Insurance news

• SSP confirms some brokers are online again

  05-09-2016 17:48
  
  Software provider is now contacting those customers whose systems are becoming available.
  
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• R&Q sees opportunities in Brexit

  05-09-2016 17:36
  
  Insurance services provider says Brexit could drive demand for its services
  
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• Tasker buys Enni-Scheme

  05-09-2016 17:20
  
  Staff and customers will transfer to Tasker’s office in Kent.
  
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• Insurance firm swoops for 'quality' Kent broker

  05-09-2016 16:20
  
  Kent broker specialising in hospitality described by buyer as a ‘quality’ purchase 
  
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• Some brokers online in latest SSP update

  05-09-2016 16:16
  
  Software house has started contacting firms whose systems are becoming available
  
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• DAS hires senior RSA director

  05-09-2016 14:55
  
  The appointment will be based in Bristol
  
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• R&Q seals Guardian Assurance Part VII transfer

  05-09-2016 14:36
  Randall & Quilter (R&Q) has completed a Part VII transfer
  of Guardian Assurance's UK P&C business to its Maltese
  operation, CFO Tom Booth has confirmed.
  Speaking to The Insurance Insider
  following R&Q's first-half results, Booth said the scheme
  of arrangement, which went through the UK courts on Thursday (2
  September), was the last step in bringing the book to finality.
  R&Q previously had a reinsurance arrangement with Guardian
  for its P&C book, which was carried on after
  
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• R&Q ‘back in the black’ after turnaround in results

  05-09-2016 13:59
  
  Randall and Quilter has announced a pre-tax profit of £1.2m for the first half of 2016, a turnaround from a £4.5m loss in the same period last year.
  
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• Bollington Insurance Brokers posts slight fall in profits for 2015

  05-09-2016 13:23
  
  Broker's turnover improved to £11.88m.
  
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• Pearce to head heavy industry at Sompo Canopius

  05-09-2016 13:06
  Sompo Canopius has hired Spencer Pearce as head of heavy industry,
  it announced today.
  Pearce joins from AIG and will begin his new position on 12
  September.
  He will report to Mike Southgate, head of marine, energy and
  engineering, and will work closely with the existing engineering
  and power outage teams.
  A new line of business for Sompo Canopius, heavy industry covers
  mining, onshore energy and heavy industrial property business
  globally.
  Mike Duffy, group chief underwriting officer, said:
  "I'
  
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• Integro acquires hedge fund specialist

  05-09-2016 13:06
  Expansive global brokerage Integro has acquired specialist hedge
  fund risk manager Insurance Revolution for an undisclosed sum.
  Insurance Revolution is the parent company of specialty
  financial institutions carrier Maloy Risk Services and Lloyd's
  coverholder Piedmont Managers.
  Following the completion of the transaction, Maloy's
  financial, life sciences and technology teams will operate under
  Integro's risk management division, while Piedmont will
  continue to operate within the same division.
  In
  
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• Corruption probe prompts BTG Pactual Re downgrade

  05-09-2016 13:06
  Rating agency AM Best has downgraded the ratings of BTG Pactual
  Resseguradora (BTG Pactual Re) in relation to an ongoing corruption
  investigation at its parent company.
  The Brazilian reinsurer's financial strength rating has been
  downgraded to B+ from B++, while its issuer credit rating has been
  lowered to bbb- from bbb. The ratings have been assigned a negative
  outlook.
  The rating action follows a deterioration in parent company BTG
  Pactual's credit profile due to an ongoing investigation into
  
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• AM Best downgrades Istmo Re with negative outlook

  05-09-2016 13:06
  AM Best has downgraded the financial strength rating of Panamanian
  reinsurer Istmo Compañía de Reaseguros (Istmo Re) from a-
  to bbb.
  Increased financial leverage, limited growth prospects and a
  downward trend in operating performance have hurt the company's
  financial flexibility, according to the ratings agency.
  Istmo Re has also been placed under review with negative
  implications.
  AM Best added that the reinsurer's financial leverage and
  interest coverage ratios had continued to s
  
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• Lloyd’s in Brexit exit threat

  05-09-2016 13:00
  
  John Nelson warns that Lloyd’s might “vote with its feet” following uncertainty over passporting rights following the Brexit vote.
  
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• Brexit is opportunity to abandon ‘mad’ gender directive

  05-09-2016 12:42
  
  Female drivers in the UK could have saved £500m every year since the European Unions’s Gender Directive was introduced.
  
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• Meet the techies: Matt Poll

  05-09-2016 11:43
  
  Matt Poll, founder and CEO of Neos, talks us through his work in the Insurtech space and why insurance needs to catch up.
  
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• Strong run-off results boost R&Q in H1

  05-09-2016 11:40
  Legacy-to-live insurance services provider Randall and Quilter
  (R&Q) has reported a pre-tax profit of £1.2mn for the six
  months to 30 June 2016 in a significant turnaround from a
  £4.5mn loss in H1 2015.
  In addition, the group's balance sheet was boosted by
  foreign exchange gains of almost £5mn as the surpluses of its
  US companies are held in dollars.
  R&Q noted that if the sterling/dollar exchange rate remained
  at current levels, the second half's profit and loss account
  
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• Probitas hires Lloyd's Mexico head for Latam push

  05-09-2016 11:40
  Probitas Syndicate 1492 has hired Lloyd's Mexico country
  manager Gabriel Anguiano to spearhead its growth in Latin
  America.
  Anguiano will join Probitas 1492 as head of strategy and
  business development for Latin America, reporting directly to CEO
  Ash Bathia, and will become a member of the executive board.
  He will join the firm later this year.
  Bathia commented: "Part of our core strategy is to deliver
  new and accretive business into the Lloyd's market,
  particularly out of Latin America, by...
  
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• Nelson: Lloyd's would move business to access single market

  05-09-2016 11:40
  Lloyd's chairman John Nelson has said that the insurance
  market would move business from the City of London into the EU if
  it is not given guarantees about passporting rights.
  Speaking on the BBC's Today programme, Nelson said
  that London being open for business to everyone was "extremely
  important" and that access to the single market and
  passporting rights were critical both for Lloyd's and the wider
  financial services industry.
  However, if passporting rights could not be secured Lloyd's
  would
  
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• Chubb enters China marine market

  05-09-2016 11:40
  Chubb is expanding its marine offering for importers, exporters
  and transport operators into China, the company announced on Friday
  (2 September).
  The new service will be led by Chubb's head of marine for
  China Song Wei.
  The global insurer will offer coverages including project cargo
  and consequential loss for engineering freight, cargo insurance,
  fine art and valuable goods products and shipment insurance.
  Andrew Williamson, head of marine for Chubb's international
  general insurance operations,
  
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• AIG sells final PICC P&C stake for $190mn

  05-09-2016 11:40
  AIG has sold its remaining stake in the People's Insurance
  Company of China (PICC)'s Hong Kong-listed P&C subsidiary
  for approximately HK$1.49bn ($192mn).
  The carrier's final stake of 111 million shares was divested
  at a price of HK$13.46bper share after the deal was marketed with a
  floor price of HK$13.39, Reuters reported.
  AIG first purchased the 9.9 percent holding prior to PICC
  P&C's Hong Kong IPO in 2003 for between $200mn and $300mn,
  and has been selling down its stake since....
  
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• SSP tries to restore service in alternate site

  05-09-2016 10:56
  
  Software house said it was focusing on completing the unpacking of data as quickly as possible.
  
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• #Insagepeople: 05 September - 11 September 2016

  05-09-2016 10:36
  
  Keep up to date with who is where in the world of insurance with our live updates.
  
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• Integro buys Insurance Revolution

  05-09-2016 10:23
  
  Broker adds capability with New York purchase.
  
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• Real opportunities in real estate

  05-09-2016 10:10
  
  Economic uncertainty and government policy are putting the buy-to-let sector under pressure, but there are still openings for brokers, says Chris Withers
  
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• Enterprise collapse causes concern for brokers

  05-09-2016 10:00 via insuranceage.co.uk
  
  Questions have been raised over how brokers can replace capacity
  
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• R&Q unveils first half results, Brexit outlook

  05-09-2016 09:07
  
  Run off buyer R&Q looks ahead to post-Brexit world
  
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• SSP provides update on system outage

  05-09-2016 08:45
  
  Software house promises further updates
  
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• Did the Gibraltar regulator miss the warning signs?

  05-09-2016 08:10
  
  The Gibraltar Financial Services Commission has once again fallen under scrutiny after Enterprise Insurance became the thirdmajor insurer to collapse in the tax haven in recent years.
  
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• Blog: Motorcycle licensing laws are an insurance headache

  05-09-2016 08:10
  
  Motorbike sales have risen, while the number of young riders taking the licensing test has dropped. The young generation may be discouraged by the complexity of the scheme, which is also a bit of a headache for insurers.
  
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• State of the Nation: Lloyd's and the London Market: Innovation and modernisation

  05-09-2016 08:00
  
  The London Market is keen to encourage innovation, but that will involve overturning tried and tested practices and bringing through the younger generation
  
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• Biba unveils more details about SME flood product

  05-09-2016 07:31
  
  Biba SME flood solution close to launch
  
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• Insurers face whiplash backlash

  05-09-2016 07:30
  
  Insurers defend motor price hikes
  
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• Industry hits back at ‘cheating’ accusations

  05-09-2016 07:30
  
  Insurers defend motor price hikes
  
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