Insurance news

• Zurich shake-up will hit P&C premium volumes: CFO

  12-08-2016 18:38
  Zurich expects to see its P&C premium volumes shrink as
  market conditions and the firm's efforts to increase
  profitability begin to take hold.
  Speaking on a Q2 earnings call, group chief financial officer
  George Quinn said an increased emphasis on profitability would
  likely impact the amount of premiums written given the
  company's previous results and current market conditions.
  He said: "We want to grow profitability over time, but we
  are not going to grow at the expense of the firm...
  
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• Markel Catco returns up high single digits

  12-08-2016 17:19
  Reserve releases from a UK flood side pocket helped push Markel
  Catco's first-half returns up 8 percent year-on-year, the
  company said today.
  The London-listed Catco Reinsurance Opportunities Fund delivered
  a 4.86 percent increase in net asset value during the first half,
  compared to
  4.47 percent in H1 2015.In March,the retro manager released a portion of its side pocket
  reserves set aside for potential losses from the UK floods and
  US convective storms.It created side pockets worth about...
  
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• Hamilton adds Best Buy director to its board

  12-08-2016 17:19
  Brian Duperreault-led Hamilton has appointed Russell Fradin to join
  its board of directors.
  Fradin is currently lead independent director of US electronics
  retail giant Best Buy and an operating partner for private equity
  house Clayton, Dubilier & Rice.
  He was appointed as chairman and CEO of Aon's employee
  benefits practice when it acquired his former employer Hewitt
  Associates in 2010.
  More recently he has served as president and CEO of software and
  IT services provider SunGard Data System
  
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• Hiscox pledges to pay out in full on fair representation of risk cases under Insurance Act

  12-08-2016 16:51
  
  Hiscox Insurance Company has made a pledge to pay claims in full to claimants that neither deliberately nor recklessly fail to make a fair representation of a risk under Insurance Act 2015.
  
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• Stuchbery exits Chaucer to join Beazley board

  12-08-2016 14:54
  Bob Stuchbery has left Lloyd's underwriter Chaucer after seven
  years, and taken on a non-executive directorship at Beazley plc.
  Stuchbery has also become a member of Beazley's audit and
  risk committee, and joined the board of Beazley group's
  Lloyd's managing agency Beazley Furlonge.
  Prior to his exit, Stuchbery served as CEO at Chaucer between
  2009 and 2015, before moving to parent company The Hanover as
  president of international operations to oversee Chaucer's
  operations and distribution strat
  
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• Gable Insurance's first decade: seven lessons for start-ups

  12-08-2016 14:19
  
  It is now four weeks since Gable announced it was cutting back its underwriting operations in light of compliance issue with Solvency II.
  
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• Insurance Act architect: how new law will change the industry

  12-08-2016 14:03
  
  David Hertzell reflects on Insurance Act’s genesis and explains what happens next
  
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• Insurance Act architect: how new law will change industry

  12-08-2016 14:03
  
  David Hertzell reflects on Insurance Act’s genesis and explains what happens next
  
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• Voyager Insurance Services launches new travel insurance product for high risk zones

  12-08-2016 13:05
  
  Voyager Insurance Services is offering leisure travel insurance for people travelling to countries that are deemed ‘high risk’ by governments with its new product High Risk Voyager.
  
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• The Hanover's specialty head to depart

  12-08-2016 12:45
  The Hanover has announced that Andrew Robinson, executive vice
  president and president of specialty insurance, will leave the
  business on 1 September.
  In a statement released yesterday, the firm said that Robinson
  had decided to resign to pursue other opportunities and that his
  responsibilities would be temporarily given to Jack Roche,
  executive vice president and president of business insurance.
  Joseph Zubretsky, president and CEO of The Hanover, said that
  the company remained committed to grow
  
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• PRA pressure contributed to shelving of Lloyd's index

  12-08-2016 12:45
  Intense scrutiny from UK regulator the Prudential Regulation
  Authority (PRA) played a part in Lloyd's decision to shelve its
  proposed market loss index, The Insurance
  Insider understands.
  Sources said that the PRA had concerns about the way the index
  would operate, particularly in relation to potential market
  manipulation, and pushed back hard on the Corporation's
  plans.
  In the face of the objections, and given the overriding
  importance of addressing the issues thrown up by Brexit,
  Lloyd's is un
  
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• Video: Arag - Double-digit growth for 2015

  12-08-2016 12:00
  
  Watch Arag’s managing director Tony Buss, presenting 12% growth in premium under management for 2015, its ninth full year of trading.
  
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• Week in Post: Rio 2016, diving doggies, a racism row and rejoice, the Insurance Act is finally here!

  12-08-2016 11:49
  
  You know you’ve been bitten by the Olympic bug when you find yourself watching the weightlifting at 1:30am in the morning, hours before you have an event and need to be pretty sharp.
  
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• Quizzical questions: 12 August 2016

  12-08-2016 11:46
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Insurers urged to make clients aware of "fair presentation of risks"

  12-08-2016 11:43
  
  Under the reform, the duty of "utmost good faith" was replaced with a "duty of fair presentation" by the insured.
  
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• WR Berkley offloads aviation investment

  12-08-2016 11:37
  WR Berkley has completed the sale of wholly owned investment
  Aero Precision Industries and other related aviation services.
  The company recognised a $130mn gain from the sale.
  On 25 July, WR Berkley reported flat operating profits of
  $104.9mn for the second quarter of the year, despite its share of
  significant industry catastrophe losses threatening to put pressure
  on the combined ratio.
  The $0.82 per share result was ahead of Wall Street
  analysts' consensus estimate of $0.77 a share.
  The combin
  
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• NOAA predicts up to 4 major hurricanes

  12-08-2016 11:37
  The National Oceanic and Atmospheric Administration (NOAA) has
  updated its Atlantic Basin forecast for June to November,
  predicting between two and four Category 3 or above hurricanes.
  The firm also predicted between 12 and 17 named storms and
  between five and eight hurricanes for the period.
  This is a slight increase from the May forecast, as the season
  is predicted to be the most active since 2012.
  In May this year, the organisation forecast a 70 percent
  likelihood of 10...
  
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• JLT Specialty USA expands M&A team

  12-08-2016 11:37
  JLT Specialty USA has built out its M&A insurance team with the
  hire of Steven Smith and Howard Rimerman.
  Rimerman and Smith have been appointed senior vice president and
  vice president of JLT Specialty USA's M&A group
  respectively.
  Rimerman brings more than 30 years of investment banking
  experience to JLT, having worked at Bank of America, Credit Suisse
  and Equinox Group in Singapore.
  He will be based in New York.
  Smith joins JLT from Marsh, where he was vice president...
  
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• Berenberg retains its 'sell' recommendation on Esure following results

  12-08-2016 11:30
  
  Berenberg analysts have retained their “sell” recommendation on Esure following the insurer’s H1 results.
  
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• Meet the techies: Matt Connolly

  12-08-2016 10:53
  
  Tech expert Matt Connolly ofTällt Ventures talsk us through how he think tech will change the insurance world.
  
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• Talanx earnings rise in Q2 despite nat cat effects

  12-08-2016 10:32
  German (re)insurer Talanx has reported a 31.9 percent increase in
  operating profit for the second quarter of the year, taking the
  total to EUR491mn ($547.4mn).
  Group net income after minority interests almost tripled to
  EUR179mn, while the top line ticked up by 0.6 percent to
  EUR7.4bn.
  Keefe Bruyette & Woods analyst William Hawkins said that the
  result encompassed "a small miss" from each of
  Talanx's primary insurance operations, but the industrial lines
  underwriting performance was "reassur
  
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• Broker questions as the Insurance Act comes into force today

  12-08-2016 10:00
  
  With the new legislation kicking in Stuart Bennett of David Roberts & Partners Insurance Brokers calls on insurers to provide guidance on two scenarios.
  
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• How did your team fare? JLT reveals soccer injury league table

  12-08-2016 09:48
  
  Broking group says insurance cover could have helped football clubs deal with injury losses 
  
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• Insurers must be clear when contracting out Insurance Act, warns Biba

  12-08-2016 09:45
  
  Trade body says legislation will create a new and fairer balance between policyholder and insurer.
  
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• Hastings' need to strengthen large loss reserves is 'disturbing'

  12-08-2016 09:27
  
  Analyst flags up reserving issue and warns the market will have concerns 
  
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• Insurance Act quiz

  12-08-2016 08:00
  
  The Insurance Act is upon us. How well do you know this much anticipated piece of legislation? Take our quiz to find out!
  
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• Blog: How to sell insurance to Generation Y

  12-08-2016 08:00
  
  What's all the fuss about Generation Y? Many people in our industry will be thinking ‘why does this all sound so complicated and why does it matter to me'? The good news is this: like all things in insurance, the core issue boils down to a small number of very simple things.
  
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• Insurance Act will bring pain and gain for brokers while dust settles

  12-08-2016 07:32
  
  Brokers will face teething troubles but will also benefit from Insurance Act
  
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• Insurance Act will bring pain and gain for brokers

  12-08-2016 07:32
  
  Brokers will face teething troubles but will also benefit from Insurance Act
  
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• Insurance Act: Hiscox's claims pledge to clients and brokers

  12-08-2016 07:30
  
  Response to Insurance Act unveiled by Lloyd’s insurer Hiscox
  
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• Insurance Act: Hiscox makes claims pledge to clients and brokers

  12-08-2016 07:30
  
  Response to Insurance Act unveiled by Lloyd’s insurer Hiscox
  
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• Insurance Act: Industry braces for “massive change”

  12-08-2016 07:24
  
  Industry explores what happens next as Insurance Act takes effect
  
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• Airmic: brokers and insurers ready for Insurance Act

  12-08-2016 07:23
  
  Market has risen to Insurance Act challenge, risk managers say
  
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• Insurance market prepared for Insurance Act finds Airmic survey

  12-08-2016 01:05
  
  The Insurance Act has become official today and risk managers are confident insurers and brokers have prepared for the changes, according to research by the Association of Insurance and Risk Manager.
  
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• Biba calls on insurers to be clear on Insurance Act 2015

  12-08-2016 01:05
  
  The British Insurance Brokers’ Association has called on insurers to be clear on whether they will 'contact out' of parts of the Insurance Act 2015, which was implemented today.
  
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