Insurance news

• Broker lead generator Call Connection in administration

  18-07-2017 16:20
  
  The Ipswich business told 134 staff that they would lose their jobs with immediate effect.
  
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• InsurTech Futures: Start-up broker Zego raises £1.2m in funding

  18-07-2017 16:19
  
  Pay-as-you-go broker targets drivers working for sharing economy companies.
  
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• Firms' Brexit contingency plans may lead to difficulties, says FCA

  18-07-2017 15:45 via insuranceage.co.uk
  
  CEO Andrew Bailey states firms making plans before knowing the outcome of Brexit negotiations may find themselves in a difficult situation.
  
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• Flood Re pledges to cover more UK homes

  18-07-2017 15:44 via ft.com
  Subsidised insurance should be available for 190,000 homes next year
  
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• HDFC Standard Life: Indian summer

  18-07-2017 15:34 via ft.com
  Life insurers are hoping to benefit from gradual shift towards financial savings
  
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• Global reinsurer capital tops $605bn in Q1: Aon Benfield

  18-07-2017 13:26
  Global reinsurer capital reached a peak level of $605bn at 31
  March 2017, an increase of 2 percent from year-end 2016, according
  to data from Aon Benfield.
  In its June/July reinsurance outlook report, Aon Benfield found
  that traditional capital rose by 1 percent to $519bn over the first
  three months of the year, driven by retained earnings.
  The broker said traditional carrier appetite was influenced by a
  recent vendor model update that resulted in lower expected losses
  on natural catastrophe...
  
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• Ed taps RKH for A&H divisional head

  18-07-2017 13:26
  London-based broker Ed has appointed Roshan Choolhun as
  divisional director of accident and health (A&H) and
  contingency business, with a focus on the Middle East, Africa and
  Asia.
  Choolhun joins from RKH Specialty, where he held the role of
  divisional director tasked with producing and broking Middle
  Eastern direct and facultative business.
  He also spent over a decade at Chesterfield Insurance Brokers,
  where he was as a producing broker with a focus on the Middle East
  and high-risk occupati
  
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• Firms that have made Brexit contingency plans may face difficulties, FCA says

  18-07-2017 13:13
  
  The Financial Conduct Authority said Brexit contingency plans of some companies could cause them "difficulties" in future.
  
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• Consolidator PIB buys another broker

  18-07-2017 12:34
  
  Consolidator PIB buys Franklands in its ninth acquisition in 15 months
  
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• SSP partners with Axa on live-chat service

  18-07-2017 12:27
  
  Allianz was first to go live with the service with more insurers expected to follow.
  
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• PIB buys Franklands Insurance

  18-07-2017 12:12
  
  The deal was for an undisclosed sum and Franklands MD David Harrison will remain as leader of the business.
  
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• Lloyd's boss predicts boom figures for size of cyber insurance market

  18-07-2017 11:38
  
  Lloyd’s boss Inga Beale says size of cyber insurance market could increase dramatically with new regulation coming in and gives figures
  
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• US thunderstorm tops quiet H1 cat activity

  18-07-2017 11:35
  Munich Re said that a US thunderstorm was the most costly insured
  catastrophe loss for the first half of 2017, as total claims came
  in well below average.
  Insured natural catastrophe losses for the first six months
  dropped 39 percent year-on-year to $19.5bn from $32bn in the same
  period last year and against a $29bn 10-year average.
  The most costly insured loss of the half-year was a $1.8bn US
  thunderstorm that struck in early May, followed by Australian
  cyclone Debbie...
  
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• State Farm Lloyds wins AM Best upgrade

  18-07-2017 11:35
  AM Best has lifted the financial strength rating of Texas
  commercial and homeowners' carrier State Farm Lloyds from B++
  to A-.
  It also lifted the long-term issuer credit rating to a- from
  bbb+.
  The ratings agency said the decision reflected the
  subsidiary's "strengthened risk-adjusted capitalisation
  (and) favourable earnings in most of the past five years" as
  well as the benefits of being part of the larger State Farm
  Group.
  Bloomington, Illinois-based State Farm is the US' largest
  P&C insur
  
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• Pioneer names Hari as head of cat risk

  18-07-2017 11:35
  MGA heavyweight Pioneer has appointed Anand Hari as head of
  catastrophe risk and exposure management.
  Hari will report to group director of underwriting Graeme
  Rayner, who joined from MS Amlin last year. Hari will be based in
  the London office.
  Hari joins from Faraday Syndicate 435, where he was head of
  direct and facultative cat modelling in a role that included
  delivering Solvency II and other regulatory requirements from the
  Prudential Regulation Authority and Lloyd's.
  Earlier this year, this
  
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• Opinion: A good thing from Dodd-Frank

  18-07-2017 11:35
  There are many reasons for politicos with a deregulatory bent to
  call for repeal of 2010's Dodd-Frank Wall Street Reform and
  Consumer Protection Act: over 22,000 pages of regulations drawn up
  to implement more than 400 new rules and mandates; $27bn in
  economic costs; and at least 2,600 new federal jobs to oversee
  implementation that add $600mn annually to government expenses.
  And, so far, only 224 of the rules have been put in writing.
  According to US Representative Jeb Hensarling,...
  
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• Motor premiums see biggest spike ever following Ogden

  18-07-2017 11:10
  
  Motor premiums have seen the biggest rise “ever recorded” owing to the government’s decision to raise insurance premium tax and cut the discount rate.
  
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• NIG refreshes business package and minifleet etrade products

  18-07-2017 11:06 via insuranceage.co.uk
  
  Insurer states it made updates to meet broker feedback.
  
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• #insagepeople 17 - 23 July 2017

  18-07-2017 11:00
  
  Keep up to date with the latest people moves.
  
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• Cost of UK car insurance leaps 11% to record high

  18-07-2017 10:39
  
  Changes to compensation rules and rise in insurance premium tax blamed, as drivers pay £484 on average for annual policyThe cost of car insurance has soared by 11%, nearly four times the rate of inflation, over the past year, taking the cost of motor cover to a record high.UK drivers are paying an average £484 for an annual insurance policy, up£48 in the last 12 months, according to the Association of British Insurers. It laid much of the blame on changes to compensation rules
  
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• Avid and Chaucer join forces on travel

  18-07-2017 10:22
  
  Avid and Chaucer join forces on travel
  
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• ABI charts huge Ogden-fuelled motor rate jump

  18-07-2017 08:30
  
  Motor rate jump fuelled by Ogden and IPT, trade body says
  
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• APIL blasts insurers over ‘scandalous’ Ogden response

  18-07-2017 08:28
  
  Insurers’ Ogden response blames injured claimants for industry’s mismanagement, trade body claims
  
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• Blog: Making life-or-death decisions for your customer

  18-07-2017 07:00
  
  Could you and your providers be trusted to come up with an innovative solution to save your customer's life, asks Chris Knight, head of corporate services, CEGA Group.
  
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• ICICI Lombard files for IPO

  18-07-2017 04:20
  
  Indian general insurer ICICI Lombard has filed a draft prospectus for an IPO for 19% of its shares.
  
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• Patriot National ex-CEO Mariano walks away with $10mn

  18-07-2017 03:31
  Patriot National founder Steven Mariano received a severance
  deal worth $10mn when he stepped down from his operational roles at
  the insurance services outsourcer last week, according to a
  regulatory filing.Directors of the company, including several who have recently
  joined the board, agreed to pay Mariano $6mn on his resignation as
  chairman, president and CEO, plus another $4mn in $1mn annual
  instalments beginning in August 2018, subject to clawback by the
  company, a filing with the Securities
  
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• Cancer diagnosis can quadruple the cost of travel insurance

  18-07-2017 03:03 via ft.com
  Some sufferers charged up to £1,000 for an annual policy
  
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• Brown & Brown just beats as organic growth slows

  18-07-2017 01:27
  US broker and early reporter Brown & Brown kicked off the
  second quarter results reporting season by narrowly beating analyst
  estimates despite a slowdown in organic growth.
  The intermediary reported Q2 organic revenues of $441.9mn, up
  1.6 percent on the same period last year.
  But the $435.1mn figure reported for the second quarter of 2016
  represented growth of 2.6 percent compared to a year earlier for
  the Daytona Beach, Florida-based broker.
  Net income for the most recent period was almost
  
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• Cost of car insurance in UK hits record high after 11% jump in 12 months

  18-07-2017 01:01
  
  Changes to compensation rules and rise in insurance premium tax blamed, as drivers pay £484 on average for annual policyThe cost of car insurance has soared by 11%, nearly four times the rate of inflation, over the past year, taking the cost of motor cover to a record high.UK drivers are paying an average £484 for an annual insurance policy, up£48 in the last 12 months, according to the Association of British Insurers. It laid much of the blame on changes to compensation rules
  
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