Insurance news

• Gable lands in administration under Liechtenstein orders

  12-10-2016 22:38
  Gable Insurance AG (GIAG) went into administration today as
  financial regulators in Liechtenstein placed operations of the
  ailing insurer into the hands of PricewaterhouseCoopers' Swiss
  branch.
  Chief Executive William Dewsall blamed the financial rigors
  imposed by Solvency II regulations as a major cause of the Gable
  Holdings unit's downfall.
  "The Gable Group has for some time been trying to meet the
  onerous obligations of the Solvency II regime," Dewsall said
  in a statement today. "Unfortunatel
  
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• Lemonade hires Liberty Mutual exec as CUO

  12-10-2016 18:54
  Former Liberty Mutual executive John Peters has joined
  Lloyd's-backed peer-to-peer insurer Lemonade as its chief
  underwriting officer (CUO), and described the technology-driven
  enterprise as "the place to lead transformational
  change".
  Peters is responsible for insurance product terms and
  conditions, pricing levels, risk and concentration management, and
  reinsurance strategy, according to an entry on the executive's
  LinkedIn profile.
  Daniel Schreiber, Lemonade's chief executive and a
  co-founder
  
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• Homeowners Choice pegs Matthew losses at just $50mn

  12-10-2016 18:54
  Homeowners Choice P&C Insurance, a subsidiary of listed
  Floridian firm HCI, has said that it expects gross losses of less
  than $50mn from Hurricane Matthew.
  It said that at this level claims would not trigger a recovery
  under reinsurance covers provided by third-party carriers -
  indicating that its captive insurers will bear the brunt of the
  loss.
  This follows early loss estimates from other Florida insurers
  for relatively modest insured damage from the storm. However, with
  many Florida carr
  
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• Gable administration was 'inevitable', say brokers

  12-10-2016 18:45
  
  Brokers have described Gable’s administration as “inevitable”, with those who still hold policies with the troubled Liechtenstein insurer being advised to immediately find new cover.
  
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• Insurer Gable goes into administration

  12-10-2016 18:33
  
  Troubled insurer Gable has gone into administration because it couldn’t meet the obligations of Solvency II.
  
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• Gable enters administration

  12-10-2016 18:24 via insuranceage.co.uk
  
  PwC has been appointed special administrator for the Liechtenstein-based insurer as Dewsall says Solvency II obligations “impossible”.
  
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• Gable boss says customers protected in administration

  12-10-2016 17:39
  
  Gable boss blames Solvency 2 
  
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• Gable put in administration to protect customers

  12-10-2016 17:32
  
  Regulator steps in to protect customers
  
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• Brokers react following Gable administration

  12-10-2016 17:32
  
  Gable administration to cause problems for brokers 
  
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• Marsh hires CEO for its tech services platform

  12-10-2016 16:52
  Marsh has appointed Rich Drab as CEO of Dovetail Insurance, the
  broker's insurance technology services business.
  In an announcement today, Marsh said Drab would focus on growing
  Dovetail's business.
  He joins from IBM, where he most recently served as a partner in
  its Global Business Services practice. The executive will be based
  in Chicago, reporting to Kevin Tobin, president of Marsh's
  Insurance Services Group.
  Drab has more than 25 years of leadership, consulting and
  technology experience, pri
  
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• KCC forecasts $7bn US insured Matthew losses

  12-10-2016 16:52
  US insurers will pay $6.95bn to cover damage from Hurricane
  Matthew, which battered Caribbean islands and the southeastern US
  last week, according to Karen Clark & Co (KCC).
  Analysts at KCC based their figures on high resolution storm
  surge, inland flooding and wind models, in a flash estimate
  released today.
  Insured losses will amount to $3.48bn for wind damage and
  $3.43bn for inland flooding, with the remaining $40mn reserved for
  storm surge claims, KCC said.
  The most significant damage fr
  
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• Claims Club Summit 2016: Historical sex abuse claims handling may need to be reformed

  12-10-2016 16:02
  
  Insurers are being called on to reassess how historic abuse claims are handled so that they give more justice to abuse victims.
  
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• SSP says there is “disconnect” between service expectations and reality

  12-10-2016 15:31
  
  SSP CEO Laurence Walker speaks out and says that increased scrutiny from the FCA was timely.
  
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• Jackson Lee Underwriting leisure division launches

  12-10-2016 13:17
  
  Products available to brokers through its online platform, ABEL.
  
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• Early Florida loss numbers imply low reinsured Matthew loss

  12-10-2016 13:07
  Preliminary loss estimates for Hurricane Matthew from two
  Floridian insurers suggest that total insured losses in the
  Sunshine State could be comfortably below $5bn, as the impact of
  the storm continues to fall on the low side.Florida-based carrier Federated National Insurance estimated
  yesterday that its gross liabilities from Hurricane Matthew would
  be $77mn, with reinsurers picking up at least three-quarters of the
  cost.
  This followed an announcement from Heritage earlier this week
  that it ex
  
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• CSC launches slew of London market tech products

  12-10-2016 13:07
  US-based technology firm CSC has launched a suite of London market
  products that could work as part of the Target Operating Model
  (Tom) at a later stage, CSC general manager Patrick Molineux has
  said.
  Yesterday CSC - which acquired London back office outsourcer
  Xchanging earlier this year - launched six new offerings designed
  to digitise and optimise business processes for the London
  market.
  The products include Xuber Underwriting, a web-enabled
  underwriting tool that CSC said will provide the v
  
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• China floods insured loss $600mn: Aon Benfield

  12-10-2016 13:07
  Insured losses from floods in north and central China this summer
  are likely to reach 4bn yuan ($596mn), according to Aon Benfield.
  The amount represents about 1.5 percent of the economic loss
  estimated by the Chinese government at 255.8bn ($38.1bn), the
  reinsurance broker said in its 2016 natural catastrophe report for
  the country.
  As of last month, 130,000 claims related to storm and flood had
  been reported, it said.
  Insured losses for the worst-hit areas of Hubei, Anhui, Henan
  and...
  
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• Claims Club Summit 2016: Access to Justice extends olive branch to insurers

  12-10-2016 12:51
  
  Access to Justice spokesman Craig Budsworth has extended an olive branch to insurers by suggesting that a middle ground can be found over whiplash reform.
  
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• Swinton focuses on "simplify" strategy as profits drop 26%

  12-10-2016 12:37
  
  The broker declined to comment on the results, stating that the figures represented a "historic time period".
  
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• Average comprehensive car premiums continue to rise

  12-10-2016 12:17
  
  Research says higher repair costs and increase in Insurance Premium Tax are behind the rising premiums.
  
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• Swinton profits fall in ‘very competitive’ market

  12-10-2016 11:57
  
  Broking group outlines battleplan to get through tough market 
  
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• Man injured in park gets compensation claim thrown out

  12-10-2016 11:57
  
  A man who fell from an ornamental bridge in a park has had his compensation claim quashed in what Zurich has described as a “victory for common sense”.
  
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• Gallagher enters deal with University of Glasgow

  12-10-2016 11:41
  
  Arthur J Gallagher is to provide risk management and insurance broking services to the University of Glasgow.
  
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• Brexit a 'stumbling block' for globalisation, Lloyd's Asia boss warns

  12-10-2016 11:16
  
  The head of Lloyd's Asia-Pacific has described Brexit as "one of the biggest stumbling blocks for globalisation".
  
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• Regional commercial manager leaves Swinton

  12-10-2016 10:49
  
  Matthew Stuttard looked after Burnley, Leeds, Burton, Stone, Cowes, Chandlers Ford and Chertsey.
  
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• Marsh hires senior exec from Willis

  12-10-2016 10:49
  
  The broker has made a new appointment for its chief client officer role
  
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• Driverless car tested among public for first time in UK

  12-10-2016 10:38
  
  Team behind project hope a fleet of 40 pods will be available to public next year
  
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• Gallagher signs three-year deal with university

  12-10-2016 09:41
  
  The broker has a specialist UK public sector and education practice.
  
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• FCA wants industry to improve communication with customers

  12-10-2016 09:35
  
  Regulator also wants to see greater collaboration within the insurance sector
  
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• FCA sets out how industry should improve communication with customer

  12-10-2016 09:35
  
  Regulator also wants to see greater collaboration within the insurance sector
  
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• Blog: Government must publish whiplash consultation now

  12-10-2016 08:15
  
  The government needs to publish the long-awaited consultation on its proposed reforms to remove general damages for whiplash and raise the small claims track limit to £5000.
  
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• Malta insurer Building Block sets profit and revenue targets

  12-10-2016 07:30
  
  Building Block launches new UK product
  
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• Dragoneer to buy out New Mountain stake in Amwins

  12-10-2016 02:26
  Amwins has secured a second long-term strategic investor with an
  agreement to partner with Dragoneer Investment Group in a deal that
  values the wholesale broking giant at $2.6bn.
  The transaction will see Dragoneer buy out private equity firm
  New Mountain Capital's stake in Amwins.
  When the deal closes San Francisco-based Dragoneer will hold 35
  percent of the company, with 30 percent owned by Canada's
  Public Sector Pension Investment Board (PSP) and the remaining 35
  percent in the hands of 440...
  
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• Embroker launches online coverage platform for small firms

  12-10-2016 00:15
  A new entrant in the increasingly crowded market to provide an
  online way for small businesses to find and secure insurance
  coverage went live today in San Francisco.
  Embroker opened its site to the world after an approximately
  nine-month test period in which "hundreds" of clients
  were served by its digital platform, the company said in a
  statement. Embroker said that over 25 commercial carriers are
  participating as partners in the service, including what it said
  were seven of the...
  
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