Insurance news

• Willis Re's Kent appointed global deputy CEO

  28-11-2016 20:46
  Willis Re has promoted James Kent to the position of global deputy
  CEO as the executive continues to move up the senior ranks at the
  reinsurance broker.
  The move comes after Kent was elevated to co-president of Willis
  Re last August, adding to his role as president of the reinsurance
  broker's North American arm.
  In a statement, the firm said that the executive will retain his
  duties as president of Willis Re North America and continue to work
  in New...
  
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• US P&C carriers fall to 9M underwriting loss: Best

  28-11-2016 20:46
  The US property and casualty segment slipped in 2016 to its first
  nine-month net underwriting loss in four years, AM Best analysts
  reported today.
  Collectively, US carriers had a net underwriting loss of $2.3bn
  in the nine months through September, while profits fell almost 27
  percent from the same period in 2015, the credit rating agency
  said, citing a preliminary analysis of reported results.
  The segment's combined ratio also deteriorated by 2.7 points
  to 99.7 percent, the worst in the...
  
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• Florida workers' comp rate hike halted by courts

  28-11-2016 20:46
  An average 14.5 percent workers compensation rate hike for
  Florida employers scheduled to kick in this week has been quashed
  by a judge who ruled that the rate-setting process was fatally
  flawed.
  Circuit Judge Karen Gievers faulted the National Council on
  Compensation Insurance (NCCI), which submitted the rate increase
  request on behalf of insurers, and the Florida Office of Insurance
  Regulation (FOIR) for failing to follow the rules governing the
  rate-setting process.
  "The 2016 workers' compens
  
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• Asbestos loss projection now $100bn for US carriers: Best

  28-11-2016 20:46
  Asbestos losses from third-party claims are now expected to come in
  18 percent higher at $100bn for US property and casualty insurers,
  AM Best said today, citing "evolving" litigation and
  increases in longevity.
  "The industry has incurred $10.5bn in asbestos losses over
  the past five years, while paying out $12.7bn," Best said in a
  statement.
  It said the industry incurs about $2.1bn in new losses annually
  while paying out $2.5bn on current claims.
  Between losses already paid and reserves set...
  
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• DWF merges with law firm C & H Jefferson

  28-11-2016 18:01
  
  Legal business DWF is to merge with Belfast-based law firm C & H Jefferson.
  
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• DWF mergers with law firm C & H Jefferson

  28-11-2016 18:01
  
  Legal business DWF is to merge with Belfast-based law firm C & H Jefferson.
  
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• Jardine named CEO of XL Catlin Syndicate 2003

  28-11-2016 17:48
  Paul Jardine, chief experience officer at XL Catlin, has been
  made CEO of Syndicate 2003 and UK legal entity Catlin Insurance
  Company Ltd as part of a wider management shake-up at the firm,
  The Insurance Insider can reveal.
  Jardine takes over the role from UK and Ireland CEO Andrew
  McMellin, who isset to leave the company.Syndicate 2003 is the biggest at Lloyd's and had stamp
  capacity of £1.7bn in 2016.
  The former chief operating officer of Catlin will...
  
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• Telematics platform aims to be 'alternative to aggregator'

  28-11-2016 17:36
  
  Drivers will be able to use their telematics score to get quotes from other insurers at the end of their policy.
  
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• FCA spends £272,800 on insurance

  28-11-2016 17:11
  
  The regulator bought its cover via insurance broker Aon for 2016/17.
  
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• Webinar: Axa, Aviva and RSA to discuss impact of ADAS on insurers

  28-11-2016 13:23
  
  There continues to be much chatter and speculation about the shape of vehicle automation and its impact on the UK motor insurance market.
  
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• TMK's underwriting chair to retire

  28-11-2016 12:29
  Robin Hargreaves, chairman of Tokio Marine Kiln (TMK)'s
  underwriting board, is to retire at the end of the year, the firm
  announced today.
  Hargreaves has spent his entire career at the carrier, having
  begun writing property business full-time in 1983.
  He became head of Kiln's nascent property book a year later,
  a position he held for 30 years before standing down in 2013.
  Since then Hargreaves has been chairman of the TMK underwriting
  board, where he has concentrated on developing...
  
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• Korean Re takes first steps for full syndicate launch

  28-11-2016 12:29
  Korean Re has been holding discussions with turnkey managing
  agents as it begins work on establishing a full syndicate at
  Lloyd's, The Insurance Insider has
  learned.
  Sources told this publication the Seoul-headquartered reinsurer
  has engaged in early stage discussions with Charles Taylor and
  Asta, although it may yet approach other firms.
  Establishing a Lloyd's syndicate is typically a 12-month
  project, which means the new start-up could be ready for a 1
  January 2018 launch if the process runs s
  
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• Tokio Marine Kiln underwriting chairman to retire

  28-11-2016 11:36
  
  Tokio Marine Kiln underwriting board chairman Robin Hargreaves will retire at the end of the year after spending his entire career with the company.
  
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• Axa claims Flood Re first for brokers

  28-11-2016 10:33 via insuranceage.co.uk
  
  Insurer teams up with CDL.
  
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• Axa and CDL launch Flood Re solution

  28-11-2016 10:33
  
  Axa and technology firm CDL have launched the first Flood Re integrated solution available via a broker software house.
  
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• Mitsui Sumitomo to launch bitcoin exchange cover

  28-11-2016 10:30
  MS&AD subsidiary Mitsui Sumitomo Insurance is to offer
  insurance coverage for bitcoin exchanges.
  According to Nikkei Asian Review, the product,
  developed in conjunction with Japanese bitcoin exchange operator
  bitFlyer, is designed to cover damages and losses related to
  cyberattacks and unauthorised access.
  The cover, which will range from 10mn yen to 1bn yen
  ($89,000-$8.94mn), will additionally pay for mistakes and
  impropriety by employees, costs related to dealing with
  notification of custo
  
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• ERS appoints underwriting director

  28-11-2016 10:30
  Specialist motor managing agent ERS has hired Gina Butterworth
  to the new position of director of underwriting, it announced
  today.
  Butterworth has spent 10 years at Chaucer, where she held a
  number of executive positions, including practice head for UK
  insurance.
  Having started the role on 20 November, Butterworth reports to
  active underwriter Mark Bacon.
  Separately, the firm has also recruited Duane Barr from Dual as
  head of its professional sports, entertainment and supercar
  division, which l
  
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• Beazley energy head Holmes resurfaces at Elseco

  28-11-2016 10:30
  Former Beazley head of energy Matthew Holmes has returned to the
  market in the same role at Dubai-based managing general agent (MGA)
  Elseco, The Insurance Insider has
  learned.
  Holmes has just started in the job and will be based in London,
  it is understood.
  Elseco was established in 2006 and writes business in the space,
  energy and aviation segments.
  The MGA is supported by 60 companies, with backers understood to
  include RenRe at Lloyd's, Sompo Canopius, Swiss Re, Validus and...
  
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• Insurer rolls out Flood Re offering for brokers

  28-11-2016 10:27
  
  Industry has struggled to offer Flood Re widely through brokers since its launch
  
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• Trak Global teams up with broker Only Young Drivers

  28-11-2016 10:14
  
  New partnership targeting 17-29 year old drivers with new telematics app.
  
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• Broker Expo Live: LV webinar designed to help brokers optimise risk management

  28-11-2016 10:00
  
  Sign up to this one-of-a-kind event, which kicks off at 10:30am on 6 December to interact and discuss with experts on how to gain growth in 2017.
  
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• #insagepeople: 28 November - 4 December 2016

  28-11-2016 09:57
  
  Keep up to date with all the latest people moves.
  
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• Irish regulator prepares for insurers ahead of Brexit deadline

  28-11-2016 09:30
  
  Central Bank of Ireland has revealed the scale of action it has taken
  
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• Scale of unpaid fines to CMC regulator revealed

  28-11-2016 09:07
  
  CMR is able to fine authorised CMCs up to 20% of their annual turnover 
  
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• Broker plots growth in new deal with telematics firm

  28-11-2016 08:59
  
  Telematics deal will enhance risk management and data collection
  
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• Legal Update: Insurers need dedicated staff for cases involving 'litigants in person'

  28-11-2016 08:00
  
  As the whiplash reforms the government is consulting on will increase the number of litigants in person, insurers need to arrange for dedicated staff to handle cases involving LIPs.
  
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• Asia Analysis: Cambodia's slow insurance journey

  28-11-2016 07:10
  
  A stable political situation and the introduction of more insurance regulations will help spur Cambodia's insurance market writes Nicky Burridge.
  
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