Insurance news

• Evacuation ordered in California below Oroville Dam

  13-02-2017 20:59
  Thousands of Californians fled the area around Oroville because of
  the threat of flash flooding yesterday after a gaping fissure
  opened in the spillway above the city on the Feather River.
  Erosion in the Oroville Dam's main spillway created a
  300-foot gash in the concrete-lined structure last week, causing
  operators to cut the flow of water from the rapidly filling
  25-sq-mi (65-sq-km) Oroville Lake.
  By Saturday morning, the level of the second-largest reservoir
  in California overtopped an emerge
  
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• IFB collaborates with police to convict fraud gang

  13-02-2017 17:13
  
  A crash for crash gang has been exposed and five people have been found guilty after a £500,000 fraud was uncovered by the Insurance Fraud Bureau and Derbyshire Police.
  
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• IFB collaborate with police to convict fraud gang

  13-02-2017 17:13
  
  A crash for crash gang has been exposed and five people have been found guilty after a £500,000 fraud was uncovered by the Insurance Fraud Bureau and Derbyshire Police.
  
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• A-Plan backer HGCapital set to swoop for KGM Insurance

  13-02-2017 16:15 via insuranceage.co.uk
  
  Two businesses to sit as independent firms in the new ownership structure.
  
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• Sun Life ventures into general insurance with Junction partnership

  13-02-2017 15:36
  
  Junction has signed a five-year contract to provide home and motor insurance products to life insurer Sun Life.
  
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• Willis Towers Watson posts 50% fall in profits

  13-02-2017 15:33
  
  Revenues rise by 5% to $7.9bn as restructuring and integration costs bite.
  
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• Co-op Insurance still ‘core’, they insist, despite bank sale

  13-02-2017 14:27
  
  Premium content: Co-op Insurance was separated from bank in 2015
  
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• Co-op Insurance still ‘core’ despite bank sale

  13-02-2017 14:27
  
  Co-op Insurance was separated from bank in 2015
  
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• StarStone hires global crisis chief from Sompo Canopius

  13-02-2017 13:48
  StarStone has hired Simon Low, group head of political risk and
  crisis management at Sompo Canopius, to oversee its political
  violence and political risk books, The Insurance
  Insider can reveal.
  Low is set to join StarStone as global head of crisis
  management.
  When he arrives at Enstar's global specialty insurer later
  in the year, he is likely to take on responsibility for a range of
  lines including terrorism, political violence, political risk, and
  kidnap and ransom.
  StarStone's terrorism and p
  
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• OIL pulls Gulf of Mexico wind offering

  13-02-2017 13:48
  Bermudian specialist energy carrier Oil Insurance Ltd (OIL) has
  ceased offering offshore Gulf of Mexico (GoM) designated named
  windstorm coverage.
  In a statement released last week, OIL said it will continue to
  offer windstorm cover for onshore regions in the Gulf of Mexico and
  will maintain the offering in all other areas for onshore and
  offshore markets.
  OIL president and CEO Bertil Olsson said the segment had
  experienced reduced membership participation over the last few
  years as demand for t
  
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• New South Wales hit by bushfires

  13-02-2017 13:48
  The state of New South Wales in Australia has been struck by a
  swath of bushfires that have destroyed at least 30 homes, according
  to media reports.
  Shane Fitzsimmons, commissioner of the Rural Fire Service, told
  BBC News that the blaze, dubbed Sir Ivan, had an active fire edge
  of about 200km and had burned through 50,000 hectares near
  Dunedoo.
  The New South Wales Fire and Rescue Service said that there were
  60 uncontained fires in the state on the...
  
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• Brokers hit by second SSP outage this year

  13-02-2017 13:05
  
  Brokers using SSP now face a second outage in the space of four weeks.
  
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• AIG ex-CEO Greenberg settles long-running fraud case for $9m

  13-02-2017 12:51
  
  Former AIG CEO Maurice “Hank” Greenberg, along with former chief financial officer Howard Smith, have agreed to pay $9.9m (£7.9m) to settle a 12-year old securities fraud case.
  
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• McCafferty joins Axa as CEO

  13-02-2017 12:02
  
  Brendan McCafferty has joined Axa as CEO for intermediated and direct insurance after holding the position of Flood Re CEO.
  
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• Insurance division unaffected as Co-op Bank puts itself up for sale

  13-02-2017 11:51 via insuranceage.co.uk
  
  The Co-operative Group will continue to own Co-operative insurance.
  
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• Sompo Canopius Re confirms Gray as P&I chief

  13-02-2017 11:47
  Sompo Canopius Re has confirmed the appointment of former Swiss
  Re executive Christopher Gray as head of protection and indemnity
  (P&I) reinsurance, effective immediately.
  The Insurance Insider revealed theappointment in August.
  Gray was previously the London-based head of marine, energy and
  P&I treaty at Swiss Re, having joined the company in 2011.
  At Sompo Canopius Re, he will report to Andy Gladwin, who is
  global head of marine treaty.
  In his new role Gray will develop "a portfolio th
  
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• Neon confirms Pritchard hire

  13-02-2017 11:47
  Neon today confirmed the appointment of Nick Pritchard as head of
  property reinsurance, as first reported by sister publication
  Trading Risk in September last year.
  Pritchard joins Neon from Validus asset management platform
  AlphaCat, where he focused on business origination and
  underwriting.
  Before that he had worked at Lloyd's carrier Talbot since
  2005, prior to its acquisition by Validus.
  Pritchard will initially be based in Neon's Bermuda office,
  and the appointment is effective immediately.
  
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• Greenberg: I did nothing wrong

  13-02-2017 11:47
  Maurice "Hank" Greenberg has emphatically denied all
  wrongdoing and branded the New York Attorney General (AG)'s
  pursuit of him "a witch hunt" in an interview with this
  publication after heagreed to settle longstanding claims against him for $9mn.
  In an interview after the settlement was announced, the former
  AIG CEO, 91, told The Insurance Insider
  repeatedly that Berkshire Hathaway CEO Warren Buffett had questions
  to answer about a reinsurance deal between AIG and Berkshire
  subsidiary Gen Re th
  
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• Insurance business is safe amid Co-op Bank's decision to put itself up for sale

  13-02-2017 11:33
  
  Co-operative insurance will not be effected amid the Co-operative Bank’s decision to put itself up for sale and invite offers on its shares.
  
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• #Insagepeople: 13 - 19 February 2017

  13-02-2017 11:27
  
  Keep up to date with the latest people moves.
  
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• Questgates makes string of appointments and acquires premises in Ireland

  13-02-2017 10:52
  
  Questgates has expanded its team in Ireland to drive the development of business in the region through a series of appointments.
  
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• Statement from David Boies regarding Greenberg lawsuit

  13-02-2017 10:00
  Full statement from David Boies, lawyer to Maurice
  "Hank" Greenberg, regarding the settlement:
  "The press release issued by the office of the New York
  Attorney General (NYAG) today concerning their dismissal of their
  12 year old lawsuit against Maurice Greenberg is false and
  misleading.
  "The NYAG's case had totally collapsed at trial. The NYAG
  has no evidence --none-- that Mr. Greenberg was aware at the time
  he approved the two transactions at issue that there was anything
  improper about them...
  
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• Generali to cut more costs to stave off Intesa: report

  13-02-2017 10:00
  Generali is reportedly planning additional cost cuts to persuade
  its shareholders to back its independence in the face of interest
  from Italian bank Intesa Sanpaolo.
  According to the Financial Times, Generali plans to raise its
  target for cuts from 4 percent of its cost base to "6 or 7
  percent".
  The newspaper cited people familiar with the company's
  thinking and noted that the revised figure remains "well
  short" of the proposals made by some advisers for cost cuts of
  up...
  
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• Barbican hires AGCS duo to rebuild cyber team

  13-02-2017 10:00
  Barbican has hired Graeme King and Richard Spotswood from
  Allianz Global Corporate & Specialty (AGCS) to lead its cyber
  business, The Insurance Insider has
  learned.
  King will join Barbican as business group leader for cyber and
  Spotswood will have the role of cyber underwriting manager.Barbican has been looking to rebuild its cyber team since Geoff
  White, former business group leader for cyber, left the firm in
  August last year.As first revealed by this publication in September, White left..
  
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• Post People: 13 - 17 February

  13-02-2017 09:42
  
  All the latest moves from the insurance industry
  
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• What UK sanctions may look like post-Brexit

  13-02-2017 08:00
  
  2016 was a momentous year that heralded a series of political developments with far-reaching consequences for international trade. Speculation and uncertainty abound about what Brexit means for international trade and sanctions.
  
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• Insurtech start-up In My Bag launches with Hambro Perks funding

  13-02-2017 08:00
  
  Mobile professional insurance specialist In My Bag has formally launched with funding from Hambro Perks and the underwriting support of ECIC.
  
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• AIG's Baldwin on why the industry should put heads together for mental health

  13-02-2017 08:00
  
  Resolutions come thick and fast in January. Most don’t stick until February.
  
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• Aviva launches home assistance cover with HomeServe

  13-02-2017 01:15
  
  Aviva has partnered with HomeServe to launch home assistance cover to support customers in the event of problems in households.
  
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• Over-regulation is main concern for insurance CEOs, says PWC

  13-02-2017 01:00
  
  Fears about over-regulation, the rise of technology, new market entrants, and shifting customer expectations are just some of the issues keeping insurance industry bosses up at night, according to PWC.
  
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