Insurance news

• CPPIB ups Enstar stake in $190mn Goldman's deal

  19-09-2016 22:39
  The Canada Pension Plan Investment Board (CPPIB) is set to
  continue to escalate its exposure to insurance just days after its
  $1.1bn deal to acquire Ascot by buying a further 6 percent stake in
  legacy-to-live carrier Enstar, The Insurance
  Insider can reveal.
  The deal, which is thought to be worth $190mn, will see the
  investment giant's holding increase to 19.9 percent of the
  Nasdaq-listed carrier.
  It is acquiring the stake from the private equity arm of Goldman
  Sachs, which this...
  
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• E&S outlook stable despite 2015 UW loss: AM Best

  19-09-2016 19:40
  The outlook for the US surplus lines market remains stable,
  despite lower top-line growth and a 2015 underwriting loss,
  according to AM Best.
  In its annual report on the excess and surplus lines (E&S)
  sector, AM Best said that direct written premiums (DWP) increased
  by 2.5 percent to $41.3bn in 2015, a slowdown from the 6.7 percent
  growth seen in 2014.
  The three-year trend for surplus lines growth to outstrip the
  broader P&C industry also reversed, with DWP up 3.7...
  
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• Gallagher v Aston Scott court case to start tomorrow

  19-09-2016 17:49
  
  High Court case to be heard by Mr Justice Soole.
  
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• Gallagher v Aston Scott court case set to start

  19-09-2016 17:49
  
  High Court case to be heard by Mr Justice Soole.
  
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• Gallagher seeks injunction against Aston Scott

  19-09-2016 17:40
  
  Allegations relate to hire of former Gallagher employee by Aston Scott
  
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• Ex-Towergate regional managing director rejoins broker

  19-09-2016 16:32
  
  Simon Townsend left Towergate in January 2014
  
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• Drones insurance market to hit $1bn by 2020 - study

  19-09-2016 15:14
  
  Research from Allianz says drones will require at least $1m of insurance coverage
  
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• Lloyd's: 90% of major firms hit by cyber attacks

  19-09-2016 15:01
  
  Nine in ten big businesses have suffered a major cyber-attack in the past five years but less than half are worried about suffering another breach in the future, a survey has found.
  
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• Brexit Forum: Live updates

  19-09-2016 15:00
  
  Keep track of the key points at the Insurance Times Brexit Forum as they happen
  
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• Liechtenstein regulator issues order to Gable over insurance contracts and transfer of assets

  19-09-2016 14:58 via insuranceage.co.uk
  
  In separate development insurer reverses plans to delist from AIM.
  
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• Sompo Canopius adds to A&H team

  19-09-2016 14:53
  Sompo Canopius has expanded its accident and health (A&H)
  team with the hire of Karen Vizard as international medical
  expenses underwriter.
  Vizard joins from the A&H team at Arch. In her new role she
  will focus on the US in particular, reporting to Bernie de
  Haldevang, global head of specialty.
  Sompo Canopius said there was increasing demand for quality
  international healthcare coverage for expatriates and key local
  staff globally, with demand varying by territory and class.
  De Haldevang
  
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• Neon appoints tax liability underwriter

  19-09-2016 14:53
  Lloyd's carrier Neon has hired Andrew Thornton as underwriter
  and solicitor for M&A tax liability insurance, it announced
  today.
  Thornton joins from law firm Dentons LLP, where he was a partner
  in the tax practice. He will report to head of tax liability
  insurance Dawn Bhoma.
  The hire is a further addition to Neon's M&A insurance
  team, which joined the carrier in April 2015 from Ironshore-owned
  Pembroke, led by Robert Brown.
  Martin Reith, CEO of Neon, commented: "We have a...
  
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• Beazley makes French aviation hire

  19-09-2016 14:53
  Beazley has hired Christophe Paulin to manage its aviation business
  in France, it announced today.
  Paulin joins from ArgoGlobal in London, where he was a senior
  aviation underwriter. Prior to that he spent several years as an
  aviation insurance broker in France.
  He will be based in Beazley's Paris office following an
  initial period in London.
  Beazley provides insurance for airlines, general aviation and
  aerospace clients globally.
  Within the airline team the focus is on small to mid-sized
  airlin
  
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• Tech advancement in cars 'is pushing up claims costs'

  19-09-2016 13:40
  
  The increasing likelihood of cars to have advanced safety features may be pushing up the cost of claims for motor insurers.
  
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• Managing agents sign shared services modelling deal

  19-09-2016 13:30
  Lloyd's and the Lloyd's Market Association (LMA) have
  unveiled a deal with US hurricane model provider Applied Research
  Associates to make its HurLoss model available on a shared services
  basis using the Oasis framework.
  Managing agents Ascot, Beazley, Barbican, Chubb, RenaissanceRe,
  Tokio Marine Kiln, Scor-backed Channel, Starstone, Sompo Canopius
  and XL Catlin will be supporting the deal.
  Lloyd's and the LMA said that other managing agents may
  participate in future arrangements for catastrophe
  
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• Argenta launches strategic process

  19-09-2016 13:30
  Lloyd's managing agency and members' agent Argenta has
  appointed Goldman Sachs to run a strategic process which is likely
  to see the company sold, The Insurance
  Insider can reveal.
  Sources said that Goldman Sachs started contacting likely
  acquirers and investors late last week after being called in by the
  board of Argenta Holdings plc, following a number of years in which
  the business has flirted with corporate activity.
  Argenta is 45 percent owned by Glenrinnes Farms, a holding
  company owned...
  
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• LV=’s Treloar: industry’s home profit expectations ‘too high’

  19-09-2016 13:28
  
  GI managing director says he is more pessimistic than rival about business line
  
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• Treloar says LV half year results are solid

  19-09-2016 13:25
  
  MD highlights turnaround in broking arm with operating profit of £3m replacing loss of £19m in all of 2015.
  
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• Slater and Gordon to claim against Watchstone over professional services acquisition

  19-09-2016 12:37
  
  Personal injury law firm Slater and Gordon is set to make a claim against Watchstone Group, in relation to the law firm’s acquisition of Watchstone’s professional services division last year.
  
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• LV= car insurance premiums to rise as profits plummet

  19-09-2016 12:24
  
  Insurer’s first-half pre-tax profits tumble to £1m from £49m a year earlier due to low interest rates and rising cost of payoutsLV= has warned that car insurance premiums are to increase as it blamed the rising cost of accident payouts and low interest rates for a dramatic drop in profits in the first six months of 2016.The insurer, Britain’s biggest mutual, said pre-tax profits to 30 June had fallen to £1m, compared with £49m a year earlier. Continue reading.
  
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• Advent taps Beazley for bespoke products team

  19-09-2016 12:11
  Advent has launched a bespoke products underwriting unit with
  the hire of three underwriters from Beazley.
  Paul Driver and Phillip Misztela will lead the team, supported
  by Stuart Cowen.
  The new offering aims to complement Advent's existing
  property binders and accident and health businesses.
  John Marks, who founded the portfolio more than 20 years ago at
  Beazley, has been working with Advent as a consultant and will
  continue to contribute in an advisory role.
  The team will report to Advent...
  
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• LV examining product lines at a 'forensic level' following H1 results

  19-09-2016 11:52
  
  LV will be examining their product lines at a "forensic level" to increase profitability following its H1 results.
  
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• Broker Service Survey 2016/17: Find out which insurers will be ranked

  19-09-2016 11:00
  
  Find out which insurers and underwriting agencies will feature in this year’s edition of the BSS
  
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• Six reinsurers to enter India by January: Irdai

  19-09-2016 10:52
  Up to six carriers are set to enter the Indian reinsurance market
  by January 2016, according to the Insurance Regulatory and
  Development Authority of India (Irdai).
  Irdai chief TS Vijayan said at an event for the Associated
  Chambers of Commerce that the regulator would take a final decision
  on the new entrants next month, local media outlet The Financial
  Express reported.
  In March, Munich Re, Hannover Re, Swiss Re and Scor received
  initial approval to operate in India from the...
  
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• Gable backpedals on share delisting

  19-09-2016 10:52
  Beleaguered Lichtenstein-based carrier Gable has reversed its
  decision to delist its shares from the Aim market.
  In a statement to the London Stock Exchange, the company said
  the board decided there was "merit" in keeping the shares
  live after a number of holders of its loan notes made
  representations.
  The initial delisting was prompted by the resignation of
  nominated adviser and broker Zeus Capital Limited last week with
  immediate effect.
  The board is now in the process of appointing a...
  
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• CFC names claims director

  19-09-2016 10:52
  Specialty lines managing general agent CFC has appointed Margaret
  Murphy as claims director.
  Murphy joins from law firm Wilson Elser Moskowitz Edelman &
  Dicker LLP in New York, where she was a partner.
  She has experience in advising and representing US and
  international insurers on a wide range of claims, CFC said. Murphy
  has also assisted several Lloyd's syndicates on various lines
  of North American business, as well as working on underwriting and
  regulatory issues.
  Murphy will be based in.
  
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• LV profits fall for first half of 2016

  19-09-2016 10:41
  
  CEO blames one off factors for profit drop as income remains steady.
  
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• Gable in u-turn over plan to delist from AIM

  19-09-2016 10:41
  
  Troubled insurer Gable has performed a u-turn on its plan to delist from the stock exchange.
  
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• Ex-Quindell boss buys back offloaded property company

  19-09-2016 10:41
  
  Former Quindell founder Rob Terry has bought back the property maintenance business the group sold for £1 in January.
  
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• Carl Shuker wins the Achievement Award at UK Broker Awards 2016

  19-09-2016 10:30
  
  Full list of all the prize winners at Insurance Age’s event.
  
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• QuestGates revamps major loss division

  19-09-2016 10:24
  
  Changes include new role and redefining of major loss cases
  
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• LV sees 85% drop in underwriting profit in H1 2016

  19-09-2016 10:17
  
  LV Group has described its H1 2016 GI results as ‘solid’, despite an 85% drop in underwriting profit and a 69% drop in operating profit from the same period last year.
  
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• Ex-MD of Ten joins Momentum

  19-09-2016 10:15
  
  Alistair Body switches appointed representative networks.
  
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• Sure Thing! confirms plans to launch underwriting arm

  19-09-2016 10:00
  
  Broker appoints Kevin Kiernan from Ageas to work on underwriting project.
  
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• Axa's Bouas-Laurent swaps Germany for Asia

  19-09-2016 09:59
  
  Etienne Bouas-Laurent, former chief financial officer at Axa Germany, has been appointed CEO of life and savings and distribution for Axa Asia.
  
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• CFC hires New York lawyer as claims director

  19-09-2016 09:52
  
  Specialist underwriting agency CFC makes new appointment
  
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• LMG publishes manifesto for market reform

  19-09-2016 09:37
  The London Market Group (LMG) has today outlined its goals for the
  next six months, as it looks to build on its achievements in 2015.
  Some of the key deliverables targeted over the next the period
  between October 2016 and March 2017 included the publication of the
  proposed Insurance linked securities (ILS) legislation and the
  development of plans for ILS market launch in the UK.
  The LMG is also targeting the completion of the build work on
  the Central Services...
  
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• #insagepeople 19 - 25 September

  19-09-2016 09:30
  
  Keep up to date with the latest people moves.
  
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• LMG releases manifesto for future

  19-09-2016 09:25
  
  LMG outlines specific steps for next six months
  
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• LV= GI first half profit drops 69%

  19-09-2016 09:09
  
  Insurer describes performance as ‘solid’ despite sharp drop
  
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• Intellectual property conference returns to London

  19-09-2016 08:55
  
  It will look at ways to protect UK industries and consumers from intellectual property crime 
  
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• Slater & Gordon launches legal battle against former Quindell

  19-09-2016 08:39
  
  Claims relate to Slater & Gordon’s purchase of Quindell’s legal unit
  
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• Former TEn MD joins Momentum

  19-09-2016 08:38
  
  Alistar Body has joined Momentum as business development director
  
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• Video: Dive In - the importance of diversity and inclusion

  19-09-2016 08:00
  
  With a week to go until Lloyd's Dive in festival Hugh Hessing of Aviva Ireland, Pauline Miller of Lloyd’s of London, and Virginia Clegg of DAC Beachcroft talk about why diversity in insurance is important.
  
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• Video: Dive In - Hugh Hessing, Virginia Clegg and Pauline Miller on the importance of diversity and inclusion

  19-09-2016 08:00
  
  With a week to go until Lloyd's Dive in festival Hugh Hessing of Aviva Ireland, Pauline Miller of Lloyd’s of London, and Virginia Clegg of DAC Beachcroft talk about why diversity in insurance is important.
  
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• Brexit: 100 days on and counting

  19-09-2016 08:00
  
  Three months on from the Brexit vote, what are the likely implications for the insurance market in the UK?
  
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• Top SME broker questions direct sales via Facebook Messenger app

  19-09-2016 07:30
  
  Simply Business says development is ‘exciting’, but adds that it might not work for insurance 
  
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• QBE hires Teixeira for bancassurance and emerging markets' roles

  19-09-2016 07:04
  
  Australian giant QBE has hired Marcelo Teixeira in a dual role.
  
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• AIG sells Ascot stake to Canadian pension firm

  19-09-2016 05:21
  
  Insurance giant AIG has sold its 20% stake in Ascot Underwriting and fully-owned subsidiary Ascot Corporate Name to the Canada Pension Plan Investment Board for $1.1bn (£840m).
  
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• XL Catlin to acquire Lloyd's MGA in Australia

  19-09-2016 04:46
  
  Global insurer XL Catlin has entered into an agreement with Paul Hines, the owner of Sydney-based Brooklyn Underwriting, to acquire the MGA.
  
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