Insurance news

• O'Connor promoted to lead Willis GB business development

  14-12-2016 19:00
  Global broker Willis Towers Watson today named Mary O'Connor as
  head of client and business development in Great Britain.
  She replaces Alisa King, who departed the intermediary after 25
  years in October to join Marsh as chief client officer for the UK
  and Ireland.
  O'Connor, who continues to be co-lead of the broker's
  global financial institutions industry group, will report to head
  of Great Britain Nicolas Aubert and global industries lead Eric
  Speer, Willis said today. She will take a...
  
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• Shadow Justice Secretary urges whiplash reform deadline extension

  14-12-2016 18:30
  
  Shadow Lord Chancellor Richard Burgon MP has written to Justice Secretary Elizabeth Truss MP urging her to extend the whiplash consultation deadline, Post can reveal.
  
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• Previously unrated Elite assigned BBB- rating by Fitch

  14-12-2016 16:37
  
  Previously unrated Elite Insurance has been assigned an IFS rating of BBB- by Fitch.
  
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• Hastings to be part acquired for up to £499.5m

  14-12-2016 16:36
  
  Hastings could be part sold to a South African investment company for up to £499.5m.
  
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• Hastings to be acquired for up to £499.5m

  14-12-2016 16:36
  
  Hastings could be part sold to a South African investment company for up to £499.5m.
  
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• XL Catlin adds BI to terrorism cover

  14-12-2016 16:23
  XL Catlin has launched a new business interruption (BI) product
  for terrorism risk, covering both actual and threatened
  attacks.
  The new product is called the Active Assailant, Loss of
  Attraction and Threat cover. The active assailant component covers
  medical and counselling expenses, property damage and BI costs when
  a physical attack results in injury to people at the affected
  location.
  The loss of attraction cover addresses incidents when an attack
  causes loss of profit, but doesn't actually
  
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• Brokers may pay extra FSCS levy for using unrated carriers

  14-12-2016 16:23
  The UK Financial Conduct Authority (FCA) is considering placing an
  additional levy on brokers that place business with unrated
  carriers.
  In a consultation paper on its review of funding for the
  Financial Services Compensation Scheme (FSCS), the regulator said
  the recent failures of unrated insurers such as Gibraltar-based
  Enterprise had left a significant number of customers with
  financial losses.
  In some circumstances, these customers had been able to receive
  protection from the FSCS under Prud
  
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• Brokers could face 63% hike in FSCS levy under new proposals

  14-12-2016 16:04
  
  Regulator sets out three options for changing the FSCS funding classes.
  
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• Hastings sells large stake to South African investor

  14-12-2016 16:00
  
  New investor to become biggest shareholder of Hastings
  
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• RMI invests up to takeover limit in Hastings Group

  14-12-2016 15:55 via insuranceage.co.uk
  
  Investment group to purchase up to 29.9% of shares.
  
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• Gibraltar-based insurer gets its first rating

  14-12-2016 15:50
  
  Gibraltar-based insurer sheds its unrated status after mor than 10 years
  
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• Elite Insurance gets first rating

  14-12-2016 15:50 via insuranceage.co.uk
  
  Company assigned BBB- status from Fitch.
  
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• Best Insurance drops the exemption period with new ASU product

  14-12-2016 15:38
  
  In a market first, an insurer has launched an income protection product which has no exclusion period.
  
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• Census 2017 - It's time to stand up and be counted

  14-12-2016 14:10
  
  Post's third census of the insurance industry is now underway and we have the exciting - yet humungous - task of collecting data to find out how the industry is shaping up.
  
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• Industry 'concerned' over FSCS levy proposals

  14-12-2016 13:47
  
  Trade bodies are concerned over the Financial Conduct Authority’s suggestions on Financial Services Compensation Scheme funding.
  
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• FSCS levy overhaul could spell big changes for industry

  14-12-2016 13:16
  
  FCA’s FSCS levy proposals trigger strong reaction from insurers
  
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• Heritage builds M&A warchest

  14-12-2016 13:08
  Florida's Heritage Insurance signalled that more M&A is in
  sight with an announcement that it will sell $79.5mn of debt.
  It will place the notes privately with investors including
  Fermat Capital Management LLC and HSCM Bermuda Management Co.
  Heritage said it would use the funds generated "to
  participate opportunistically in mergers and acquisitions, to make
  strategic investments and for general corporate purposes".
  The notes are senior secured notes maturing in 2023 and pay
  interest equivale
  
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• Biba teams with NCC Group for software house investigation

  14-12-2016 12:51
  
  Trade body aiming to complete report by end of March 2017.
  
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• Four out of five unaware how to report cold calls

  14-12-2016 12:43
  
  Four out of five people are unaware they can report cold calls to the Information Commissioner’s Office, a Post survey can reveal.
  
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• Biba names new heads of its Liability and Accident Committee

  14-12-2016 12:13
  
  Graham Terrell and Ben Margetson to become chairman and deputy chairman respectively.
  
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• Higher FSCS levy for brokers using unrated insurers – FCA investigation

  14-12-2016 12:02
  
  Question raised in regulator’s consultation on FSCS rules and funding.
  
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• Video: The connected home with Oak Underwriting

  14-12-2016 11:40
  
  Our webinar looking into how the connected home can work for your clients is now available on demand.
  
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• FCA consults on FSCS rules and funding

  14-12-2016 11:34
  
  Consultation to close in March 2017 with proposals and further consultation to be published the following autumn.
  
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• RAA calls for covered agreement conclusion

  14-12-2016 11:17
  The Reinsurance Association of America (RAA) has urged the
  European Union (EU) and US to finalise a covered agreement for
  prudential (re)insurance supervision, as talks on regulatory
  equivalency rumble on.
  In a statement the RAA said that while it supported the ongoing
  negotiations between the two sides, a prompt resolution was
  required as US insurers continue to face barriers to doing business
  in the EU due to Solvency II issues.
  The RAA is the latest industry body to push for...
  
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• CIRC plans investment clampdown

  14-12-2016 11:17
  The China Insurance Regulatory Commission (CIRC) has outlined
  plans for greater intervention in insurers' investment
  activities, and will monitor newcomers to the sector more closely,
  Caixin reported.
  CIRC chairman Xiang Junbo told insurers the regulator would
  increase scrutiny of how they invest their premiums, according to
  the Caixin report.
  He also reportedly said the regulator would reduce the ceiling
  on any single-investor shareholding in an insurance company and
  more closely scrutinise whe
  
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• Bluefin Underwriting launches Epic financial risks

  14-12-2016 11:08
  
  New product focuses on professional liability.
  
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• Christmas Q&A with Jon Newall

  14-12-2016 11:06
  
  The principal of Lockyer Insurance chats pop tunes and roast potatoes.
  
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• SSP users warned of further problems

  14-12-2016 10:39
  
  Users received a text message this morning advising of issues with Outlook and Webmail services.
  
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• Christmas Q&A with Paul Anscombe

  14-12-2016 10:38
  
  Seventeen Group managing director Paul Anscombe reveals his Christmas favourites.
  
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• Covéa launches online property owners product

  14-12-2016 09:32
  
  Policy is latest addition to the insurer's small business proposition for brokers.
  
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• IPT: higher and higher

  14-12-2016 08:00
  
  Wasn't expecting that... The lyrics from the Jamie Lawson song could apply to insurers, following the latest hike in insurance premium tax.
  
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• Neil Manser: NIG 'pigeonholed' as SME insurer

  14-12-2016 07:30
  
  NIG head Neil Manser wants insurer’s full potential to be seen
  
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• Law firm warns of travel claims fraud ‘epidemic’

  14-12-2016 07:24
  
  High proportion of UK consumers willing to commit travel claims fraud, survey finds
  
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• Lloyd’s has ‘well-developed plan’ for hard Brexit

  14-12-2016 07:20
  
  Insurance market pushing to avoid hard Brexit
  
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• Commercial auto results may get worse before improving: AM Best

  14-12-2016 01:41
  Underwriting results on US commercial auto business may get
  worse before corrective measures by carriers have any meaningful
  impact on performance, AM Best warned today.
  In its latest update on the loss-struck segment, the ratings
  agency said that despite quarterly rate increases and attempts to
  re-underwrite and re-price portfolios, the line has continued to be
  a "loss leader" for many insurers.
  "Decisions could be forthcoming from some carriers,
  including those that have long been committed to
  
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