Insurance news

• Sirius will lose Dashfield and Thorstensson

  10-10-2016 23:28
  Sirius is set to lose two of the most senior people at its
  Lloyd's managing agency after CEO Mike Dashfield and chairman
  Göran Thorstensson simultaneously announced their plans to
  retire.
  The two executives will step down at the end of the year, Sirius
  said today in an announcement.
  The news marks Thorstensson's second retirement from Sirius
  Group. He stepped down as CEO of Sirius International in 2014 and
  moved over to join its new Lloyd's operation.
  The managing agency's current...
  
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• Plans for mandatory listing of Indian insurers in place by year end

  10-10-2016 19:35
  The Indian government will finalise plans for the mandatory
  listing of general insurance companies by December, according to
  local media reports today.
  The Insurance Regulatory and Development Authority of India (Irdai)
  first tabled the idea of mandatory listing for Indian insurance
  companies at a meeting held on 15 April in Hyderabad.
  The regulator said that general insurers and reinsurance companies
  should be publicly listed after eight years of operation, while
  life insurers should list after
  
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• Verdict still to be reached on AIG professional indemnity case

  10-10-2016 18:28
  
  A professional indemnity case between AIG Europe and private investors opened proceedings today.
  
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• Biba urges Enterprise brokers to provide liquidator with policy details

  10-10-2016 18:27
  
  Biba warned that there was little time for brokers to make alternative arrangements for clients. The provisional liquidator is set to go to the Gibraltarian courts on 26 October.
  
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• ‘Rottweiler’ hedge fund boss now owns 13% of Esure

  10-10-2016 17:38
  
  A hedge fund boss known as ‘The Rottweiler’ has increased his stake in Esure for the third time in two weeks.
  
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• Hurricane Matthew loss scenario tops $8bn as death toll rises

  10-10-2016 17:35
  
  Total losses in the US from Hurricane Matthew could be up to $8bn (£6.5bn), according to modelled storm loss scenarios from RMS.
  
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• Willis Re hires structured solutions chief

  10-10-2016 15:25
  Willis Re has appointed Ronnie Carroll as head of structured
  solutions for Europe West and senior UK client adviser, it
  announced today.
  Carroll joins from Hannover Re, where he was a senior
  underwriter, and will report directly to Alkis Tsimaratos, managing
  director, head of Europe West.
  He has held a number of senior underwriting and finance roles
  across the reinsurance and financial services industries, including
  at Gen Re and Swiss Re....
  
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• Matthew to hit to book value by 1%: JPM

  10-10-2016 15:25
  Hurricane Matthew now looks set to hit (re)insurer book values by
  only around 1 percent, according to JP Morgan analyst Sarah DeWitt.
  In a note today, DeWitt said that losses amounting to roughly
  $5bn would impact book value for the companies she covered by 1
  percent, or less than a quarter's worth of earnings.
  "Validus, XL Group, Everest Re and RenRe could have the
  highest losses at 1-2 percent of book value for a $5bn storm,"
  she said.
  She added...
  
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• Matthew losses trend down to manageable levels

  10-10-2016 15:25
  Expected losses from Hurricane Matthew have continued to slide,
  with the US wind-only tally potentially well short of $5bn and
  all-in commercially insured losses unlikely to go far beyond the
  $5bn mark.
  Underwriting sources are increasingly relaxed about the
  potential scale of the losses, with Florida and the Carolinas
  subject to only Category 1 winds - sparing the coastline the
  destructive Category 3 winds that were feared towards the tail end
  of last week.
  With anxiety about severe losses rece
  
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• Everest Insurance confirms wholesale property additions

  10-10-2016 15:25
  Everest Insurance has confirmed a raft of hires in its wholesale
  property division, following astory in this publication last week.The Bermudian carrier is looking to rebuild after Tracy Upton
  and a team of more than 10 underwriters left to join State
  Auto subsidiary Rockhill last month.
  Maria Grace (formerly Suarez) joins Everest as vice president based
  in the company's Boston office.
  Prior to joining Everest, Grace was the regional property
  manager for CV Starr.
  She brings over 15...
  
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• InsurTech Futures: Broking and InsurTech – the future decoded

  10-10-2016 15:21
  
  As InsurTech Futures relaunches with Open GI as a sponsor, Andrew Savigar at Premium Choice, shares his thoughts on embracing new technologies.
  
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• Covéa's new commercial underwriting director joins from Allianz

  10-10-2016 15:04
  
  Gavin Dollings will be responsible for Covéa’s commercial underwriting strategy
  
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• RSA opens Birmingham trading centre

  10-10-2016 13:31
  
  RSA has opened a new commercial trading site in Birmingham, following the closure of its former office in the city earlier this year.
  
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• Pool Re launches international terrorism risk body

  10-10-2016 13:28
  
  Pool Re has launched the International Forum of Terrorism Risk Reinsurance Pools.
  
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• Man ordered to pay £7,744 in fundamentally dishonest PI claim

  10-10-2016 13:20
  
  Claim thrown out after it was found that claimant was not in vehicle at time of accident
  
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• Matthew US loss scenarios top out at $8bn: RMS

  10-10-2016 13:17
  RMS has pegged modelled storm loss scenarios in the US from
  Hurricane Matthew at between $2bn and $8bn, for wind only, it said
  on Saturday (8 October).The figures are for potential modelled loss scenarios and do not
  have the same certainty as subsequent industry loss estimates.
  Paul Wilson, an expert in hurricane and storm surge risk at RMS,
  said it had become clear that Florida at least had dodged the
  bullet that was heading its way last Thursday.
  &quo...
  
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• RSA opens new Birmingham trading site

  10-10-2016 13:13
  
  It follows the closure of the insurer’s existing Birmingham operation 
  
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• UK General ordered to review AR arrangements

  10-10-2016 12:37
  
  It is believed that the insurer has stopped its appointed representatives (ARs) from selling general insurance products.
  
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• October issue of Post: Top 100 UK insurers, interview with Colm Holmes, focus on SSP and Big Data

  10-10-2016 12:34
  
  The October issue of Post has landed.
  
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• RSA opens Birmingham trading site

  10-10-2016 12:04
  
  Insurer confirms approximately 200 people were made redundant in Birmingham restructure.
  
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• RKH expands power practice with Caamano hire

  10-10-2016 11:54
  Hyperion-owned London broker RK Harrison has appointed Sonia
  Caamano as an executive director in its marine, energy and
  construction practice, The Insurance
  Insider has learned.
  Caamano joins the company from JLT Specialty, where she was
  global head of power.
  It is understood the move will be completed within a year,
  subject to the satisfaction of various contractual obligations with
  JLT.
  The newly-created role includes a specific remit for business
  development, with a focus on building the brok
  
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• Neon names Wilson head of marine

  10-10-2016 11:54
  Lloyd's carrier Neon has appointed Angus Wilson to the new role
  of head of marine, effective from 30 September.
  Wilson will hold this position in addition to his existing role
  as class underwriter for marine hull and war, and will continue to
  report to group chief underwriting officer Darren Lednor.
  The executive will lead a team of six in his new role, including
  ‎cargo class underwriter Alistair Marriott, who joined Neon
  last year from QBE.
  Neon CEO Martin Reith said...
  
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• UK General suspends AR activity over mis-selling allegations

  10-10-2016 11:09
  
  UK General Insurance has been ordered by the Financial Conduct Authority to look into alleged mis-selling by its appointed representatives.
  
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• Slater and Gordon cuts 640 UK jobs following huge losses

  10-10-2016 11:04
  
  Slater and Gordon has cut 640 jobs in the UK and approximately 70 roles in Australia, in the wake of losses of A$1bn (£586m) in Q1.
  
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• #insagepeople: 10 - 17 October 2016

  10-10-2016 10:37
  
  Keep up to date with all the latest people moves.
  
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• Matthew dissipates but leaves Carolinas underwater

  10-10-2016 10:28
  Hurricane Matthew has left parts of the southeast US facing days
  of flooding, after departing the Atlantic coast on Sunday.
  While the storm caused less destruction than first feared in
  Florida, (re)insurers' attentions have turned to the subsequent
  heavy rainfalls in North and South Carolina, which have resulted in
  severe flooding.
  Hurricane Matthew made landfall near McClellanville in South
  Carolina on October 8 as a category 1 storm, having significantly
  weakened after passing up the Florida c
  
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• Broker Apprentice 2016: Craig Younger

  10-10-2016 10:10
  
  Today's the day as filming starts for the 2016 Broker Apprentice series.
  
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• Telematics is key to lower premiums

  10-10-2016 10:07
  
  New research reveals affect of telematics on older and younger driver premiums
  
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• Video: Newcastle regional review - part one

  10-10-2016 10:00
  
  Insurance Age met with broker experts in the North East.
  
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• Slater & Gordon reveals number of UK job cuts amid restructure

  10-10-2016 09:22
  
  Details about job cuts revealed in recently published annual report
  
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• Soft motor market triggers insurer exit from MGA

  10-10-2016 09:15
  
  But insurer stresses appetite is not waning
  
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• Blog: Whiplash reforms - Last chance of collaboration?

  10-10-2016 08:05
  
  In the old days, I had my own little names for the claims farming community – they weren't very complimentary. I remember getting severely reprimanded by our then chairman at one point, but when I explained the damage they were doing, I was quickly forgiven.
  
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• Blog: Whiplash reforms - Last chance for collaboration?

  10-10-2016 08:05
  
  In the old days, I had my own little names for the claims farming community – they weren't very complimentary. I remember getting severely reprimanded by our then chairman at one point, but when I explained the damage they were doing, I was quickly forgiven.
  
  Read more

• Brodies' Elena Fry on why legislation could open the door to a new category of child abuse legacy claims

  10-10-2016 08:00
  
  On 6 September 2016, the Scottish government announced its legislative programme for 2016/17.
  
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