Insurance news

• The Channel Syndicate builds cyber team

  31-05-2017 19:08
  The Channel Syndicate has hired underwriter Gillian Anderson
  from Talbot to add to its recently formed cyber team.
  Sources told this publication Anderson has already left the
  Validus-owned Lloyd's syndicate to join head of cyber and
  technology Tom Allen at Channel Syndicate 2015.
  Anderson is Allen's first external hire since he joined
  Channel from Aspen in June 2016 to establish a cyber and technology
  division at the syndicate. At the time, Channel also internally
  appointed Amanveer Rayat as an
  
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• James River shares fall on DE Shaw stake sale

  31-05-2017 19:08
  Shares in James River fell more than 5 percent in early trading
  on Nasdaq after news yesterday that DE Shaw is to sell a 14.5
  percent stake as the hedge fund continues to cut its holding.
  The secondary sale of 4.25mn shares - worth about $179mn based
  on yesterday's closing price on Nasdaq of $42.04 - will be
  handled by Morgan Stanley.
  The sale will reduce DE Shaw's holding in the carrier from 36.0
  percent to 21.5 percent, James River...
  
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• IFRS 17 could cost $2.6bn in UK: Prudential CFO

  31-05-2017 19:08
  The International Accounting Standards Board (IASB)'s new
  IFRS 17 insurance accounting standard will involve
  "eye-watering" costs without necessarily bringing
  significant benefits, Prudential CFO Nic Nicandrou has said.
  Writing in trade association Insurance Europe's annual
  report, Nicandrou said the potential implementation costs for UK
  firms could reach a "figure in the range of £1bn to
  £2bn ($1.3bn to $2.6bn)".
  He said the change that the new standard will bring about will
  be as f
  
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• GIC moves to underwriting profit

  31-05-2017 19:08
  India's national reinsurer GIC Re has recorded an underwriting
  profit for the financial year 2016/17, following a 7.7 percentage
  point improvement in the combined ratio to 99.7 percent.
  The company also recorded a 22 percent year-on-year increase in
  its pre-tax profits over the period to 3,624 crore rupees
  ($560.6mn).
  The carrier also recorded an 82.2 percent increase in premium
  income to 33,585 crore rupees.
  Total investments increased by 14.9 percent to 39,126 crore
  rupees, while income for th
  
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• EU watchdog warns against 'letterbox entities'

  31-05-2017 19:08
  The EU securities and markets regulator has warned national
  watchdogs against companies hoping to set up thinly staffed
  "brass plaque" entities ahead of Brexit.
  In an advisory statement aimed at national EU regulators, the
  European Securities and Markets Authority (ESMA) issued guidelines
  for avoiding "regulatory arbitrage" between the 27
  countries that will be left in the EU after the UK leaves the
  bloc.
  ESMA said local regulators in the EU should "reject any
  relocation request creating letterb
  
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• Cyber a good fit for automated underwriting: Moore Stephens

  31-05-2017 19:08
  Cyber risks lend themselves to automated underwriting due to the
  need for stringent management of the policy and the global nature
  of the product, according to Moore Stephens Consulting.
  Speaking to The Insurance Insider this
  morning, Moore Stephens partner David Sweet explained that a system
  such as its automatic binding platform Rulebook Hub could simplify
  the current process to allow coverholders to bind business
  immediately while ensuring the risk met the carrier's
  underwriting requirements.
  
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• Aon risk officer Jackson moves to FCA

  31-05-2017 19:08
  Aon UK chief risk officer Keith Jackson is to leave the company
  to become director of general insurance at the Financial Conduct
  Authority.
  Jackson became chief risk officer at Aon UK early last year, sat
  on the Aon UK board and headed a 40-strong team. He had previously
  spent three years as group chief risk officer of Towergate.
  His new role entails supervising UK general insurance providers
  and brokers, both wholesale and retail, including Lloyd's and
  London market firms.
  He...
  
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• China’s financial clampdown will continue — for now

  31-05-2017 18:25
  The authorities reckoned that doing nothing was worse than trying to restore order
  
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• Whiplash portal board suspends medical reporting organisations

  31-05-2017 17:10
  
  MoJ has previously raised concerns about medical reporting organisations “gaming” the MedCo portal
  
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• Personal Injury agency suspends medical reporting organisations

  31-05-2017 17:10
  
  MoJ has previously raised concerns about medical reporting organisations “gaming” the MedCo portal
  
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• Enter the Insurance Times Tech & Innovation Awards

  31-05-2017 16:04
  
  Celebrate your achievements in technology and innovation by entering for the Insurance Times Tech & Innovation Awards 2017
  
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• Ageas employee stole £271,489 from the insurer to fund gambling habit

  31-05-2017 15:36 via insuranceage.co.uk
  
  Perpetrator sentenced to jail time as Ageas said the fraudulent activity had not impacted customers in any way.
  
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• SME now and the future: Educating clients

  31-05-2017 15:15
  
  Telling customers that their premiums are going up can be difficult, especially if you’re trying to explain the intricacies of IPT or the Ogden rate, writes Edward Murray
  
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• Aviva declines more fraudulent claims

  31-05-2017 14:49
  
  Aviva declines more fraudulent claims as detection rates climb
  
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• Opinion: Cyber wake-up call

  31-05-2017 13:56
  There's a sense of déjà vu with the British
  Airways (BA) system outage, which plunged the airline into what can
  only be described as a PR disaster over the weekend.
  Again, thousands of people have been affected, and again, the
  compensation bill looks set to run into the hundreds of millions of
  pounds.
  But once again, it appears there isno cyber insurance cover for BA to fall back on.
  Cyber-attacks and catastrophic system outages seem to be hitting
  the...
  
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• NN Group's Delta Lloyd acquisition to close

  31-05-2017 13:56
  NN Group's EUR2.5bn ($2.7bn) purchase of Dutch carrier Delta
  Lloyd is expected to close today, according to a joint statement
  from both parties.
  The deed that gives legal effect to the merger is set to come
  into effect before markets open today.
  Delta Lloyd's shareholders overwhelmingly approved the
  EUR5.40 per share offer at a special meeting on 31 March.
  The deal would give NN a Dutch-focused insurer with 2015 premium
  income of EUR4bn, and create a group with pension, life...
  
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• Markel International promotes executives to board

  31-05-2017 13:56
  Markel International, the UK-based subsidiary of US insurer Markel
  Corporation, has promoted two executives to its board.
  Hannah Purves, director of claims at Markel International, and
  Simon Wilson, head of national markets, have become directors.
  Purves has run claims at Markel International since the start of
  2013 and was previously head of political and contingency claims at
  Beazley.
  Simon Wilson has been head of Markel's national markets
  business, which focuses on UK clients, since 2015. He
  
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• Generali divests defensive Intesa stake

  31-05-2017 13:56
  Generali has sold the 3.04 percent stake it purchased in Italian
  bank Intesa Sanpaolo in February to fend off a takeover.
  Shares in the Italian insurer slipped marginally shortly after the
  start of trading, while Intesa also edged lower after Generali said
  late yesterday it had divested the 510 million shares.
  These were worth around EUR1.3bn ($1.45bn) at yesterday's
  closing price of EUR2.55.
  Generali also said it had terminated related hedging arrangements
  it made on 17 February amid a mooted..
  
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• FM Global gets Luxembourg licence for post-Brexit hub

  31-05-2017 13:56
  Mutual property insurer FM Global has won a licence from
  Luxembourg that will let it set up a new European hub in the Grand
  Duchy as Brexit threatens to make a long-term base in London less
  useful.
  Luxembourg authorities at the Commissariat aux Assurances issued
  the licence to its FM Insurance Europe unit, the Johnston, Rhode
  Island-based carrier said today. The office will be located at
  Regus Kirchberg City Centre.
  The nearly two-century-old mutual chose Luxembourg as its new
  European...
  
  Read more

• DE Shaw to trim James River stake

  31-05-2017 13:56
  Former owner DE Shaw is to sell a 14.5 percent stake in carrier
  James River as the hedge fund continues to cut its holding.
  The secondary sale of 4.25mn shares - worth about $179mn based
  on yesterday's closing price on Nasdaq of $42.04 - will be
  handled by Morgan Stanley.
  The sale will reduce DE Shaw's holding in the carrier from
  36.0 percent to 21.5 percent, James River said yesterday.
  The investment firm sold 3mn shares in James River last...
  
  Read more

• Career Development: RSA commercial lines divisions achieve chartered status

  31-05-2017 13:36
  
  RSA said commercial risk solutions, global risk solutions and the chief underwriting office were accredited by the Chartered Insurance Institute amid a renewed focus on building technical skills and expertise across the group.
  
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• InsurTech Futures: Worry+Peace launches insurance Marketplace

  31-05-2017 12:52
  
  Broker says platform aims to be like Amazon Marketplace, but for insurance.
  
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• EU gets go ahead to sign covered agreement with US

  31-05-2017 11:40
  
  The European Council has approved the signing of the covered agreement with the United States that would harmonise insurance and reinsurance regulation on both sides of the Atlantic.
  
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• UKBA: Staveley Head says winning helped boost business partnerships

  31-05-2017 11:24
  
  Awards close to entries one week from today.
  
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• FM Global chooses Luxembourg for post-Brexit hub

  31-05-2017 11:20
  
  FM Global has been granted a license to operate in Luxembourg, as the commercial property insurer looks to establish a post-Brexit base on the continent.
  
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• Aviva detected £85m in insurance fraud last year

  31-05-2017 11:19
  
  Aviva detected £85 million in insurance fraud last year and recorded a 9.5% increase in the number of fraudulent claims.
  
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• Keith Jackson joins FCA as director of GI

  31-05-2017 10:48
  
  The former Aon man replaces Simon Green who is moving to Arthur J Gallagher.
  
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• Review: Crucial cargo

  31-05-2017 10:47
  
  Allianz Insurance Complete Cargo
  
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• Interview: Hayley Robinson, RSA global risk solutions

  31-05-2017 08:00
  
  Six months following her appointment as managing director of RSA global risk solutions, Hayley Robinson sits down with Will Kirkman to talk about her new role
  
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• Interview: Andrew Horton, Beazley

  31-05-2017 08:00
  
  Beazley CEO Andrew Horton speaks to Post about the company's UK, Europe and international expansion programme.
  
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• Editor's comment: Time to play nicely

  31-05-2017 08:00
  
  We have a sign in our kitchen with the rules of the house. As well as being told not to run (and throw balls in the house), my son knows it’s important to play nicely.
  
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• Post to launch Mumbai Insurance Club

  31-05-2017 07:11
  
  The inaugural Mumbai Insurance Club will be on 15 June.
  
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• New South Wales defers fire and emergency services levy

  31-05-2017 05:45
  
  Australia's insurers are calculating the cost of a political decision to delay the introduction of a fire and emergency services levy in New South Wales on 1 July.
  
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• Verisk rolls out property data tool for Hong Kong

  31-05-2017 05:08
  
  US-headquartered data and technology firm Verisk Analytics is offering access to detailed property data for Hong Kong.
  
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• Swiss Re Corporate Solutions appoints Rake as CEO Asia-Pacific

  31-05-2017 04:48
  
  Swiss Re's insurance arm has promoted its head of South East Asia Jonathan Rake to head of Asia-Pacific.
  
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• Gallagher makes deals to expand in Texas, Illinois

  31-05-2017 02:28
  Acquisitive brokerage Arthur J Gallagher has concluded two deals
  that will help the intermediary grow its footprint in Texas and on
  home turf in Illinois.
  In separate announcements today, Gallagher revealed it has
  acquired family-run Zuber Insurance Agency, which offers a full
  suite of commercial and personal property and casualty lines as
  well as employee benefits and life insurance from a base in
  Houston, and the Williams-Manny Insurance Group in the Plains
  State.
  The Houston broker was establ
  
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• FM Global gets Luxembourg license for post-Brexit hub

  31-05-2017 02:28
  Mutual property insurer FM Global has won a license from
  Luxembourg that will let it set up a new European hub in the Grand
  Duchy as Brexit threatens to make a longtime base in London less
  useful.
  Luxembourg authorities at the Commissariat aux Assurances issued
  the license to its FM Insurance Europe unit, the Johnston, Rhode
  Island-based carrier said today. The office will be located at
  Regus Kirchberg City Centre.
  The nearly two-century old mutual chose Luxembourg as its new...
  
  Read more

• EU gets clearance to sign covered agreement with US

  31-05-2017 02:28
  The European Council has formally approved the covered agreement
  with the US that would harmonise insurance and reinsurance
  regulation across the Atlantic, authorising EU officials to sign
  the accord in a move that may prompt action in Washington.
  The council, the strategic decision-making body of the EU, came
  to the decision last week in a meeting in Brussels. It cited the
  benefits of improved regulatory certainty for carriers and
  protection for policyholders under the pact.
  Council officials a
  
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