Insurance news

• Aviation rates continue fall despite higher claims: JLT

  11-11-2016 20:16
  Aviation rates remained on a downward trajectory in October
  despite hull claims more than doubling compared to the same period
  last year, according to broker JLT.
  In its latest Plane Talking report, the company said global hull
  claims in October totalled $87.5mn compared to $40mn in the prior
  year, as a number of incidents hit the market, including an engine
  fire on an American Airlines aircraft at Chicago airport.
  For "tier A" accounts, which JLT classified as
  airlines with low...
  
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• UK government appeals to China over ILS opportunities

  11-11-2016 17:54
  The UK government has appealed to Chinese delegates from the
  financial services industry to consider London as the home for
  future Chinese cat bonds.
  Speaking on behalf of the government at the City of London Green
  Finance Initiative's conference, senior adviser to the cabinet
  office Michael Wade explained that the development of an
  insurance-linked securities (ILS) market in London presented a
  great opportunity to foster closer cooperation between China and
  the UK.
  He added that with the right
  
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• Insurers that fail to adopt business management platforms risk being 'left in the dark ages'

  11-11-2016 17:31
  
  Insurers that opt for Excel spreadsheet over more advanced methods of business planning are at risk of being ‘left in the dark ages’, industry professionals have said.
  
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• Insurer hires team from Gable

  11-11-2016 16:32
  
  Shareholders are meeting today to decide whether or not to put more money into Gable 
  
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• This week: Elections, new woes and results

  11-11-2016 16:19
  
  This week was an historic week for the world as it watched Americans choose their 45th president.
  
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• AmTrust shares hold up as filing date announced

  11-11-2016 16:17
  AmTrust shares held relatively firm when New York trading opened
  after the carrier announced it would file its delayed third quarter
  10-Q form on Monday (14 November).
  The shares were trading down 2.91 percent at $25.73 as of 2:43pm
  GMT while markets digested the company's statement earlier
  today, in which said it would file its Q3 financial statements with
  the US Securities and Exchange Commission (SEC) on Monday.
  AmTrust released a statement after markets closed yesterday that
  said the form...
  
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• Insurtech start-up targets barriers faced by Generation Rent

  11-11-2016 16:13
  
  An insurtech start-up will enable tenants to take up a rental contract without putting down a deposit.
  
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• Pukka looks to move into private car

  11-11-2016 15:45 via insuranceage.co.uk
  
  Specialist van MGA has also picked up some business from the collapse of Enterprise.
  
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• Kinsale tops expectations for Q3 earnings

  11-11-2016 14:33
  Operating profits at US specialty insurer Kinsale Capital surged by
  35.1 percent in the third quarter to reach $12.1mn, as the company
  followed up strongly on its successful July IPO.
  The firm's net income was up 33.9 percent at $7.9mn,
  surpassing the $6.0mn estimate of JP Morgan analyst Sarah
  DeWitt.
  The carrier's top line also rose 4.4 percent to $47.8mn,
  while return on equity reached 18.8 percent, or 15 percent pro
  forma for the capital raise earlier this year, despite...
  
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• Towergate MGA pens multi-million-pound deal with insurer

  11-11-2016 13:42
  
  Arrangement will start from January next year
  
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• Zurich names UK CEO

  11-11-2016 13:13
  Zurich has promoted Tulsi Naidu to CEO of its UK business, it
  announced today.
  Naidu joined the company from UK life insurer Prudential in
  September this year as head of business development for Europe, the
  Middle East and Africa.
  She will lead the UK business, which includes both general
  insurance and life operations under the new regional Zurich
  structure.
  Conor Brennan, Vinicio Cellerini and Anne Torry, respectively
  the heads of Zurich's general insurance, global corporate and
  life businesses
  
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• Harrell named Aspen international insurance head

  11-11-2016 13:13
  Aspen's international COO and global head of marine Don
  Harrell has been appointed head of international insurance at the
  Bermudian carrier, replacing Anne Haugh.
  He will relinquish his role as COO of international to take up
  the new position, but will retain his responsibilities as global
  head of marine.
  Harrell will report to Aspen Insurance president and chief
  underwriting officer David Cohen.The Insurance Insider revealed last month
  that Haugh was stepping down from her roles as COO and
  pres
  
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• American Financial closes National Interstate buyout

  11-11-2016 13:13
  American Financial Group (AFG) has closed its acquisition of the
  shares in National Interstate it didn't already own, ending a
  takeover saga that has run for more than two-and-a-half years.
  In a statement, the two companies said that shareholders in
  National Interstate other than AFG subsidiary Great American
  received $32.00 a share cash and a $0.50 a share one-off special
  dividend.
  Including the special dividend, the purchase price was around
  $320mn for the 48.7 percent of shares not already he
  
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• Towergate’s Fusion teams up with Tokio Marine as it parts ways with QBE

  11-11-2016 13:02 via insuranceage.co.uk
  
  MGA’s new £150m capacity arrangement to run over five years.
  
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• MIB claims database 'can be used at the point of quote'

  11-11-2016 12:44
  
  A database of recorded claims commonly used to catch fraudsters can be used at the point of quote, the Motor Insurers' Bureau said.
  
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• Quizzical questions: 11 November 2016

  11-11-2016 12:20
  
  Test your knowledge of the week's news with our topical news quiz.
  
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• Video: TT Club explains how freight will develop in future

  11-11-2016 12:00
  
  The final video examines the global nature of the market and looks to the future.
  
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• Zurich names new UK boss

  11-11-2016 11:55
  
  Appointment follows the integration of general insurance and life business
  
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• Zurich replaces Sharma with Tulsi Naidu as UK CEO

  11-11-2016 11:46
  
  Zurich has appointed Tulsi Naidu as CEO of its UK business, replacing Vibhu Sharma.
  
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• Zurich appoints Tulsi Naidu as CEO for its UK business

  11-11-2016 11:42
  
  Naidu to lead general insurance and life functions for the insurer.
  
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• Gable shareholders to meet to determine company’s future

  11-11-2016 11:04
  
  A meeting will take place this afternoon to give Gable shareholders a final opportunity to inject fresh capital into the business.
  
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• SSP says systems fully “up and running”

  11-11-2016 10:41
  
  Software house states that systems are all back to normal following disruption yesterday.
  
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• Broker Apprentice 2016: Reflections on the timed insurance treasure hunt – video blog 2

  11-11-2016 10:30
  
  Euros Jones, Katie Waugh and Craig Younger share their feedback on the first task.
  
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• Allianz sees drop in operating profit due to high catastrophe claims

  11-11-2016 10:15
  
  Allianz has experienced a drop in operating profit in its property and casualty business due to a high number of catastrophe claims.
  
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• Liberty in $90m Wal-Mart truck crash claim on US star

  11-11-2016 10:09
  
  Extraordinary claim in the US involving supermarket truck crash and comedian’s group
  
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• Allianz P&C profits jump 4.3%

  11-11-2016 10:08
  Benign natural catastrophe activity and fewer large losses boosted
  property and casualty (P&C) operating profits at Allianz as the
  segment's bottom line swelled 4.3 percent in the third quarter
  to EUR1.4bn ($1.5bn).
  Allianz Global Corporate and Specialty in particular contributed
  to the P&C segment growth, with operating profits more than
  doubling to EUR213mn for the quarter, again boosted by low loss
  activity.
  The group P&C operating profit result was 5 percent ahead of
  consensus, d
  
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• SSP apologises after yet another disruption

  11-11-2016 09:38
  
  Software house suffers new issue on its Pure platform
  
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• Higher claims hit Allianz group profits

  11-11-2016 09:14
  
  Allianz nine month results drop in operating  profit
  
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• Travel fraud: travelling in a new direction

  11-11-2016 08:00
  
  Traditionally, most fraud associated with holidaymakers has resulted from opportunists who exaggerate, distort or invent relatively low-value claims on their travel insurance policies.
  
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• Chubb bolsters Singapore senior team

  11-11-2016 04:08
  
  Global insurer Chubb has made several senior appointments in Singapore.
  
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• RLI sets $2 special dividend as shares languish

  11-11-2016 01:37
  RLI continued its track record of returning capital to shareholders
  through special dividends as it unveiled a $2 payout today that is
  expected to total $88mn.
  The special dividend comes on top of a regular quarterly
  dividend of $0.20 a share, with both payable on 23 December to
  holders of record on 30 November.
  The move comes as the US specialty's share price continues
  to languish after failing to recover from a post-earnings plunge
  last month in response to a...
  
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• AmTrust delays 10-Q filing and reveals 'control deficiencies'

  11-11-2016 01:37
  AmTrust has delayed the filing of its third quarter Form 10-Q
  because it has not been able to complete work needed to report
  certain items on its consolidated income statement.
  In a filing with the Securities and Exchange Commission (SEC),
  the insurer said it was unable to file because it needed more time
  to compile and analyse supporting documentation to complete the
  Form 10-Q.
  It said it needed to do more work related to unrealised gains or
  losses on investments...
  
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• American Financial closes National Interstate buy-out

  11-11-2016 01:37
  American Financial Group (AFG) has closed its acquisition of the
  shares in National Interstate it didn't already own, bringing
  to an end a takeover saga that has run for more than two-and-a-half
  years.
  In a statement, the two companies said that shareholders in
  National Interstate other than AFG subsidiary Great American
  received $32.00 a share cash and a $0.50 a share one-time special
  dividend.
  Including the special dividend, the purchase price was around
  $320mn for the 48.7 percent of shares..
  
  Read more

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