Insurance news

• Stoneburner to step aside at Cincinnati

  24-08-2016 23:37
  The head of Cincinnati Financial's commercial lines division
  Bud Stoneburner is set to retire in the next six months.
  He will be replaced by Stephen Spray as part of a shakeup of the
  department that began late last year.
  Spray will begin to manage the day-to-day operations of
  Cincinnati Financial's commercial lines business from the
  beginning of October.
  Meanwhile Stoneburner will remain in an executive role until he
  retires, the insurer said.
  Cincinnati Financial president and CEO Steven Johnst
  
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• Liberty Specialty Markets expands in Italy

  24-08-2016 18:15
  Liberty Specialty Markets (LSM) has agreed to acquire Italian
  Lloyd's coverholder Wholesale Binding Authorities (WBA), it
  announced today.
  As well as securing WBA's book of business, the acquisition
  provides LSM with direct access to the firm's distribution
  network and bespoke underwriting and claims platform.
  WBA's book of business includes property, fine art, cargo,
  personal accident, professional indemnity and public officials'
  liability.
  The deal consideration was not disclosed. The transact
  
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• Accountant jailed for stealing from Biba

  24-08-2016 17:58
  
  Gurmukh Singh Shehri paid himself unauthorised bonuses while employed by Biba
  
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• Aon hires Aviva executive to head regional office

  24-08-2016 17:43
  
  Insurer’s former reinsurance director joins broker
  
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• Biba accountant jailed for fraud

  24-08-2016 17:30 via insuranceage.co.uk
  
  Gurmukh Shehri was convicted of defrauding Biba of nearly £25,000 over three years.
  
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• CPPIB the preferred bidder for $900mn Ascot

  24-08-2016 14:15
  The Canada Pension Plan Investment Board (CPPIB) is in advanced
  talks to acquire Lloyd's (re)insurer Ascot in a cash deal with
  an enterprise value in excess of $900mn, The Insurance
  Insider understands.
  Sources said that the outlines of a deal are in place that would
  value the top-tier Lloyd's business at around 1.5x-1.6x book,
  including the cost of recapitalising Syndicate 1414, which is
  entirely backed by AIG's capital.
  Other credible bidders remain in the background, but CEO Andrew
  Brooks and
  
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• AIG in talks to sell Ascot stake - reports

  24-08-2016 14:03
  
  Lloyd’s insurer Ascot Underwriting provides insurance for marine hulls and cargo
  
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• AIG tipped to sell stake in Ascot Underwriting

  24-08-2016 13:06
  
  American International Group is in discussions to sell its shares in Ascot Underwriting.
  
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• InsurTech Futures: Eight UK insurtech start-ups to watch

  24-08-2016 13:00 via insuranceage.co.uk
  
  Earlier this month Oxbow Partners produced an interesting infographic on where Insurtech startups are concentrating their energies.
  
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• Inspool, Insure Street, Teambrella and Tego Cover among eight UK insurtech start-ups to watch

  24-08-2016 13:00
  
  KPMG published last week its latest Pulse of Fintech report, including the investment figures for the year-to-date in the insurtech space.
  
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• FCA approves Tech Mahindra's acquisition of Target

  24-08-2016 12:18
  
  The Financial Conduct Authority has confirmed that it has formally approved the acquisition of Target Group by digital transformation specialists Tech Mahindra.
  
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• Liberty Specialty Market expands its presence in Italy

  24-08-2016 12:17
  
  Liberty Specialty Markets will expand its presence in Italy through the acquisition of the Italian Lloyd’s coverholder, Wholesale Binding Authorities.
  
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• And the winner is...

  24-08-2016 12:11 via insuranceage.co.uk
  
  Winning an award can provide a boost to staff and show off your firm to clients and suppliers. Tony Cornell explains how you can increase your chances of success
  
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• Steadfast Group 2016 revenues surge on acquisitions

  24-08-2016 11:34
  Fast-expanding Australian intermediary Steadfast Group reported a
  54 percent increase in its underlying revenue for the 2016
  financial year to A$459.5mn ($349mn).
  The broker's underlying earnings before interest expense,
  tax and amortisation (Ebita) increased by 43 percent to A$129.6mn
  in the full-year period, while net profits after tax and before
  amortisation rose 45 percent to A$82mn.
  Some A$33.7mn of the full-year Ebita growth stemmed from
  acquisitions, according to the company.
  In 2015 the
  
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• Chinese carriers mull IPO options: reports

  24-08-2016 11:34
  Anbang Insurance Group is weighing up an IPO of its life
  insurance business, according to Bloomberg News.
  The Chinese carrier has asked investment banks to submit
  proposals by the end of the week, sources told the newswire.
  The offering may also include some of Anbang's overseas
  businesses, according to the report. The firm is said to be
  considering first raising funds through a private placement in the
  coming months, before the IPO.
  Anbang has previously been active in European M&am...
  
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• California commissioner approves State Farm rate cuts

  24-08-2016 11:34
  California insurance commissioner Dave Jones has approved rate
  reductions for several of US carrier State Farm's commercial
  policies following a review of requested price hikes.
  In a statement released yesterday, Jones said a review of the
  filings, prompted by complaints from consumer advocacy group
  Consumer Watchdog, had resulted in rate reductions that delivered
  customer premium savings of around $17mn.
  State Farm requested a $73mn increase in its home and rental
  insurance rates from 15 July l
  
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• Bluefin hires to boost affinity business

  24-08-2016 10:57
  
  Former intermediary development director rejoins broker in affinity role
  
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• Italy struck by magnitude 6.2 earthquake

  24-08-2016 10:34
  Central Italy was hit by a major earthquake at around 1:30am local
  time this morning, the largest in the region since April 2009.
  The European Mediterranean Seismological Centre and the US
  Geological Survey said the quake had a magnitude of 6.2, and a
  relatively shallow depth of 10km.
  Early reports have suggested towns near the epicentre such as
  Amatrice and Accumoli have been severely affected, with reports of
  at least 10 people dead and more trapped under rubble. Officials
  have...
  
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• Allied World appoints US cyber head

  24-08-2016 10:34
  Allied World has hired Jason Glasgow to head up its US cyber
  practice, the carrier announced yesterday.
  The role, which also sees him become a vice president at the
  firm, will require Glasgow to take charge of its technology
  professional liability products lines.
  The executive joins from Travelers, where he was most recently
  vice president and cyber risk product manager.
  In his new position Glasgow will be responsible for strategy,
  management and underwriting for Allied World's cyber
  platform.
  T
  
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• Van premiums rise by 11%, motor index finds

  24-08-2016 10:23
  
  The average van premium has risen by 11% to £967 a year since 2015, new research from Consumer Intelligence has revealed.
  
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• Van insurance costs continue to grow

  24-08-2016 09:45
  
  Van drivers are paying higher premiums than motorists
  
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• Insurers need to cover against terror attacks – study

  24-08-2016 09:05
  
  Study highlights misconceptions about travel insurance and terrorism cover
  
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• Winnie Wong to return in Hong Kong

  24-08-2016 04:23
  
  Former Aon Hong Kong CEO Winnie Wong is returning to the market at a local insurer.
  
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