Insurance news

• Gibraltar-based Elite’s profit more than doubles

  26-08-2016 17:50
  
  Insurer explains big profit jump
  
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• Towergate reveals new insurer agreements

  26-08-2016 17:18
  
  Broking group moves to strengthen relations with big-name insurers
  
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• Ecclesiastical targets HNW market

  26-08-2016 16:07
  
  Head of art and private clients said Ecclesiastical has a differentiator in that sector 
  
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• Week in Post: CMC impersonators, NED worries, and a Team GB gold medal winner

  26-08-2016 15:53
  
  Sitting in my front room on Saturday morning I took a phone call from a claims management company.
  
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• Elite Insurance sees pre-tax profit soar with 140% increase

  26-08-2016 15:52
  
  Elite Insurance has reported strong H1 results for 2016, with a 140% increase in pre-tax profit and a 20% increase in net assets.
  
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• Profits up at Sutton Winson

  26-08-2016 15:48
  
  Broker posts 8% rise in turnover for the twelve months to 31 March 2016.
  
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• Elite exceeds profit growth prediction

  26-08-2016 15:25
  
  Insurer hails growth in a “challenging year” as results for 2015 are published.
  
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• Italian quake insured losses limited to EUR200mn: Fitch

  26-08-2016 14:52
  (Re)insurers are likely to face losses of between
  EUR100mn-EUR200mn ($113mn-$226mn) from the earthquakes which struck
  central Italy earlier this week, according to Fitch.
  The ratings agency said it expected the losses to arise
  primarily from property lines.
  Reinsurers are more likely to bear the brunt of the losses,
  falling between EUR60mn and EUR120mn, while primary carriers could
  face claims of between EUR40mn and EUR80mn.
  Fitch said the declaration of a state of emergency in the region
  would
  
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• Rivers to join Lockton as global transportation head

  26-08-2016 13:34
  Alistair Rivers, Willis Towers Watson's head of P&C in
  Great Britain, is set to join Lockton to lead its global
  transportation business, The Insurance
  Insider has learned.
  Rivers' resignation was announced by Willis yesterday.
  His new role will see the executive return to his marine roots,
  having previously been CEO of the marine and energy businesses at
  Willis before being asked to lead the broker's natural
  resources industry unit from 2013.
  Rivers was appointed head of the intermediary's P
  
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• Mitsui takes small stake in Mapfre

  26-08-2016 12:19
  Mitsui Sumitomo Insurance (MSI) has purchased a 0.1 percent stake
  in Spanish carrier Mapfre for approximately EUR7.14mn ($8mn), the
  company announced today.
  The transaction was conducted directly between the two companies
  through the special operations market of the Madrid stock
  exchange.
  The companies said the acquisition would further strengthen and
  develop an existing partnership established in May 2011.
  The carriers entered into a partnership agreement to provide
  access to each other's regio
  
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• CII makes three roles redundant following internal review

  26-08-2016 11:31
  
  The Chartered Insurance Institute has made three senior staff roles redundant following an internal review.
  
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• Aston Scott tipped to swoop for Lorica

  26-08-2016 11:11
  
  Sale rumours continue to surround broker.
  
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• Fitch: US cyber market hits $1bn in premium

  26-08-2016 11:09
  The US cyber market wrote around $1bn in direct premium in 2015,
  according to analysis by Fitch Ratings.
  In aggregating cybersecurity statutory supplement data for the
  US P&C industry, the rating agency found that AIG is the market
  leader with a 22 percent share.
  Chubb is the second-largest writer, with 12 percent of the
  market, followed by XL with 11 percent.
  Overall, around 120 insurance groups reported writing cyber
  insurance in 2015.
  According to figures from Marsh & McLennan Compani
  
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• Quizzical questions: 26 August 2016

  26-08-2016 11:02
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Covent Bridge makes second acquisition in six months

  26-08-2016 10:23
  
  Covent Bridge has acquired R-ISC Investigation and Surveillance Company in the group’s second UK acquisition in just six months.
  
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• On your bike

  26-08-2016 10:11 via insuranceage.co.uk
  
  Craig Allen, from Ageas, reminds brokers that cyclists don’t always need separate bicycle cover.
  
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• Weather system near Florida could become tropical cyclone

  26-08-2016 09:46
  The weather system 99L, located off the north eastern coast of
  Cuba, has a 60 percent chance of developing into a tropical cyclone
  over the next five days, according to an advisory released by the
  National Hurricane Center today at 2am Eastern time.
  The tropical wave has a 30 percent chance of developing into a
  tropical depression or tropical storm over the next 48 hours,
  forecasters said.
  This leaves (re)insurers with relatively little to worry about
  as the weather system...
  
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• Colorado hailstorm to cost insurers $353mn

  26-08-2016 09:46
  A hailstorm that struck Colorado Springs on 28 July could land
  insurers with a claim of $352.8mn, according to a statement from
  the Rocky Mountain Insurance Information Association (RMIIA).
  The trade body said on 22 August that the figure consists of an
  estimated 32,300 property claims, which could amount to $188.2mn,
  and 51,300 auto claims that it forecasted at $164.6mn.
  This would make the event the sixth most costly to ever hit the
  state in real terms.
  The RMIIA said...
  
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• Zurich: Lessons from Storm Desmond

  26-08-2016 09:25
  
  Zurich’s new report includes three areas where the industry could do better
  
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• Study finds people only read 15% of insurance policies

  26-08-2016 08:33
  
  Majority of information sent by insurers are not read 
  
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• Study finds customers only read 15% of policies

  26-08-2016 08:33
  
  Majority of information sent by insurers is not read 
  
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• Blog: In defence of CMCs

  26-08-2016 08:00
  
  All those involved in personal injury must work more closely together, particularly if rogue claims management companies are to be stamped out.
  
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• Blog: How to mitigate agricultural pollution claims

  26-08-2016 08:00
  
  Farmers are facing increased responsibility to prevent pollution and most insurance policies provide only limited cover in that area. However, specialist policies can now be taken, as well as practical steps to limit damage.
  
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• Lloyd's modernisation scheme not addressing right issues

  26-08-2016 07:30
  
  London Market Group’s targeting operating model (TOM) should focus on the claims process
  
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• Zurich top line and headcount set to shrink

  26-08-2016 02:16
  Turnaround initiatives at Zurich are expected to lead to
  shrinking P&C premium volumes and further headcount
  reductions.
  The insurance giant, which has a significant presence in the
  E&S space, said on its second quarter earnings call that an
  increased emphasis on profitability would likely impact the amount
  of premiums written given the company's previous results and
  current market conditions.
  "We want to grow profitability over time, but we are not
  going to grow at the expense of the fi
  
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• United targets E&S growth with American Coastal deal

  26-08-2016 02:16
  Florida carrier United Insurance Holdings is targeting growth in
  the E&S space as part of its merger with residential commercial
  specialist American Coastal.
  The deal, announced earlier this month, will bring together
  complementary personal lines and commercial books to create the
  third-largest insurer in Florida's residential property
  market.
  But the transaction is also motivated by an ambition to expand
  the combined entity geographically and by line of business.
  That could include access t
  
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• Professional lines head Rattner quits HIIG

  26-08-2016 02:16
  Houston International Insurance Group (HIIG) senior vice president
  Mark Rattner has handed in his resignation, The
  Insurance Insider can reveal.
  Rattner headed up the group's professional lines division
  until he notified the company of his decision to leave earlier this
  week.
  It brings to an end a longstanding relationship between Rattner
  and the founder of HIIG, Stephen Way.
  Rattner joined HIIG at the end of 2010 when he was brought in to
  manage its subsidiary Imperium Insurance Company.
  The ex
  
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• Lobbyists push flood reforms as Louisiana crisis continues

  26-08-2016 02:16
  Lobbyists including industry trade bodies are continuing to push
  Washington for disaster policy reforms, including the fast passage
  of legislation aimed at opening up the private market for flood
  insurance.
  E&S trade organization Napslo told this publication that
  catastrophic storm events such as the Louisiana flooding have
  contributed to the growing deficit of the beleaguered National
  Flood Insurance Program (NFIP).
  "We continue to advocate for passage of the Flood Insurance
  Market Parity a
  
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• Chubb's Westchester grows wholesale lines

  26-08-2016 02:16
  Chubb's E&S business Westchester has expanded its insurance
  offerings for small businesses, the carrier announced today.
  The changes apply to commercial clients across the group's
  portfolio including those in the restaurant, retail, catering and
  fitness center space.
  "Westchester's diversification into these new markets
  brings our deep underwriting expertise to bear for a broader range
  of small business exposures and fills a need in the wholesale
  marketplace for tailored property, casualty a
  
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