Insurance news

• New York cybersecurity rule deemed excessive by industry

  21-11-2016 20:43
  Insurers have raised objections to proposed New York state
  cybersecurity regulations, claiming the planned rules are too
  onerous and inflexible.
  The New York Insurance Association (NYIA) has called for the
  state Department of Financial Services (DFS) to modify some of the
  provisions, and drop others altogether, claiming the rules as they
  stand would be too challenging for smaller companies to comply
  with.
  In a letter to the DFS, dated 10 November, NYIA President Ellen
  Melchionni said while every
  
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• TigerRisk taps Willis Re for Hong Kong CEO

  21-11-2016 18:20
  TigerRisk has hired Willis Re's Xuejun Wang to become CEO of
  Hong Kong subsidiary TigerRisk China Partners.
  Wang was executive director of Willis Re's Beijing office,
  and also previously spent 15 years at the People's Insurance
  Company of China.
  In his new role Wang will be responsible for building
  TigerRisk's Chinese presence. His appointment becomes effective
  in early December.
  Reinsurance broker TigerRisk launched in Asia with the opening
  of its Hong Kong office in July last year.
  The office
  
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• Amanda Blanc appointed as new chair of the ABI's General Insurance Council

  21-11-2016 17:24
  
  Amanda Blanc has been appointed as the new chair of the Association of British Insurers’ General Insurance Council.
  
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• ABI names Tulloch’s replacement as GI Council chair

  21-11-2016 17:17
  
  Aviva global general insurance chair’s term comes to end on ABI council
  
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• Innovation in Insurance 2016: Insurers are adapting to emerging risks

  21-11-2016 16:51
  
  Insurers have been quick to adapt to emerging risks, a conference heard.
  
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• Ghost broker ordered to pay back £17,000 or face nine-month prison sentence

  21-11-2016 16:09
  
  Insurance ‘ghost broker’ who set up 133 false policies has been ordered to pay back £17,000 or face a nine month jail sentence.
  
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• Ghost broker sentenced for fake policies that cost insurer £79,000

  21-11-2016 16:03
  
  Portuguese community targeted by courier ghost broker
  
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• Munich Re provides capacity to InsurTech firm Wrisk

  21-11-2016 15:36
  Munich Re has entered into an agreement that will make it the sole
  capacity provider for InsurTech firm Wrisk's business written
  in the UK, Europe and the US.
  Wrisk is an InsurTech venture founded earlier this year by Catco
  Reinsurance Opportunities Fund chairman Nigel Barton and
  Markel's former head of digital Darius Kumana. It provides
  motor, home and travel insurance via a smartphone app.
  The partnership has been formed between Wrisk and Munich Re unit
  Digital Partners, a business established
  
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• Gable accuses PwC of 'falsehood' over meeting claims

  21-11-2016 15:36
  Gable has accused its special administrator PwC Switzerland of
  "falsehood" in saying that the Lichtenstein-based
  insurer's lone shareholder was represented at a recent meeting.
  PwC called a shareholders' meeting of Gable Insurance AG
  (GIAG) on 11 November to discuss the insurer's future.
  Gable Holdings Inc (GHI) - the sole shareholder in Gable -
  alleges that PwC initially attempted to prevent it from attending
  the meeting.
  GHI was then informed that its legal representative, Dr Stefan
  Becker, co
  
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• Ghost broker ordered to pay back £17,000

  21-11-2016 15:18
  
  The fraudster has been given three months to pay money back or face jail.
  
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• Gable creditors have 10 months to submit claims as company enters liquidation

  21-11-2016 15:10
  
  Companies and individuals owed money by Gable have been invited to submit their claims after a Liechtenstein court appointed a liquidator to the company.
  
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• Liechtenstein Court appoints liquidator for Gable Insurance

  21-11-2016 15:03
  
  PwC Switzerland applied for a winding-up order against Gable Insurance on 14 November.
  
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• Recruiting rich talent

  21-11-2016 14:55
  
  Brokerbility’s Ashwin Mistry insists brokers must recruit the best to stay relevant but advises that the talent pool is ripe for the taking.
  
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• Gable liquidator appointed by court

  21-11-2016 13:58
  
  Gable policyholders told to direct questions to new liquidator
  
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• Innovation in Insurance 2016: Insurtech start-ups are an opportunity, not a threat

  21-11-2016 13:38
  
  Insurers should see insurtech start-ups as an opportunity rather than a threat, a conference heard.
  
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• Lloyd's and Iran in trading talks

  21-11-2016 13:35
  
  Lloyd’s of London has begun talks with Iran’s insurance industry on the potential of underwriting business in the Middle Eastern country.
  
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• Lloyd's in Iran trading discussions

  21-11-2016 13:32
  Lloyd's will follow up recent discussions with Iran about
  writing business in the country by sending two directors to start
  negotiations with the country's insurance regulator, according
  to local media.
  Iranian news agency Mehr News reported that CEO Inga Beale met
  with Abdolnaser Hemmati, president and head of the high council of
  insurance at Bimeh Markazi Iran, last week in London, breaking a
  12-year hiatus in official discussions during the imposition of
  sanctions on Iran.
  Beale reportedly re
  
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• Blue Capital fund takes $7mn Matthew loss

  21-11-2016 13:32
  Endurance's third party capital management platform Blue
  Capital reported that its London-listed reinsurance fund took
  $6.8mn of losses in October that were primarily linked to Hurricane
  Matthew.
  The London-listed Blue Capital Global Reinsurance fund recorded
  a 0.2 percent drop in net asset value over October, but for the
  year to 31 October the $216mn fund has delivered a 6.2 percent gain
  to net asset value.
  It made strong gains in the third quarter after incurring $7.4mn
  of catastrophe losses d
  
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• Aegis London hires Smeets-Flier as CFO

  21-11-2016 13:32
  Aegis London has appointed MS Amlin's managing agency CFO
  Hermien Smeets-Flier to take on the same role at the firm, it
  announced today.
  Smeets-Flier was also a board member of Amlin Underwriting Ltd
  and a member of its audit and risk committees. She joined MS Amlin
  upon its purchase of the Fortis Group in 2009.
  Meanwhile, Graeme Tennyson has been hired as director of risk
  and compliance.
  He joins from Endurance's Lloyd's business, where he has
  been head of compliance...
  
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• Insurtech Futures: Wrisk app partners with Munich Re

  21-11-2016 13:21
  
  The mobile-based insurance provider was set up by Oxygen founder Nigel Barton
  
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• Digital Insurance Awards 2016: Winners

  21-11-2016 13:17
  
  The industry’s most digitally-savvy gathered at Post’s annual Digital Insurance Awards, where awards were handed out for technological triumphs.
  
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• Gable hits out at administrator’s ‘falsehood’

  21-11-2016 12:48
  
  Troubled insurer Gable’s parent responds to last week’s statement from PwC
  
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• MGA hires senior recruitment insurance specialist from Pen

  21-11-2016 12:11
  
  Managing general agency wants to expand its recruitments consultants portfolio
  
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• In Focus: Why brokers need to be offering risk management services in the current climate

  21-11-2016 11:50
  
  In the first instalment of a week-long special In Focus series LV’s Kevin Hawkins examines why brokers need to be offering risk management services in today’s market.
  
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• Applied Systems releases Applied TAM 2016

  21-11-2016 11:42
  
  New software will reduce brokers’ time spent on admin says tech firm.
  
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• Innovation in Insurance 2016: Insurers need to evolve to meet Millennial demands

  21-11-2016 11:24
  
  Insurers have to evolve to meet the demands of the millennial market, Guidewire managing director Keith Stonell said today.
  
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• #insagepeople: 21 - 27 November 2016

  21-11-2016 11:21 via insuranceage.co.uk
  
  Keep up to date with all the latest people moves.
  
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• Storm Angus hits UK

  21-11-2016 11:13
  The south of England was impacted by winds of up to 106mph at the
  weekend, bringing widespread damage and flooding.
  Storm Angus, the first named storm of the season, also caused a
  cargo ship, the Saga Sky, to hit a barge carrying rocks,
  according to reports.The Hong-Kong registered ship drifted onto the Varne sandbank
  off the coast of Dover after it lost all of its engine power and
  took on water amid severe winds.
  Eleven crew members were rescued...
  
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• ABI identifies post-Brexit priority markets

  21-11-2016 11:13
  The Association of British Insurers (ABI) has identified eight
  countries as priority markets for the industry to target if it is
  to get the most out of new international trade deals.
  Speaking ahead of the ABI's annual conference tomorrow,
  director general Huw Evans named China and India as the two top
  priorities for UK insurers, and said a gradual approach was needed
  to secure improvements in the ease of doing business in those
  markets.
  The other six countries the ABI...
  
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• Gable brands PwC’s shareholder meeting representation statement a “falsehood”

  21-11-2016 11:06 via insuranceage.co.uk
  
  Argument about meeting on 11 November rumbles on.
  
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• Gable turns on administrator over ‘illegal’ shareholder meeting

  21-11-2016 10:59
  
  Gable said it was “illegally” denied voting rights at a shareholders meeting, in which a petition to wind up the company was passed.
  
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• Cancer sufferer begs to return home

  21-11-2016 09:29
  
  Cancer patient’s home still not repaired after floods
  
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• AIG to invest in mortgages

  21-11-2016 09:08
  
  AIG plans to make direct investments into mortgages as part of its investment strategy, according to the Financial Times.
  
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• Domestic & General’s customer service is beyond repair

  21-11-2016 08:00
  
  I’ve been trying to get my freezer fixed or replaced for weeks, but no one ever calls backSince 2008 I have had five insurance policies with Domestic & General to cover all my kitchen appliances. I currently pay £59 a month. In September I reported that my frost-free integrated freezer was faulty, and six days later an engineer called.Continue reading...
  
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• Blog: Connected cars are making roads safer

  21-11-2016 08:00
  
  Beyond futuristic gadgets, connected cars feature technology that can help avoid collisions and detect other hazards.
  
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