Insurance news

• Willis settles Stanford fraud case for $120mn

  08-09-2016 21:09
  Willis Towers Watson has settled for $120mn litigation brought by a
  number of investors that were defrauded by disgraced financier
  Allen Stanford.
  The global broker was accused of actively aiding the $7bn ponzi
  scheme in which more than 28,000 investors were cheated out of
  their savings.
  But Willis has now settled the suits brought against it
  reportedly without admitting fault or blame with regard to its
  alleged involvement.
  The broker had provided Stanford with letters that were then
  used to...
  
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• S&P rates CCR Re A-

  08-09-2016 21:09
  Ratings agency Standard & Poor's has assigned a preliminary
  A- rating to the new subsidiary of France's state-owned
  reinsurance giant Caisse Centrale de Reassurance (CCR).
  The designation puts CCR Re one notch below its parent's
  unsupported group credit profile of "a".
  S&P maintained a stable outlook for the subsidiary which was
  spun off to underwrite all group business that is not backed by the
  French state.
  "The rating reflects our assumption that CCR Re will be
  highly strategic to the
  
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• BMS Intermediaries buys rival Advocate

  08-09-2016 19:36
  BMS Group's US specialist insurance and reinsurance broking arm
  has bought rival Advocate Reinsurance Partners for an undisclosed
  sum.BMS Intermediaries - or BMS Re US - will add Advocate managing
  partner Scott Brock to its board following the acquisition.Advocate was launched in 2010 by Randall Goss-led wholesale broker
  and MGA US Risk and was initially named Goss Re.The reinsurance broker was not part of the transaction in July this
  year that saw private equity firm Kohlberg &...
  
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• Hundreds of key sites across England still threatened by flooding as Government releases flood review

  08-09-2016 17:18
  
  As many as 530 key infrastructure sites across England are still under threat from flooding, according to a new report.
  
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• IDB hires JP Morgan for Clal sale

  08-09-2016 15:51
  Israeli conglomerate IDB Development Corp has appointed JP Morgan
  to find a buyer for the group's insurance subsidiary Clal
  Insurance.
  According to Reuters, the group's controlling stakeholder,
  Argentine businessman Eduardo Elsztain, announced the move at a
  press event marking the fourth anniversary of his investment in IDB
  yesterday (7 September).
  The company is obliged to sell its 55 percent stake in the
  carrier as a result of a 2012 law aimed at breaking up dominant
  conglomerates in Israel.
  A
  
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• Euler Hermes launches CPPIC joint venture

  08-09-2016 15:51
  Euler Hermes has partnered with China Pacific Property Insurance
  Company (CPPIC) to a launch a credit insurance joint venture in
  China.
  The operation will be based in Shanghai and will consist of
  managers and staff from both companies.
  The move marks a further expansion of CPPIC's relationship
  with Euler Hermes parent Allianz, with the companies also
  cooperating in areas including health cover, automotive insurance,
  reinsurance and roadside assistance.
  Euler Hermes chairman Wilfried Verstraete s
  
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• MGAA names new chairman

  08-09-2016 14:20
  The Managing General Agents' Association (MGAA) has appointed
  Charles Manchester as its chairman after James Gerry decided to
  stand down.
  Manchester was elected chairman at a meeting of the board
  yesterday and will assume his responsibilities immediately.
  He replaces Gerry, who has stood down to concentrate on
  commercial commitments, having been elected chairman back in
  March.
  Manchester is CEO of Manchester Underwriting Management, an MGA
  underwriting UK and international business, with an emph
  
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• JLT: M&A insurance demand down 20% due to Brexit

  08-09-2016 14:20
  The UK's vote to leave the European Union has resulted in a 20
  percent fall in the purchase of warranty and indemnity policies,
  according to JLT Specialty.
  In its global M&A insurance index, the broker said
  uncertainty leading up to and immediately after Brexit had impacted
  M&A activity.
  This decrease in demand has also triggered a fall in pricing, as
  insurers come under increasing pressure to win deals.
  According to JLT, pricing has dropped around 9.7 percent
  year-on-year, with premiums
  
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• Brokers exploring avenues for SSP compensation

  08-09-2016 13:33
  
  An SSP spokesperson acknowledges reports of a further outage this morning impacting some customers.
  
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• Hermine cat impact limited: Fitch

  08-09-2016 13:10
  The impact of Hurricane Hermine on reinsurers and cat bonds is
  likely to be limited, according to Fitch Ratings.
  However, the agency said that primary insurers in Florida where
  the hurricane made landfall may take a hit to their third-quarter
  results from the storm.
  Companies with the largest homeowners' exposure in the state
  include Universal Insurance Holding Group, Tower Hill, State Farm
  Mutual, Citizens Property Insurance and Federated National
  Insurance.
  Hermine made landfall as a Category
  
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• Antares launches A&H division

  08-09-2016 13:10
  Qatar Insurance Company-backed Lloyd's carrier Antares has
  lured a brace of underwriters from ProSight to spearhead its entry
  into the accident and health (A&H) market, The
  Insurance Insider can reveal.
  Roger Perry has been brought in as A&H manager, while Paul
  Beggy joins as an underwriter.
  Perry brings more than 25 years of industry experience to the
  role and will be responsible for leading the team and the
  development of the new A&H business.
  At ProSight, Perry most recently serve
  
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• JLT Re makes structured solutions appointment

  08-09-2016 11:52
  JLT Re has hired Matthew Carter as a partner in its London
  market and international division, based in the London office, it
  announced yesterday.
  Carter joins from Guy Carpenter, where he was a senior vice
  president in the structured products and capital solutions
  team.
  In his new role, he will lead all structured and non-traditional
  reinsurance for the UK and Europe as well as working with JLT
  Re's structured products team in North America.
  Bradley Maltese, deputy CEO for the...
  
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• Coface obtains Dubai licence

  08-09-2016 11:52
  Trade credit specialist Coface has received a company licence
  from the Dubai Financial Services Authority to offer insurance
  management and intermediation services.
  According to local media reports, the company will write trade
  credit business for both corporate and small and medium-sized
  enterprise clients through the newly formed Coface Credit Insurance
  GCC Limited.
  Massimo Falcioni, head of Middle East countries at Coface, said
  the carrier decided to launch a licensed entity in Dubai to explo
  
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• FCA’s Joseph Smith to speak at Broker Expo Brighton

  08-09-2016 11:30
  
  Event is free for brokers and takes place at the Hilton Brighton Metropole.
  
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• SME Now and the future: Transforming motor fleet

  08-09-2016 10:40
  
  Increased mechanisation and use of technologies such as telematics are transforming the way small motor fleet business is conducted, explains Edward Murray
  
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• Editor's letter - September 2016

  08-09-2016 10:30
  
  “Brokers need to avoid being complacent and must continue to focus on the crucial area of client money compliance”
  
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• James Gerry steps down from MGAA chair after six months

  08-09-2016 10:18
  
  James Gerry has stepped down as chairman of the Managing General Agents Association after just six months on the job.
  
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• R&Q acquires Aegon GI run-off

  08-09-2016 09:47
  
  Randall and Quilter has acquired the general insurance run-off business of Aegon Insurance Company.
  
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• Bluefin expands agriculture team

  08-09-2016 09:36
  
  Hiring follows new agriculture product launches
  
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• Flood fraudster forced to repay DLG £56,000 or face jail time

  08-09-2016 09:27
  
  False flood claim lands fraudster with huge bill
  
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• Flood fraudster forced to repay DLG £56,000

  08-09-2016 09:27
  
  False flood claim lands fraudster with huge bill
  
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• NIG unveils tool to combat underinsurance

  08-09-2016 08:59
  
  SME specialist NIG offers service to brokers
  
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• R&Q buys Aegon run-off business

  08-09-2016 08:40
  
  R&Q says deal boosts Malta business
  
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• Europe: Delegated authority arrangements need to be reviewed ahead of the Iber's expiration

  08-09-2016 08:00
  
  Although the British electorate has voted for Brexit, the UK remains a member of the European Union for the time being, and EU competition law continues to apply in the UK.
  
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• Advisers face sanctions over legacy ERS reserve blunders

  08-09-2016 07:30
  
  Financial Reporting Council issues formal complaints
  
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