Insurance news

• SSP says it will remove brokers from FCA-requested list

  02-09-2016 17:27
  
  Software house admits that FCA has asked for a list of brokers affected by outage but offers firms the chance to be removed from the list.
  
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• Biba open to support members in SSP saga

  02-09-2016 17:15
  
  Trade body commits to further investigations over business continuity planning.
  
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• Week in Post: trampolining, brokers in the dark and cake

  02-09-2016 17:01
  
  I was reminded of the insurance industry this surprising sunny bank holiday weekend when I was required to sign a waiver to accept and acknowledge my participation in Gravity Force trampolining could entail "known and unknown risks that could result in physical or emotional injury, paralysis, death or damage to themselves to property or to third parties".
  
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• Biba seeking guarantees from SSP over outage

  02-09-2016 16:42
  
  Trade body is speaking to other software houses to find out measures they have in place
  
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• CMA calls Co-op out over no claims bonus order compliance

  02-09-2016 16:25
  
  The Competition and Markets Authority has called out Co-op Insurance for being unable to fully comply with its Private Motor Insurance Market Investigation Order.
  
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• Co-op Insurance responds to CMA

  02-09-2016 15:20
  
  The insurer has issued a statement
  
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• CMA names and shames Co-op Insurance

  02-09-2016 15:19
  
  Regulator issues warning to other firms in statement
  
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• PartnerRe, Korean Re pass first CIRC hurdle: reports

  02-09-2016 14:40
  PartnerRe and Korean Re have received initial approval from the
  China Insurance Regulatory Commission (CIRC) to establish
  subsidiaries in the country.
  According to Chinese news agency Caixin the companies have
  cleared the first barrier to setting up the branches after the CIRC
  committee that manages market entry for foreign insurance companies
  granted permission.
  Both reinsurers still require authorisation from the chairman of
  the CIRC before the branches can begin operations.
  In January Chinese
  
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• Lancashire Holdings reveals succession plans at Syndicates 2010 and 3010

  02-09-2016 14:10
  
  Lancashire Holdings has revealed succession plans for the active underwriter roles of Syndicates 2010 and 3010 at Cathedral Underwriting.
  
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• Harris to lead Chubb global services

  02-09-2016 13:30
  Tom Harris has been appointed head of Chubb's global
  services division for North America.
  He will report to North America major accounts division
  president Christopher Maleno and Bermuda head Joseph Clabby.
  Harris was previously global client executive in the North
  American major accounts unit, having joined legacy Ace in 2010.
  Prior to that he spent almost 17 years with food production
  company Tyson Foods in a variety of roles in financial reporting,
  risk management, corporate strategy and acco
  
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• Ex-AIG exec Shah joins securitisation start-up

  02-09-2016 13:30
  Samir Shah, the former head of capital markets at AIG, has joined a
  start-up technology-focused firm working in insurance
  securitisations.
  Ledger Investing describes itself on LinkedIn as "a B2B
  online marketplace for insurance securities covering all classes of
  risk".
  "We combine financial engineering with software engineering
  to create a scalable, cost-efficient online platform for
  securitising insurance risks," the firm outlined.
  Besides Shah as CEO, the firm is staffed by COO Julien
  Brissonn
  
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• CNA Hardy builds out Singapore casualty team

  02-09-2016 13:30
  CNA Hardy has expanded its casualty presence in Singapore with the
  hire of Michael Resnikoff as senior underwriter.
  He will report to the carrier's principal officer in the
  city Rob Hands.
  The company said Resnikoff would focus on growing its casualty
  offering in the Asia Pacific region through its Lloyd's
  platform.
  He joins from Chubb, where he most recently served as Asia
  Pacific casualty underwriting manager.
  Resnikoff had held a variety of casualty underwriting roles
  since joining Chubb in 2
  
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• ABI takes to ITV to discuss motor insurance fraud and premium rises

  02-09-2016 13:16
  
  The Association of British Insurers’ director of general insurance policy James Dalton appeared on ITV Tonight yesterday discussing insurance fraud and motor premium rises.
  
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• Buyers circle Primary Group broker Lorica

  02-09-2016 13:11
  
  Primary Group-owned commercial broker up for sale
  
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• Video: A Broking Minute with Jackie Hyde

  02-09-2016 11:33
  
  Stanmore Insurance director, Jackie Hyde, takes on the Broking Minute challenge.
  
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• SSP unlikely to restore system today after new setback

  02-09-2016 10:56
  
  Software house said it was already a “long” way through the process before setback
  
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• Hurricane Hermine to make landfall in Florida today

  02-09-2016 10:53
  
  Hurricane Hermine is expected to make landfall on Florida’s coast today.
  
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• SSP suffers new hardware failure overnight

  02-09-2016 10:49
  
  Software house warns data recovery will take some time and services unlikely to be restored today (2 September).
  
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• Davies buys motor claims specialist

  02-09-2016 10:47
  
  Purchase supports Davies’ growth ambitions
  
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• Quizzical questions: 2 September 2016

  02-09-2016 10:40
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• In-depth - commercial lines: SMEs’ underinsurance problem

  02-09-2016 10:30
  
  Many SME owners buy business insurance like they would car or contents insurance, but there are opportunities for brokers who explain the importance of avoiding underinsurance
  
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• In-depth - commercial lines: Acting on legislation

  02-09-2016 10:30
  
  Several new pieces of legislation affecting the insurance industry have recently come into force. If brokers are prepared, they can really prove their worth
  
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• Chubb targets China's marine market

  02-09-2016 10:13
  
  Chubb is now offering insurance for importers, exporters and transport operators working in the Chinese marine market.
  
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• Markel appoints energy underwriter in Singapore

  02-09-2016 09:47
  Markel International has hired Timothy Foister as an energy
  underwriter based in Singapore, it announced today.
  He will report directly to Matthew Cannock, principal officer
  and managing director of Markel International in Singapore.
  Cannock said: "It is a very challenging time for the oil
  and gas industry and as a key energy service provider to the
  Singapore market it is very important that we are constantly
  looking for ways to improve our service to our clients.
  "With Tim's expertise in...
  
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• Qatar pounces on troubled Irish car market with major entry

  02-09-2016 09:36
  
  Middle Eastern insurer beefs up presence in UK motor market again 
  
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• FCA hits adviser with hefty fine for lying about CII exams

  02-09-2016 09:24
  
  Regulator reveals details of how adviser tried to hoodwink them 
  
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• SSP apologises to brokers for IT crash and gives latest update

  02-09-2016 09:10
  
  Software house gives further explanations as to what brokes should expect
  
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• Video: Spotlight on pet insurance fraud with Crif director Sara Costantini

  02-09-2016 08:30
  
  Only one-fifth of the UK population purchases insurance for their pet yet incidences of fraud are soaring, from £420,000 in 2009 to nearly £2m in 2014.
  
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• Diversity: How to implement a more eclectic workforce

  02-09-2016 08:00
  
  Historically, the insurance industry has lacked diversity. When you imagine a typical insurance firm, you may picture a male, pale and stale boardroom. Increasingly, though, the industry has been implementing a range of initiatives to draw in a more eclectic, fresh workforce.
  
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• Blog: Insurance for autonomous cars - from concept to reality

  02-09-2016 08:00
  
  It has now been 11 years since a team from Stamford University won a $2m (£1.5m) prize for developing ‘Stanley’, a fully self-driving car.
  
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• Hermine path set to spare Florida insurers major loss

  02-09-2016 05:02
  David Bull
  As Florida's Big Bend region braces for a strike from
  Hurricane Hermine tonight, insurers are not expected to suffer
  major losses because of the relatively low exposure base in the
  storm's path.
  Hermine is on course to be the first landfalling hurricane in
  Florida since Wilma in 2005, with current forecasts projecting it
  will hit the coast at category one strength around midnight.
  But the current track of the storm puts it on course for the
  Northwest of...
  
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• Foister swaps Liberty for Markel energy in Singapore

  02-09-2016 04:27
  
  Timothy Foister has left Liberty International to join Markel in Singapore.
  
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• Schaper back in the market at Marsh MGA arm

  02-09-2016 02:11
  Former Montpelier Re president Chris Schaper has re-emerged in the
  market as CEO of global broker Marsh's managing general agent
  (MGA) business the Schinnerer Group.
  The executive will be based in Bermuda and report to John Drzik,
  president of Marsh global risk and specialties.
  In his new role, Schaper will look to build out Marsh's
  existing MGA business in the US and Canada, including Victor O.
  Schinnerer and Canadian MGA Encon.
  He will also oversee the development of the firm...
  
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• Maiden Re gets AM Best upgrade to A

  02-09-2016 02:11
  Maiden Re has been upgraded by a notch to A by AM Best as a
  reflection of its "consistently profitable underwriting and
  operating performance", according to the ratings agency.
  In a note, the firm said it had upgraded the Bermudian in
  response to returns that have improved in recent years on a growing
  book of business at the same time as its parent Maiden Holdings has
  successfully lowered its financing costs.
  AM Best noted that the reinsurer's core business consists...
  
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