Insurance news

• Capita paid £500,000 by Flood Re to administer £100,000 in claims

  03-07-2017 21:29 via ft.com
  Outsourcer receives contractual minimum for year with lack of major flooding
  
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• Talbot loses head of treaty

  03-07-2017 19:14
  Talbot's head of treaty John Cutts has left after well over
  a decade with the company, The Insurance
  Insider has learned.
  Sources indicated the aviation-focused underwriter had not yet
  secured a new role after his recent resignation.
  He had been at Talbot for more than 17 years.
  In addition to his responsibility for the aviation treaty book,
  Cutts is believed to have been involved in the carrier's marine
  treaty business.
  Validus' Lloyd's arm is a significant market for
  aviation treaty...
  
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• Lloyd's broker Servca expands into Canada

  03-07-2017 19:14
  Lloyd's broker Servca is expanding into Canada in response to
  demand from regional brokers for direct access to the London
  liability insurance market.
  Managing director Nomaan Jamal said Servca will link the brokers
  up with providers of financial and professional lines products,
  including professional liability/errors and omissions,
  directors' and officers', medical malpractice and cyber
  liability cover.
  "The Canadian regional brokers are basically fed up with
  having to work with MGAs to act as
  
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• News analysis: FCA sends warning on renewal rules

  03-07-2017 18:05
  
  The industry reacts after the regulator clamped down on Admiral over renewal wordings
  
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• Hailstorm Paul causes EUR400mn in insured losses: MSK

  03-07-2017 16:24
  German actuarial firm Meyerthole Siems Kohlruss (MSK) has estimated
  insured damaged from hailstorm Paul at EUR400mn ($454.7mn).
  The weather system passed through Germany on 22 June, and was
  characterised by a number of small-scale hailstorms, according to
  MSK managing director Onnen Siems.
  The hailstorms extended from the Ruhr area to Göttingen,
  spreading over almost 300km, with a second intensive band of hail
  stretching from Cologne/Bonn to Gießen/Marburg.
  Regional hail concentration
  
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• SSP confident of winning customers with new service

  03-07-2017 16:00
  
  Adrian Coupland says SSP Broking is the result of years of development.
  
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• NatGen names buyers of stake held by AmTrust

  03-07-2017 13:39
  Schroders, Coral Rock Investments and the Canadian Broadcasting
  Corporation Pension Plan are among the investors that bought
  AmTrust's 11.5 percent stake in affiliate National General
  Holdings last month, according to a regulatory filing.
  In a prospectus related to the resale of the stock filed with
  the Securities and Exchange Commission on Friday (30 June), NatGen
  said the nearly 12.3 million shares could potentially be offered on
  the market. But it added that it could not confirm whether or no
  
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• Compre sets up shop in Malta

  03-07-2017 13:39
  Legacy specialist Compre has received approval to set up an
  insurance company in Malta as the Mediterranean jurisdiction
  burnishes its credentials as a run-off hub.
  The entity will be created by moving London & Leith
  Insurance SE from the UK to Malta, Compre said.
  Compre will use a structure known as a protected cell company
  (PCC) - a Maltese facility unique in the EU
  than means that assets and liabilities from one "cell" of
  a business are ringfenced from the...
  
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• Childs replaces Jardine as Lloyd's deputy chairman

  03-07-2017 13:39
  Robert Childs, the non-executive chairman of Hiscox, has been
  appointed to take over from XL Catlin's Paul Jardine as deputy
  chairman of Lloyd's.
  Three deputy chairmen sit on the Council of Lloyd's. Childs
  joins Simon Beale, the MS Amlin chief underwriting officer and Andy
  Haste, chairman of Wonga Group, on the board.
  Robert Childs started at Hiscox in 1986 and worked as active
  underwriter of Lloyd's Syndicate 33 between 1993 and 2005. He
  has 44 years' experience in the insurance...
  
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• Aston Scott-backer confirms Lark acquisition

  03-07-2017 13:39
  Aston Scott, the broker consolidator led by erstwhile Oval CEO
  Peter Blanc, has agreed to buy Lark Group for an undisclosed sum,
  the firm announced today.
  The Insurance Insider first reported
  thatAston Scott was among the bidders for the business on 5 May,
  and revealed that it had beenawarded exclusivity in the sales process on 22 June.Bowmark Capital, which backs Blanc's broker, will become the
  majority shareholder of a new company which will acquire the entire
  share...
  
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• AM Best revises Hyundai Marine & Fire outlook to negative

  03-07-2017 13:39
  AM Best has revised the outlook of Hyundai Marine & Fire
  (HMF) to negative from stable, while affirming the carrier's
  financial strength rating of A (excellent) and long-term issuer
  credit rating of a.
  The revised outlook reflects the carrier's increased asset
  leverage over the past five years, which has left the company's
  capitalisation more susceptible to asset value fluctuation, the
  rating agency said.
  AM Best said it could lift the outlook if HMF "can achieve
  sustainable improvement in i
  
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• MS Amlin launches Shop product on Acturis

  03-07-2017 13:01
  
  The product is designed for individual and small chains of shops and salons.
  
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• Government urged to use telematics to track terrorists

  03-07-2017 12:32
  
  Trak Global has urged the government to use telematics to track terrorists who use vehicles as weapons
  
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• FCA in the cold on European Brexit talks

  03-07-2017 12:19
  
  Chief Andrew Bailey confirms that the regulator is not involved in all regulatory discussions on the UK’s EU exit.
  
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• Markerstudy in overhaul to fill big hole in solvency capital

  03-07-2017 12:01
  
  Premium content: Markerstudy admits shortfall caused by ‘inefficient structures’
  
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• Markerstudy moves from deficit to surplus with capital actions

  03-07-2017 11:53 via insuranceage.co.uk
  
  Moves take £109m deficit to £20.6m surplus.
  
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• Compre launches Maltese insurance company

  03-07-2017 11:28
  
  Compre is to establish an insurance company in the Republic of Malta.
  
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• ​Direct Line commercial signs software deal and guns for growth

  03-07-2017 11:17
  
  Direct Line commercial signs five-year deal with software house that paves the way for new product launches
  
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• #Insagepeople: 03 - 09 July 2017

  03-07-2017 10:45
  
  Keep up to date with the latest people moves.
  
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• Blanc outlines new vision after Aston Scott Lark merger

  03-07-2017 10:26
  
  Premium content: Aston Scott Lark merger has benefits of scale 
  
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• Price Forbes buys Cooper Gay Chile stake

  03-07-2017 10:24
  Lloyd's broker Price Forbes has entered the Chilean market
  through the purchase of an initial minority stake in
  management-owned Cooper Gay Chile.
  Price Forbes' Greg Ferguson will join the board of the
  company, which will change its name to Price Forbes Chile. Price
  Forbes plans to take a majority holding in the business at a later
  stage.
  Cooper Gay Chile is led by Luc Van Eyghen, who will expand the
  specialist services the reinsurance broker offers with the help of...
  
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• Opinion: Costing volatility

  03-07-2017 10:24
  The rationale of the Lloyd's market is to take volatile risks
  that aren't suitable for vanilla insurers.
  And yet its exposure to catastrophe risk was highlighted by
  Fitch Ratings as a major factor in its decision to put a negative
  outlook on its AA- rating for the market.
  Of course, the ratings agency has to look at Lloyd's
  exposure in comparison to its peers and consider the way it changes
  over time, but to pick out one line of business...
  
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• NZ regulator delays ruling on Tower's takeover by Vero

  03-07-2017 10:24
  The New Zealand regulator has pushed back the date of its final
  decision on Suncorp-owned Vero's acquisition of Tower to 26
  July, citing competition concerns about the deal.
  In a statement released Friday the Commerce Commission said it
  was concerned about the impact of the takeover on the domestic
  house and contents and private motor insurance markets.
  The regulator said it had sent a 'letter of unresolved
  issues' to Vero on 16 June which outlined its concerns.
  Vero requested additional...
  
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• Chaucer acquires SLE Holdings

  03-07-2017 10:24
  Lloyd's carrier Chaucer has announced an agreement to acquire
  Australian underwriting agency SLE Holdings for an undisclosed sum.
  Chaucer said the deal would increase the specialty product
  capabilities of its Syndicate 1084 and improve its competitive
  position in Australia.
  SLE, which is known as SLE Worldwide Australia, was founded by
  Brad French in 2009 and primarily writes business focused on the
  sports, leisure and entertainment markets.
  It is based in Sydney and is a registered Lloyd's
  cove
  
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• Capital Risks hires underwriting director

  03-07-2017 10:24
  Capital Risks has named Alex Smith as its new underwriting
  director.
  Smith will join the transaction liability insurance-focused MGA
  on 1 August upon the completion of his notice period.
  He moves to Capital Risks from AIG, where he spent the last four
  years as an underwriter in the UK M&A team.
  Capital Risks was launched on 12 June and writes transaction
  liability business for small and medium-sized deals.
  The MGA's chief executive Nathan Sewell said the company is
  working on...
  
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• Markerstudy injects capital to fix £109m solvency deficit

  03-07-2017 09:58
  
  Markerstudy was forced to inject fresh cash into the business after falling short of its solvency requirement by £109m.
  
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• In Depth: The truth behind the broken system of dual pricing

  03-07-2017 07:00
  
  The industry has faced sustained attacks in recent months for its ‘shameful’ practice of raising rates for loyal customers, with one newspaper calling for the government to ‘punish the insurance pirates’.
  
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• Analysis: The truth behind the broken system of dual pricing

  03-07-2017 07:00
  
  The industry has faced sustained attacks in recent months for its ‘shameful’ practice of raising rates for loyal customers, with one newspaper calling for the government to ‘punish the insurance pirates’.
  
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• UK urged to clarify data rules from connected cars

  03-07-2017 06:00 via ft.com
  Consortium calls for access to information from driverless vehicles
  
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