Insurance news

• RT Specialty promotes professional lines duo

  11-01-2017 22:13
  RT Specialty, the wholesale broking division of Pat Ryan-led
  Ryan Specialty Group, has promoted two executives within its
  professional lines division.The move bumps up executive vice president and professional
  liability specialist Stephen Hunziker to president of the
  intermediary's Minneapolis-St. Paul office.Todd Nielsen also won a promotion, to president of RT
  Specialty's Boston operation, from executive vice president
  with a focus on the professional lines business.The two executives will con
  
  Read more

• Florida homeowners headwinds seen easing in 2017: JMP

  11-01-2017 22:13
  The headwinds that buffeted the Florida homeowners insurance
  market last year could begin to ease in 2017 and new tailwinds may
  emerge, according to JMP Securities analyst Matt Carletti.
  Carriers operating in the sector incurred losses from weather
  events that included excess rain and tornadoes early in the year
  and Hurricane Matthew in October.
  They also suffered rising attritional loss ratios from the
  water-related claims exacerbated by litigation surrounding the
  assignment of benefits (AOB) c
  
  Read more

• Lemonade's three second claim settlement raises fraud concerns, experts say

  11-01-2017 17:33
  
  As the UK insurance industry grapples with the task of making the claims process slicker, US start-up Lemonade has declared its ‘world record’ claims settlement time of three seconds.
  
  Read more

• Piracy falls to lowest level since 1998: IMB

  11-01-2017 15:09
  A total of 191 incidents of piracy or armed robbery were
  reported in 2016, the lowest number since 1998, according to the
  International Marine Bureau (IMB).
  However, the number of crew kidnapped increased to the highest
  level in a decade, with 151 taken hostage and 62 kidnapped from
  their vessels in 15 separate incidents.
  This compares with just 19 crew kidnapped from five incidents in
  2015.
  The Gulf of Guinea remained one of the riskiest areas, with 34
  crew taken...
  
  Read more

• Advertisement

• 2016 a year of integration for Hyperion: Howden

  11-01-2017 15:09
  Hyperion CEO David Howden has characterised 2016 as a year of
  integration, as his firm recorded 8 percent organic growth and
  revenues of £434mn ($525mn).
  "The first major thing we had to do was to prove the margin
  worked, and we've done that," Howden said, referencing the
  increase of Ebitda margin from19 percent in full-year 2015 to 24 percent in 2016.
  "We've delivered the strategy and the business is now
  fit for purpose - and we've managed to maintain...
  
  Read more

• Hastings MD departs

  11-01-2017 15:01
  
  Changes to leadership team will support growth as Hastings MD departs
  
  Read more

• Interview: Hyperion chief David Howden reveals growth targets for 2017

  11-01-2017 14:16
  
  David Howden says broking and MGA group has retained and attracted key talent to support organic growth
  
  Read more

• Hyperion chief David Howden reveals growth targets for 2017

  11-01-2017 14:16
  
  David Howden says broking and MGA group has retained and attracted key talent to support organic growth
  
  Read more

• Advertisement

• Markerstudy cancelled MGA capacity deals due to ‘conflict of interest’

  11-01-2017 14:08
  
  Markerstudy said the decision to withdraw capacity for managing general agents was due to a potential “conflict of interest”.
  
  Read more

• Hyperion’s UK retail division posts 5% rise in revenue to £62m

  11-01-2017 13:37
  
  Division also achieves organic growth of 5% in the UK.
  
  Read more

• PWC appoints Jim Bichard as UK Insurance leader

  11-01-2017 13:06
  
  PWC has appointed Jim Bichard to lead its UK insurance practice.
  
  Read more

• UK motor changes to spark 12% price hike

  11-01-2017 12:58
  Forthcoming regulatory changes and claims inflation in the UK motor
  market will cause price increases of about 12 percent in 2017,
  according to Bernstein analyst Thomas Seidl.
  In a note released today Seidl predicted the increases would
  result in a 5 percentage point improvement in attritional loss
  ratios.
  But he noted that claims inflation and insurance premium tax
  would consume 7 percent and 5 percent, respectively, of real margin
  improvement.
  The analyst said the market needed real margin inc
  
  Read more

• Natural disasters and climate among top risks for 2017: WEF

  11-01-2017 12:58
  The World Economic Forum (WEF) has named extreme weather events,
  major natural disasters and climate change as three of the top 10
  global risks for 2017.
  In its annual Global Risks Report released today, the group said
  water crises and the failure of climate change mitigation and
  adaption were the most frequently cited environmental risks for the
  coming year.
  While acknowledging the progress made on fighting climate change
  in 2016, the WEF warned the pace of reform remained insufficient,
  with...
  
  Read more

• Hyperion records 8% organic growth for 2016

  11-01-2017 12:58
  London-based insurance group Hyperion has defied the soft market
  conditions in the sector to record 8 percent organic revenue growth
  for 2016, the firm announced today.
  The 8 percent growth was an improvement on the 5 percent
  reported in 2015.
  In 2016, the group's retail broking arm Howden achieved
  organic revenue expansion of 7 percent. Specialty and reinsurance
  broker RK Harrison (RKH) also expanded by 7 percent, while managing
  general agency Dual grew revenues by 15 percent.
  However, acquisit
  
  Read more

• Cyber risk continues to rise up agenda: AGCS

  11-01-2017 12:58
  Cyber risk is an increasing cause of anxiety for risk experts
  worldwide, who once again named business interruption (BI) as their
  greatest fear in a survey conducted by Allianz Global Corporate
  & Specialty (AGCS).
  AGCS surveyed 1,237 risk experts from 55 countries and asked
  them to name up to three risks they perceived as the most
  important.
  The survey found that 30 percent of respondents cited cyber risk
  as a major worry, up from 28 percent last year.
  The emerging...
  
  Read more

• CIRC introduces property rate guidelines

  11-01-2017 12:58
  The China Insurance Regulatory Commission (CIRC) has issued new
  guidelines on property insurance premiums designed to ensure rates
  are "reasonable, fair and adequate".
  The CIRC said it wants to protect "the legitimate rights of
  the insurance consumer" while maintaining industry
  stability.
  It noted that property insurance products currently on the
  market are "numerous and complicated", and that a lack of
  historical data creates the potential for pricing risk.
  The guidelines are among a raft of pr
  
  Read more

• Aegis hires Sompo Canopius PI head

  11-01-2017 12:58
  Aegis London has recruited former Sompo Canopius professional
  indemnity head Jerry Hyne as an underwriter in its own team.
  The appointment is effective immediately.
  Hyne led the professional indemnity team at Sompo Canopius for
  15 years, and has over 30 years of underwriting experience in the
  segment.
  The announcement follows a series of additions to the Aegis
  London team in recent months.
  Earlier this week Toby Sawyer was promoted to the Lloyd's
  insurer's new head of property.
  Sawyer replaced f
  
  Read more

• Markerstudy pulls back from MGA capacity arrangements on motor fleet

  11-01-2017 12:28
  
  Insurer says it is looking to expand its own fleet business “substantially”.
  
  Read more

• MGA broadens cover as it replaces lost Markerstudy capacity

  11-01-2017 12:00
  
  The MGA has signed up new insurer partners to provide fleet insurance
  
  Read more

• Exclusive: MGA broadens cover as it replaces lost Markerstudy capacity

  11-01-2017 12:00
  
  The MGA has signed up new insurer partners to provide fleet insurance
  
  Read more

• Century MGA replaces lost Markerstudy capacity

  11-01-2017 11:45
  
  Century Underwriting has replaced the capacity arrangement it had with Markerstudy with three new insurers.
  
  Read more

• Hyperion's revenue increases 45% to £434m in 2016

  11-01-2017 11:33
  
  But the group of Howden, RK Harrison and Dual made a loss of £38m as a result of acquisition costs.
  
  Read more

• Clark Thomson posts £659,000 pre-tax profit

  11-01-2017 11:18
  
  Broker reports Ebitda of £1.05m.
  
  Read more

• LV Broker develops mid-market product suite

  11-01-2017 11:09
  
  The commercial lines division offering is a risk-management led proposition.
  
  Read more

• Octo signs ‘telematics ecosystem’ deal with LV Broker

  11-01-2017 10:58
  
  Octo has signed a deal with LV Broker to provide a “full telematics ecosystem”.
  
  Read more

• Pound Gates Children’s Nursery scheme transfers to Ecclesiastical

  11-01-2017 10:43
  
  The insurer takes over the £2.3m GWP scheme which was underwritten by RSA via Pen Underwriting.
  
  Read more

• Hyperion reduces losses as it makes 'strong progress' on RKH

  11-01-2017 10:40
  
  Broking group Hyperion has been focused on integration and consolidation of RKH business
  
  Read more

• Telematics firm signs deal with LV=

  11-01-2017 10:01
  
  Telematics firm Octo says the partnership will enable LV= to price risks more accurately
  
  Read more

• Markerstudy pulls MGA fleet capacity deals after acquisition

  11-01-2017 09:37
  
  Markerstudy has ambitious growth plans for its own fleet business
  
  Read more

• Exclusive: Markerstudy pulls MGA fleet capacity deals after acquisition

  11-01-2017 09:37
  
  Markerstudy has ambitious growth plans for its own fleet business
  
  Read more

• Saga insurance arm delivers robust results

  11-01-2017 09:32
  
  The over 50s provider Saga has outlined its expectations in a trading update
  
  Read more

• Electronic trading: What is good form online?

  11-01-2017 08:00
  
  The growth in online communications makes BT's strapline ‘It's good to talk' seem dated, but anyone who has had to lift a phone to unravel a burgeoning misunderstanding in an email can appreciate its spirit.
  
  Read more

• XL expects $75m loss from 2016 New Zealand earthquake

  11-01-2017 04:46
  
  XL's preliminary net natural catastrophe loss estimate for the fourth quarter of 2016 is approximately $245m (£200m).
  
  Read more

• 2017 outlook: Asia's exciting insurance potential

  11-01-2017 04:16
  
  The coming year looks set to be an exciting but challenging one for general insurers in Asia as strong growth continues in many markets across the region writes Nicky Burridge.
  
  Read more

Follow @Insurance_UKnws on Twitter!