Insurance news

• Reinsurers resist multi-year renewals: GC

  09-09-2016 18:22
  Reinsurers pushing back against aggressive buying strategies from
  primary carriers are reducing the amount of multi-year cover they
  are willing to write, according to Guy Carpenter.
  In a briefing note released ahead of the annual Monte Carlo
  Rendezvous, the broker said the willingness to write multi-year
  cover was being effected by a sentiment in the market that
  increasingly leaned towards the belief prices are nearing a bottom
  and are poised to stabilise in the near future.
  Guy Carpenter head o
  
  Read more

• CNA FI chief Kubursi leaves unexpectedly

  09-09-2016 18:22
  CNA's senior vice president of financial institutions and
  management liability Ziad Kubursi has stepped down unexpectedly
  after just over a year in the role, The Insurance
  Insider can reveal.
  In a message to brokers seen by this publication CNA
  Specialty's president and chief operating officer Mark Herman
  said Kubursi would be resigning "to pursue other
  opportunities".
  "I want to reinforce that we are deeply committed to both
  of these businesses and that CNA Specialty's mission remains
  unchanged
  
  Read more

• Rebranded Ed takes it name from Lloyd's roots

  09-09-2016 18:12
  
  Newly rebranded Ed, the UK insurer formally known as Copper Gay, has revealed to Post the inspiration behind the name is Lloyds founder Edward Lloyd.
  
  Read more

• Jon Hancock leaves RSA to join Lloyd’s

  09-09-2016 16:40
  
  Jon Hancock, RSA's UK commercial director, will join Lloyd's as performance director.
  
  Read more

• Advertisement

• Third Gable board member resigns in a month

  09-09-2016 16:27
  
  A third member of the board of beleaguered insurer Gable Holdings has stepped down in the space of a just over a month.
  
  Read more

• Brokers lament departure of ‘class act’ Hancock from RSA

  09-09-2016 16:27
  
  Surprise in the market at Hancock’s decision to leave insurer
  
  Read more

• Redundancy consultations completed at QBE in Chelmsford

  09-09-2016 16:19 via insuranceage.co.uk
  
  Affected staff set to leave the insurer by the end of October.
  
  Read more

• Jon Hancock to leave RSA for Lloyd's

  09-09-2016 16:19
  
  Hancock has been hired as director of performance management.
  
  Read more

• Advertisement

• Connections announced as theme for Biba 2017

  09-09-2016 16:10
  
  The conference and exhibition theme will reflect an increasingly inter-connected world according to the trade body.
  
  Read more

• RSA seeks Jon Hancock successor

  09-09-2016 16:06
  
  Insurer confirms commercial chief’s departure
  
  Read more

• UK government pledges £12.5mn for flood defences

  09-09-2016 15:11
  The UK government has committed an investment of £12.5mn
  ($16.7mn) to prevent flooding.
  In a report published yesterday, the UK's Secretary of State
  for Environment, Food and Rural Affairs Andrea Leadsom updated
  ministers on the National Flood Resilience Review.
  The money will be for new temporary defences, such as barriers
  and high volume pumps, at seven strategic locations around the
  country. By this winter, the Environment Agency will have four
  times more temporary barriers than last ye
  
  Read more

• Gable chairman resigns in latest departure

  09-09-2016 15:11
  Non-executive chairman Jost Pilgrim has resigned from the Gable
  board in the latest in a series of departures from the troubled
  Lichtenstein-based insurer.
  In a London Stock Exchange statement today Gable said chief
  executive William Dewsall has been appointed executive chairman on
  an interim basis following the move.
  The beleaguered carrier has suffered a raft of resignations in
  the past few months after the company revealed Solvency II capital
  shortfalls and large losses following its failure
  
  Read more

• Skuld posts $29mn profits in H1

  09-09-2016 13:44
  Norwegian protection and indemnity (P&I) mutual Skuld has
  reported a net profit of $29mn for the first six months of
  2016.
  The figure represents a $20mn increase on the same period last
  year.
  The P&I club also posted record contingency reserves of
  $379mn, primarily driven by net investment income of $34mn.
  In the same period of 2015 it reported an investment loss of
  $0.8mn.
  Skuld attributed the vastly improved investment result to strong
  equity markets and declining interest rates.
  Howev
  
  Read more

• Reinsurer capital hits $585bn: Aon Benfield

  09-09-2016 13:44
  Global reinsurers' capital rose by 4 percent year-on-year in
  the first half of 2016 to reach $585bn, according to Aon Benfield.
  In its Aon Benfield Aggregate report of 23 top reinsurers,
  released today, the broker said traditional capital comprised
  $510bn of the total, a hike of 3 percent year-on-year. The growth
  was primarily driven by unrealised gains on bond portfolios related
  to falling interest rates.
  Alternative capital also rose for the period by 5 percent to
  $75bn, reflecting the trend..
  
  Read more

• R&Q acquires RLGI in £12mn deal

  09-09-2016 13:44
  Legacy-to-live carrier Randall & Quilter (R&Q) has
  acquired The Royal London General Insurance Company Ltd (RLGI), a
  UK non-life insurer in run-off, for £11.9mn ($15.8mn).
  In a statement released today the company said the purchase
  price represented a discount to RLGI's net assets of
  £13.5mn at year-end 2015.
  The deal will be financed by R&Q's group bank facility
  and cash at hand.
  R&Q said it planned to move the business to its Maltese
  operation by the end of 2017 via
  
  Read more

• PartnerRe appoints Beedle as head of Asia Pacific

  09-09-2016 13:44
  James Beedle is to join PartnerRe as head of Asia Pacific from 1
  January.
  Beedle joins from Willis Re, where he was senior managing
  director for Asia Pacific, based in Singapore.
  He has previously served as chief operating officer of Willis Re
  Australia and CEO of Willis Re Japan.
  Based in Singapore, Beedle will be responsible for leading the
  development of PartnerRe's business in the Asia Pacific region.
  He will report to Tad Walker, CEO of PartnerRe's P&C
  segment and...
  
  Read more

• CCR launches CCR Re

  09-09-2016 13:44
  France's state-owned reinsurer Caisse Centrale de
  Réassurance (CCR) has launched a new subsidiary for its open
  market reinsurance business.
  From 1 January, the carrier's open market operations will be
  transferred to CCR Re - a separate legal entity owned by CCR.
  CCR Re will write around EUR400mn ($450mn) in premiums across
  50-60 markets with a solvency ratio of 200 percent.
  CCR will retain its public reinsurance activities, which are
  backed by the state's guarantee and include natural dis
  
  Read more

• Barbican restructures Syndicate 1955 leadership

  09-09-2016 13:44
  Lloyd's carrier Barbican has revamped its leadership
  structure to establish divisional heads for its underwriting lines
  within Syndicate 1955.
  David Slade has been appointed divisional head of property, with
  Olivier Decombes named head of energy, power and utilities while
  Andy Caldwell becomes head of specialty.
  Caldwell will continue in his role as deputy active underwriter
  in addition to his new responsibilities.
  Each will report to the syndicate's active underwriter David
  Booth.
  Barbican Mana
  
  Read more

• Biba names theme for 2017 conference

  09-09-2016 13:38
  
  Event will focus on challenges and opportunites facing brokers
  
  Read more

• Software houses welcome idea of regulation

  09-09-2016 13:36
  
  Transactor's Ray Vincent calls for tech providers to be regulated by the FCA.
  
  Read more

• Gable chair resigns

  09-09-2016 13:14
  
  William Dewsall has been appointed as executive chairman on interim basis
  
  Read more

• Biba to host talks to navigate SSP issues

  09-09-2016 12:48
  
  Biba is looking to hold a meeting as soon as possible to discuss disaster recovery and next steps for member agreements with SSP.
  
  Read more

• Biba to hold crisis meeting with SSP and affected brokers

  09-09-2016 12:35
  
  Biba wants answers from SSP on reasons behind lengthy outage
  
  Read more

• RSA's Hancock to replace Bolt at Lloyd's

  09-09-2016 12:22
  Jon Hancock, the managing director of UK commercial at RSA, will
  be named the new director of performance management at Lloyd's,
  The Insurance Insider can reveal.
  Sources said that Hancock had been selected to fill the role,
  currently held by Theresa Froehlich on an interim basis, and is set
  to join the Corporation in December.
  Negotiations with RSA about his release have been taking place
  for a number of months and are believed to explain the delay in
  appointing a...
  
  Read more

• JLT: Brexit had limited impact on M&A insurance demand

  09-09-2016 12:22
  The UK's vote to leave the European Union has had a limited
  impact on the M&A insurance sector, with first half deal volume
  up 23.6 percent on the same period last year, according to JLT
  Specialty figures.
  In its global M&A insurance index, the broker said
  uncertainty leading up to and immediately after Brexit had impacted
  M&A deal activity, which had corresponded to some impact in the
  use of M&A insurance.
  The real estate sector in particular saw a 20...
  
  Read more

• RSA's Jon Hancock to join Lloyd's

  09-09-2016 11:55
  
  Hancock took on additional responsibilities at RSA in February
  
  Read more

• R&Q acquires RLGI run-off

  09-09-2016 11:54
  
  Randall and Quilter has acquired RLGI, a UK non-life insurance company in run-off, from Royal London Mutual Insurance Society.
  
  Read more

• Returning to business after an interruption

  09-09-2016 11:07
  
  Joe Sultana, vice president of broking solutions at Applied Systems shares his key five points.
  
  Read more

• AXA buys personal alarm business

  09-09-2016 11:07
  
  AXA’s deal expands its UK healthcare presence
  
  Read more

• Cooper Gay rebrands to Ed

  09-09-2016 11:03
  Cooper Gay has rebranded itself to Ed as CEO Steve Hearn
  continues his transformation of the broker, the firm announced
  today.
  The move comes less than a year after the former Willis group
  deputy CEO took over the reins from Toby Esser.
  Hearn said in a statement: "All around us, the world is
  changing. Ed is the embodiment of that change in the world of
  wholesale broking."
  In March this year, the CEO told this publication that the
  rebranded Cooper...
  
  Read more

• Cooper Gay rebrands as Ed

  09-09-2016 10:43
  
  Lloyd’s broker says the rebrand is a renaissance.
  
  Read more

• Brokers support push on whiplash claims, says Aviva’s Townend

  09-09-2016 10:43 via insuranceage.co.uk
  
  Biba backs Aviva’s stance as insurer urges government to pursue reforms.
  
  Read more

• Cooper Gay unveils new name

  09-09-2016 10:41
  
  Restructured wholesale and reinsurance broker rebrands
  
  Read more

• Aviva poll calls for whiplash reform

  09-09-2016 10:31
  
  The reform, which was initially announced in last November's Autumn Statement, could end cash compensation for minor, short-term injuries and limit lawyers.
  
  Read more

• Willis pays $120m to settle ponzi scheme case of Texas fraudster

  09-09-2016 10:11
  
  Broker denies wrongdoing but pays money to end legal saga 
  
  Read more

• Troubled Irish motor market faces whiplash cash payment ban

  09-09-2016 09:48
  
  Powerful Irish politician wants cash ban 
  
  Read more

• Public rallies behind Aviva's call for whiplash cash payments ban

  09-09-2016 09:27
  
  Insurer boss wins public backing and labels compensation culture ‘toxic’
  
  Read more

• Aviva ups pressure for whiplash cash ban

  09-09-2016 09:27
  
  Insurer boss wins public backing and labels compensation culture ‘toxic’
  
  Read more

• Digital Insurance Collective Blog: What to offer Millennials

  09-09-2016 08:00
  
  Millennials are consumers of insurance products and their experience of other service providers influences their expectations of insurers. But what about attracting and retaining this generation and its massive employee talent pool?
  
  Read more

• Digital Insurance Collective Blog: What to offer millenials

  09-09-2016 08:00
  
  Millennials are consumers of insurance products and their experience of other service providers influences their expectations of insurers. But what about attracting and retaining this generation and its massive employee talent pool?
  
  Read more

• Man sentenced for trying to defraud motor insurer

  09-09-2016 07:30
  
  Sentencing follows IFED investigation
  
  Read more

• BMS' Advocate acquisition provides E&S opportunity

  09-09-2016 03:50
  BMS Intermediaries (BMS Re US) has bought Advocate Reinsurance
  Partners, the intermediary launched in 2010 by Randall Goss-led
  wholesale broker and MGA US Risk.
  And the combination could create opportunities to deliver more
  Lloyd's insurance E&S capacity to the US marketplace,
  according to BMS Re US CEO Andrew Bustillo.
  The executive told The Insurance
  Insider that both firms have been putting together
  coverholder arrangements to bring capacity to sit behind
  traditional MGAs.
  The combined or
  
  Read more

• Andersen: insurers and reinsurers must address under-served risks

  09-09-2016 03:50
  Insurers and reinsurers must be brought together to better address
  under-served risks and find growth, according to Aon Benfield CEO
  Eric Andersen.
  These include areas like US flood, where the E&S sector and
  other segments of the (re)insurance industry have been lobbying
  hard for legislative reforms to open up the private market.
  Speaking at The Insurance
  Insider's Pre-Monte Carlo Executive Briefing in
  London this week, the executive said the wider industry had been
  slow in acting and strugg
  
  Read more

• Syndicate Research downgrades Cathedral

  09-09-2016 01:14
  Lloyd's independent research firm Syndicate Research Ltd (SRL)
  has downgraded its rating of Cathedral syndicate 2010 from B+ to B.
  The company said the move followed a raft of senior departures
  from the business, including two of the syndicate's active
  underwriters and three senior underwriters responsible for over 85
  percent of the its underwriting.
  This was in addition to the resignations from the Lloyd's
  group holding company of CEO Peter Scales and financial director
  John Lynch revealed by T
  
  Read more

• August losses push 2016 aviation total over $700mn

  09-09-2016 01:14
  The global aviation market was hit with over $126.85mn of losses in
  August, nudging the total figure for the year to $706mn, according
  to JLT.
  In its latest 'Plane Talking' industry review for August
  the broker said hull losses for the first eight months of 2016 now
  totalled approximately $379.37mn, while liability losses currently
  stand at $60.9mn, taking into account estimated attritional
  losses.
  Significant August incidents included the crash landing of an
  Emirates flight into Dubai airport,
  
  Read more

Follow @Insurance_UKnws on Twitter!