Insurance news

• Reinsurers' earnings vulnerability to cats rises: S&P

  14-08-2017 23:27
  Soft market conditions mean that rising catastrophic occurrences
  worldwide are becoming a bigger threat to underwriting profits at
  reinsurers, according to Standard & Poor's (S&P)
  analysts.
  In a report, the analysts said that although reinsurers'
  balance exposure to extreme natural events is largely unchanged,
  earnings exposure has increased such that reinsurers are now twice
  as likely to report an underwriting loss due to nat cat losses as
  they were in 2012.
  "Given that prices are conti
  
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• Lockton picks up Driscoll from Aon in Boston

  14-08-2017 23:27
  Lockton appears to be the latest beneficiary of a thinning in
  the ranks at Aon's construction group, with the big privately
  owned intermediary adding Brian Driscoll to its Boston office.
  Driscoll, who was named a Lockton executive vice president,
  joined the Kansas City, Missouri-headquartered company from Aon,
  where he was managing director in its construction services group.
  As this publication reported in May, leaders of Aon's
  construction group were among as many as 100 executives slated to l
  
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• Jersey regulator plans 18.1% insurance fee hike

  14-08-2017 20:58
  Jersey's financial services regulator will increase fees
  charged to insurers by 18.1 percent from 1 October and will
  introduce a fee on transfers of insurance business, after failing
  to receive a single piece of feedback when it proposed the moves
  several months ago.
  The Jersey Financial Services Commission issued a consultation
  paper detailing its proposed fee hike and its rationale for doing
  so in June.
  Under the proposal, the watchdog said it would increase fee rates
  for those undertaking ins
  
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• Standard Life Aberdeen pledges to boost boardroom standards

  14-08-2017 19:20 via ft.com
  Newly-merged UK group promises to hold boards and senior management to account
  
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• H1 2017 saw most US cats since 1980: Verisk

  14-08-2017 18:58
  Flash floods inundated parts of several US cities this week,
  causing millions of dollars in damage in San Antonia, Kansas City
  and New Orleans - where Louisiana governor John Edwards declared a
  state of emergency today.
  The flood events come after a challenging first half of the year
  for US cat losses.
  Verisk Analytics estimates that catastrophes in the US produced
  $15bn in insured losses in the six months through June, up 10
  percent from last year and the most...
  
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• Brown & Brown buys Massachusetts agency

  14-08-2017 18:58
  Brown & Brown has acquired all the assets of Shenkel Insurance,
  a Massachusetts agency with about $1mn in annual revenue, the
  listed US intermediary said today.
  Details of the transaction were not disclosed.
  Founded in 1966, Shenkel Insurance provides P&C insurance
  products to businesses and individuals throughout Massachusetts
  from its headquarters in Canton, Daytona Beach, Florida-based Brown
  & Brown said.
  Following completion of the transaction, Shenkel Insurance will
  combine with
  
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• Tougher laws to protect 10 million Britons who book holidays online

  14-08-2017 18:49
  New EU-driven rules aim to give equal rights to customers who booked online and those who bought at a travel agentTravellers booking package holidays online are to receive greater protection if a holiday company goes bust, under government proposals to strengthen rules.The government said enhanced regulations, due to take effect in July 2018, would better protect an extra 10m UK package holidays booked over the internet. Related: Want a cheap holiday? Avoid Spain, says Tui bossContinue reading..
  
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• Standard Life and Aberdeen hope for happy memories

  14-08-2017 18:36 via ft.com
  Co-chiefs Keith Skeoch and Martin Gilbert look forward to 10 years together
  
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• Meet the techies: Richard Hartley

  14-08-2017 17:36 via insuranceage.co.uk
  Richard Hartley, co-founder and CEO of tech start-up Cytora, explains why brokers need to embrace data analytics.
  
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• Davies Group acquires Claims Management Services Limited

  14-08-2017 17:15
  Davies Group has acquired specialty casualty claims third party administrator, Claims Management Services Limited.
  
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• Davies Group expands casualty unit with new acquisition

  14-08-2017 17:11
  Davies Group makes second acquisition under new ownership
  
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• Markel opens political risk unit in Chicago

  14-08-2017 16:39
  Markel has established a trade credit and political risk
  underwriting operation in Chicago.
  Christen Mizell will move from the insurer's New York office
  to Chicago to lead trade credit and political risk underwriting in
  the Midwest, the company said today.
  The carrier began writing trade credit and political risk cover
  from the US in 2014.
  Mizell joined Markel in 2013 as a graduate and was involved in
  setting up the company's US political risk practice.
  Trade credit insurance protects against...
  
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• Maiden CEO buys stock as share price crashes

  14-08-2017 16:39
  Maiden Holdings CEO Art Raschbaum has spent $97,000 on shares in
  the company as he looks to signal confidence following the collapse
  of its share price.
  The firm's stock fell by 33.6 percent between Wednesday and
  Friday (9-11 August) last week as investors digested a major second
  quarter earnings miss that saw the company fall to a loss.
  Raschbaum subsequently purchased 13,500 shares on 11 August for
  an average price of $7.22.
  Insiders sometimes buy additional stock in a business...
  
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• Ag start-up MGA Crop Pro aims to mix FinTech and MPCI

  14-08-2017 16:39
  Crop Pro Insurance Services, an Iowa start-up adapting new
  technology and risk management methods in the crop insurance
  market, passed two milestones this week by raising $8mn in venture
  financing and obtaining federal approval to offer US-backed
  agricultural cover.
  The company is operating as an MGA and is based in Johnston near
  Des Moines. It plans to offer multi-peril crop and hail cover in
  collaboration with both the US Department of Agriculture's
  Federal Crop Insurance Corporation and Guide
  
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• Brightside sports broker adds LV unit to panel

  14-08-2017 16:34
  LV’s Highway to offer motor insurance through Brightside sports broker
  
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• Talanx Q2 profit rises by 11%, but misses consensus

  14-08-2017 14:29
  Operating profit at German carrier Talanx increased by 11.1
  percent to EUR549mn ($649mn) for the second quarter of 2017,
  slightly undershooting the EUR555mn consensus estimate from
  analysts.
  The majority owner of Hannover Re noted that group net income
  had risen by almost a quarter to EUR225mn, with net investment
  income rising by 14.3 percent to EUR1.1bn.
  The top line also increased by 5 percent to EUR7.8bn.
  However, its underwriting result worsened from a EUR362mn loss
  in Q2 2016 to a...
  
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• Opinion: Ogden appeal

  14-08-2017 14:29
  The chaos unleashed by the UK government's decision to alter
  the Ogden discount rate in February has continued this week, as
  another round of earnings results has laid bare the impact on
  (re)insurers.
  Far beyond the obvious bearing it has on the UK motor market -
  such as specialist motor syndicate ERS, whichreported a trading loss of £13.0mn ($16.9mn) for H1 2017
  last week - the change to how compensation for personal injury
  claims is calculated has had far...
  
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• Mathias to join Fidelis group board

  14-08-2017 14:29
  Fidelis Insurance has added group chief risk officer Charles
  Mathias to its board, filling a vacancy left by Neil McConachie,
  who resigned as group CFO and director in January.
  Mathias is based in London.
  The Bermudian insurer recruited Mathias as chief risk officer in
  2016 from Lancashire Group. Mathias joined Lancashire in 2005 when
  Fidelis CEO Richard Brindle founded the company.
  His roles at Lancashire included chief underwriting officer of
  the Bermuda entity and group underwriting operation
  
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• Insurers support rethink on Australian disaster spend

  14-08-2017 14:29
  Australian insurance bodies have supported a Senate committee
  report that called on the federal government to reconsider
  increasing its spending natural disaster mitigation.
  The Senate Standing Committee on Economics released a report on
  10 August recommending that the Australian government reconsider
  its decision not to lift federal funding for disaster mitigation
  and resilience to A$200mn ($157.43mn) a year.
  The recommendation followed the news that insured losses for
  Cyclone Debbie had passed
  
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• Brit moves into US professional lines with Bongi hire

  14-08-2017 14:29
  Brit has recruited Tom Bongi from XL Catlin as executive vice
  president for professional lines at its US platform.
  Bongi was director of underwriting for global professional lines
  at XL Catlin, with responsibility for underwriting operations in
  the carrier's professional lines and cyber liability books.
  He started his career as an insurance lawyer at Gordon and Rees
  in 1991 before spending four years as a liability claims supervisor
  at RSA. He joined Catlin in 2004.
  Brit said in a statement...
  
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• Online package holiday from hell? Don't fret, more protection is on its way

  14-08-2017 13:55
  New EU-driven rules on refunds aim to plug gap in UK consumer rights between customers who booked online and those who bought at a travel agentTravellers booking package holidays online are to receive greater protection if a holiday company goes bust, under government proposals to strengthen rules.The government said enhanced regulations, due to take effect in July 2018, would better protect an extra 10m UK package holidays booked over the internet. Related: Want a cheap holiday? Avoid Spain, sa
  
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• Gadget insurance aggregator launched

  14-08-2017 13:13 via insuranceage.co.uk
  Protect Your Gadget price comparison website has been developed to compare multiple brands.
  
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• TT Club to provide insurance cover for 'Uber-style' freight service

  14-08-2017 13:00
  TT Club is set to provide insurance cover for Russian freight start-up Deliver in order to implement an ‘Uber-style’ service to its customers.
  
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• ProSport adds Highway to panel

  14-08-2017 12:54 via insuranceage.co.uk
  LV-owned Highway joins ProSport's offering aimed at providing motor insurance to sportspeople.
  
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• UK businesses “unprepared for a cyber shock”

  14-08-2017 12:20 via insuranceage.co.uk
  Lockton report shows half of UK businesses expect to be entirely operational 48 hours after a large-scale cyber security breach.
  
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• Insurers under fire on premium finance

  14-08-2017 12:00
  insurers under fire once again for their charges for premium finance
  
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• Fraudster sentenced after making 13 fraudulent claims worth £12,069

  14-08-2017 11:55
  A fraudster has been handed an eight month suspended sentence and a compensation order of £2000 after making 13 fraudulent claims totalling £12,069.
  
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• Man sentenced for defrauding RSA with string of fake claims

  14-08-2017 11:45
  Watford man sentenced for fake claims following IFED investigation
  
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• UK businesses 'underestimate' the effects of cyber attacks

  14-08-2017 11:17
  UK businesses underestimate how long the effect of a cyber attack will last, with 50% expecting to be fully operational after just 48 hours following an attack.
  
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• Driving test changes a 'missed opportunity' insurers say

  14-08-2017 11:04
  Insurers have warned that planned updates to the driving test do not go far enough by not introducing graduated driver licensing.
  
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• UK firms ‘severely unprepared’ for cyber attacks

  14-08-2017 10:54
  Broker study finds misconceptions about length and severity disruption from cyber attacks
  
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• Fidelis appoints Charles Mathias to its board of directors

  14-08-2017 10:39
  Fidelis has appointed Charles Mathias to its board of directors, replacing Neil McConachie who resigned as group financial officer and director earlier this year.
  
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• Profits soar at Bollington in 2016

  14-08-2017 10:04 via insuranceage.co.uk
  Broker’s turnover jumps to £12.7m.
  
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• Online package holidays to get tougher protection

  14-08-2017 07:30
  New EU-driven rules on refunds aim to plug gap in UK consumer rights between online customers and those who visit a travel agentTravellers booking package holidays online are to receive greater protection if a holiday company goes bust, under government proposals to strengthen rules.The government said enhanced regulations, due to take effect in July 2018, would better protect an extra 10m UK package holidays booked over the internet. Related: Want a cheap holiday? Avoid Spain, says Tui bossCont
  
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• UK General's Karen Beales on why MGAs are the 'new black'

  14-08-2017 07:00
  Regulators are forcing insurers to make more efficient use of their balance sheets and allocate capital where it can deliver the most effective returns, this allows smaller players in the market the opportunity to fashion insurance packages for special interest groups according to Karen Beales CEO of UK General.
  
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• Hong Kong insurers should prepare soon for regulator levy, says EY

  14-08-2017 04:35
  Hong Kong's insurers have less than five months to prepare to implement the premium levy to fund the Insurance Authority.
  
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