Insurance news

• Perils raises Egon loss estimate to EUR275mn

  12-07-2017 20:57
  Catastrophe data provider Perils hiked its estimate of losses
  stemming from the Egon windstorm that swept over Europe in January
  to EUR275mn ($314mn), up from a previous figure of EUR234mn.
  Initially, Perils in February pegged losses from Egon at $212mn,
  a month after the extratropical cyclone brought high winds, heavy
  rain and snowfall to parts of France and Germany. The group raised
  it to EUR234mn in April.
  Today's report gives a more detailed overview of the extent
  and type of...
  
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• Oregon launches review of earthquake insurance options

  12-07-2017 20:57
  An official review of setting up an earthquake insurance
  provider modelled on California's publicly managed, privately
  funded carrier has begun in Oregon, where experts say there's a
  significant risk of a major temblor that could level hundreds of
  thousands of buildings.
  The 600 mile (966km) long Cascadia Subduction Zone 75 miles off
  the coast of the Pacific Northwest has a 40 percent chance of
  producing an earthquake of 9.0 or greater magnitude over the next
  50 years, with devastating consequen
  
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• Generali explores EUR44bn German life book sale: report

  12-07-2017 20:57
  Italian carrier Generali is gearing up sell its EUR44bn ($50bn)
  German life book, Reuters reported, citing sources close to the
  matter.
  Generali's Leben book, which ceased writing new business in
  2015 but continues to offer life cover in the country under
  different brands, is being evaluated by Morgan Stanley for
  potential sale, the news service said today.
  A Generali representative told Reuters: "A sale of certain
  portfolios within the German perimeter could be just one of several
  strategic opt
  
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• Beazley gets green light for Ireland EU base

  12-07-2017 20:57
  London market carrier Beazley has been granted authorisation by
  the Central Bank of Ireland (CBI) to convert its pre-existing
  reinsurance entity in the country into an EU base for its insurance
  operation.
  The Irish company will be renamed Beazley Insurance for all
  European business alongside its access to Lloyd's recently
  announced Brussels hub.
  In addition, Beazley said it will create further European branch
  offices, including a separate UK entity and a presence in France,
  Germany and Spain.
  Th
  
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• UK’s financial watchdog raises concerns over pension cash-ins

  12-07-2017 18:51
  FCA ready to intervene after 2015 reforms gave savers the chance to withdraw funds
  
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• More Westminster terror victims bring claims against Zurich

  12-07-2017 16:47
  
  Exclusive: More victims injured in the Westminster bridge terror attack have brought compensation claims against Zurich.
  
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• Aviva puts 120 people at risk of redundancy

  12-07-2017 14:31 via insuranceage.co.uk
  
  Insurer proposing to close Southend office and move commercial property business to Perth.
  
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• Aviva cuts jobs in Southend and claims

  12-07-2017 14:25
  
  Aviva cuts jobs through closure of Southend office, reduction of claims field team
  
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• 120 jobs at risk as Aviva plans to close Southend office

  12-07-2017 14:16
  
  Aviva has placed 120 jobs up for review as it prepares to close its Southend office.
  
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• Mines and lumber mills closed after Canadian fires

  12-07-2017 14:12
  Mines and lumber mills have been shut down and farms destroyed
  by a series of wildfires in the Canadian province of British
  Columbia.
  The fires started late last week following a period of dry
  weather and a series of lightning storms. Some 240 fires were
  burning by Saturday (8 July), according to local media reports.
  One of Canada's largest timber companies, West Fraser, said
  on 10 July it had temporarily suspended operations at three wood
  mills, 100 Mile House, Williams...
  
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• Renewable energy surge results in new team for Cunningham Lindsey

  12-07-2017 13:31
  
  Cunningham Lindsey has launched a team in response to greater demand for offshore renewable wind energy in the Netherlands.
  
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• Blog: The post-Brexit market move

  12-07-2017 12:14 via insuranceage.co.uk
  
  What does it mean for the UK insurance sector that insurers are moving parts of their businesses to other countries?
  
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• Arag posts stable UK GWP and profit for 2016

  12-07-2017 12:11 via insuranceage.co.uk
  
  Legal insurance specialist celebrates 10th year of business.
  
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• Meet the Leeds Expo panellists – Joe Henderson

  12-07-2017 12:05
  
  Nine local leaders have signed up to share their views with brokers across two live panel discussions.
  
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• Usage-based motor start-up By Miles gains FCA authorisation

  12-07-2017 11:46
  
  Usage-based motor start-up By Miles has received Financial Conduct Authority authorisation.
  
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• Elton John and Axa invest in AI platform

  12-07-2017 11:30
  
  Sir Elton John has invested in a cultural Artificial Intelligence platform alongside Axa Strategic Ventures, in a $6.5 million closing round.
  
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• FCA says ‘intervention’ may be needed after pension freedoms

  12-07-2017 11:21
  City regulator identifies unadvised drawdown market as growing issue
  
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• Opinion: Catlin's chronicles

  12-07-2017 10:56
  If life occasionally seems pointless as you trudge over London
  Bridge or along Fenchurch Street of a morning, Stephen Catlin's
  insurance-explainer-cum-autobiography Risk &
  Reward will chase your existential angst away.
  That's because alongside the high-octane deal making, the
  down-to-the-wire capital raisings and the underwriter-broker
  wrestling is an impassioned defence of the social value of the
  insurance industry.
  This is an argument that needs rehearsing and re-rehearsing
  since, as Catli
  
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• AM Best cuts Country-Wide outlook to negative

  12-07-2017 10:56
  The New York's Country-Wide Insurance Company has had its
  ratings outlook downgraded from stable to negative by AM Best.
  The ratings agency affirmed its financial strength assessment of
  C+ on the insurer.
  Country-Wide operates in the state of New York, focusing on
  private passenger and commercial motor business in the wider New
  York City metropolitan area.
  AM Best said it has revised the company's outlook because of
  a deterioration in the insurer's risk-adjusted capitalisation
  due to reserve str
  
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• Rural Insurance managing director Ian Barclay resigns

  12-07-2017 10:53
  
  Rural Insurance managing director Ian Barclay has resigned.
  
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• Test article: CPD assessment one

  12-07-2017 10:50
  The first in our series of assessments that can be used to accrue points towards your CII qualification.
  
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• Rural Insurance managing director quits

  12-07-2017 10:19
  
  Rural Insurance managing director Ian Barclay resigns
  
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• Motor insurance startup gets FCA approval

  12-07-2017 10:01
  
  Motor insurance startup takes further step towards UK launch
  
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• Motor insurance start-up gets FCA approval

  12-07-2017 10:01
  
  Motor insurance start-up takes further step towards UK launch
  
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• Ageas's Bart De Smet on why insurers don't need start-ups to innovate

  12-07-2017 07:00
  
  The hype around insurtech start-ups should not overshadow the in-house innovations coming from incumbent insurance companies, writes Ageas’ CEO Bart De Smet, defending the ‘internal incubator’ model.
  
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• Chubb creates global cyber unit under Bill Stewart

  12-07-2017 03:25
  Chubb is setting up a standalone cyber division under commercial
  cyber risk specialist Bill Stewart, who will lead its global
  practice in the segment across property and casualty (P&C)
  lines.
  Stewart, hired from consulting firm Booz Allen Hamilton, will
  also work with chief information security officer David Cowart to
  develop Chubb's cyber security practices, the Zurich-based
  insurer said today. Stewart will be based in New York.
  As an executive vice president and division president, Stewart
  
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• ISO releases cyber insurance programme

  12-07-2017 00:03
  Verisk analytics-owned P&C data provider ISO is offering a
  cyber insurance programme for carriers which includes advisory
  ratings on risk pricing, long a difficult challenge for insurers -
  even for those that offer the cover.
  The platform includes new coverage options for small and
  mid-size businesses which it said are the most exposed to attacks
  targeting computers, networks and data, Jersey City, New
  Jersey-based ISO said.
  It also provides coverage for large enterprises, government and
  non
  
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• Cunningham Lindsey sets up Dutch wind-energy team

  12-07-2017 00:03
  Claims adjusting firm Cunningham Lindsey has brought on three
  professionals to set up a team dedicated to the wind energy
  industry and based in the Netherlands.
  The team is made up of technical loss adjusters Michiel Groote
  Schaarsberg and Morten Jensen as well as civil engineering
  specialist Erik van den Bos.
  The move is a response to the increasing number of wind-energy
  installations off the coast of the Netherlands as well as onshore,
  Cunningham Lindsey said. The newly formed group...
  
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