Insurance news

• AIG: hire purchase

  15-05-2017 21:07
  New chief executive Brian Duperreault comes with a big price tag
  
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• New AIG CEO Brian Duperrault plans to ‘grow’ insurer

  15-05-2017 18:36
  Veteran wins early support from activist Carl Icahn who sought to break up group
  
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• WannaCry hack not a major cyber event for London

  15-05-2017 17:40
  London's cyber insurance market looks to have relatively little
  exposure to the recent WannaCry ransomware attack, but experts have
  warned that there could be some fallout on kidnap and ransom
  (K&R) policies.
  Speaking to The Insurance Insider this
  morning, both brokers and underwriters confirmed that the
  geographic locations targeted by the attack meant there were likely
  to be relatively few insurance claims.
  The attack is estimated to have hit 200,000 computers across 150
  countries.
  The maj
  
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• QBE Europe fuses underwriting divisions

  15-05-2017 17:40
  QBE Europe is consolidating two underwriting divisions into a
  single unit in a revamp that it said will work for the business
  after Brexit.
  The new structure will be effective from 1 July and replaces two
  separate underwriting units, international markets and retail.
  The change deconstructs a set-up established in October 2013 and
  first reported by
  The Insurance Insider.
  The merged division will be led by current international markets
  managing director Sam Harrison, who becomes managing director
  
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• Hamilton names Brown interim CEO

  15-05-2017 17:40
  Bermudian carrier Hamilton has appointed former Flagstone Re
  chief David Brown as interim CEO following the departure of Brian
  Duperreault to AIG.
  In a statement released today the company also named William
  Freda as Duperreault's replacement as chairman of the
  board.
  Brown has been on the carrier's board since its inception in
  2013 and is also chairman of the finance and governance
  committee.
  He will serve as interim CEO during the transitional period
  between the signing of Hamilton's memorandu
  
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• Duperreault 'phenomenal choice' for AIG: KBW

  15-05-2017 17:40
  Keefe Bruyette & Woods (KBW) analysts have said AIG's hire
  of Brian Duperreault as CEO is a "phenomenal choice" that
  was likely to assuage concerns over the direction of the company.
  In a note released after the executive's appointment was
  announced today, analyst Meyer Shields and colleagues said
  Duperreault's presence would "materially alleviate
  employee, broker and insureds' concerns" and showed the
  current challenges at the firm were fixable.
  Shields predicted the stock would rise once t
  
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• Duperreault: I will not break up AIG

  15-05-2017 17:40
  Newly installed AIG CEO Brian Duperreault has made an emphatic
  commitment to keep the company together as a single business, and
  indicated that under his leadership the focus will shift from
  streamlining the group to growing it.
  "I recognise the value of AIG's multi-line
  structure," he told analysts on a short call this morning.
  "I didn't come here to break up AIG. I came here to grow
  it."
  He signalled that AIG's drive to divest businesses and slim
  down its...
  
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• Aviation rate cuts slowing: JLT

  15-05-2017 17:40
  The airline market is showing signs that it is entering a harder
  phase after a period of sustained softening, JLT has said in its
  latest Plane Talking report.
  "From our analysis, it is evident that premium and/or rate
  reductions have slowed and in some cases are no longer
  obtainable," the broker said.
  "The market appears to have stabilised," it noted, and
  even airlines with favourable loss ratios are seeing premiums fall
  less on renewal then they have over the past...
  
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• AIG to acquire portion of Hamilton for $110mn

  15-05-2017 17:40
  AIG has agreed to acquire Hamilton USA for around $110mn as part
  of a broad cooperation agreement with Hamilton Insurance Group that
  paves the way for the Bermuda-domiciled carrier's chairman and
  CEO Brian Duperreault to move to head up the insurance giant.
  AIG also said it had entered into a long-term reinsurance
  partnership with Hamilton Re.
  The P&C giant added that it would enter into a deal with Two
  Sigma Insurance Quantified - the data business founded by
  Duperreault along...
  
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• AIG confirms Duperreault as CEO

  15-05-2017 17:40
  AIG has appointed former Ace and Marsh & McLennan Companies
  (MMC) CEO Brian Duperreault as its new president and CEO.
  The industry veteran has resigned as chairman and CEO of
  Hamilton Insurance Group and has replaced outgoing AIG CEO Peter
  Hancock with immediate effect, the insurance giant announced
  today.
  Alongside Duperreault's well-telegraphed appointment, AIG
  announced the creation of a strategic partnership with Hamilton
  Insurance Group. It has also forged a memorandum of understanding
  
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• Cyber insurance: WannaCry, gotta buy

  15-05-2017 17:40
  For such a large corporate threat the market remains small
  
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• Markerstudy hints that buying and not selling is on agenda

  15-05-2017 17:17
  
  Martyn Holman says company is raising funds rather than looking for a sale as it considers future acquisitions.
  
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• QBE merges underwriting divisions to form 'Brexit friendly' business

  15-05-2017 16:57
  
  QBE is to combine its underwriting divisions to form a single "Brexit friendly" business.
  
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• Axa tops Brokerbility bi-annual survey

  15-05-2017 16:52
  
  Brokerbility has completed its bi-annual member survey, with Axa retaining the top spot for the eighth year running.
  
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• NHS attack highlights industry's 'wrong direction' on cyber

  15-05-2017 16:15
  
  A ransomware attack on the NHS has highlighted the “wrong direction” the insurance industry has taken on cyber, experts have warned.
  
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• AIG confirms former Marsh boss Brian Duperreault as CEO

  15-05-2017 15:54
  
  Duperreault replaces Peter D. Hancock.
  
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• AIG appoints Duperreault as CEO

  15-05-2017 15:23
  
  AIG has appointed Brian Duperreault as president and CEO, replacing Peter Hancock.
  
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• Industry veteran named AIG chief executive

  15-05-2017 14:39
  
  Big industry name replaces Peter Hancock as AIG chief executive
  
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• QBE to merge retail and international underwriting divisions

  15-05-2017 14:38
  
  Insurer seeks to provide a greater level of uniformity in how it engages with customers and brokers with new underwriting division.
  
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• QBE Europe unveils new underwriting structure

  15-05-2017 14:13
  
  QBE Europe unveils new underwriting structure it claims will provide a compelling product offering to brokers
  
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• Post-Brexit interest ahead of expectations: Luxembourg

  15-05-2017 13:46
  Luxembourg's financial sector development agency expects two or
  three new carriers to announce plans to set up subsidiaries there
  in the coming weeks.
  Luxembourg for Finance CEO Nicolas Mackel told The
  Insurance Insider most Brexit-related interest had
  come from investment firms, where the nation's limited
  partnership regime had already attracted an influx of funds in
  recent years.
  The second-biggest cohort of potential Brexit refugees is coming
  from the banking sector, he said.
  "The insurance i
  
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• Miles Smith seeks minority owner

  15-05-2017 13:46
  Miles Smith Insurance Group has appointed Deloitte to run a bid
  process to bring in a private equity backer, The
  Insurance Insider has learned.
  Sources told this publication that first round bids have already
  been received, with management keen to bring in a private equity
  partner.
  Banking sources said the business is
  being pitched to potential investors as having around £3mn
  ($3.9mn) of underlying Ebitda, which would point to a valuation
  comfortably in excess of £30mn.
  Private equit
  
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• Updated: Markerstudy flagged as credit risk on Biba Litmus Test

  15-05-2017 13:13
  
  Markerstudy has been flagged up as a credit risk on a ‘litmus test’ of unrated insurers by the British Insurance Brokers’ Association.
  
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• Markerstudy flagged as credit risk on 'out-of-date' Litmus Test

  15-05-2017 13:13
  
  Markerstudy has been flagged up as a credit risk on a ‘litmus test’ of unrated insurers by the British Insurance Brokers’ Association.
  
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• Calling all brokers with under £5m GWP – extra awards category added

  15-05-2017 12:50
  
  Enter to win the community broker of the year award and you will automatically be enrolled into the Insurance Broker of the Year category.
  
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• Video: A broking minute with David Newman of Carole Nash

  15-05-2017 12:43
  
  The CEO of the motorbike specialist broker tells Insurance Age what motivates him.
  
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• JRW Group sees premium growth in 'niche' sectors

  15-05-2017 12:09
  
  JRW Group has reported stable pre-tax profits of £2m in 2016, same as in 2015, after the introduction of its new brands Insure 4 Drones and Insure 4 Boats.
  
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• LV= has received several recent approaches for GI unit

  15-05-2017 11:24
  
  Revelation follows speculation about sale of GI unit stake to Allianz
  
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• Sickness fraud could spark 15% hike in holiday prices

  15-05-2017 11:21
  
  Sickness fraud claims are now out of control, with claims rising 700% 
  
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• Aviva CEO vows dual pricing solution for 'dysfunctional' market

  15-05-2017 10:50
  
  Aviva boss Wilson working on a product that will be a gamechanger for the insurance problem of dual pricing
  
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• LV confirms approaches for its general insurance unit

  15-05-2017 10:46
  
  LV says that discussions are at a very early stage but no decisions have been made as to the nature of any transaction.
  
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• LV approached by 'number of parties' over possible GI unit sale

  15-05-2017 10:34
  
  LV has confirmed that it has been approached by a “number of parties” regarding possible strategic transactions relating to its general insurance operations.
  
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• Biba teams up with Marmalade on telematics

  15-05-2017 10:23
  
  The trade association is to provide a young driver telematics scheme.
  
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• Talanx profit tops Q1 forecasts despite cat losses

  15-05-2017 10:14
  Operating profit at German carrier Talanx held steady in the
  first quarter at EUR576mn ($629.4mn) despite higher large-loss
  catastrophe activity.
  In a statement released this morning the majority owner of Hannover
  Re said operating profit edged up 0.5 percent year-on-year. The
  result was 3.4 percent higher than the figure predicted by Baader
  Helvea's Daniel Bischof and 4.5 percent above the consensus,
  the analyst noted.
  Talanx said the impact of large loss activity rose 24.4 percent to
  EUR153mn
  
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• Opinion: Catalina process

  15-05-2017 10:14
  If you run a live risk carrier with any real scale in global or US
  commercial lines business, you will probably have had a call from
  BarCap or JP Morgan's New York team over the last month or so.
  They would have wanted to talk about a unique opportunity tobuy a minority stake in one of the leading legacy franchises in
  the world.
  Such a deal - the smooth-talking investment banker would have
  explained - would offer diversifying exposure...
  
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• Gen Re receives final India branch approval

  15-05-2017 10:14
  Berkshire Hathaway subsidiary Gen Re has been granted final
  "R3" approval to set up a branch in India.
  The company was reportedly given the penultimate "R2"
  approvalin March and was said to have been targeting a launch in the
  country prior to the 1 April renewals.
  Venkatesh Chakravarty will assume the role of CEO for the
  branch, as well as holding operational responsibility for the life
  and health business. Chakravarty has held the role of head of India
  for...
  
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• Plum Underwriting appoints Davies Group as claims partner

  15-05-2017 10:04
  
  Plum Underwriting has appointed Davies Group as a claims partner across its e-traded household and let property business.
  
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• Slater and Gordon to make £600m claim against Watchstone

  15-05-2017 09:58
  
  Slater and Gordon intends to make a £600m claim against Watchstone Group by the end of the month.
  
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• I cancelled my car insurance in the cooling-off period, but was still charged

  15-05-2017 08:00
  
  I changed my mind within the 14 days so why do I have to pay One Call Insurance £74?I’d like to ask your views on insurers offering cooling-off periods if you change your mind, but still levying substantial charges if you do.I recently purchased car insurance from One Call Insurance. In my view the application process wasn’t great and when I received the certificate via email the next day, it was unreadable. When I complained I was told the problem was with my computer.Continue
  
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• Blog: Underwriters need to know their knowns and unknowns

  15-05-2017 08:00
  
  Underwriting behaviours can be embodied by three famous Donalds: Duck, Trump and Rumsfeld, observes Nick Dinsdale portfolio manager at Covéa, adding that quantifying the known and unknown facts will help make informed decisions,
  
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• Churches present special insurance problems

  15-05-2017 06:51
  Arson and metal theft are perennial problems for partially occupied buildings
  
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