Insurance news

• Reid appointed Price Forbes COO

  24-11-2016 18:44
  Independent London broker Price Forbes has hired Stephen Reid from
  Howden as chief operating officer.
  Reid will take overall management responsibility for both the
  corporate and divisional operations teams.
  He joins from fellow London market intermediary Howden, where he
  served as COO for more than two years from 2014.
  The executive has held similar roles at Cooper Gay and Lockton,
  and previously spent eight years at Marsh as head of UK client
  management.
  Price Forbes CEO Michael Donegan said Re
  
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• Marine cargo MGA Fiducia opens for business

  24-11-2016 18:44
  Marine cargo managing general agent (MGA) Fiducia has officially
  launched, the company announced today.
  The Leeds-headquartered venture, led by Gerry Sheehy, will
  initially focus on writing regional UK cargo business via brokers,
  with capacity provided by Hiscox and other Lloyd's
  syndicates.
  Fiducia is backed with investment from BP Marsh, which purchased
  a 25 percent stake in the company for £75,000 ($93,500).
  BP Marsh also agreed to provide the MGA with total loan funding
  of up to £
  
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• Lloyd's to finalise Brexit plan in Q1

  24-11-2016 18:44
  The Lloyd's executive team will present its Brexit contingency
  plans to the Franchise Board and Council in December for approval,
  with the final plan to be made public in the first quarter of 2017.
  Director of global markets Vincent Vandendael said during an
  Insurance Institute of London lecture today that by December
  "we will have a clearer view on whether we will recommend a
  single insurance company or whether we would rather go for a branch
  solution".
  The plans will...
  
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• New marine MGA Fiducia launched with Hiscox backing

  24-11-2016 16:25 via insuranceage.co.uk
  
  BP Marsh bought a 25% stake in the MGA for a total consideration of £75,000.
  
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• Marine cargo MGA launches with backing from Hiscox

  24-11-2016 14:47
  
  A regional cargo market managing general agent has launched in the UK, backed by capacity from Hiscox and Lloyd’s syndicates.
  
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• Brokers must offer more Shariah products: IIAL

  24-11-2016 14:36
  The Islamic Insurance Association of London (IIAL) has urged
  brokers to include more Shariah-compliant offerings in their
  product suite.
  The call comes after a survey conducted by the IIAL found 70
  percent of potential buyers of Islamic insurance would purchase
  Shariah-compliant products if more were made available.
  The results were published in a white paper launched at the IIAL
  conference in Bahrain this week, which revealed that buyers viewed
  a lack of engagement by intermediaries as a hindra
  
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• IPT rise will cancel out benefits of whiplash reform for younger drivers

  24-11-2016 14:01
  
  The increase in insurance premium tax will effectively cancel out the benefits from proposed whiplash reform felt by younger drivers.
  
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• Admiral CEO donates £3.94m of shares to own charity

  24-11-2016 13:56
  
  Admiral CEO David Stevens has donated 205,000 shares, worth £3.94m to a charitable foundation in which he is the main trustee.
  
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• FCA publishes supervision plans for Insurance Linked Securities

  24-11-2016 13:53
  
  The Financial Conduct Authority has outlined its proposed approach to the authorisation and supervision of Insurance Special Purpose Vehicles, which will facilitate Insurance Linked Securities business.
  
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• HPS-backed broker looks to rival for COO

  24-11-2016 13:24
  
  New hire will support expansion plans
  
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• Howden loses operations chief as rival broker swoops

  24-11-2016 13:24
  
  New hire will support expansion plans
  
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• Broker Expo Live: Sign up to boost business in post-Brexit Britain

  24-11-2016 13:05
  
  Event offers brokers free online access to a series of webinars, interviews and speeches on 6 December.
  
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• XL Catlin taps Liberty for M&A insurance head

  24-11-2016 12:16
  XL Catlin has hired Richard Winborn from Liberty Specialty
  Markets as head of international M&A insurance, The
  Insurance Insider has learned.
  Winborn was most recently head of specialty products at Liberty,
  but has also held the role of class underwriter for strategic
  capital products.
  Prior to this, he was head of M&A insurance for Zurich's
  UK operations.
  Winborn will be the first M&A underwriter XL Catlin has had
  in London for around 18 months. The carrier has been rebuilding its..
  
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• Lloyd's carriers in fracking claims dispute

  24-11-2016 12:16
  Lloyd's insurers Ark and RenaissanceRe are involved in a
  fracking-related legal dispute after they rejected a claim arising
  from five earthquake lawsuits filed against oil and gas firm New
  Dominion.
  Sister title Reactions reported yesterday that energy
  company New Dominion first filed a lawsuit against Lloyd's in a
  district court in Tulsa, Oklahoma in June.
  In July, the Lloyd's carriers filed a motion to transfer the
  case from Oklahoma to the southern district court of New York,
  which was agreed
  
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• Hiscox appoints new COO for UK and Ireland

  24-11-2016 12:16
  Specialist global insurer Hiscox has promoted Juan de Castro to
  chief operating officer of Hiscox UK and Ireland.
  De Castro has worked at Hiscox since 2014 as group head of
  strategy and corporate development.
  Prior to that, he spent four years working as a management
  consultant for McKinsey in their Silicon Valley office, and 10
  years working in the high-tech industry in Europe.
  He replaces Alan Millard, who is leaving Hiscox at the end of
  the year.
  In his new...
  
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• In Focus: Business interruption and the broker

  24-11-2016 11:30
  
  BI is a potential problem for any SME. Sam Barrett learns how brokers can soothe the pain of having to stop work.
  
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• Munich Re eyes up Iran entry

  24-11-2016 10:42
  
  Munich Re is considering plans to provide its insurance services to Iran following sanctions relief at the beginning of the year, according to Iranian news broadcaster Press TV.
  
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• R&Q completes Maryland novation

  24-11-2016 10:31
  Randall & Quilter (R&Q) has completed the novation of
  liabilities from Maryland Motor Truck Association Workers'
  Compensation Self Insurance Group to its US unit Accredited Surety
  and Casualty.
  The Maryland carrier was formed in 1994 as a workers' comp
  self-insurance group for the members of the Maryland Motor Truck
  Association. It was discontinued in 2006.
  Accredited has provided full finality for the group by assuming all
  liabilities from 1994-2006.
  The novation is R&Q's first with
  
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• Perils raises Italian quake estimate to $70mn

  24-11-2016 10:31
  Catastrophe modelling company Perils has revised its insured loss
  estimate for the August Italian earthquake to EUR66mn ($70mn) for
  the property insurance market.
  This compares to the initial loss estimate of EUR34mn issued by
  Perils on 5 October. The next update for the event is scheduled for
  24 February.
  On 24 August, a magnitude 6.2 earthquake struck central Italy near
  the borders of the Lazio, Marche and Umbria regions at a depth of
  4.4km.
  Some 298 people died as a...
  
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• Stand-off at The Broker Expo

  24-11-2016 10:30 via insuranceage.co.uk
  
  The contestants have to pitch their industry campaigns to brokers in the fourth episode of Broker Apprentice 2016.
  
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• Broker Apprentice 2016: Stand-off at The Broker Expo - episode four

  24-11-2016 10:30
  
  The contestants have to pitch their industry campaigns to brokers in the fourth episode of Broker Apprentice 2016.
  
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• FCA outlines supervision plans for insurance-linked securities

  24-11-2016 09:45
  
  Government has launched a consultation on insurance-linked securities framework
  
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• Regions with fastest rising home insurance premiums revealed

  24-11-2016 09:17
  
  Insurance Premium Tax is driving up home insurance premiums
  
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• MGA signs up to Lloyd's modernisation platform

  24-11-2016 09:05
  
  The Lloyd’s modernisation platform went live with terrorism class of business in July
  
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• Ash Bathia's syndicate joins Lloyd's platform

  24-11-2016 09:05
  
  The Lloyd’s modernisation platform went live with terrorism class of business in July
  
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• Community figure jailed for insurance fraud

  24-11-2016 09:01
  
  Exaggerated figures in the claim led investigators to uncover the insurance fraud
  
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• Europe: Data analytics could relieve whiplash pains

  24-11-2016 08:00
  
  The whiplash reforms intended to reduce fraudulent claims in the UK may cap or scrap cash compensation for minor injuries. What effect will this have for claimants and insurers? A European comparison can provide greater insight.
  
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• Late Otto set for Cat 1 landfall

  24-11-2016 00:14
  Otto is on course to make landfall tomorrow in either Costa Rica or
  Nicaragua as a category 1 hurricane, according to cat modeler AIR
  Worldwide.
  According to the National Hurricane Center, Otto is the latest
  hurricane formation on record in the Caribbean Sea.
  A hurricane warning is currently in effect for the Atlantic
  costs of southern Nicaragua and the northern half of Cost Rica.
  Meanwhile, a hurricane watch is in place for the Atlantic coasts
  of central Nicaragua and the...
  
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