Insurance news

• Kubursi resurfaces at The Hartford after departing CNA

  16-11-2016 23:20
  Ziad Kubursi, who stepped down from CNA unexpectedly several
  weeks ago, has re-emerged as head of The Hartford's financial
  institutions division, The Insurance
  Insider can reveal.
  In September, this publication reported that the exec had left
  CNA, where he was senior vice president of financial institutions
  and management liability in the specialty segment.
  Kubursi left the firm "to pursue other opportunities",
  Mark Herman, CNA Specialty's president and chief operating
  officer, told brokers in a
  
  Read more

• XL Catlin names Zurich's Huber to lead claims unit

  16-11-2016 20:20
  XL Catlin has appointed Barry Huber to head up the claims unit
  of its global political risk and trade credit division, the carrier
  announced today.
  The move reunites Huber with his former boss at Zurich, Dan
  Riordan, who joined XL Catlin in May to lead the segment as global
  president, based in Washington.
  The newly hired Huber will be based in New York and report to
  Martin Turner, the carrier's global practice leader for
  specialty claims in London, the company...
  
  Read more

• Silicon Valley remains threat to industry: Fairfield

  16-11-2016 20:20
  Exin CEO Matt Fairfield has warned against complacency over the
  future role of technology firms such as Google in the insurance
  sector, despite the perceived reluctance of such companies to enter
  the industry.
  Speaking at rating agency AM Best's 2016 Insurance Market
  Briefing in London today, Fairfield said technology companies had
  not stepped back from insurance entirely, but had simply returned
  to the drawing board.
  Distribution in the industry will diversify, the executive
  continued, and comp
  
  Read more

• Gable to be carved up amid £59m capital hole

  16-11-2016 18:32
  
  PwC provides update on troubled Liechtenstein insurer Gable
  
  Read more

• Advertisement

• Former execs launch InsurTech venture fund

  16-11-2016 17:41
  A trio of former industry executives have established an
  insurance-focused venture capital fund aimed at investing in
  InsurTech start-ups.
  The firm, InsurTech Venture Partners, is seeking to complete an
  initial capital raise of £100mn ($125mn) by the end of
  February next year.
  Former Direct Line COO Damian Arnold will serve as the
  fund's operating partner, accompanied by former Goldman Sachs
  executive and FinTech entrepreneur Nabil Meralli and Erik Vynckier,
  previously chief investment off
  
  Read more

• Firms must collapse for market to change: Kendrick

  16-11-2016 17:41
  Lloyd's needs to see company failures before market
  conditions can start to turn around, Chubb's European president
  Andrew Kendrick has claimed.
  Speaking at AM Best's 2016 Europe insurance market briefing,
  the executive said the Corporation needed to allow some companies
  to experience large losses, or even fail, so that the market could
  start to see some shift in the current soft rating environment.
  "Some people don't deserve to be saved," he said.
  "I think the Franchise Board has done a...
  
  Read more

• Lie detector system 'could help insurers stop fraud at the point of inception'

  16-11-2016 17:31
  
  A new Birmingham start-up has developed a virtual lie detector which uses speech recognition to combat insurance and banking fraud.
  
  Read more

• Gable needs £58.7m capital injection

  16-11-2016 16:39
  
  Gable needs to provide £58.7m in order to meet its Solvency II requirements, according to its administrator.
  
  Read more

• Advertisement

• Automated braking following Croydon tram crash could be stifled by limited market

  16-11-2016 15:45
  
  The Rail Accident Investigation Branch has released an interim report following the Croydon tram accident which happened on 9 November.
  
  Read more

• PwC confirms court winding up petition against Gable Insurance

  16-11-2016 15:37 via insuranceage.co.uk
  
  Accountants detail timeline that led to court proceedings.
  
  Read more

• Gable challenges PwC in Liechtenstein court

  16-11-2016 15:37 via insuranceage.co.uk
  
  Insurer criticises the way PwC is handling the special administration of the company.
  
  Read more

• LV unveils cover for properties in trust

  16-11-2016 15:10
  
  Product targeted at estate planners and their clients.
  
  Read more

• SSP CEO says glitch has been "difficult and frustrating"

  16-11-2016 15:01
  
  Software house says some customers are still experiencing intermittent problems with Microsoft Outlook.
  
  Read more

• Gallagher: Mass resignation of staff at Croydon business

  16-11-2016 14:51
  
  Broker is also relocating commercial affinities business
  
  Read more

• Gallagher director and team to depart as unit relocates

  16-11-2016 14:51
  
  Broker is also relocating commercial affinities business
  
  Read more

• Talanx eyes multi-million BASF plant loss

  16-11-2016 14:48
  Talanx CEO Herbert Haas has revealed the insurer expects to take
  a loss in the double-digit millions from the explosion at a
  BASF-owned chemical plant in October, according to Reuters.
  The incident occurred on 17 October at the company's plant
  in Ludwigshafen, western Germany, on a supply line connecting a
  harbour and tank depot, killing three people and injuring around 25
  others.
  According to BASF's website, over 40,000 employees work at
  the site. The facility is the oldest of its...
  
  Read more

• RSA restructures commercial lines business

  16-11-2016 14:48
  RSA has created two new divisions within in its UK commercial
  lines operation and separately appointed a chief underwriting
  officer for its UK and international arm.
  In a statement the carrier said the UK commercial business would
  be split into two units - global risk solutions and commercial risk
  solutions - effective immediately.
  The global risk solutions unit will cover specialty lines, while
  the commercial risk solutions division will include small and
  medium-sized enterprises, delegated bus
  
  Read more

• RenaissanceRe executives sell more than $1mn of shares

  16-11-2016 14:48
  Two RenaissanceRe executives have disposed of 9,000 shares worth
  $1.2mn this week.
  Group chief risk officer Ian Branagan sold 3,000 shares on
  Monday (14 November) at $130.0 a share, for a total value of
  $390,000.
  Branagan had also sold $250,000 of shares a week before,
  disposing of 2,000 shares in RenaissanceRe at $125 per share.
  The executive now holds 48,589 shares in the company, having
  sold 9.3 percent of his total ownership in the past week.
  Meanwhile, chief investment officer...
  
  Read more

• Chaucer hires Generali property fac duo

  16-11-2016 14:48
  Lloyd's carrier Chaucer has appointed John Eggleston as head
  of international property facultative reinsurance, the company
  announced today.
  Eggleston joins from Italian insurer Generali, where he
  previously served as head of property underwriting for the UK and
  international division, having spent 22 years with the company from
  1994.
  Prior to that he was a broker with London-based intermediary
  Fenchurch Plc, having begun his career in the industry as an
  underwriter with Sturge Plc in 1986.
  Rich
  
  Read more

• SSP chief apologises to brokers amid continuing issues

  16-11-2016 13:51
  
  Laurence Walker acknowledges SSP glitches have been ‘difficult and frustrating’
  
  Read more

• SSP chief apologies to brokers amid continuing issues

  16-11-2016 13:51
  
  Laurence Walker acknowledges SSP glitches have been ‘difficult and frustrating’
  
  Read more

• Some Kent jobs could go as AXA proposes to relocate roles

  16-11-2016 13:08
  
  Insurer is consulting with union
  
  Read more

• Biba slams SSP over outages and communication

  16-11-2016 13:04
  
  Trade body says it is “extremely concerned” about ongoing problems at SSP
  
  Read more

• Mildura hailstorm losses rise

  16-11-2016 12:42
  Insured losses from recent hailstorms in Australia's Mildura
  region have tripled to A$71mn ($53.4mn), according to estimates
  from the Insurance Council of Australia (ICA).
  The ICA said that as of 16 November, insurers had received
  13,200 claims from the area, which is known as Victoria's Food
  Bowl and is where most of Australia's dried fruit, grapes,
  citrus, nuts, olives, carrots and asparagus are grown.
  Yesterday, the council declared a catastrophe as a result of
  damage caused by the hail and..
  
  Read more

• MS&AD still on the M&A trail after Amlin deal

  16-11-2016 12:42
  MS&AD is on the lookout for additional acquisitions as it
  looks to increase the proportion of its earnings that come from its
  international operations to half, the Japanese big three
  member's CEO Yasuyoshi Karasawa has said.
  Speaking to The Financial Times, Karasawa said that
  MS&AD, which operates via Mitsui Sumitomo and Aioi Nissay Dowa,
  will look to increase the size of its operations in the US,
  Lloyd's, Southeast Asia, India and China as it looks to hit
  that target.
  &qu...
  
  Read more

• Biba concerned at SSP's lack of communication

  16-11-2016 12:38
  
  SSP is not providing their contracted service or suitable communications to brokers, Biba warned.
  
  Read more

• Aston Scott reveals target areas for acquisitions

  16-11-2016 12:36
  
  Stuart Rootham appointment will enable Peter Blanc to concentrate on acquisitions
  
  Read more

• Axa consults with union over 150 direct motor jobs

  16-11-2016 11:59
  
  Axa is consulting with union bosses over its plan to move 150 jobs from Kent to Birmingham.
  
  Read more

• Watson: Ageas UK has more work to do to improve profits

  16-11-2016 11:56
  
  Ageas UK chief executive outlines measures to improve results
  
  Read more

• RSA splits UK commercial business into two divisions

  16-11-2016 11:39 via insuranceage.co.uk
  
  Insurer creates UK and international chief underwriting role.
  
  Read more

• RSA restructures commercial arm

  16-11-2016 11:32
  
  Changes will support insurer’s transformation programme
  
  Read more

• Allianz creates two new broker facing roles

  16-11-2016 11:28 via insuranceage.co.uk
  
  Nick Hobbs and Sarah Mallaby become directors of broker markets, commercial & personal.
  
  Read more

• RSA splits commercial lines business

  16-11-2016 11:17
  
  RSA has split its commercial lines business into two distinct units, Global Risk Solutions and Commercial Risk Solutions.
  
  Read more

• Allianz creates two new broker director roles

  16-11-2016 11:17
  
  Allianz aims to raise profile in broker community
  
  Read more

• SSP users are back online

  16-11-2016 11:10
  
  Software firm states the next scheduled update will be at 10:00am today.
  
  Read more

• Allianz makes two broker market appointments

  16-11-2016 10:50
  
  Allianz Insurance has appointed Nick Hobbs and Sarah Mallaby as directors of broker markets, commercial and personal.
  
  Read more

• Allianz appoints makes two broker market appointments

  16-11-2016 10:50
  
  Allianz Insurance has appointed Nick Hobbs and Sarah Mallaby as directors of broker markets, commercial and personal.
  
  Read more

• Nexus launches claims arm

  16-11-2016 10:34
  Specialty managing general agency (MGA) Nexus has formed an
  independent claims company trading as Nexus Claims.
  In a statement released today Nexus said the claims venture had
  secured agreements to manage claims emanating from more than 50
  percent of the group's portfolio, as well as acting as a third
  party administrator for 14 other non-affiliated MGAs across the UK,
  Europe and the Middle East.
  The company specifically said it had signed a claims management
  agreement with their largest capacity
  
  Read more

• Blog: In defence of unrated insurers

  16-11-2016 10:18 via insuranceage.co.uk
  
  Not all unrated providers are the same and a UK home is an important factor to recognise, argues Nick Garner
  
  Read more

• Ageas sees profits fall on back of summer storm damage

  16-11-2016 09:38
  
  Ageas has seen profits of £43m in the third quarter, a fall 8% from £46.9m in the same period last year.
  
  Read more

• MGA forms new claims management company

  16-11-2016 09:29
  
  Claims management company has already won deals
  
  Read more

• Innovation costs, weather eat into Ageas UK profit

  16-11-2016 08:50
  
  Ageas UK reports mixed set of results for first nine months of 2016
  
  Read more

• Innovation costs and weather eat into Ageas UK profit

  16-11-2016 08:50
  
  Ageas UK reports mixed set of results for first nine months of 2016
  
  Read more

• RSA's Hayley Robinson on speaking customers' language

  16-11-2016 08:00
  
  Insurers involved in tenders know that they need to differentiate themselves from the competition by demonstrating superb service. And delivering a joined-up, seamless proposition takes a lot of coordination.
  
  Read more

• ‘Confused’ Axa use every excuse in the book to avoid my travel insurance claim

  16-11-2016 08:00
  
  We flew home when an aunt was taken seriously ill, but Axa said she wasn’t a ‘close relative’My wife and I flew to Austria for a week’s winter walking in February. We had to fly back to the UK on the advice of hospital staff, as my wife’s aunt had been taken seriously ill. My wife was her aunt’s official next of kin and unofficial carer. She died before we arrived home.We contacted our travel insurance company, Axa, from Austria and were assured that we could
  
  Read more

• ABI: rise in home claims payouts reflects awareness effort

  16-11-2016 07:00
  
  ABI reveals personal lines claims payment statistics for 2014 and 2015
  
  Read more

• Gable launches all-out attack on special administrator

  16-11-2016 06:58
  
  Troubled insurer lashes out at PwC and Liechtenstein regulator
  
  Read more

• Maison owner frustrated in M&A hunt for growth

  16-11-2016 02:26
  The corporate parent of residential carrier Maison Insurance,
  1347 Property Holdings, has come up empty in its hunt for
  acquisitions to expand its business, currently focused on Louisiana
  and to a lesser extent, Texas.
  Since announcing a strategic review last month, CEO Doug Raucy
  told an investor today that he and CFO John Hill examined multiple
  potential opportunities but could not find a proper fit.
  "John and myself worked very hard and looked at quite a few
  companies in terms...
  
  Read more

• James River CFO Davis sets retirement date

  16-11-2016 02:26
  James River Group Holdings CFO Gregg Davis plans to retire
  effective 2 January, the specialty reinsurer announced late
  today.
  The company has begun looking for a replacement and plans to
  announce a new CFO by year-end, according to a statement from James
  River.
  "My twenty-two years at James River and its predecessor
  companies have been exciting and rewarding," Davis said in the
  statement from the Bermuda-based specialty carrier.
  "Gregg Davis has been instrumental in building our
  company," said J
  
  Read more

• Almost all motor claims made last year were successful

  16-11-2016 01:08
  
  The UK insurance market paid out £15bn to policyholders last year with 99% of private motor claims made being successful.
  
  Read more

Follow @Insurance_UKnws on Twitter!