Insurance news

• Aspen Re names new Asia Pacific head

  23-09-2016 17:38
  Aspen Re has appointed Philip Hough as managing director for the
  Asia Pacific region, it announced today.
  Hough will replace Thomas Lillelund, who previously headed up
  the carrier's Singapore operation before being promoted to
  become CEO of Aspen Re.
  Since January 2015, Hough has been Aspen's global product
  head for international property pro rata and per risk treaty.
  He has also been in charge of Aspen's European property
  treaty business since 2007, when the reinsurer opened its Zurich
  branch.
  
  Read more

• Senior figure to leave ERS top team

  23-09-2016 17:36
  
  Lloyd’s motor insurer creates three new roles
  
  Read more

• This week: Patronuses, start-ups and blockchain

  23-09-2016 17:20
  
  As J K Rowling continues to delight fans with updated ebooks on her website Pottermore this week we learnt a bit more about our team mates on Post as a new feature was released.
  
  Read more

• Swinton moves retail business from SSP to CDL platform

  23-09-2016 17:12
  
  Swinton continues to have a contractual relationship with SSP
  
  Read more

• Advertisement

• Yahoo cyber attack ‘largest data breach to date’

  23-09-2016 16:49
  
  500 million users’ data including names, addresses and passwords have been stolen
  
  Read more

• FCA systems out due to "major IT incident"

  23-09-2016 16:39
  
  A number of the watchdog's systems are currently unavailable.
  
  Read more

• Turnover rises at Biba in 2015

  23-09-2016 16:30
  
  Companies House filing reveals amendments to accounting calculations.
  
  Read more

• Yahoo breach will push more firms to take out cyber cover

  23-09-2016 16:12
  
  The Yahoo data-breach will push more firms to take out specialist cyber-insurance, analysts have told Post.
  
  Read more

• Advertisement

• FCA systems knocked out by ‘major incident’

  23-09-2016 15:45
  
  Regulator says ‘a number’ of IT systems currently unavailable
  
  Read more

• China Re profits plunge 59% in H1

  23-09-2016 15:41
  Group net profits at state-owned reinsurer China Re fell 58.8
  percent in the first half of the year to 2.75bn yuan ($412mn).
  In a stock exchange announcement in July, the carrier had warned
  that net profit could drop by around 60 percent and pointed to
  decreased investment income as the main reason for the fall.
  The company's investment yields dropped by 4.6 percentage
  points to 2.4 percent in the six months to 30 June, which it said
  reflected the soft...
  
  Read more

• Tullow confirms non-BI Jubilee losses covered

  23-09-2016 13:55
  Tullow Oil, the operator of the Kwame Nkrumah floating
  production, storage and offloading (FPSO) vessel in the
  loss-stricken Jubilee oil field, has confirmed that damage to the
  facility's turret has been covered by its reinsurers.
  In a statement released today, the company said the hull and
  machinery policy placed on behalf of the joint venture partners
  would cover all relevant operating and capital costs associated
  with the current operating procedures on the FPSO and longer-term
  solutions.
  Add
  
  Read more

• R&Q splashes out on run-off acquisition

  23-09-2016 13:55
  Legacy-to-live carrier Randall & Quilter (R&Q) has
  completed the acquisition of United States Sports Insurance Company
  (USSIC), a wholly owned captive insurer of USA Swimming, for
  $2.1mn, it announced today.
  USSIC had a total net asset value of $5.3mn at 30 June 2016,
  adjusted for a pre-acquisition dividend. The company generated
  comprehensive income of $972,000 for the year ended 31 December
  2015.
  The directors of USSIC will be appointed from R&Q's
  existing staff in the US and Bermu
  
  Read more

• Arch launches share offering

  23-09-2016 13:55
  Bermudian carrier Arch has announced a public share offering of
  18 million shares valued at around $450mn.
  The company said the net proceeds of the offering would be used
  to fund a portion of the cash consideration for its acquisition of
  US mortgage insurer United Guaranty Corporation (UGC) from AIG.
  However, it added that the closing of the offering was not
  contingent on the completion of the UGC purchase.
  Each of the shares represents a 1/1,000th interest in a 5.25...
  
  Read more

• Aviva appoints Andrew Wilkinson as technical claims director

  23-09-2016 13:35
  
  Aviva has appointed Andrew Wilkinson as technical claims director of its UK general insurance business.
  
  Read more

• Co-op Insurance sees strong GI growth in H1 2016

  23-09-2016 13:10
  
  Co-op’s General Insurance Division has seen a 29% increase in gross written premiums in the first half of 2016, up to £242m from £187m for the same period last year.
  
  Read more

• Gallagher and Aston Scott lawyers close to agreement

  23-09-2016 13:09
  
  Latest development in poaching court battle between rival brokers
  
  Read more

• Court case: Gallagher and Aston Scott “close to agreement”

  23-09-2016 12:53
  
  Legal counsel for the two parties told the judge that a commercial deal was close and subject to finalisation.
  
  Read more

• The Hanover names new CFO

  23-09-2016 12:10
  The Hanover has appointed AIG's Jeffrey Farber as executive
  vice president and chief financial officer.
  At AIG, Farber served as deputy CFO and chief risk officer for
  the firm's commercial and consumer businesses.
  He replaces Eugene Bullis, who was executive vice president and
  CFO for The Hanover on an interim basis following the death of
  David Greenfield in October 2015.
  Farber will join The Hanover on 1 October as senior finance
  officer and will then assume the role of CFO...
  
  Read more

• Swinton goes live on CDL

  23-09-2016 11:36
  
  Broker appointed new software supplier in February.
  
  Read more

• Acquisitions on the horizon, says Autonet’s Donaldson after HPS purchase

  23-09-2016 11:22
  
  Deal valued the broker at north of £100m.
  
  Read more

• Aon, Willis, Marsh, JLT - find out market share on our exclusive data tool

  23-09-2016 10:59
  
  Insurance Times has built an exclusive data tool showing the market share of Aon, Willis, JLT and Marsh.
  The tool shows marker share of the top four brokers over a number of years. 
  The market share tool is taken from exclusive data put together by M&A speciliast IMAS, who are build partners for the Top 50 Brokers.
  Click here to use the tool.
   
   
  
  Read more

• Fry to leave Novae

  23-09-2016 10:46
  Lloyd's carrier Novae's chief financial officer (CFO)
  Charlie Fry will leave the company from 31 October and has stepped
  down from the board with immediate effect.
  In a stock exchange filing today the company said chief risk
  officer Reeken Patel would take up the role on an interim basis
  while a replacement is sought, but would not become a board
  member.
  Novae said its outlook for Q3 remained unchanged.
  Fry joined the company as CFO in April 2013, having previously...
  
  Read more

• 500mn Yahoo accounts hit by 'state-sponsored' hack

  23-09-2016 10:46
  US technology firm Yahoo has suffered a cyber-attack that led to
  the details of at least 500 million user accounts being leaked.
  In a statement, Yahoo said the information is believed to have
  been stolen in late 2014 by a "state-sponsored"
  hacker.
  The account information may have included names, email
  addresses, telephone numbers, dates of birth, hashed passwords and,
  in some cases, encrypted or unencrypted security questions and
  answers, the firm said.
  The ongoing investigation suggests that st
  
  Read more

• Novae chief financial officer Charles Fry steps down

  23-09-2016 10:28
  
  Novae chief financial officer Charles Fry stepped down from the board from Friday and will leave the company on 31 October.
  
  Read more

• Insurers under fire from worried PRA over casualty reserving

  23-09-2016 09:50
  
  PRA finds extreme example of insurer reserving and says its concerned 
  
  Read more

• Fidelius Insurance Services rebrands as Isca Barum Insurance Brokers

  23-09-2016 09:39
  
  Name change will take effect on 3 October.
  
  Read more

• Tech & Innovation Awards 2016: winners revealed as AXA cleans up

  23-09-2016 08:55
  
  The Insurance Times Tech & Innovation Awards were presented last night at a glittering black tie gala dinner in Kensington.
  
  Read more

• The case for a united front in the fight against fraud

  23-09-2016 08:05
  
  The insurance industry has been multiplying initiatives against fraud but is it presenting a unified front against increasingly organised scams?
  
  Read more

• Blog: Collateral lies ruling doesn't change anything

  23-09-2016 08:05
  
  The Supreme Court judgment on 'collateral lies' is in keeping with established market practice across first-party personal lines claims.
  
  Read more

• Could other start-ups follow the Beyonce name-checking Lemonade in seeking musical inspiration

  23-09-2016 08:00
  
  This week saw the launch of the much trumpeted and anticipated peer-to-peer insurer Lemonade.
  
  Read more

• Fuhrman leaves CRC for Burns & Wilcox

  23-09-2016 01:37
  Marc Fuhrman has left wholesale broker CRC Insurance Services to
  join HW Kaufman Financial Group and its Burns & Wilcox broking
  platform.
  As national relationship manager based out of Los Angeles, he
  will focus on the expansion of wholesaler Burns & Wilcox'
  domestic and international relationships as it looks to work more
  closely with larger retail intermediaries.
  At BB&T-owned CRC Fuhrman was senior vice president of
  national agency relations, building the broker's relationships
  and
  
  Read more

• Expansive Rockhill to rebuild E&S property platform with Upton hire

  23-09-2016 01:37
  Rockhill Insurance Group is set to rebuild its E&S property
  platform offering to wholesale brokers after luring Tracy Upton
  from Everest National.
  Upton will lead the newly launched E&S property unit with
  market sources suggesting he will look to build out a team likely
  to initially number in the range of 6-8 people, with the potential
  to expand further depending on market opportunities.
  It is not known whether the executive will bring over former
  colleagues from Everest National, where
  
  Read more

Follow @Insurance_UKnws on Twitter!