60 percent, primarily due to a
  decrease in investment income.
  China Pacific's profits are expected to decline by around 46
  percent, while
  
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• Trott resigns from Gable board

  01-08-2016 14:28
  Unrated Lichtenstein-based insurer Gable Holdings has announced the
  resignation of Andrew Trott from its board.
  He has stepped down from his roles as non-executive director and
  chairman of the remuneration committee, effective immediately.
  Trott will continue to provide legal support to the carrier in
  an advisory capacity.
  CEO Bill Dewsall commented: "Andrew has provided legal
  support to the company since it first started writing business and
  I have valued his input and support. I am very gratef
  
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• Reserve releases boost CNA's underwriting result

  01-08-2016 14:28
  CNA's net income rose by 51.5 percent to $209mn or $0.77 per
  share in the second quarter to slightly exceed analysts'
  expectations of $0.73, despite the impact of Canadian wildfire
  losses on its international segment.
  CEO and chairman Thomas Motamed said it had been a
  "disappointing quarter" in the international segment, but
  that its other businesses had produced "solid
  results".
  In addition, last year's Q2 result was hampered by a $150mn
  retroactive reinsurance charge related to its legacy asbe
  
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• Liberty Specialty Markets hires Europe head

  01-08-2016 14:28
  Liberty Specialty Markets (LSM) has appointed Kadidja Sinz to the
  new role of head of Europe, it announced today.
  She will be responsible for leading and directing the
  carrier's specialty and commercial insurance business in
  continental Europe and will report to Matthew Moore, group chief
  underwriting officer of LSM.
  Sinz previously worked at XL Group as country manager for France
  and regional operating manager for Continental Europe. Prior to
  that, she worked in the European operations of Ace,
  
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• Owners of Post/Age plot £100m sale - reports

  01-08-2016 14:01
  
  Incisive owner reportedly exploring disposal 
  
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• Insurance publisher Incisive may be up for sale

  01-08-2016 14:01
  
  Incisive owner reportedly exploring disposal 
  
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• AIG expected to report slump in profit

  01-08-2016 13:26
  
  Poor profit to put pressure on AIG management
  
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• Brexit could force Carole Nash to expand overseas

  01-08-2016 13:20
  
  It would create some additional costs but it is "certainly material to our overall business model and profits", says CEO David Newman.
  
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• Brexit: Carole Nash could expand overseas

  01-08-2016 13:20
  
  It would create some additional costs but it is "certainly not material to our overall business model and profits", says CEO David Newman.
  
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• Gable remuneration committee chair resigns

  01-08-2016 13:09
  
  Non-executive diretor leaves troubled insurer’s board
  
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• Gallagher buys Surrey-based broker Orb

  01-08-2016 12:40
  
  Company specialises in employee benefits
  
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• Contents insurance up by 3%

  01-08-2016 12:06
  
  Home insurance premiums have risen for the third consecutive quarter, according to AA index.
  
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• Motor premiums up by 2.3% in Q2

  01-08-2016 11:24 via insuranceage.co.uk
  
  Car owners in Northern Ireland and young drivers aged 17 to 22 pay the most for their cover, according to AA's British Insurance Premium Index.
  
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• Insurers need to look past Blockchain hype, to find best process fit, says PWC

  01-08-2016 11:24
  
  The insurance industry is keen to implement blockchain solutions in order to change the way it operates, a report from Long Finance shows.
  
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• Home premiums rise for third quarter running, AA reveals

  01-08-2016 11:11
  
  New research from the AA has revealed a rise in home insurance premiums for the third quarter in a row.
  
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• Lloyd's puts loss index project on hold

  01-08-2016 11:06
  Lloyd's has put its project to develop a market loss index on
  hold, blaming the need to focus on Brexit adaptation.
  This comes two months after the Corporation's chairman John
  Nelson said it was behind schedule.
  "The Franchise Board remains committed to the project and the
  fundamental idea behind it," a Lloyd's spokesperson said
  in a statement.
  "However, the Corporation is conscious that we must prioritise
  our resources appropriately and focus on our preparedness for a
  changing environment."
  The
  
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• Bluefin launches two agriculture products

  01-08-2016 10:50 via insuranceage.co.uk
  
  Farm combined and farm motor have been added to the MGA’s portfolio.
  
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• Transactor teams up with Tansar on motor products

  01-08-2016 10:49
  
  Deal includes private car, commercial vehicle and motorcycle policies.
  
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• People #Insagepeople: 01 - 07 August 2016

  01-08-2016 10:41
  
  Keep abreast of the movers and shakers in the insurance world this week.
  
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• #Insagepeople: 01 - 07 August 2016

  01-08-2016 10:41
  
  Keep abreast of the movers and shakers in the insurance world this week.
  
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• Axa exposes fraudulent £5,348 claim by father and son

  01-08-2016 10:22
  
  Mohammed Rustam Khan claimed over £5000 on his Axa home insurance policy after a burglary at his London home. However, a police investigation revealed Khan’s son, who was also living at the address had stolen his car and staged a burglary.
  
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• Ex-LV MD O'Roarke oversees first exec hire as Horwich Farrelly chair

  01-08-2016 10:10
  
  The specialist insurance law firm Horwich Farrelly has appointed Thomas Reynard as its chief operating officer.
  
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• Principal buys motorcycle book from A & A Group

  01-08-2016 09:00 via insuranceage.co.uk
  
  Deal is insurer's third acquisition in 2016.
  
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• Is the insurance industry being forced to subsidise road repair?

  01-08-2016 08:00
  
  Industry highlights concerns over bills submitted by Highways England
  
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• Losing passporting will be ‘administrative nightmare’ says Biba

  01-08-2016 07:30
  
  Biba outlines brokers’ key challenges as UK makes moves to exit the UK
  
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• Aon broking profit rises 16% in first half

  01-08-2016 07:30
  
  Aon’s broking division made an operating profit of $802m (£608m) in the first half of 2016, up 16% on the £691m it made in the same period last year.
  
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• Asia C-Suite: Singapore's timely cyber action

  01-08-2016 05:46
  
  Gavin Hayes, head of Asia-Pacific at Beazley, welcomes the Singapore government's attempts to clampdown on cyber risks.
  
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• Manulife and QBE enhance Hong Kong agreement for agents

  01-08-2016 05:00
  
  Life insurer Manulife has signed an agreement to extend its relationship with Australian giant QBE which allows its agents to sell general insurance products.
  
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• Can Zurich rebound from senior brain drain as Sharma and Martin join departee list

  01-08-2016 01:05
  
  Zurich was long regarded as consistency personified; a stable and calming force inan often turbulent insurance market. But in recent years, the Swiss giant has been hit hard by poor financial performance. To counter that, the company then introduced a succession of changes, resulting in a stream of departures from senior staff.
  
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