Insurance news

• Fidelis co-founder McConachie to exit

  12-01-2017 23:59
  Neil McConachie, the CFO and co-founder of total return carrier
  Fidelis, is leaving the firm for personal reasons, it was announced
  today.
  McConachie worked alongside former Lancashire CEO Richard
  Brindle as one of the two architects of Fidelis, which launched in
  June 2015. The pair had previously worked together at
  Lancashire.
  The executive is stepping back from his executive position to
  spend more time with his family.
  McConachie will remain in place until a successor has been
  appointed, with
  
  Read more

• TheCityUK sets out Brexit priorities

  12-01-2017 20:53
  A City of London lobby group appears to have recalibrated its
  Brexit negotiating position after it today called for a
  "bespoke deal" for the UK financial services sector.
  TheCityUK laid out the priorities of its Brexit negotiations in
  a paper, with CEO Miles Celic calling for "interim
  arrangements, access to global talent and expertise, and a bespoke
  deal based on mutual recognition and regulatory
  cooperation".
  "Ultimately, the best Brexit deal will be one that reduces
  uncertainty and enables bu
  
  Read more

• Helvetia launches InsurTech venture fund

  12-01-2017 20:53
  Switzerland's Helvetia Insurance is launching a venture
  financing arm which aims to invest about CHF55mn ($54 mn) in
  InsurTech companies and other start-ups focused on digital
  technology.
  The company said the Helvetia Venture Fund will back about 25
  "young" companies over the next few years through a
  specially established management company in Luxembourg. It will
  work with Swiss venture capital firm b-to-v Partners on the fund
  but will make the investment decisions itself.
  Helvetia Venture Fund
  
  Read more

• The Hanover drops 5% on analyst downgrade

  12-01-2017 18:19
  Shares in The Hanover have fallen more than 4 percent in morning
  trading in New York after an analyst downgraded his performance
  targets for the group.
  The stock had dropped 4.89 percent to $84.57 as of 16:15 GMT
  following the release of a note from Keefe Bruyette & Woods
  analyst Meyer Shields that downgraded the company to
  "underperform" and lowered its share price target from
  $85.00 to $81.00.
  Shields cited concerns over deterioration of the core loss ratio
  in the...
  
  Read more

• Advertisement

• Interview: Eldon leading social media insurance revolution – Arron Banks

  12-01-2017 18:10
  
  Technolgy used to target leave voters at referendum is driving Eldon forward, says Banks
  
  Read more

• Ageas confirms job losses and office closure

  12-01-2017 17:54
  
  The broker office closure follows a 45-day consultation with employees
  
  Read more

• Ageas confirms date for broker office closure

  12-01-2017 17:54
  
  The broker office closure follows a 45-day consultation with employees
  
  Read more

• Eight out of 10 charities say insurers must do more for vulnerable customers

  12-01-2017 17:05
  
  Over half of charities believe the people they represent are inherently vulnerable to unfair treatment from insurers.
  
  Read more

• Advertisement

• Cincinnati pegs Q4 cat impact at up to $85mn

  12-01-2017 16:29
  US carrier Cincinnati Financial has estimated its pre-tax
  catastrophe loss burden for the fourth quarter at $75mn to
  $85mn.
  In a statement released today the company said the losses would
  have a 6.5 to 7.5 percentage point impact on its combined ratio for
  the fourth quarter.
  The losses were primarily attributable to Hurricane Matthew and
  wildfires in the Gatlinburg, Tennessee area.
  Management estimated Cincinnati Financial's total share of
  the losses in Tennessee at $55mn, of which around half w
  
  Read more

• Barents Re powers into renewables with Sciemus hires

  12-01-2017 16:29
  Barents Re has recruited two renewable energy underwriters from
  Lloyd's managing general agency Sciemus.
  James Ingham and Richard Bell will join the Panama-based
  reinsurer at the end of January, according to the company. Ingham
  was head of renewable energy at Sciemus.
  The renewable energy underwriters will have a maximum line size
  of around $25mn-$30mn and will write direct and facultative
  business. They will focus on underwriting emerging market
  risks.
  Barents Re began underwriting in London on
  
  Read more

• LV Broker to stop writing home business

  12-01-2017 15:34
  
  LV Broker will stop writing new home insurance business and inviting renewal on its home, building and contents insurance products.
  
  Read more

• Towergate to close small business unit

  12-01-2017 15:14 via insuranceage.co.uk
  
  176 staff at the Manchester-based office are at risk of redundancy.
  
  Read more

• LV pulls out of broker-distributed home insurance

  12-01-2017 15:00 via insuranceage.co.uk
  
  Decision follows consultation process started last November.
  
  Read more

• Ageas confirms 521 jobs to go at Kwik Fit Insurance

  12-01-2017 15:00 via insuranceage.co.uk
  
  Insurer to close Uddingston site on 31 March.
  
  Read more

• Towergate's small business unit faces closure

  12-01-2017 14:57
  
  Proposed shutdown of Towergate’s small business unit would put 176 jobs at risk
  
  Read more

• Probitas hires AGCS PI underwriter

  12-01-2017 14:45
  Probitas 1492 has expanded its financial lines team with the hire
  of professional indemnity (PI) underwriter Kiran Wignall.
  Wignall joins from Allianz, where he was responsible for
  underwriting across various PI products within its global corporate
  and specialty division.
  Before this, he spent two-and-a-half years working for Hiscox as
  PI and commercial development underwriter, responsible for a range
  of PI and commercial products.
  Reporting to senior underwriter Paul Nolan, Wignall will
  special
  
  Read more

• Pardus hires Paternoster to lead contingency push

  12-01-2017 14:45
  London-based managing general agency (MGA) Pardus has hired
  Markel International's former co-joint managing director of
  specialty Wayne Paternoster, it announced this morning.
  Paternoster's arrival coincides with Pardus launching a
  contingency facility, which is backed by Lloyd's security led
  by XL Catlin.
  In April last year, The Insurance
  Insider revealed that Paternoster was facing
  redundancy from his role at Markel International, alongside
  co-joint managing director of specialty Robin Ungless
  
  Read more

• Digital motor insurance policies worth €15bn by 2020

  12-01-2017 14:24
  
  Digitally-enabled motor insurance policies in Europe could potentially be valued at €15bn (£13bn) by 2020, according to Deloitte.
  
  Read more

• IDT911 re-brands as Cyber Scout amid international expansion

  12-01-2017 14:21
  
  IDT911 has re-branded to Cyber Scout as it looks to expand globally.
  
  Read more

• Walker replaces Lee as Hastings MD

  12-01-2017 14:06
  
  Hastings has appointed David Walker as managing director, following Michael Lee’s departure last month.
  
  Read more

• Florida homeowners' headwinds to ease in 2017: JMP

  12-01-2017 12:56
  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)
  
  Read more

• Chinese premium growth accelerates in 2016

  12-01-2017 12:56
  Chinese insurers recorded premium income of 3.1tn yuan ($448.6bn)
  in 2016, up by nearly a third on the previous year, according to
  the China Insurance Regulatory Commission (CIRC).
  According to Reuters, CIRC spokesperson Zhang Zhongning told a
  news conference in Beijing today that premium income rose by 30
  percent in 2016, compared to growth of 20 percent in 2015.
  The regulator also outlined its plans to focus on risk
  prevention in the areas of company governance, insurance products
  and fund...
  
  Read more

• Customer photos expose bogus whiplash claim

  12-01-2017 12:34
  
  A quick-thinking motorist helped Admiral block a false damage and injury claim
  
  Read more

• What’s on the horizon for motor?

  12-01-2017 12:10 via insuranceage.co.uk
  
  ERS Mark Bacon weighs in on the thorny issue of motor rates and the risk to brokers of providers pulling out of the market or collapsing.
  
  Read more

• PICC vice chairman 'in custody': report

  12-01-2017 11:10
  A vice chairman of the People's Insurance Company of China
  (PICC) has been taken into custody by authorities for unknown
  reasons, Caixin reported.
  The Chinese news outlet said the detention of Wang Yincheng
  followed a late 2015 inspection by the Communist Party's
  Central Commission for Disciplinary Inspection.
  The watchdog last February reported that the company had
  "party disciplinary problems", and suggested investment
  decisions were being made for personal benefits, Caixin said.
  The news outl
  
  Read more

• Pardus hires Paternoster

  12-01-2017 11:10
  London-based managing general agency (MGA) Pardus has hired Markel
  International's former co-joint managing director of specialty
  Wayne Paternoster, it announced this morning.
  Paternoster's arrival coincides with Pardus launching a
  contingency facility, which is backed by Lloyd's security led
  by XL Catlin.
  In April last year, The Insurance
  Insider revealed that Paternoster was facing
  redundancy from his role at Markel International, alongside
  co-joint managing director of specialty Robin Ungless
  
  Read more

• Business interruption is top business risk in 2017

  12-01-2017 10:54
  
  Business interruption continues to come top of the risk rankings as businesses fear the impact of market uncertainties and political perils, according to a report from Allianz.
  
  Read more

• Luker Rowe buys Michael Moore Insurance Brokers

  12-01-2017 10:28 via insuranceage.co.uk
  
  The deal takes Luker Rowe’s GWP up to £16m per year and was for an undisclosed sum.
  
  Read more

• Lorica reports losses for 2016 at broker and group level

  12-01-2017 10:15 via insuranceage.co.uk
  
  Deficit ticks down for broker and holding company.
  
  Read more

• Tokio Marine trials blockchain

  12-01-2017 09:50
  
  Japan’s Tokio Marine trials blockchain for shipping insurance
  
  Read more

• PwC names new insurance chief

  12-01-2017 09:31
  
  PwC promotes Jim Bichard to head its insurance team
  
  Read more

• Banks urged to offer insurance

  12-01-2017 09:17
  
  Survey highlights insurance opportunity for banks
  
  Read more

• Enstar closes QBE legacy reinsurance deal

  12-01-2017 09:07
  Enstar said it has closed a previously reported deal with QBE to
  reinsure a US multi-line property and casualty business with gross
  reserves of $919mn.
  The buyer said the portfolio consists mainly of workers'
  compensation, construction defect, and general liability lines.
  The Insurance Insider reported last month that theportfolio has net reserves of $444mn .
  As expected, Bermuda-based Enstar has pledged a portion of the
  premium as collateral to Sydney-based QBE and has also provided
  additional
  
  Read more

• Do we have to take out life cover through our mortgage adviser?

  12-01-2017 08:00
  
  They have recommended an insurance policy that costs more than we can afford
  Q My husband and I are in the process of buying a property. We have agreed to get life cover for the money we feel we can afford, but have just received a recommendation from our mortgage adviser that is more than £120 higher than previously agreed.Do we have to take the life insurance out with them? I know we have to buy their buildings insurance, but what about the life insurance? Please could you give me some a
  
  Read more

• Companies braced for year of uncertainty, says Allianz's Fischer Hirs

  12-01-2017 05:01
  
  Chris Fischer Hirs, CEO of Allianz Global Corporate Specialty, has said companies worldwide are bracing for unpredictable changes this year.
  
  Read more

• PICC's vice chairman under investigation, says report

  12-01-2017 04:00
  
  The vice chairman and president of PICC Wang Yincheng has been taken away by Chinese authorities for investigation according to financial media site Caixin.
  
  Read more

• Professional liability offers promise amid peril: AM Best

  12-01-2017 02:03
  New entrants have made the professional liability market
  increasingly competitive over the past five years while burgeoning
  risks from cyber threats and class-action lawsuits targeting
  executives and directors may squeeze future profits, according to
  AM Best.
  Rates rose overall from the first quarter of 2011 through 2013,
  driven by loss trends, particularly in the primary layer, AM Best
  said in a report released today.
  But amid a general softening in many markets, new entrants
  jumping in steadil
  
  Read more

Follow @Insurance_UKnws on Twitter!