Insurance news

• Insurance Marketing and PR Awards: deadline for entries fast approaching

  20-03-2017 23:00
  
  The Insurance Marketing and PR Awards are returning in 2017, and you only have two days to make sure you are in the running.
  
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• Reinsurance as import may pose risk to Florida: Study

  20-03-2017 21:48
  Florida could see residential and commercial property insurance
  costs soar if lawmakers slap offshore reinsurers with a national
  border adjustment tax (BAT) proposed by Republicans in Congress,
  according to a new study.
  Should a 20 percent BAT be applied to transactions with offshore
  reinsurers by classifying the coverage as an import, the study
  released today by non-profit advocacy organisation Florida TaxWatch
  assumes the levy would be passed on to insureds through price
  hikes
  The direct resul
  
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• Keeping replaced by Peiser at Willis NA

  20-03-2017 21:48
  Willis Towers Watson North America's chief broking officer
  Matt Keeping has parted company with the firm, The
  Insurance Insider can reveal.
  According to sources, Keeping has been replaced in the position
  by the company's head of casualty broking in North America, Joe
  Peiser.
  Keeping moved to New York from London in his position as CEO of
  Willis Facultative in 2009 before taking up the role of chief
  placement officer for North America in 2011.
  In that position he had oversight...
  
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• AJ Gallagher acquires Illinois broker

  20-03-2017 21:48
  AJ Gallagher has acquired Nicoud Insurance Services, an
  Illinois-based retail P&C broker and employee benefits
  consultancy.
  The broker bought the business from its current owners, Jim
  Hillestad and Tim Nicoud Jr, who will continue to operate out of
  the company's offices in Springfield, Illinois and Jefferson
  City, Missouri.
  Nicoud's clients include financial institutions, care homes,
  healthcare providers and automotive service providers.
  The company was founded in 1985 by Judy and Tim Nicoud
  
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• Court resumes Das v Asplin and others dismissal hearing

  20-03-2017 18:19 via insuranceage.co.uk
  
  The Crown court has resumed hearing the defence's dismissal application on Das' criminal prosecution against its former CEO and five others.
  
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• Asplin lawyers round on 'unashamedly commercial' criminal case

  20-03-2017 18:10
  
  Defence lawyers for Paul Asplin, the former Das CEO, attempted to have a criminal prosecution case thrown out of court.
  
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• XL Catlin builds cyber team with Folkard hire

  20-03-2017 17:12
  XL Catlin has hired Duane Folkard from Willis Towers Watson as
  it looks to further strengthen its London cyber team under James
  Tuplin, The Insurance Insider
  understands.
  Folkard is currently divisional director for cyber and
  technology, media and telecoms at Willis Towers Watson, a position
  he has held for around two years.
  Prior to that he was vice president for professional indemnity
  lines for Marsh in London.
  At XL Catlin, Folkard will report to Tuplin,who joined the carrier as...
  
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• Travelers puts Ogden reserves hit at $62mn

  20-03-2017 17:12
  Travelers is to set aside additional reserves of $62mn before
  tax in the first quarter of 2017 following the change to the UK
  discount rate for personal injury compensation.
  The extra reserves mainly relate to UK public liability and
  commercial auto liabilities, said Travelers, which put the
  after-tax hit at $51mn.
  Travelers noted that two-thirds of the claims exposure stems
  from legacy books that are now in run-off.
  The insurer shrugged off the increase to its prior-year loss
  reserves, noting:.
  
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• Hannover Re strikes deal to acquire Argenta

  20-03-2017 17:12
  Hannover Re has signed a deal to acquire Lloyd's managing agent
  Argenta following a protracted sales process, according to
  statements from the companies today.
  Argenta, which is 45 percent owned by businessman Alasdair
  Locke, was put up for sale in September, with final round bids
  submitted in mid-January.
  Bidders included Hannover Re, Matt Fairfield's start-up Exin
  and Taiping Re, the non-life reinsurance arm of life giant China
  Taiping.
  Exin and Taiping are both believed to have submitted high
  
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• CII warns of fracking claims confusion

  20-03-2017 17:12
  Fracking could create the next "ash-cloud" scenario
  for insurers, with widespread confusion around the liability for
  fracking-related claims, the Chartered Insurance Institute (CII)
  has warned.
  A CII report on the insurance implications of fracking found
  that this form of energy extraction was neither included nor
  specifically excluded from UK household and business cover.
  At the same time, the report identified several key perils
  associated with fracking, including earthquakes, explosions and
  f
  
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• BHSI expands Canadian professional lines cover

  20-03-2017 17:12
  Berkshire Hathaway Specialty Insurance (BHSI) has launched a new
  professional liability product for the Canadian market and named
  Geoffrey Kendrick as head of professional lines in the country.
  The product provides professional liability cover for large,
  complex technology-related risks.
  The Professional First Professional Liability and Network
  Security & Privacy Policy aims to cater for enterprises ranging
  from systems integrators to telecommunications providers and IT
  staffing firms, BHSI
  
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• FCA met government to discuss post-Brexit regulatory framework

  20-03-2017 17:07
  
  The Financial Conduct Authority has met with the government to discuss a post-Brexit regulatory framework.
  
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• Ogden cut to wipe £50m off Traveler's Q1 2017 results

  20-03-2017 14:52
  
  Travelers expects to record an increase to prior year loss reserves of approximately $62m (£50m) in Q1 2017 as a result of changes to the Ogden discount rate.
  
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• Scotland could face a 'claims epidemic' following whiplash changes

  20-03-2017 14:37
  
  Whiplash reforms and a new tariff system could give rise to a claims epidemic in Scotland, DWF has warned.
  
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• XL Catlin names global CUO for property

  20-03-2017 12:57
  XL Catlin has promoted Tim McMahon to global chief underwriting
  officer for property, the carrier said today.
  McMahon was previously head of energy, property and construction
  in the Asia Pacific region, based in Australia. He joined
  Catlin's Singapore office in 2011 as head of property for Asia
  Pacific.
  In his new role, McMahon will oversee XL Catlin's property
  underwriting worldwide and will be based in London.
  He will report to Neil Robertson, XL Catlin's insurance
  underwriting CEO.Robertson w
  
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• XL Catlin joins Startupbootcamp scheme

  20-03-2017 12:57
  XL Catlin has signed up to technology accelerator
  Startupbootcamp's InsurTech programme, as the Bermudian joins a
  growing list of insurers participating in the scheme.
  Zurich, Allianz, Munich Re and Swiss Re are among the carriers
  already engaged in Startupbootcamp's insurance initiative,
  which gives 10 InsurTech ventures access to insurers and
  investors.
  Vincent Branch, chief executive of XL Catlin's InsurTech
  unit Accelerate, said: "We all know our industry is undergoing
  a huge amount of chang
  
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• Talanx 2016 profit hits record despite Q4 dip

  20-03-2017 12:57
  Fourth-quarter operating profit at Talanx fell 3.9 percent to
  EUR649mn ($696.8mn), as a deterioration in the life insurance
  segment of the business offset improvements in the P&C
  operations.
  Talanx is pursuing a "strategic realignment" of its
  underperforming life operations, where operating profit more than
  halved to EUR13mn from EUR29mn in the fourth quarter.
  Meanwhile, in the reinsurance segment - which includes Hannover
  Re - the P&C operating profit grew by 8.6 percent to EUR452mn
  for
  
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• Opinion: Hancock's millions

  20-03-2017 12:57
  Five million dollars. Regardless of how long the assignment
  lasts. With no performance criteria attached. In addition to his
  normal salary. And on top of other bonus payments - which it seems
  will still be forthcoming.
  Not to mention a gross severance payment of $9,528,890.Peter Hancock's tenure as CEO of AIG may have ended in
  ignominious failure and - reportedly - ouster.
  But it has ended lucratively enough for the former JP Morgan
  executive.
  AIG's lame duck CEO has...
  
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• El Niño impact on thunderstorms to improve forecasting

  20-03-2017 12:57
  New studies on the impact of the El Niño-Southern
  Oscillation (ENSO) weather phase on thunderstorm frequency will
  allow for better regional forecasting of storm activity, according
  to Willis Re.
  Thunderstorms cost insurers as much as hurricanes in the period
  from 2003 to 2015, with average annual losses of $11.23bn compared
  with $11.28bn for hurricanes, according to a report from Willis Re
  and Columbia University.
  The study found that more storms follow a La Niña weather
  phase, whi
  
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• Insurance Cares campaign launched

  20-03-2017 12:51 via insuranceage.co.uk
  
  Want to do more to help vulnerable insurance customers? Then get involved with our Insurance Cares campaign.
  
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• Why the sector needs to help vulnerable customers

  20-03-2017 12:45 via insuranceage.co.uk
  
  The CII’s Ant Gould explains why the organisation is supporting Insurance Age’s campaign to help vulnerable insurance customers.
  
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• Lutine launches new business protection product

  20-03-2017 12:07
  
  Product is available to all brokers and is designed to protect against financial impact of losing key staff.
  
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• XL Catlin appoints Tim McMahon to property insurance CUO

  20-03-2017 12:05
  
  XL Catlin has promoted Tim McMahon to the newly created role of global chief underwriting officer, property for insurance.
  
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• CII apologises after complaints procedure failure

  20-03-2017 11:43
  
  The trade body admits "it fell short of our usual high standards".
  
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• Video: Bob Darling

  20-03-2017 11:20
  
  Coversure's Bob Darling chats about building sustainable businesses, music and Thierry Henry.
  
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• Cheltenham charity bets: £535 raised

  20-03-2017 11:08
  
  Our tipsters have raised plenty of cash for charity in the Axa Vantage App Stakes.
  
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• XL Catlin partners with Startup Bootcamp

  20-03-2017 10:47
  
  Insurtech accelerator Startup Bootcamp has entered into a partnership with XL Catlin.
  
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• #Insagepeople: 20 - 26 March 2017

  20-03-2017 10:08
  
  Keep up to date with the latest people moves.
  
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• Ogden rate change goes live at minus 0.75%

  20-03-2017 09:26
  
  The Ogden discount rate changed today from 2.5% to minus 0.75% following the Lord Chancellor's announcement last month.
  
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• Zenk renews almost flat as $2bn of limit added

  20-03-2017 09:10
  The world's biggest catastrophe cedant, Zenkyoren, is poised
  to renew its programme with pricing only a fraction lower than last
  year, as rates were held up by its need to secure an additional
  200bn yen of capacity ($1.8bn), The Insurance
  Insider can reveal.
  Sources told this publication that risk-adjusted pricing on the
  cat excess-of-loss treaty purchased by the Japanese agricultural
  mutual, which renews on 1 April, is roughly flat to 2 percent
  lower.
  The amount of open market limit purchased..
  
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• Talanx achieves record 2016 profit despite Q4 dip

  20-03-2017 09:10
  Fourth-quarter operating profit at Talanx fell 3.9 percent to
  EUR649mn ($696.8mn), as a deterioration in the life insurance
  segment of the business offset improvements in the P&C
  operations.
  Talanx is pursuing a "strategic realignment" of its
  underperforming life operations, where operating profit more than
  halved to EUR13mn from EUR29mn in the fourth quarter.
  Meanwhile, in the reinsurance segment - which includes Hannover
  Re - the P&C operating profit grew by 8.6 percent to EUR452mn
  for
  
  Read more

• Markel's Moi on the dangers of 'miscellaneous' Asian professionals

  20-03-2017 08:27
  
  What do wedding planners, property managers, and skin beauticians all have in common? They are considered as 'miscellaneous professionals' in the eyes of the insurance industry.
  
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• Lloyds Bank's Bill Cooper on M&A in a challenging market

  20-03-2017 08:00
  
  The government's recent decision to lower the discount rate from 2.5% to -0.75% took the market by surprise and generated many column inches of newsprint in the mainstream press.
  
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• Blog: Whiplash reforms were supposed to be about fraud

  20-03-2017 08:00
  
  There is something rather strange happening in the debate around the whiplash reforms. For all the sound and fury across the entrenched battle lines with which we are all familiar, there does appear to be a consensus forming across the divide.
  
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• Blog: Carpenters, Whiplash reforms were supposed to be about fraud

  20-03-2017 08:00
  
  There is something rather strange happening in the debate around the whiplash reforms. For all the sound and fury across the entrenched battle lines with which we are all familiar, there does appear to be a consensus forming across the divide.
  
  Read more

• Q&A: Winnie Wong, Asia Insurance

  20-03-2017 07:29
  
  Insurance Post asked one of Hong Kong's most experienced insurance professionals about her new role as CEO of Asia Insurance.
  
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• Chung joins Bank of China in Hong Kong

  20-03-2017 05:14
  
  Ben Chung, former technical director at Hong Kong broker Nova Insurance, has joined Bank of China Insurance.
  
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