Insurance news

• London has hit commissions inflection point: Galanski

  08-05-2017 21:03
  The London wholesale market has reached an "inflection
  point" where the ratio of commissions to premiums must change,
  according to Navigators Group president and CEO Stan Galanski.
  Speaking during a first quarter earnings call last week,
  Galanski said current commission expenses in the market were
  unsustainable and posed a "real threat to the relevance of the
  London market by putting it at a competitive cost
  disadvantage", accordingto a Seeking Alpha transcript.Navigators' net commission ratio i
  
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• Enstar profits up 11.4% in Q1

  08-05-2017 21:03
  Legacy-to-live carrier Enstar reported a pre-tax profit of $68.8mn
  in the first quarter, 11.4 percent more than in the same period of
  last year.
  Net earnings per ordinary share rose by 19.2 percent
  year-on-year to $2.80.
  The main driver was greater net realised and unrealised gains in
  the investment portfolio, which contributed $58.5mn for Q1 2017
  compared with $38.3mn in Q1 2016.
  Pre-tax profit from Enstar's live carrier StarStone fell by
  37.5 percent to $13.5mn for the three months ending...
  
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• Don't change insurer regularly? It could be costing you more than £1,400

  08-05-2017 17:10
  
  Motor and home policyholders who stay with the same supplier could be overpaying by thousands every decadeHouseholds that fail to move their home and car insurance regularly are overcharged by more than £1,400 a decade, according to new research.
  An audit of 9,000 motorists and 8,000 homeowners by research agency Consumer Intelligence found that after three years the typical driver was overpaying by £75 and the homeowner by £66.Related: Young drivers to bear the brunt as car in
  
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• National General profits slump as loss ratio balloons

  08-05-2017 16:14
  National General's first-quarter operating profit declined
  by 23.2 percent as its P&C loss ratio took on 9.3 percentage
  points year-on-year to hit 69.3 percent.
  The AmTrust affiliate, which in March briefly delayed the filing
  of its 2016 results amid auditing errors at its sister company,
  said group operating profit came in at $41.3mn, as diluted earnings
  per share fell to $0.38 from $0.50. The result was in line with the
  $0.38 per share consensus estimate, as reported by MarketWatch.
  Nation
  
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• Montreal hit by floods

  08-05-2017 16:14
  Torrential rain led to a state of emergency being declared in
  Montreal over the weekend, as city officials described the flooding
  as the worst in decades.
  Three dikes gave way in the Pierrefonds-Roxboro borough, in the
  north end of the city.
  Nearly 1,900 homes have already been flooded across the province
  of Quebec, with 126 towns and cities affected, according to the
  BBC.
  Montreal mayor Denis Coderre has ordered mandatory evacuations
  in flood zones and 1,200 troops have been deployed...
  
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• Med-mal dominates RenRe Ogden exposure

  08-05-2017 16:14
  RenaissanceRe has highlighted legacy UK medical malpractice
  contracts as its primary exposure to the UK government's recent
  changes to the Ogden rate.
  Speaking on a first quarter earnings call last week, the
  carrier's CFO Bob Qutub said the government's decision had
  added 9 percentage points to the first quarter consolidated
  combined ratio, according to a transcript of the call posted on
  SeekingAlpha.com.Qutub said the impact was contained within its prior accident
  years and the casualty and spe
  
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• Investigators quiz two more CIRC officials: report

  08-05-2017 16:14
  A further two officials from the China Insurance Regulatory
  Commission (CIRC) have been questioned by Chinese investigators
  after the agency's former top official Xiang Junbo was removed
  from his post.
  According to a report on Bloomberg today, Xiang's secretary
  Zhu Yanhui - who is also deputy head of the agency's General
  Office - and He Hao, a deputy at the regulator's property
  insurance department, have been interviewed by China's Central
  Commission for Discipline Inspection.
  Chinese leaders ha
  
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• Allianz provided cover for Macron election failure

  08-05-2017 16:14
  Newly elected French President Emmanuel Macron purchased a
  financial indemnity policy from Allianz in case his campaign failed
  to cross a 5 percent voting threshold during the first round of the
  two-part election, according to leaked documents.
  Documents from Macron's En Marche party, published on Friday
  (5 May) prior to the crunch run-off yesterday against Marine Le
  Pen, show the president purchased a guaranty limit of EUR8.0mn
  ($8.8mn) from Allianz to reimburse the campaign's outgoings in
  the
  
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• Opinion: Jamie Marchant on delivering customers' expectations

  08-05-2017 14:50
  
  Threats and opportunities: Taking a view from outside the market, Jamie Marchant wonders if the insurance sector is really meeting the challenge of delivering what customers expect
  
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• Review: Follow the fleet

  08-05-2017 14:30
  
  Axa Insurance Minifleet Choice
  
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• Don't change insurer regularly? It could be costing you £2,000

  08-05-2017 14:09
  
  Motor and home policy holders who stay with the same supplier could be overpaying by thousands every decadeHouseholds that fail to move their home and car insurance regularly are overcharged by more than £2,000 a decade, according to latest research.
  An audit of 9,000 motorists and 8,000 homeowners by research agency Consumer Intelligence found that after three years the typical driver was overpaying by £75 and the homeowner by £66.Related: Young drivers to bear the brunt as ca
  
  Read more

• Insurance industry heavyweights make it on 2017 rich list

  08-05-2017 13:23
  
  Admiral founder and CEO Henry Engelhardt, BGL founder Douw Steyn, and Saga Group’s Sir Roger and Peter De Haan, are among industry figures in the latest Sunday Times Rich List.
  
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• Three to appear in crown court over LV= executive murder

  08-05-2017 13:17
  
  Three men charged with LV= executive murder
  
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• Care home product launched by Arag

  08-05-2017 11:58
  
  The product offers commercial legal protection and crisis communication cover.
  
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• Chubb revamps financial lines covers

  08-05-2017 11:56 via insuranceage.co.uk
  
  Extended wordings for D&O and commercial crime products.
  
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• Hood Group gets government funding for AI and machine learning project

  08-05-2017 11:53
  
  Hood Group has secured over £96,000 in government funding from Innovate UK that will help it develop data and Artificial Intelligence services.
  
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• Opinion: Chinese regulation

  08-05-2017 11:50
  Concerns over the trading legitimacy of Chinese (re)insurers are
  not new.
  For over a year now the country's government has been
  steadily raising the pressure on companies perceived to have been
  offering risky and low-value products to customers in an effort to
  raise capital for investments.
  In this context, it was only a matter of time before the China
  Insurance Regulatory Commission (CIRC) took action, and the choice
  of Anbang as the high-profile victim appears similarly
  inevitable.
  Anbang has
  
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• Disruption the focus of MMC Young Professionals 2017 forum

  08-05-2017 11:50
  Marsh & McLennan Companies is inviting the (re)insurance
  sector's young professionals, high achievers and newcomers to
  discuss the topic of disruption at a two-day event aimed at
  developing future industry leaders.
  The 2017 Young Professionals' Forum, which will be held at
  the Mermaid Theatre in London on 14-15 June, offers an exceptional
  line-up of speakers from both inside and outside the industry.
  The event will culminate in an evening gala at Old Billingsgate
  on 15 June.
  The focus on dis
  
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• CBL hires former RSA UK retail head

  08-05-2017 11:50
  Specialist credit and financial lines (re)insurer CBL Corporation
  has appointed RSA's former UK personal lines head as its head
  of Europe, according to a statement from the company.
  Mark Christer will join the New Zealand-based carrier on 1 June,
  working from its London office.
  Christer worked at RSA for 17 years, according to n his LinkedIn
  profile. He was involved in establishing RSA's More Th>n
  business and later became head of UK personal lines at the
  London-listed insurer.
  He was...
  
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• Aon to cut senior ranks in post-Hewitt restructure

  08-05-2017 11:50
  Aon is expected to unveil a programme to cull its senior ranks in
  its first quarter earnings announcement tomorrow (9 May) as part of
  a series of cost-cutting and restructuring measures designed to
  position the business for growth, The Insurance
  Insider can reveal.
  Sources have suggested the London-headquartered firm could part
  company with around 100 senior leaders from across its broking and
  consulting businesses in a move that will see the business incur
  significant severance costs.
  The moves
  
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• Brokers avoiding cyber insurance discussion – survey

  08-05-2017 10:46
  
  Cyber insurance is ‘well outside the comfort zone’ of many brokers
  
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• Three in court tomorrow for murder of Guy Hedger

  08-05-2017 10:35
  
  Three men will appear in court tomorrow for the murder of insurance marketing executive Guy Hedger.
  
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• MS Amlin launches etrade minifleet product

  08-05-2017 10:23
  
  The product is designed for fleets of three to 20 vehicles and is available on Acturis.
  
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• MS Amlin launches etrade mini fleet product

  08-05-2017 10:23
  
  The product is designed for fleets of three to 20 vehicles and is available on Acturis.
  
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• CEC launches claims product

  08-05-2017 10:16
  
  Firm adds to its tiered range for brokers and partners with Halo Assist.
  
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• Best broker award – deadline approaching

  08-05-2017 10:11
  
  Have you entered to win the Best Companies trophy at the UK Broker Awards yet?
  
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• #Insagepeople: 08 - 14 May 2017

  08-05-2017 10:09
  
  Keep up to date with all the latest people moves.
  
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• UK General hires Bluefin chief risk officer

  08-05-2017 10:08
  
  UK General has appointed former Bluefin executive Jane Bean as chief risk officer.
  
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• UK General hires Bluefin exec to replace departed risk head

  08-05-2017 07:30
  
  Former Bluefin chief risk officer joins UK General
  
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• Hong Kong Insurance Authority appoints CEO and senior directors

  08-05-2017 04:22
  
  The Hong Kong Commissioner of Insurance John Leung Chi-yan has been appointed as CEO of the incoming Insurance Authority for one year.
  
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