Insurance news

• CNA ex-Europe boss takes global distribution role

  02-03-2017 21:33
  A former head of CNA's European operations John Hennessy is
  set to take over sales and distribution for the Chicago-based
  carrier, The Insurance Insider can
  reveal.
  The CNA veteran has been with the firm for more than three
  decades and most recently headed up the group's Canadian
  operations, a role he held for three years.
  Prior to that he spent five years as CNA Europe, where he was
  responsible for strategic direction and operational
  performance.
  As senior vice president of...
  
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• Brown & Brown wins $20mn to end Assured poaching case

  02-03-2017 21:33
  A poaching dispute between Florida-based broker AssuredPartners
  and national intermediary Brown & Brown has ended in a $20mn
  settlement bringing to a close another round of litigation between
  the two firms.
  Assured agreed to hand over the money after a court in the
  Sunshine State blocked eight of its employees - who had defected
  from Daytona Beach-based Brown & Brown - from interacting with
  their former employer's clients.
  In a preliminary decision in October last year, Seventh Circuit
  J
  
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• Tom and PwC create blockchain payment prototype

  02-03-2017 18:36
  The London market Target Operating Model (Tom) and PwC have
  launched a blockchain prototype aimed at demonstrating the
  technology's use in improving payment processes.
  The proof of concept was run over a six-week period and focused
  on the interactions between London market parties involved in a
  claims process, including third party administrators, claims
  approvers and brokers.
  Smart contracts were used as part of the trial, which PwC said
  resulted in reduced administrative costs and burdens as w
  
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• Nexus posts £5mn Ebitda for 2016

  02-03-2017 18:36
  Independent managing general agent (MGA) Nexus Underwriting has
  recorded Ebitda in excess of £5.0mn ($6.2mn) for 2016,
  representing growth of 66 percent year-on-year.
  The Ebitda margin increased by 25.0 percent to 28.5 percent last
  year, and 11.6 percent of the growth was organic, the MGA reported
  earlier today.
  Gross written premiums (GWP) topped £108mn, some 56 percent
  more than in 2015, while income rose by 39 percent to
  £1.6mn.
  The strongest performing division during 2016
  
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• Barrette steps down as White Mountains CEO

  02-03-2017 18:36
  Ray Barrette has stepped down as White Mountains CEO with
  immediate effect after 13 years.
  Manning Rountree, currently president of White Mountains
  Capital, will take over as CEO.
  Barrette has also stepped down as chairman of the board, with
  lead independent director Morgan Davis taking over this role.
  Rountree joined White Mountains in 2004. Before he became
  president of White Mountains Capital, he served as president of WM
  Advisors between 2009 and 2014.
  White Mountains is currently at a strat
  
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• Just one in five complaints about potential mis-sold PPI made so far

  02-03-2017 18:36
  
  UK’s financial watchdog sets final deadline of August 2019 for filing claimsBritain’s financial watchdog has admitted that only one in five potential complaints about mis-sold payment protection insurance had been made so far, as it set a final deadline of August 2019 for filing claims.The cut-off of 29 August 2019 provoked an outcry from consumer groups, but will be welcome news for UK banks, which have set aside more than £40bn to cover compensation payments and other costs r
  
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• Ageas broking jobs at risk as insurer consults staff

  02-03-2017 17:32
  
  Some 77 Ageas broking jobs are proposed to be made redundant as insurer puts 200 plus jobs at risk
  
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• Former Zurich GI chief becomes Admiral chair

  02-03-2017 17:02
  
  The former CEO of Europe general insurance at Zurich, Annette Court, has been appointed non-executive chair of Admiral.
  
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• Audatex gets new UK boss

  02-03-2017 16:58
  
  Audatex gets new UK boss who has been with group for a decade 
  
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• Brokers to get fraud boost with latest Open GI partnership

  02-03-2017 16:42
  
  Open GI fraud deal means brokers can improve the fight against application fraud
  
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• White Mountains makes Rountree CEO

  02-03-2017 15:58
  Financial services holding company White Mountains has appointed
  White Mountains Capital president Manning Rountree as CEO with
  immediate effect.
  Rountree replaces Ray Barrette, who is retiring from both the
  CEO and the chairman roles.
  Morgan Davis, the lead independent director of the board, has
  been elected non-executive chairman.
  Rountree joined White Mountains in 2004. Before he became
  president of White Mountains Capital, he served as president of WM
  Advisors between 2009 and 2014.
  Barrette
  
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• THB confirms Kayll hire

  02-03-2017 15:58
  Specialty (re)insurance broker THB Group has confirmed that it
  has recruited Toby Kayll as a managing director in its marine
  division.
  The Insurance Insider revealedKayll was to head up THB's marine team on 11 September,
  2016.Kayll joins THB from Integro Insurance Brokers, where he was
  head of marine.
  THB's marine division places hull and machinery, liability,
  cargo and protection and indemnity insurance.
  At Integro, Kayll was involved in integrating two businesses,
  London Market Insurance Broke
  
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• Novae closes international D&F business

  02-03-2017 15:58
  Novae has pulled out of the international property direct and
  facultative (D&F) market, The Insurance
  Insider has learned.
  Sources told this publication underwriters Nathan O'Donnell
  and Laura Burch had been made redundant after Novae decided to stop
  writing international D&F business earlier this year.
  O'Donnell had taken over as head of the business unit afterAnne Plumb left Novae to become active underwriter for
  Cobalt's recently approved Syndicate 1438.It is understood Novae decided
  
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• Legacy head McCann retires from Lloyd's

  02-03-2017 15:58
  Steve McCann, head of open years and data management at
  Lloyd's, has left the Corporation, The Insurance
  Insider understands.
  McCann retired from Lloyd's at the end of 2016 after holding
  the position for 13 years, although his departure was not formally
  announced.
  It is understood that Julia Petrusyk, who was McCann's
  number two during his tenure, has been promoted to head of open
  years.
  Lloyd's confirmed the moves to this publication.
  McCann's departure signals another change in the old guard..
  
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• California quake insurer expanded January reinsurance placement

  02-03-2017 15:58
  The California Earthquake Authority (CEA) expanded its maturing
  reinsurance limit by about $300mn in January to help cover its
  growing book, it is understood.
  The organisation tested appetite across a $2.3bn stretch of
  aggregate reinsurance at the January renewals, according to a
  firm-order terms sheet obtained by The Insurance
  Insider.
  However, it is understood the CEA only partly filled the two
  layers it put out for tender: a $1.0bn excess $3.9bn lower layer,
  and a $1.3bn excess $5.7bn upper l
  
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• AmTrust completes AmeriHealth Casualty acquisition

  02-03-2017 15:58
  AmTrust has completed the acquisition of AmeriHealth Casualty
  Insurance Company from Independence Health Group for approximately
  $92.8mn in cash.
  AmeriHealth Casualty provides fully insured workers'
  compensation coverage primarily in Pennsylvania and New Jersey.
  In 2015, AmeriHealth Casualty generated about $116mn of gross
  written premiums, AmTrust said. The company targets
  small-to-medium-sized businesses and municipalities.
  Under the deal, third-party administrator CompServices will
  remain wit
  
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• Academy buys Glynwood Insurance Services

  02-03-2017 15:51
  
  The purchase is expected to give the broker greater "scale and resource" in the Midlands region.
  
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• Newbie news: Vizion Insurance Brokers

  02-03-2017 15:30
  
  New model broker: Bluefin founder Chris Blackham, former Chubb HNW lead John Sims, Trevor Davies, partner at Kennedy’s law firm and ex-rugby international Jeremy Guscott have teamed up to found Vizion
  
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• Market moves March 2017: Management shake-ups

  02-03-2017 15:29
  
  Insurers have once again won the contest for most announced people moves in the past month.
  
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• Discount rate cut sparks Gibraltar insurer withdrawal from motor

  02-03-2017 14:19
  
  The insurer has withdrawn its £20m capacity from MGA Hawkwell Underwriting following the discount rate cut
  
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• UK Broker Summit 2017: Brokers encouraged to understand blockchain

  02-03-2017 13:57
  
  Brokers told that blockchain technology is set to save money on claims process.
  
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• Go Compare to invest in start-up insurtech businesses

  02-03-2017 13:51
  
  Go Compare is looking to invest in start-up insurtech businesses to help the aggregator website reach new customers, says CEO Matthew Crummack.
  
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• THB hires Kayll from Integro

  02-03-2017 13:28
  Specialty (re)insurance broker THB Group has recruited Toby Kayll
  as a managing director in its marine division.
  Kayll joins THB from Integro Insurance Brokers, where he was
  head of marine.
  THB's marine division places hull and machinery, liability,
  cargo and protection and indemnity insurance.
  At Integro, Kayll was involved in integrating two businesses,
  London Market Insurance Brokers in 2010 and Kite, Warren &
  Wilson in 2015. Before that Kayll was head of cargo, fine art and
  specie at GC
  
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• Lloyd's bans former Besso director

  02-03-2017 13:28
  A Lloyd's Enforcement Tribunal has banned former Besso director
  Charles O'Sullivan after he was found guilty of three charges
  of "discreditable conduct".
  Lloyd's said the charges related to actions by
  O'Sullivan when he was at Besso and later while he represented
  independent brokerage Bennett Gould & Partners (BGP) and an
  affiliate.
  O'Sullivan had appealed the Enforcement Tribunal's
  decision, but the Lloyd's Appeal Tribunal upheld the earlier
  ruling, while reducing the costs recoverable by L
  
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• Goldman Sachs' Miller leaves for L&G

  02-03-2017 13:28
  UK carrier Legal & General (L&G) has appointed former
  Goldman Sachs head of Emea insurance Paul Miller as group strategy
  and M&A director.
  The position is new and Miller will report to group chief
  executive Nigel Wilson.
  He will also join the L&G group executive committee from
  June 2017.
  Miller previously spent over 17 years at Goldman Sachs'
  investment banking division, where he covered a range of UK and
  international insurance companies....
  
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• Discount rate cut could benefit Hastings, says CFO

  02-03-2017 13:17
  
  The cut to the Ogden discount rate will benefit “agile players” who procure business predominantly through aggregators, Hastings' chief financial officer Richard Hoskins said.
  
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• Higos makes first acquisition following GRP buyout

  02-03-2017 13:14
  
  Higos Insurance Services has made its first acquisition since being acquired by Global Risk Partners.
  
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• Ageas to make 77 roles redundant

  02-03-2017 12:33
  
  A formal 30-day consultation period begins today and the final decision will be announced by the middle of April, Ageas' boss said.
  
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• Video: Succession planning (4) – the range of funding options

  02-03-2017 12:21
  
  The different sources of funding for MBOs or selling up and leaving the business come under the microscope.
  
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• UK Broker Summit 2017: Economist advises brokers to prepare

  02-03-2017 12:19
  
  Lena Komileva says uncertain times are ahead but warns changing economic and political climate makes predictions difficult.
  
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• Operating profit down 5.2% down at Gocompare.com for 2016

  02-03-2017 12:18
  
  The comparision site saw revenue up by 20% to £142.1m (2015: £119m).
  
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• Higos buys Courtenay Insurance Services

  02-03-2017 11:44
  
  Deal is broker's first purchase in Cornwall.
  
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• Profits and GWP up at Hastings in 2016

  02-03-2017 11:41 via insuranceage.co.uk
  
  Company allows £20m impact of discount rate change.
  
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• Ageas to shed 77 roles in broker channel restructure

  02-03-2017 11:37
  
  Ageas will make 77 redundancies across its broker channel in the wake of the discount rate cut.
  
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• FCA: PPI deadline set for August 2019

  02-03-2017 11:28
  
  Watchdog to launch a two-year campaign to encourage customers to decide if they should act about PPI before the deadline.
  
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• Gibraltar insurer withdraws £20m UK motor capacity in wake of discount rate cut

  02-03-2017 11:04
  
  A Gibraltar insurer has become the first to withdraw capacity to a UK managing general agent in the wake of the discount rate cut.
  
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• Talbot names Morris active underwriter

  02-03-2017 10:55
  Validus-owned Lloyd's business Talbot Underwriting has
  promoted David Morris to active underwriter of Syndicate 1183.
  He will report to James Skinner, who will step down as active
  underwriter but remain the carrier's chief underwriting
  officer.
  The appointment remains subject to regulatory approvals.
  Morris previously served as Talbot's head of overseas offices
  and head of international property in London.
  Prior to that he was head of underwriting at Talbot Risk
  Services in Singapore, and has al
  
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• Peers criticise Ogden rate move

  02-03-2017 10:55
  UK peers criticised the government's method of setting the
  personal injury discount rate and the steep cut announced on
  Monday.
  In a House of Lords debate, Lord Keen of Elie, a Conservative
  peer and spokesman for the Ministry of Justice, acknowledged that
  the method used to calculate the discount rate for bodily injury
  lump-sum awards reflected a very conservative assumption of how
  someone would invest the money, and called the current rate-setting
  method "clearly outdated".
  He was speaking as t
  
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• Opinion: State cyber support

  02-03-2017 10:55
  Cover for cyber risk remains a hot topic, most would agree.
  But ask an insured, or for that matter an insurer, what cyber
  insurance does and you're very likely to get a different answer
  almost every time.
  Then ask an insured how severe the damage might get from a
  successful cyber takedown, and increasingly the answer is total
  destruction.
  How well would most financial markets function without
  free-flowing data on prices and orders? For many businesses, online
  connectivity is the...
  
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• CFC ups transactional liability limit to £30mn

  02-03-2017 10:55
  CFC Underwriting has increased the limit on its transactional
  liability offering by £10mn ($12.3mn) to £30mn ($36.8mn)
  in the UK.
  The managing general agent (MGA) has also increased its Eurozone
  limit to EUR35mn ($37mn) from EUR25mn.
  CFC's transactional liability offering is 100 percent backed
  by Lloyd's syndicates and is designed to meet the needs of
  clients and M&A professionals in the mid-market, lower
  mid-market and SME spaces across the UK, Europe, North America,
  Australia a
  
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• Arig reinsurance unit granted DIFC licence

  02-03-2017 10:55
  Bahrain reinsurer Arab Insurance Group (Arig) has received a
  licence from the Dubai Financial Services Authority to operate its
  wholly owned new reinsurance subsidiary Arig Insurance Management
  (DIFC) Limited (AIM).
  AIM will mainly focus on facultative specialty lines with
  underwriting authority from Arig.
  Arig also announced the appointment of Jehan Dias as senior
  executive officer to lead the business. Dias is a Swiss national
  with more than 14 years in reinsurance. Prior to joining Arig he
  se
  
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• FCA sets deadline for PPI claims

  02-03-2017 10:24
  
  The Financial Conduct Authority has put a deadline on payment protection insurance claims, bringing to a close a chapter that has cost firms billions in compensation.
  
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• Go Compare demerger resulted in £8.1m hit to profit

  02-03-2017 10:05
  
  The demerger of Go Compare from parent company Esure cost the business £8.1m, causing a drop in profit of 5.2%.
  
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• Hastings posts profit and expansion plans despite £20m discount rate hit

  02-03-2017 09:45
  
  Hastings has made a 5% growth in profit despite taking a £20m hit from changes to the Ogden discount rate.
  
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• Gocompare GI revenue up 17% as rising premiums sparks customer churn

  02-03-2017 09:40
  
   Gocompare revenue up and profit rises on underlying basis thanks to rate hikes
  
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• Gocompare GI revenue up 17% as rising premiums spark customer churn

  02-03-2017 09:40
  
  Gocompare revenue up and profit rises on underlying basis thanks to rate hikes
  
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• Discount rate hit dampens Hastings profit growth

  02-03-2017 09:02
  
  Discount rate hit affected insurance group’s loss and solvency ratios
  
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• Insurance Census 2017: Face of insurance

  02-03-2017 08:00
  
  Insurance, like many financial services sectors, has a reputation for being pale, stale and male. In Post’s latest research Michèle Bacchus finds out if the description still fits and what the industry is doing to effect change
  
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• Greening up your investment portfolio

  02-03-2017 08:00
  
  The last decade has finally started to see the talk about the virtues of sustainable energy result in significant action, particularly in the area of electricity, where it has been driven primarily by wind, solar energy and biomass.
  
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• Editor's comment: Not ageing well

  02-03-2017 08:00
  
  With the countdown to my next ‘big’ birthday already started, I’m the first to admit that none of us are getting any younger.
  
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