Insurance news

• Euler Hermes names Bogaerts CEO for UK

  20-02-2017 20:50
  Allianz-controlled trade credit insurer Euler Hermes has appointed
  Milo Bogaerts as CEO of its UK and Irish operations, the carrier
  said in a statement to the Paris Bourse on 20 February.
  Bogaerts replaces Valerio Perinelli, who has just resigned as UK
  and Ireland CEO UK and Ireland. Perinelli cited personal reasons
  for his departure.
  The Dutchman will be based in London, reporting to Fabrice
  Desnos, head of region for Northern Europe.
  Bogaerts joined Euler Hermes Netherlands in 1997, becoming C
  
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• Fowle to replace Slabbert as Chaucer CEO

  20-02-2017 19:27
  Chaucer CEO Johan Slabbert has left the company and will be
  replaced by chief underwriting officer John Fowle, parent company
  The Hanover has said in a statement.
  Slabbert is leaving to pursue other opportunities, the statement
  said, without making the timetable for the handover explicit.
  The outgoing CEO, Chaucer's CFO before his promotion, had been
  in post only since November 2015 when he succeeded Bob Stuchbery
  who held the top job at the Lloyd's insurer when it was
  acquired by...
  
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• Traity launches chatbot to help people insure P2P transactions

  20-02-2017 18:37
  
  Insurance start-up Traity has launched a new blockchain-based chatbot that could help people insure their online peer-to-peer transactions.
  
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• Willis Towers Watson in OAAGC deal

  20-02-2017 17:16
  Willis Towers Watson has started exclusive talks to buy the assets
  of leading French aviation brokerage Office d'Assurances
  Aériennes G de Cugnac (OAAGC) for an undisclosed price.
  The deal would involve OAAGC's book of business and
  16-strong team transferring to Gras Savoye - Willis Towers
  Watson's French brokerage operations.
  Gras Savoye already owns 40 percent of OAAGC and under the deal
  would sell that holding back to the owners of OAAGC, leaving OAAGC
  as a shell company.
  Willis bought
  
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• Lloyd's confirms Carnegie-Brown as chairman

  20-02-2017 17:16
  Lloyd's has confirmed that former Marsh Europe CEO Bruce
  Carnegie-Brown will be its next chairman.
  The Moneysupermarket Group chairman and Banco Santander
  vice-chairman will take on the role in June, pending regulatory
  approval, the Corporation said in a statement today.
  The Insurance Insiderbroke the news of Carnegie-Brown's nomination on 16
  February.
  Carnegie-Brown's appointment as John Nelson's successor
  was approved unanimously by the Council of Lloyd's and the
  Lloyd's Franchise Board, accor
  
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• Bruce Carnegie-Brown confirmed as new Chairman of Lloyd’s

  20-02-2017 15:32
  
  Enters role with more than three decades of financial services experiences
  
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• XL gains board go-ahead for $1bn buyback

  20-02-2017 15:08
  XL Group has gained clearance for a new buyback programme which
  allows the company to repurchase $1bn of common stock.
  In a statement released today the company said a previous
  buyback programme, which had $349mn remaining, had been
  cancelled.
  The announcement was made after the buyback programme was
  approved by the company's board of directors.
  The purchases are expected to be funded with cash on hand, XL
  said.
  Additionally, the carrier announced a quarterly dividend of
  $0.22 a share, an...
  
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• Chubb promotes Matthews to Europe COO

  20-02-2017 15:08
  Chubb has named Adrian Matthews as its new chief operating
  officer (COO) in continental Europe.
  The carrier said Matthews will be responsible for property and
  casualty lines as well as its sales and distribution function in
  the region.
  He replacesSteve Reiss, who has left to become the carrier's North
  American real estate and hospitality industry practice leader.
  Matthews will be based in Paris and will report to Jeff
  Moghrabi, who is Chubb divisional president for continental
  Europe.
  Matthews m
  
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• Allianz open to making acquisitions following strong results

  20-02-2017 13:40
  
  Allianz has said that it is open to mergers and acquisitions within the UK market following a return to profit in its full year results.
  
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• Allianz open to acquisitions following strong results

  20-02-2017 13:40
  
  Allianz has said that it is open to mergers and acquisitions within the UK market following a return to profit in its full year results.
  
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• Chubb appoints Matthews as Europe COO

  20-02-2017 13:15
  
  Chubb has appointed Adrian Matthews as chief operating officer for Continental Europe.
  
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• Allianz would "love" to grow motor account, says CEO

  20-02-2017 13:10 via insuranceage.co.uk
  
  End of year results for 2016 delivered a combined operating ratio of of 96.4%.
  
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• Discount rate a "pressure cooker waiting to blow" says Willis Towers Watson

  20-02-2017 13:09 via insuranceage.co.uk
  
  If Ogden rate is changed to -0.5% cost of providing car insurance will rise by £700m per year and the one-off reserve charge could hit £4.9bn.
  
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• Wawanesa buys Desjardins unit

  20-02-2017 13:08
  Canadian carrier Wawanesa Mutual Insurance has agreed to acquire
  the insurance operations of financial services cooperative
  Desjardins Group in a C$$775mn ($592mn) deal.
  Wawanesa subsidiary Trimont Financial will acquire Western
  Financial Group and Western Life Assurance, the companies said on
  16 February.
  The deal brings several new businesses under the Wawanesa
  umbrella, including broker Western Financial Group Insurance
  Solutions, personal lines carrier Coast Capital Insurance Services
  and li
  
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• Opinion: The Fairfax Financial model

  20-02-2017 13:08
  The more I study the Fairfax Financial model, the more
  interesting it seems.
  Last week, on the company's conference call, CEO Prem Watsa
  againdiscussed the way in which his company would finance its $4.9bn
  acquisition of Allied World.
  The Toronto-based firm will use a combination of its own cash on
  hand, newly issued shares and third party equity investments - with
  Canadian pension fund Omers already signed up for a $1bn buy-in
  that will leave it owning 21 percent...
  
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• Allied World to transfer aviation book to Elseco

  20-02-2017 13:08
  Allied World is moving its aviation book and underwriters onto
  the platform of Dubai-based managing general agency (MGA) Elseco,
  The Insurance Insider can reveal.
  Sources said Allied World's aviation specialist Olivier
  Marre will primarily write airline business through the Elseco
  platform, with a launch being targeted before 1 April.
  It is understood Marre will be joined at Elseco by his deputy
  Gareth Small.
  Sources said that the Dubai-based MGA is looking to secure
  capacity to support a $150mn
  
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• Moneysupermarket's Bruce Carnegie-Brown to be next chairman of Lloyd’s

  20-02-2017 13:00 via insuranceage.co.uk
  
  New chairman to take the position in June as John Nelson retires.
  
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• Can you spot yourself? Claims Excellence Awards photos memory lane

  20-02-2017 12:27
  
  As the deadline for the Claims Excellence Awards 2017 gets closer, Insurance Times looks back over the last five years at all the thrills and spills at the most fantastic night in insurance claims 
  
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• Direct Line Group delays results over discount rate cut

  20-02-2017 12:26
  
  Insurer also provides update on estimated profit hit from discount rate cut
  
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• Allianz returns to 'business as usual' with strong 2016 profits

  20-02-2017 11:32
  
  Allianz UK saw a marked increase in operating profit in 2016, climbing to £154m from £36.3m in the previous year.
  
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• Allianz UK profit jumps amid return to underwriting profitability

  20-02-2017 11:00
  
  COR drop boosts Allianz UK profit
  
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• Allianz returns to sub 100% COR in 2016

  20-02-2017 11:00 via insuranceage.co.uk
  
  Premium at insurer shrinks as profits rise.
  
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• #insagepeople 20 - 27 February 2017

  20-02-2017 10:45
  
  Keep up to date with the latest people moves.
  
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• James Hallam buys Motor Race Consultants

  20-02-2017 10:40
  
  The specialist broker is based in Dorking and was bought for an undisclosed sum.
  
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• Willis puts huge figure on 'painful' discount rate cut hit to UK insurers

  20-02-2017 10:25
  
  Discount rate cut hit to insurers and their reinsurers will spark rate rises, consulting firm says
  
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• Australia weather losses hit $54mn: ICA

  20-02-2017 09:40
  The Insurance Council of Australia (ICA) has estimated combined
  insured losses from hailstorms and bushfires in New South Wales
  last week at A$70mn ($53.8mn).
  In a statement released today the organisation said bushfires
  had led to 1,200 claims totalling A$28.5mn, while a hailstorm in
  Sydney on Saturday caused 17,500 claims and insured losses of
  around A$42mn.
  The ICA had previously estimated losses from the bushfires at
  around A$20mn and last week declared the events a catastrophe.
  ICA chief ex
  
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• Discount rate change could cost motor insurers £4.9bn

  20-02-2017 09:18
  
  Motor insurers and reinsurers could face reserve charges of £4.9bn as a result of changes to the Ogden discount rate.
  
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• XL gains board go-ahead for $1bn buy-back

  20-02-2017 08:21
  XL Group has gained clearance for a new buyback programme which
  allows the company to repurchase $1bn of common stock.
  In a statement released today the company said a previous
  buyback programme, which had $349mn remaining, had been
  cancelled.
  The announcement was made after the buyback programme was
  approved by the company's board of directors.
  The purchases are expected to be funded with cash on hand, XL
  said.
  Additionally, the carrier announced a quarterly dividend of
  $0.22 a share, an...
  
  Read more

• Marsh pitches Brexit 'plan B' to insurers

  20-02-2017 08:21
  Marsh is working on putting together a fronting structure with a
  panel of broadly licensed carriers to help UK insurers access
  European markets after Brexit.
  The broker said the so-called "bridge solution"
  provided a legally watertight work-around that would not be
  materially more expensive than existing means of accessing these
  markets.
  Marsh's UK and Ireland CEO Mark Weil told The
  Insurance Insider that the structure, which the
  broker may later facilitise, would improve on and formalise the
  ty
  
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• RSA's Thomas on how partners can serve your customers better than branches

  20-02-2017 08:00
  
  The future of overseas trading for UK businesses is somewhat clouded by the uncertainty of a post-Brexit world. But what's clear is that it is not just the giants of UK industry that have to grapple with how to work within new rules and channels for trading goods and services.
  
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• Domestic & General caught me in a spin cycle over warranty

  20-02-2017 08:00
  
  It took five visits for it to agree to send out a new washing machine – if I paid a delivery chargeI am at the end of my tether. I have a washing machine warranty with Domestic & General. My machine broke down, but only after five engineer visits did it decide to replace it. I am a single dad with two young daughters who has had to take off four half-days to accommodate the engineer visits – and countless hours on hold to D&G. The final straw came when it slapped me with a ch
  
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• Lawyers urge caution over Hong Kong bancassurance deals

  20-02-2017 04:27
  
  Changes could be in store for Hong Kong's insurers and banks should the newly-formed Competition Commission find any issues with the bancassurance model.
  
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