Insurance news

• Fannie Mae picks up cover for 15- and 20-year mortgages

  17-11-2016 23:35
  Fannie Mae closed on its latest deal to shed risk on its US
  residential mortgage holdings with an $11.7bn package of 15- and
  20-year loans, the government-controlled financial organization
  said today.
  Under the deal effective last month, Fannie remains at risk for
  the first 35 basis points of losses on the $11.7bn loan pool, or
  about $41mn. Reinsurers would step in to cover the next $205mn in
  exposure, the Washington-based company said.
  This year's 10th Credit Insurance Risk Transfer deal...
  
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• ABI urges retaining a revised Solvency II post-Brexit

  17-11-2016 21:25
  Retaining a refined version of the Solvency II regulatory structure
  would make more sense than starting from scratch to build an
  entirely new set of rules to govern UK insurers post-Brexit, the
  Association of British Insurers (ABI) said today.
  The lobbying organization with about 250 industry members said
  changes that should be made to Solvency II rules for insurers
  include reducing the size and sensitivity of risk margins, curbing
  "excessive" reporting requirements and removing barriers
  to long
  
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• Hurricane Matthew drives Allstate October cat losses

  17-11-2016 19:11
  US insurance giant Allstate has announced pre-tax catastrophe
  losses of $199mn for October 2016.
  Hurricane Matthew generated a $180mn hit, while another $19mn
  came from unfavourable reserve re-estimates for five previously
  reported catastrophe losses, the carrier said in a statement
  today.
  Hurricane Matthew resulted in claims for the carrier in Florida,
  Georgia, the Carolinas and Virginia.
  Allstate did not identify the other five events that led to
  catastrophic losses during the month.
  Matthew m
  
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• Alleghany forecasts sub-$75mn Matthew loss

  17-11-2016 16:47
  TransRe's parent company Alleghany has estimated its
  exposure to Hurricane Matthew at less than $75mn, it announced
  today.
  Alleghany said the losses would stem from TransRe and its
  insurance operation RSUI, with the total divided roughly evenly
  between the two.
  The losses will be incurred in the fourth quarter, the New
  York-listed insurance holding group said.
  At $75mn the loss would be equivalent to 0.9 percent of Q3
  shareholder equity.
  As the storm approached the Florida coastline as a Categor
  
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• Gable Holdings was represented at shareholder meeting, repeats FMA

  17-11-2016 15:15 via insuranceage.co.uk
  
  Liechtenstein regulator issues update on 11 November shareholder meeting.
  
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• Trubshaw leads survey of top London underwriters

  17-11-2016 14:17
  Managing Agency Partners active underwriter and property
  specialist Richard Trubshaw has topped a poll of London's
  leading underwriters.
  The poll, conducted by insurance research consultancy
  Gracechurch Consulting, surveyed 400 London market brokers and 175
  underwriters on their opinions of leading underwriters in the city,
  collating more than 6,000 verbatim responses.
  Trubshaw was
  the top pick by both underwriters and brokers as the London
  market's leading underwriter, and was the only underwri
  
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• R&Q wins court case over 9/11 terrorist attacks claim

  17-11-2016 13:23
  
  A payout from claimants in the 9/11 terrorist attack has been partly recouped by Randall and Quilter against the company's reinsurer.
  
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• Gallagher confirms resignations from Croydon office

  17-11-2016 13:11
  
  Schemes and affinities director Nigel Palmer and parts of the affinity team have left the business.
  
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• Where to buy the must-have Xmas toys, plus the power to reduce energy bills

  17-11-2016 13:06
  
  Also, pension exit fees are capped and how payday loan firms hound vulnerable borrowers
  Hello and welcome to this week’s Money Talks – a roundup of the week’s biggest stories and some things you may have missed. Continue reading...
  
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• Drivers support whiplash crackdown: poll

  17-11-2016 12:59
  
  Almost all drivers support the government’s latest whiplash crackdown plans
  
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• Pen Underwriting recruitment insurance head resigns

  17-11-2016 12:23
  
  Recruitment underwriting account was previously part of Giles
  
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• ABI urges regulators to 'refine not replace' Solvency II post-Brexit

  17-11-2016 12:19
  
  Insurers are calling on regulators to refine Solvency II to better suit the UK market, rather than replace it entirely when the UK leaves the EU.
  
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• Underwriting Service Awards 2016: Winners

  17-11-2016 12:05
  
  The industry’s underwriting powerhouses gathered at the Post’s annual Underwriting Service Awards bash.
  
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• Zurich aims to make $1.5bn in savings by 2019

  17-11-2016 11:56
  
  Zurich is targetting $1.5bn (£1.2bn) of cost cutting at the group level over the next three years.
  
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• PwC applies for Gable winding up order

  17-11-2016 11:47
  PwC Switzerland, the special administrator of beleaguered
  Liechtenstein carrier Gable Insurance (GIAG), has filed an
  application to the courts seeking a winding up order for the
  company.
  In a statement this week, PwC said it had filed an application
  with the Liechtenstein Court on 14 November and that in its opinion
  there was no further basis to suspend the process following a
  meeting of GIAG shareholders on 11 November.
  The firm added that GIAG required approximately CHF73.3mn
  ($73mn) to meet..
  
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• Neon strikes Italian med-mal legacy deal with Enstar

  17-11-2016 11:47
  Lloyd's (re)insurer Neon has inked a deal with Enstar's
  Shelbourne vehicle to reinsure-to-close the 2007 open year that is
  home to its toxic Italian medical malpractice book.
  The long-delayed transaction was first mooted by this
  publication in April this year and will bring the formerly
  branded Marketform a step closer to ending its involvement in the
  med-mal market where it originated.
  Sources have suggested that the final net reserve number for the
  book written by Syndicate 2468 is around &pou
  
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• Expense savings key lever for Zurich strategy

  17-11-2016 11:47
  Eight months after taking up the role, Zurich CEO Mario Greco has
  unveiled his strategy to turnaround the stuttering insurer, with
  expense reduction set to be the key driver of return on equity
  (RoE) expansion.
  The central value proposition for investors looks to be built
  around a high dividend payout ratio, which Greco today said would
  be supported by increased profitability as operating efficiency
  improves and underwriting discipline is enhanced.
  Bernstein analyst Thomas Seidl was unimpressed
  
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• Scandinavian Gable policyholders not protected by government schemes

  17-11-2016 11:03
  
  Scandinavian policyholders will not be protected by government guarantee schemes if Gable is declared bankrupt.
  
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• Gallagher hires senior director from Willis

  17-11-2016 10:32
  
  Appointment is part of Gallagher’s plans to expand its public sector business
  
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• Broker Apprentice 2016: The school game challenge – episode three

  17-11-2016 10:30
  
  The apprentices face the daunting task of creating a board or card game for primary school children to bring insurance to life and then playing it with pupils as the judges.
  
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• Broker Apprentice 2016: Board game battles in the classroom - episode three

  17-11-2016 10:30
  
  The apprentices face the daunting task of creating a board or card game for primary school children to bring insurance to life and then playing it with pupils as the judges.
  
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• Board battles in the classroom

  17-11-2016 10:30
  
  The apprentices face the daunting task of creating a board or card game for primary school children to bring insurance to life and then playing it with pupils as the judges.
  
  Read more

• Government reveals new crackdown on whiplash claims

  17-11-2016 10:20 via insuranceage.co.uk
  
  Consultation targets reduction in insurance premiums.
  
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• Insurers line up to back government’s whiplash proposals

  17-11-2016 10:10 via insuranceage.co.uk
  
  New consultation to run until 6 January 2017.
  
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• Lawyers and campaigners hit out at whiplash reform proposals

  17-11-2016 09:55 via insuranceage.co.uk
  
  MoJ consults on claims reforms it says will save motorists £40 a year.
  
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• Thousands of Enterprise customers are driving without cover

  17-11-2016 09:19
  
  The liquidator cancelled Enterprise’s policies on 26 October
  
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• MIB: Thousands of Enterprise customers are driving without cover

  17-11-2016 09:19
  
  The liquidator cancelled Enterprise’s policies on 26 October
  
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• Resigning Gallagher staff head to rival consolidator

  17-11-2016 08:58
  
  Nigel Palmer and members of Gallagher’s commercial affinities team have resigned
  
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• Gallagher defectors head to rival broker

  17-11-2016 08:58
  
  Nigel Palmer and members of Gallagher’s commercial affinities team have resigned
  
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• Lawyers criticise proposed whiplash reforms as "littered with dangers"

  17-11-2016 08:53
  
  Claimant law firms are calling for the industry to collaborate rather than embrace the reforms
  
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• Insurers urge government to urgently roll out whiplash reforms

  17-11-2016 08:43
  
  Ministry of Justice has launched its consultation today
  
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• Hiscox's Derrick Potton on going the extra mile with the Insurance Act

  17-11-2016 08:00
  
  As the saying goes, ‘You get what you pay for'. We all hope that's the case, but when it comes to insurance that can come with some caveats. ‘You get what you pay for' - unless you failed to disclose information, however innocently, to your insurer when taking out a policy that could have been relevant to a subsequent claim, in which case, you might get nothing.
  
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• Contaminated products insurance claims: How to check the costs of a product recall

  17-11-2016 08:00
  
  When handling a product recall claim, insurers need to check the costs are properly evaluated.
  
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• Blog: Remember, remember to lock up in November

  17-11-2016 08:00
  
  It seems as though the minute the clocks went back on 30 October our minds turned to all things winter, including spooky goings on, fireworks, present lists and the much anticipated John Lewis Christmas ad - who can resist #BustertheBoxer?
  
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• MoJ launches whiplash consultation

  17-11-2016 02:19
  
  The Ministry of Justice today launched its consultation on proposals to personal injury reform.
  
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• Whiplash proposals will 'take common law back to the dark ages', lawyers say

  17-11-2016 01:05
  
  Personal injury lawyers have reacted negatively to the government's whiplash consultation, which launched today.
  
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• MoJ unveils whiplash reform proposals

  17-11-2016 01:05
  
  Consultation will run until 6 January 2017
  
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• Insurers welcome government's whiplash consultation after MoJ u-turn

  17-11-2016 01:05
  
  Insurers have welcomed the government’s whiplash reform consultation, which launched today after apparently being 'shelved' in October.
  
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• Crackdown on whiplash claims could knock £40 off car insurance bills

  17-11-2016 01:01
  
  Ministry of Justice announces plan to tackle ‘toxic’ compensation culture by making it much tougher to win payouts
  Millions of motorists could see their car insurance bills cut by £40 a year, the government says, after it announced a crackdown on the “epidemic” of exaggerated and fraudulent whiplash injury claims.The Ministry of Justice (MoJ) proposals would make obtaining a payout much tougher and, according to insurers, will end the UK’s status as the whipla
  
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