Insurance news

• Unipol Re CEO pegs Italian quake losses at EUR70mn

  21-09-2016 20:08
  Unipol Re CEO Marco Sordoni has estimated that insured losses from
  the Italian earthquake in August will amount to just EUR70mn
  ($78mn).
  The executive gave the figure at a Monte Carlo roundtable hosted
  by sister publication Trading Risk.
  The EUR70mn total is likely to mean that claims will be borne
  largely by insurers as losses fall short of excess-of-loss
  reinsurance triggers.
  The figure comes in well below an early estimate from Fitch
  Ratings that insured claims from the disaster could...
  
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• Trade bodies rally round covered agreement talks

  21-09-2016 20:08
  Several (re)insurance associations have reiterated their support
  for upcoming talks between the US Treasury and the European Union
  over a covered agreement.
  In a joint statement released today, the American Insurance
  Association (AIA), The American Council of Life Insurers (ACLI),
  Insurance Europe, and the Reinsurance Association of America (RAA)
  said the negotiation of an agreement had the potential for a
  win-win for consumers and competitive markets on both sides of the
  Atlantic.
  "The insuranc
  
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• The Hartford's Talcott could fetch $4bn: Credit Suisse

  21-09-2016 20:08
  The Hartford could bank between $3bn and $4bn at a conservative
  estimate if it elects to sell its run-off variable annuity business
  Talcott Resolution, Credit Suisse analyst Ryan Tunis has said.
  In a note following The Insurance
  Insider's revelation that JP Morgan had been
  brought in to value the unit, Tunis said that a sale would allow
  management to focus on the US insurer's core P&C
  business.
  The analyst said that a $3.5bn sale price would likely see The
  Hartford...
  
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• Markel International boosts contingency team

  21-09-2016 20:08
  Markel International has hired a trio from Travelers to bolster its
  entertainment and contingency team, The Insurance
  Insider can reveal.
  Alex Clegg, Pippa Morris and Anna Beaman have all agreed to move
  to the carrier, with Morris and Beaman understood to be in place
  and Clegg joining next month.
  At Travelers, Morris was an entertainment underwriter, while
  Beaman was a contingency underwriter and Clegg product manager for
  media and entertainment.
  All three will report to James Leach, who was mad
  
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• FCA big data probe finds customers could be short-changed

  21-09-2016 20:08
  The UK's Financial Conduct Authority (FCA) has warned that
  insurers' use of big data could leave some customers unable to
  obtain affordable insurance.
  Following a review into how retail general insurance firms were
  using data, the FCA found that there were concerns from
  stakeholders around data protection rules and the use of data, with
  the potential for an increase in risk segmentation.
  "The increasing amount of data from a wider range of
  sources, alongside sophisticated analytical tools, might
  
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• Brit appoints new head of claims

  21-09-2016 20:08
  Sheel Sawhney, chief operating officer for Brit Global Specialty
  USA, has relocated to London to become group head of claims for
  Brit Insurance.
  Sawhney has worked at Brit since 2013. Prior to this he worked
  at Alea, where he was group COO with responsibility for global
  operations and claims management.
  He has also previously spent time in a variety of roles at
  Travelers and AIG.
  Sawhney replaces Steve Robson, who is understood to be leaving
  the firm at the end...
  
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• Average UK car insurance premium rose by 13% over past year

  21-09-2016 17:50
  
  The average car insurance premium in the UK has risen by 13.5% over the past year as the industry continues to battle against a surge in costly claims.
  
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• FM Global restructures cyber operations

  21-09-2016 17:48
  FM Global has created two new units as it looks to improve cyber
  risk mitigation for its clients and improve its own underwriting,
  the company said today.
  The commercial property specialist said that Carmelina
  Borsellino, vice president and manager of cyber hazards, will lead
  its newly created engineering unit.
  Her team will work with the company's research and
  engineering units to assist clients with cyber risk mitigation.
  Meanwhile, Grace Ries, assistant vice president and manager of
  cyber ris
  
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• Ed hires Roberts to lead new A&H unit

  21-09-2016 17:48
  Rebranded broker Ed has hired Graham Roberts to lead its newly
  created accident and health (A&H) division, it announced
  today.
  Roberts joins Ed, formerly Cooper Gay, from Willis Towers
  Watson, where he was a divisional director for more than five
  years.
  He will take up his new role in December and will report to
  specialty CEO Chris Bonard.
  Bonard commented: "The A&H sector is primed for a new
  approach in which clients are provided with the best solution for
  them...
  
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• Market reacts to PRA consultation papers on Solvency II

  21-09-2016 17:48
  
  The Prudential Regulation Authority has released a consultation paper with a draft supervisory statement on its expectations of insurers in significant loss events.
  
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• Gallagher warns on contract breaches amid latest court tussle

  21-09-2016 16:28
  
  Chicago-based broker claims to be let down by former UK boss who allegedly took away business 
  
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• Gallagher warns on contract beaches amid latest court tussle

  21-09-2016 16:28
  
  Chicago-based broker claims to be let down by former UK boss who allegedly took away business 
  
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• Lemonade aims to shake up insurance with New York launch

  21-09-2016 16:16
  
  Lemonade, the start-up insurer promising to donate its underwriting profit to charity, is to start offering insurance coverage in New York from today.
  
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• Beazley and GNP partner on cyber offering

  21-09-2016 14:35
  Beazley has struck a deal to cooperate with Mexican insurer GNP
  Seguros on its new cyber insurance offering, it announced today.
  The Lloyd's carrier, whose flagship data breach cyber
  insurance product launched in 2009, will manage data breaches for
  GNP's new cyber offering, which was launched this week.
  Strategic relationships between emerging market carriers with
  access to local relationships and risks and Lloyd's businesses
  - which bring capital and expertise - have become increasingly
  common
  
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• FCA reveals feedback on the transformative potential of Big Data

  21-09-2016 14:23
  
  The Financial Conduct Authority today published a feedback statement following its call for Inputs on Big Data in retail general insurance in November last year.
  
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• Gallagher felt it had "no option" over Aston Scott court case

  21-09-2016 13:58
  
  Broker says that the Oval business was bought in “good faith” and accuses Peter Blanc of not honouring commitments made when that deal was agreed.
  
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• Applied Net 2016: Joe Sultana rules out risk of week-long service outage

  21-09-2016 13:00
  
  Applied Systems MD for broker solutions says tech provider’s experience means system interruptions would be solved quickly.
  
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• Big Data could lead to insurers charging customers more, says FCA

  21-09-2016 12:54
  
  Watchdog decides against launching a full market study.
  
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• XL Catlin names Hong Kong head

  21-09-2016 12:51
  XL Catlin has appointed Jamie Chambers as country manager for
  its insurance operations in Hong Kong.
  Chambers takes on this role in addition to his position as
  regional product leader for aerospace insurance in Asia
  Pacific.
  The Insurance Insider revealed in May
  that former XL Catlin Hong Kong head Kin Lau had left to join Tokio
  Marine Kiln.
  Lau was the latest of a number of Asia-based executives to leave
  XL Catlin.
  Earlier this year, head of Asia and deputy...
  
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• The Hartford explores sale of $4.7bn VA unit

  21-09-2016 12:51
  The Hartford has called in investment bankers to run a process for
  its run-off variable annuity business Talcott Resolution,
  The Insurance Insider can reveal.Sources told this publication that JP Morgan has been retained to
  run the process for the unit, which has $4.7bn of statutory
  surplus.Some investment banking sources are sceptical that it will result
  in a sale, arguing that The Hartford is effectively carrying out a
  valuation exercise.Others, however, believe that following a period of orde
  
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• PRA issues reserving warning

  21-09-2016 12:51
  UK regulator the Prudential Regulation Authority (PRA) has warned
  (re)insurers that booked reserves on long-tail lines would need to
  be as much as 25 percent higher should historical claims inflation
  trends prevail.
  In his first speech as executive director of insurance
  supervision, David Rule said that when setting reserves insurers
  must question whether the recent trend of falling claims inflation
  would continue.
  Speaking at the General Insurance Research Organisation
  conference in Dublin toda
  
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• JLT Re hires Malaysia managing director

  21-09-2016 12:51
  JLT Re has appointed Jonathan Garnett as managing director,
  Malaysia, it announced today.
  Subject to regulatory approvals, Garnett will be based in JLT
  Re's Kuala Lumpur office and will report to Stuart Beatty, CEO
  of JLT Re Asia Pacific.
  In this new role, Garnett will lead JLT Re's recently
  established Malaysian business and will build a team to serve
  domestic carriers in the country. He will also be responsible for
  helping grow JLT Re's presence in the wider Asia Pacific...
  
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• Munich Re restructures Asia Pacific business

  21-09-2016 12:51
  Reinsurance giant Munich Re is to restructure its Asia Pacific
  business, including by expanding its Tokyo, Singapore and Beijing
  offices.
  In an announcement yesterday, the global reinsurer said its
  regional centre in Singapore would serve clients from southeast
  Asia and support the carrier's reinsurance activities in India,
  Japan and Korea.
  Staff numbers in Singapore would increase to cover the regional
  centre's new roles.
  It added that the Tokyo office would be expanded in order to
  play a great
  
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• Aspen hires US A&H head

  21-09-2016 12:51
  Aspen has appointed Michael Feighan to the newly created role of
  US head of accident and health (A&H) at its insurance arm, it
  announced today.
  Feighan previously held the same role at Chubb. At Aspen, he
  will report to Peter Slot, global head of A&H, and will be
  based in the firm's New York office.
  Slot was appointed global head of A&H in December 2014,
  having left Beazley to help the Bermudian carrier expand in the
  class.
  Aspen is also...
  
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• 'Significant' risk to UK firms if passporting rights lost after Brexit

  21-09-2016 11:59
  
  The scale of disruption that Brexit could cause to UK businesses has been revealed by figures showing that 5476 UK-registered companies rely on ‘passports’ to carry out business in other European countries.
  
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• FCA gives verdict on GI Big Data use

  21-09-2016 11:42
  
  Regulator reveals outcome of its call for evidence
  
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• Target Global backs Financefox with largest ever European insurtech round

  21-09-2016 11:36
  
  Insurtech app Financefox has revealed that it has raised $28m (£21.6m), the largest insurtech round in Europe to date, led by Target Global and Horizons Ventures.
  
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• Scales' £150mn Blenheim syndicate approved

  21-09-2016 10:58
  Former Cathedral CEO Peter Scales has been given "in
  principle" approval for his Asta-managed Lloyd's start-up
  ahead of a 1 January 2017 launch, The Insurance
  Insider can reveal.
  According to sources, Blenheim Syndicate 5886 has been approved
  with a starting stamp capacity of £150mn and will target a
  book of US and international treaty, direct and facultative
  (D&F) and some specialty business.
  Scales has assembled a start-up senior management team that
  currently includes former Cathedr
  
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• Police charge ex-employee of major insurer with bribery

  21-09-2016 10:30
  
  Employee charged over suspected leak of confidential information
  
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• Ex-LV employee charged for passing information to CMC in return for bribe

  21-09-2016 10:11
  
  An ex employee of LV has been charged with accepting a bribe from a claims management company in order to leak confidential information.
  
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• Legal Update: The attack of the dangerous toys

  21-09-2016 10:10
  
  Insurers need to fill the coverage gap for the new high-tech gadgets that may fail, explode and cause fires
  
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• Ex-LV staffer and former claims management employee face bribery charges in court

  21-09-2016 10:08 via insuranceage.co.uk
  
  IFED confirms it is the first time it has charged suspects under the Bribery Act.
  
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• Zurich hires ex-AIG big hitter and merges units

  21-09-2016 09:58
  
  Company continues to simplify structure under new chief executive
  
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• Saga sees no 'impact' from Brexit as it posts 8.5% increase in profit

  21-09-2016 09:44
  
  Saga has seen “no discernible impact” from Brexit as it posted an 8.5% increase in pre-tax profit.
  
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• Saga: No impact from Brexit on results

  21-09-2016 09:44
  
  Saga has seen “no discernible impact” from Brexit as it posted an 8.5% increase in pre-tax profit.
  
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• GRP buys Cambridgeshire-based retail broker

  21-09-2016 09:39
  
  Consolidator GRP adds another retail broker to its roster
  
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• FCA figures reveal Brexit passport loss risk

  21-09-2016 09:31
  
  Figures show number of passports in use
  
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• Brexit risks harming business for thousands of brokers - FCA

  21-09-2016 09:31
  
  Figures show number of passports in use
  
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• Saga reports ‘strong’ insurance results for first half

  21-09-2016 09:03
  
  Over 50’s provider Saga says motor panel performing ‘effectively’
  
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• XL Catlin promotes Chambers to Hong Kong country manager

  21-09-2016 08:06
  
  XL Catlin has promoted Jamie Chambers, the insurer's Asia-Pacific aerospace leader, to head its Hong Kong office.
  
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• Video: James Dalton on the ABI's upcoming Motor Conference

  21-09-2016 08:00
  
  The Association of British Insurer's director of general insurance James Dalton talks to Post about why the ABI's motor conference is a must attend for anyone in the industry.
  
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• Zurich combines global corporate and commercial divisions

  21-09-2016 04:45
  
  Zurich's global corporate business is to be merged with its other commercial operations to create a division called commercial insurance.
  
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• Asia Analysis: Hong Kong's electric roads

  21-09-2016 03:42
  
  The growing popularity of electric vehicles in Hong Kong is creating opportunities and challenges for motor insurers writes Nicky Burridge.
  
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• Shea back in market to head restructured Zurich commercial unit

  21-09-2016 02:50
  Former AIG executive Jim Shea has re-emerged at Zurich as head of
  the insurance giant's newly merged commercial and corporate
  operations.
  The company announced today that it had launched a new
  commercial insurance unit to bring together the businesses under a
  single umbrella headed by Shea as CEO.
  The move is the latest by Zurich under its new group CEO Mario
  Greco as he continues to reorganize and streamline the insurer in a
  bid to turnaround its operating performance.
  Shea...
  
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• Navigators takes Westcott from Willis Re

  21-09-2016 01:24
  Willis Re executive vice president Dan Westcott has left the
  reinsurance broker destined for US specialty insurer Navigators,
  The Insurance Insider can reveal.
  The senior executive specialised in placing casualty cover for
  North American risks as a broker and had been with Willis Re for
  over a decade, having joined in 2005 as a senior vice
  president.
  But whilst at the intermediary, he rose through the ranks to be
  promoted to executive vice president.
  He joined Willis Re from rival...
  
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