Insurance news

• UK government publishes final ILS rules

  24-07-2017 23:04
  Marathon efforts to establish London as an insurance-linked
  securities (ILS) hub passed a major milestone last week when the UK
  government released final regulations for the new regime.
  Sister publication Trading Risk
  reported that the new rules removed a controversial requirement for
  pre-issuance approvals of individual risk transfer deals after
  industry lobbying.
  The regulations will ensure that London remains the leading
  (re)insurance marketplace, according to economic secretary to the
  treasu
  
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• Travelers targets Singapore InsurTech over logo

  24-07-2017 23:04
  Travelers has launched legal action against Singapore-based
  InsurTech start-up PolicyPal over the company's use of an
  umbrella for its logo, in at least the second such case brought by
  the US carrier this year.
  PolicyPal's logo features a green umbrella set at a
  45-degree angle, while Travelers' long-standing emblem is a red
  vertically placed umbrella.
  The start-up has launched a competition to design its new logo,
  with entries due before 31 July.
  In a statement announcing the competition, Polic
  
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• Sirius confirms Soria Bermuda casualty hire

  24-07-2017 23:04
  Sirius Group has confirmed the appointment of former QBE Re
  executive Erik Soria as vice president for casualty reinsurance
  business written by its Bermuda platform.
  The Insurance Insider revealed in April that the then QBE Re Bermuda
  branch manager was leaving the reinsurer to join rival Sirius
  International on the island.
  And in a statement today, Sirius said that Soria had joined the
  company as underwriter for its casualty portfolio, reporting
  directly its Bermuda CEO Warren Trace.
  Soria is t
  
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• R-T Specialty acquires Georgia-based rival

  24-07-2017 23:04
  Pat Ryan's R-T Specialty has acquired N-Surance Outlets
  (NSO), a wholesale broker and binding authority dedicated to
  commercial P&C, transportation and garage risks.
  In a statement today, R-T Specialty said NSO, which has been
  around for more than three decades, serviced more than 1,000 agents
  in America's Southeast.
  The newly acquired firm has an office in Tarpon Springs, Florida
  as well as well as its head office, which is in Roswell, Georgia,
  according to its website.
  R-T Specialty chairm
  
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• ProSight in marine program launch with International Special Risk

  24-07-2017 23:04
  US specialty carrier ProSight has partnered with the East
  coast's largest marine broker, International Special Risk, with
  a new program to write cover for maritime contractors.
  The new package includes marine general liability cover as well
  as protection for property, auto and hull and machinery among other
  risks. It also includes workers comp.
  ProSight claims the new offering will strip away the burden of
  dealing with multiple claims notification procedures by bringing
  the different coverages u
  
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• Opinion: London calling

  24-07-2017 23:04
  The UK's attempt to get a local hub for ILS business up and
  running has encountered a fair amount of classically glum British
  scepticism in the past couple of years.
  One often raised question was why London was bothering to chase
  these transactions when the handling fees were far from
  lucrative.
  However, this issue was brought up less often after the Brexit
  referendum, when naysayers were confronted with the pressing danger
  of City business and workers leeching away to Europe....
  
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• Ogden dents Canopius syndicate's 2015 YoA: Argenta

  24-07-2017 23:04
  Canopius's Syndicate 958 has revised its profit forecast for
  the 2015 year of account (YoA) downwards, after the change to the
  Ogden discount rate and other factors hit profits.
  Members' agent Argenta Holdings published a note last week
  stating that Canopius had resubmitted its forecast to reflect a
  loss in the worst-case scenario, which had arisen out of the change
  in the Ogden rate used by UK courts for settling accident
  victims' liability claims.
  This combined with a change to...
  
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• ITI Re may surrender licence on regulatory barriers: report

  24-07-2017 23:04
  India's first private market reinsurer ITI Re is considering
  the possibility of surrendering its licence due to regulatory
  issues in the country, including credit rating stipulations and
  obligatory cession rules.
  Several of the company's executives have attacked rules
  requiring insurers to cede 5 percent of premiums to state-backed
  reinsurer GIC Re, saying that the firm could drop its licence if
  the stipulation remains unchanged, according to anEconomic Times of India report.
  ITI Re's licence wa
  
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• Howden buys Singapore's Sterling Knight

  24-07-2017 23:04
  Hyperion-owned retail broker Howden has completed the
  acquisition of Singapore-based Sterling Knight.
  The target company specialises in specie and international
  employee benefits business and serves clients ranging from
  multinationals to small and medium-sized enterprises.
  Sterling Knight will continue to operate using its own licence
  under the leadership of CEO Victor Adam and other existing
  management, Howden said.
  Howden and Hyperion CEO David Howden called the purchase
  "another significant m
  
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• Brit takes Catlin legacy US yacht portfolio

  24-07-2017 23:04
  Brit Global Specialty USA has struck a deal with XL Catlin to
  secure the renewal rights of the legacy Catlin yacht portfolio in
  the country.
  The agreement relates to legacy policies written by Catlin,
  prior to its acquisition by XL. Brit's yacht underwriters will
  service existing policies through to expiration, after which the
  carrier will offer renewal quotes for eligible customers.
  The deal follows Brit's hires last year of Tom Carroll and
  Craig McGinnes as senior vice president of marine...
  
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• Blue Marble teams up with conservation group in LatAm

  24-07-2017 23:04
  Industry-backed microinsurer Blue Marble has teamed up with
  conservation group The Nature Conservancy to reduce the impact of
  climate change and increase coverage in Latin America.
  The collaboration will see the two organisations seek to
  increase protection for small ranchers by combining trees with
  forage pasture and livestock.
  The practice, known as silvopastoral farming, has been shown to
  increase milk production by up to 67 percent and meat production by
  more than 50 percent.
  It also helps f
  
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• AM Best affirms Sirius despite Minsheng concerns

  24-07-2017 23:04
  AM Best has affirmed the credit ratings of Bermuda-domiciled
  carrier Sirius and its main subsidiaries despite what it called the
  "materially weaker" credit profile of the
  (re)insurer's parent, China Minsheng Investment Group Corp.
  The rating agency marked the long-term issuer credit rating
  (ICR) of Sirius International Group Limited (SIG) as bbb.
  It assigned an A financial strength rating and an "a"
  long-term ICR to Sirius Bermuda Insurance, with the same ratings
  for Sirius International Insuran
  
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• BIA 2017: Winners and finalists

  24-07-2017 17:49
  All the winners and finalists from the night
  
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• InsurTech Futures: Simply Business hosts blockchain hackathon

  24-07-2017 17:34
  Winning team developed weather insurance platform for organisers of major outdoor events.
  
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• BIA 2017: The judges

  24-07-2017 16:42
  Meet the judges who deliberated over the winning entries at this year's British Insurance Awards
  
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• Injury costs hit Premier League clubs

  24-07-2017 15:18
  Injury costs are rising at Premier League clubs who are looking to insurance for an answer
  
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• Money Supermarket slapped with £80,000 fine for deluge of spam emails

  24-07-2017 15:04
  Price comparison website Money Supermarket has been fined £80,000 by the Information Commissioner’s Office for sending millions of emails to customers who didn’t want them.
  
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• One in three chance of record rainfall this winter

  24-07-2017 14:48
  The UK could face record rainfall this winter, says new research from the Met Office
  
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• InsurTech Futures: Risk v Reward – how brokers can get the most from InsurTech

  24-07-2017 13:20
  CMS partner Ian Stevens discusses opportunities and legal obligations for brokers in InsurTech.
  
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• Top solicitors PI insurers revealed

  24-07-2017 13:19
  Law Society’s annual survey shows top solicitors PI insurers
  
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• FCA publishes IDD plans

  24-07-2017 12:51
  Regulator continues its consultation on how to implement the Insurance Distribution Directive.
  
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• Broker Network reveals war chest

  24-07-2017 11:50
  Broker Network reveals war chest as chief executive Andy Fairchild speaks to Insurance Times
  
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• Personal injury CMCs made £2.8bn over the last decade

  24-07-2017 11:26
  Personal injury claims management companies earned £2.8bn over the last 10 years, a government report has revealed.
  
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• Aviva backed startup incubator adds first five fintech firms

  24-07-2017 11:13
  Fledgling tech firms to get support from Aviva backed startup incubator
  
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• Financial Surety launches travel facility

  24-07-2017 11:07
  Products include cover for airline failure, supplier failure and terrorism.
  
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• Aviva names five start-ups for fintech incubation programme

  24-07-2017 10:19
  Aviva and Founders Factory have revealed the first five start-ups selected for its fintech programme.
  
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• Public divided on driverless cars, study reveals

  24-07-2017 10:01
  Over a third of the public are sceptical of driverless cars, with only four in 10 ready to embrace the technology.
  
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• Markel appoints Mathur to lead entry into India

  24-07-2017 09:32
  Markel International has hired Indian insurance veteran Deepika
  Mathur to lead its forthcoming venture on the Lloyd's India
  platform.
  Markel looks set to become the second Lloyd's managing agent
  to join the Mumbai-based platform, followingMS Amlin's approval in April this year. Capacity will be
  provided by Markel's Syndicate 3000 at Lloyd's.The business is subject to approval from Lloyd's and the
  regulatory authorities in India.
  Mathur joins with about 20 years of experience, most recently
  worki
  
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• Beazley adds Asia FI head

  24-07-2017 09:32
  London market carrier Beazley has hired Nicholas Tey as its new
  regional manager for financial lines business in Asia.
  He will be based in Singapore and will oversee the Beazley FI
  offerings in the region including professional indemnity, cyber
  risk, management liability and the healthcare sector.
  The underwriter joins the company from Chubb, where he
  previously led the same unit in Singapore. Tey previously held
  similar underwriting positions with XL, Axa and AIG across
  Asia....
  
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• Tey swaps Chubb for Beazley in Singapore

  24-07-2017 07:45
  Nicholas Tey has left global insurer Chubb to join Beazley in Singapore.
  
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• India Q+A: Sainesh Dar, Chartered Insurance Institute

  24-07-2017 07:14
  Insurance Post speaks with the Chartered Insurance Institute's South Asia and Middle East regional head Sainesh Dar about the organisation's work in India.
  
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• Jelf and Bluefin's Phil Barton on the Ogden rate

  24-07-2017 07:00
  There have been many column inches devoted to the impact of Ogden discount rates on the motor and liability insurance markets since its unforeseen reduction to minus 0.75% in March this year. Jelf and Bluefin's CEO Phil Barton takes a closer look.
  
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