Insurance news

• Profits drop by more than a third at Price Forbes

  22-09-2016 21:20
  Independent broker Price Forbes reported a 36.1 percent drop in
  operating profits to £4.7mn ($6.0mn) for the year ended 31
  December 2015.
  The Highbridge-backed firm filed annual accounts showing that
  turnover increased by 11.9 percent to £61.6mn.
  But the top line growth was offset by a 19.5 percent increase in
  administrative expenses to £57.0mn.
  EBITDA for the year was £5.9mn, compared with a 2014 figure
  of £8.6mn.
  The company said that underlying EBITDA was £
  
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• Aspen takes on Liberty Specialty regional P&C business

  22-09-2016 21:20
  Aspen Insurance's regional UK P&C business and Liberty
  Specialty Markets have entered into a renewal rights agreement,
  effective 1 November.
  Liberty Specialty Market's UK regional P&C business will
  transfer to Aspen Risk Management Limited, which will manage the
  existing book and offer renewal terms for policies falling due for
  renewal on or after 1 November 2016.
  Around 40 of Liberty's regional P&C employees will join
  Aspen Risk Management, which currently has 68 staff and targets
  m
  
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• Madison Dearborn targets Towergate buy-in

  22-09-2016 19:14
  Private equity house Madison Dearborn has issued a tender offer
  for shares in UK broking group Towergate, effectively targeting the
  roughly 25 percent of the business not currently owned by its three
  cornerstone backers.
  Subject to the acceptance of the tender offer, Madison Dearborn
  has committed to participate in future capital raisings.
  Sources have said that bringing in an additional private equity
  partner would be one way to facilitate a further injection of
  capital into Towergate, as its o
  
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• Fema makes first reinsurance deal

  22-09-2016 19:14
  The US Federal Emergency Management Agency (Fema) has agreed to
  buy a small amount of reinsurance as it prepares to set up a larger
  risk transfer programme in 2017.
  The disaster agency has placed $1mn of six-month reinsurance
  limit with Transatlantic Re, Swiss Re America and Munich Re
  America, it announced.
  Guy Carpenter provided broking services.
  This initial risk transfer runs from 19 September until 19 March
  2017 and provides cover that triggers when Fema's losses from
  an event surpass...
  
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• Autonet's Donaldson eyes acquisitions with new investor

  22-09-2016 18:24
  
  The van broker is also planning to roll out a more aggressive online SME strategy
  
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• Ross: New shareholder a turning point for Towergate

  22-09-2016 18:08
  
  Broking group’s chief executive reacts to new investor
  
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• Madison Dearborn Partners invests in Towergate

  22-09-2016 17:39 via insuranceage.co.uk
  
  Private equity firm makes move through technical takeover offer.
  
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• Autonet bought by Towergate-backer HPS

  22-09-2016 17:15 via insuranceage.co.uk
  
  Founder Glynn Keeling to leave the business.
  
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• Applied Net 2016 blog: Sunshine, Harry Potter and insurance

  22-09-2016 17:00 via insuranceage.co.uk
  
  Thoughts from the Applied Net conference in Orlando, Florida.
  
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• LA Fitness investor takes big stake in Towergate

  22-09-2016 16:47
  
  Private equity firm will become Towergate’s second-largest shareholder
  
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• Towergate owner snaps up Autonet

  22-09-2016 16:37
  
  Managing director Ian Donaldson will continue to lead the business
  
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• Fosun insurance profits drop 43% in H1

  22-09-2016 15:35
  Chinese conglomerate Fosun has reported a 43.5 percent fall in
  profits from its insurance ventures to 1.01bn yuan ($150mn) for the
  first half of the year.
  Group-wide profits rose by 21.4 percent to 4.39bn yuan.
  The group attributed the decline in insurance profits to the
  weak global economy and the shrinking insurance industry.
  Fosun noted this despite a 145.6 percent year-on-year increase
  in insurance revenues to 13bn yuan, driven by M&A activity and
  a rise in premiums for most of...
  
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• Blenheim syndicate approval confirmed

  22-09-2016 15:35
  Asta has announced that it has received in-principle approval
  from the Lloyd's Franchise Board to establish and manage
  Blenheim Syndicate 5886, confirming a story published by
  The Insurance Insider yesterday.
  In a statement released today, Asta said Blenheim had a planned
  stamp capacity for 2017 of £150mn ($195mn).
  The syndicate will write US and international treaty books,
  direct and facultative (D&F) business and some specialty
  lines.
  The turnkey managing agent said that the aim was
  
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• SSP Pure – lessons to be learned

  22-09-2016 15:17 via insuranceage.co.uk
  
  IT expert John Singer of PKF Littlejohn discusses how brokers can move on from SSP crisis and protect themselves in future.
  
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• Asta receives approval to establish Blenheim

  22-09-2016 14:59
  
  Asta has received approval from Lloyd's to establish its new syndicate, Blenheim.
  
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• Lloyd's may look to EU member states on a 'bilateral basis' following Brexit

  22-09-2016 13:57
  
  Lloyd's of London may approach each EU member state individually following Brexit, with the possibility of setting up more than one European centre.
  
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• Gray joins Advent as D&F property consultant

  22-09-2016 13:40
  Lloyd's carrier Advent has appointed well-regarded market
  veteran Jonathan Gray as a consultant in its property direct and
  facultative (D&F) division.
  The appointment is effective immediately and Gray will report to
  CEO Nigel Fitzgerald.
  Gray has than four decades of underwriting experience, having
  served as Beazley's property head until he resigned from the
  company's board in July 2013, before stepping down as head of
  its property unit at the end of that same year.
  He remained as a director
  
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• Barbican hires finpro underwriter

  22-09-2016 13:40
  Private equity-backed Lloyd's carrier Barbican has appointed
  Adam Wickens as class underwriter for financial and professional
  lines.
  Effective immediately, Wickens will report to Andrew Pearson,
  business group leader for finpro, professional indemnity and
  directors' and officers' lines.
  Wickens joins the company from Axa, where he served as national
  management liability sales and development director, having moved
  to the firm as a senior management liability underwriter in
  2012.
  He has held unde
  
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• Aspen Risk Management acquires LSM’s regional P&C book

  22-09-2016 13:01
  
  Aspen Risk Management has acquired the renewal rights for LSM’s UK regional property and casualty business.
  
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• Liberty exits regional UK non-life business

  22-09-2016 12:37
  
  Insurer sells renewal rights to focus on ‘core strengths’
  
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• GRP sets up new office with ex-Bluefin pair

  22-09-2016 12:29
  
  Two former Bluefin branch directors join rival
  
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• Aspen picks up renewal rights for UK regional property and casualty business from Liberty

  22-09-2016 12:06 via insuranceage.co.uk
  
  Forty employees to move between to the two providers.
  
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• LMG confirms MS Amlin's Beazley as CEO

  22-09-2016 11:59
  The London Market Group (LMG) has appointed Chris Beazley to
  replace Ben Reid as CEO, it said in a statement today.
  The news confirms the story published
  by The Insurance Insider earlier this month (13
  September).Beazley will remain an employee of MS Amlin, taking up a
  three-year secondment with the LMG on 7 November and overlapping
  with Reid to ensure a smooth handover.
  The incoming CEO is currently head of strategy and global
  clients for MS Amlin's Reinsurance Strategic...
  
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• John Lloyd joins Ascot board

  22-09-2016 11:59
  Lloyd's carrier Ascot has added former JLT Specialty CEO
  John Lloyd to its board as an independent non-executive
  director.
  Lloyd was a founding director of Lloyd Thompson Ltd in 1981. He
  was appointed chairman in 1993 and became a director of JLT Group
  following the company's merger with Jardine Insurance Brokers
  in 1997.
  He subsequently held the position of chairman and CEO at JLT
  subsidiary Lloyd & Partners, before being appointed JLT
  Specialty CEO in 2014.
  Lloyd stepped down from...
  
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• Lloyd's post-Brexit plans 'already under way'

  22-09-2016 11:16
  
  Lloyd’s of London CEO Inga Beale has told the BBC this morning that Lloyd’s is looking to set up a subsidiary on mainland Europe to counter loss of business post-Brexit.
  
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• GRP opens in Newmarket with Bluefin hires

  22-09-2016 10:15 via insuranceage.co.uk
  
  New office to be managed by Mandy Turnbull and Anthony Gardiner.
  
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• GRP opens in Newmarket

  22-09-2016 10:15 via insuranceage.co.uk
  
  New office to be managed by Mandy Turnbull and Anthony Gardiner.
  
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• Half year profits rise at Lloyd’s

  22-09-2016 10:13 via insuranceage.co.uk
  
  Insurance market reports increase in GWP but combined operating ratio slips.
  
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• Lloyd's profits up on bond yields and FX gain

  22-09-2016 10:11
  Lloyd's reported a 22.4 percent increase in aggregate market
  profits to £1.46bn ($1.90bn) for the first six months of the
  year as foreign exchange and bond yield gains more than
  counterbalanced significantly weaker underwriting performance.
  The result was driven by a trebling of investment return from
  0.6 percent to 1.8 percent, as currency gains contributed
  £300mn.‎Chairman John Nelson and CEO Inga Beale said in a joint statement:
  "This period's result, therefore, benefited from
  
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• Chubb's James joins AIG as reinsurance buyer

  22-09-2016 10:11
  David Bull and Adam McNestrieFormer Chubb reinsurance buyer Mark James has joined AIG in a
  senior ceded risk role, The Insurance
  Insider can reveal.
  According to sources, the executive will report directly to AIG
  chief ceded reinsurance officer (CRO) Amy Stern.
  An AIG spokesperson confirmed that James joined the insurer as
  deputy chief ceded reinsurance officer on Monday (19
  September).
  James was responsible for Chubb's global reinsurance
  strategy before its acquisition by Ace, with the insurer
  
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• ACR secures approval for Korean branch

  22-09-2016 10:11
  Asia Capital Re (ACR) has opened a branch office in Seoul, South
  Korea, after the country's regulator granted approval, the
  Singapore-based reinsurer said today.
  The branch office is led by principal officer Jeffrey Lee Jun
  Soo, who has headed ACR's Korean operations since he joined
  from Samsung in 2012.
  In the 12 months to 31 March 2015 ACR wrote $75mn of South
  Korean business, making it the firm's third largest market
  after China and Japan.
  ACR has had a representative...
  
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• Applied Net 2016: Applied Systems sees growth opportunities in the UK

  22-09-2016 10:10 via insuranceage.co.uk
  
  Bringing modern technology into the UK market will boost growth, says CEO Reid French.
  
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• Live blog: Broker Expo Brighton

  22-09-2016 10:08 via insuranceage.co.uk
  
  Insurance Age has headed down to the seaside for Broker Expo Brighton.
  
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• Catch up on Broker Expo Brighton

  22-09-2016 10:08 via insuranceage.co.uk
  
  Insurance Age has headed down to the seaside for Broker Expo Brighton.
  
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• Lloyd's sees profits grow £260m in first half of 2016

  22-09-2016 09:34
  
  Lloyd’s of London has reported an increase in profits of £260m billion in the first half of 2016 as compared to the same period last year.
  
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• Insurer pledges unclaimed cash to charity

  22-09-2016 08:59
  
  New peer-to-peer insurer in charity tie-up
  
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• Lloyd's first half profits higher

  22-09-2016 08:38
  
  Lloyd’s outlines focus on Brexit
  
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