Insurance news

• Sterling’s John Blundell resurfaces at Ecclesiastical

  09-08-2016 18:08
  
  Blundell lands new role after leaving Covéa in May
  
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• Chubb grows cyber insurance underwriting team

  09-08-2016 17:39
  
  As demand for cyber insurance grows, Chubb explains new underwriting appointments
  
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• Southern Rock extends Open GI partnership

  09-08-2016 17:21
  
  Deal set to improve customer outcomes
  
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• Gallagher secures multi-year deal with London University Purchasing Consortium

  09-08-2016 17:16
  
  Following a recent public procurement exercise, Arthur J. Gallagher has secured a multi-year deal with London Universities Purchasing Consortium as its insurance broker.
  
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• Swiss Re appoints Middle East head

  09-08-2016 16:26
  Swiss Re has hired Old Mutual's Tavaziva Madzinga to become
  managing director and head of its Middle East and Africa operations
  from 1 November.
  Madzinga replaces Frank O'Neill, who was appointed CEO of
  Swiss Re UK following Russell Higginbotham's move to group head
  of life and health.
  At Old Mutual, Madzinga was regional CEO for south and east
  Africa, and a member of the company's emerging markets
  executive committee.
  Jean-Jacques Henchoz, Swiss Re's CEO of reinsurance for
  Europe, Middle East..
  
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• Starr's UK carrier nears launch with AM Best rating

  09-08-2016 16:26
  Rating agency AM Best has assigned CV Starr's UK operation
  an A financial strength rating ahead of its planned launch.
  This publication first reported the initiative was nearing
  fruition at the beginning of August, as its application for a
  rating from the agency reached the closing stages.
  AM Best said the financial strength rating of A and issuer
  credit rating of a reflected the company's excellent
  risk-adjusted capitalisation, expectations of good operating
  performance and a solid business pro
  
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• Robert Organ: “My role is to protect Bluefin”

  09-08-2016 16:00
  
  CEO pledges to keep the broker on a steady growth trajectory and stick to strategy.
  
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• Ecclesiastical appoints John Blundell as MD for its UKGI business

  09-08-2016 15:56
  
  Appointment follows his exit as deputy CEO of Covea.
  
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• UK drives Willis Towers Watson retail broking organic growth

  09-08-2016 14:09
  
  Group’s retail broking profit rises in first half
  
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• FCA fines stockbrokers Cenkos over half a million for mishandling of Quindell

  09-08-2016 14:02
  
  The Financial Conduct Authority has fined Cenkos over half a million pounds for misrepresenting insurance outsourcing firm Quindell.
  
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• State National profits tick up

  09-08-2016 13:37
  Net profits at fronting carrier State National increased by 3.2
  percent to $10.0mn in the second quarter, as ceding fees climbed by
  3.3 percent to $16.9mn.
  The insurer's fronting relationship with Nephila continued
  to grow, with ceding fees from the insurance-linked securities fund
  manager climbing from $5.2mn to $5.5mn in the first six months of
  2016.
  Overall, the business reported revenues of $49mn for the period,
  up 6 percent from $46.4mn in the second quarter of 2015.The carrier's chairman..
  
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• AGCS names global property head

  09-08-2016 13:37
  Allianz Global Corporate & Specialty (AGCS) has appointed
  Thierry Portevin as global head of property from 1 October, it
  announced today.
  He will succeed Rachel Conran, who left AGCS in June 2016.
  Portevin has been global head of engineering since January 2013,
  having joined Allianz Group in 2000 as engineering underwriting
  manager for France.
  Chris van Gend, currently regional manager for engineering in
  Asia, will succeed Portevin as global head of engineering in
  October 2016 and will reloc
  
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• Legal & General reports drop in GI pre-tax profit to £46m

  09-08-2016 13:03
  
  Legal & General has reported general insurance profit before tax reduced to £46m as a result of interest rates cuts.
  
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• Increased gross written premiums and net cash generation for Legal and General

  09-08-2016 13:03
  
  Legal and General has hit a net cash generation increase of 16% in the first half of 2016 to £727m.
  
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• Legal & General sees GI profit drop

  09-08-2016 12:36
  
  COR and GWP in its general insurance division have also deteriorated.
  
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• Tokio Marine books $138mn Kumamoto quake loss

  09-08-2016 12:31
  Tokio Marine incurred natural catastrophe losses of 14.1bn yen
  ($138mn) at its domestic non-life business in the three months to
  30 June, following the Kumamoto earthquake that struck Japan in
  April.
  The losses from the event were mitigated by 14.3bn yen of
  catastrophe loss reserves, and will also have benefited from the
  carrier's substantial pro rata reinsurance support.
  Residential claims from the earthquake will have been picked up
  by the Japanese government's insurance scheme, leaving domest
  
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• Munich Re shares up 3% on results

  09-08-2016 12:31
  Equity markets responded favourably to Munich Re's Q2
  results as the reinsurer's shares ticked up 3.57 percent to
  EUR158.25 in early trading on consensus-beating figures.
  The share price increase came despite a 9.4 percent year-on-year
  profit drop in Q2 after a series of natural catastrophes impacted
  the bottom line.
  However, Bernstein analyst Thomas Seidl emphasised that the
  result was reliant on "extraordinarily" high levels of
  realised gains and foreign exchange movements.
  He said: "Today's r
  
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• NIG expands online commercial combined trades appetite by 70%

  09-08-2016 12:26
  
  Insurer adds 550 trades taking offering to over 1000.
  
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• 82% of insurers considering SaaS technology in response to Flood Re, IPT and CMA motor reforms

  09-08-2016 11:54
  
  Insurer adoption of cloud hosted software-as-a-service technology is set to grow as a response to unprecedented regulatory change, according to research of 94 senior insurance decisionmakers and IT professionals.
  
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• FCA fines Quindell adviser Cenkos £530,500

  09-08-2016 11:37
  
  Adviser did not check properly whether Quindell was eligible for premium listing, regulator said
  
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• Political risk insurance demand to rise - KPMG report says

  09-08-2016 10:56
  
  Strong growth fuelled by need for business interruption cover
  
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• Endurance enters environmental liability market

  09-08-2016 10:06
  Endurance has become the latest carrier to move into the
  environmental liability market, as firms rush to fill the void left
  by American International Group (AIG) following its withdrawal from
  the sector at the beginning of this year.
  In February this publication revealed that AIG was conducting
  full or partial withdrawals from the environmental and construction
  casualty sectors.
  Now Endurance has revealed that it plans to enter the space, led
  by Josh Pillion, who joined the carrier from Chubb j
  
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• Cats push Munich Re profits 9.4% lower

  09-08-2016 10:06
  Net profits at Munich Re declined 9.4 percent to EUR974mn ($1.07bn)
  during the second quarter, as a series of natural catastrophes hit
  the bottom line.
  The operating result of EUR1.5bn was also some 19.5 percent
  below the figure for the same quarter last year.
  The net result was just over double the analyst consensus, with
  outperformance driven by realised gains, foreign exchange movements
  and lower than expected restructuring costs.
  Operating profits in the P&C reinsurance business were dow
  
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• Gallagher retains LUPC account

  09-08-2016 10:02
  
  Account won after competitive tender
  
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• Voyager launches new expat travel insurance product

  09-08-2016 10:01
  
  Company describes policy as chance for brokers to grab "valuable sales opportunities".
  
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• Munich Re second quarter profits fall

  09-08-2016 09:51
  
  Reinsurer result bolstered by currency gains and investments
  
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• Applied Systems buys Relay Software in Ireland

  09-08-2016 09:11
  
  Firm strikes deal with private equity house.
  
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• Applied Systems buys Relay Software

  09-08-2016 08:52
  
  Deal expands presence in UK insurance software market
  
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• Inzura launches new mobile platform

  09-08-2016 08:43
  
  Tech firm uses app for motor insurance
  
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• L&G first half GI profit falls

  09-08-2016 08:28
  
  L&G says GI hit by floods and Flood Re levy
  
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• The Great Fire of London and the birth of the insurance industry

  09-08-2016 08:10
  
  350 years ago, London was ravaged by the Great Fire. Out of its ashes was born a fledgling property insurance market. What strides have been made in the following centuries?
  
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• Covéa's Simon Cooter on pulling talent into insurance

  09-08-2016 08:00
  
  When I think of my peers (at least those in my age group) working for insurers and brokers today, a surprisingly large number of us gained our insurance grounding in the late 1980s and early 1990s on one of the outstanding training schemes offered by the major composite insurers.
  
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• Car hire insurance at rental desks 'ripe for disruption'

  09-08-2016 07:30
  
  New investigation reveals high charges for excess waiver insurance
  
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• Enterprise parent to meet agency over suspended ratings next week

  09-08-2016 07:29
  
  Parent of failed insurer sets timetable for next steps
  
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