Insurance news

• Bailey urges EU give on post-Brexit financial services

  05-02-2018 22:52
  Financial Conduct Authority (FCA) CEO Andrew Bailey has called
  on the EU to recognise UK regulation of the wholesale financial
  services sector after Brexit rather than slamming the door on
  existing market access.
  In a speech at the Future of the City dinner in London on
  Monday, Bailey noted that "mutual recognition of regulatory
  standards which appropriately protect the public interest" is
  what underpins the existing free trade in financial services.
  He noted: "The big point here is that if...
  
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• Coverys hires Crowther from Hiscox for Syndicate 1975

  05-02-2018 21:03
  Coverys hired Stephanie Crowther from Hiscox as underwriter for
  its Lloyd's Syndicate 1975, which began operations last month
  and offers liability cover for doctors, hospitals and other health
  care providers.
  Crowther will underwrite the syndicate's medical
  professional liability account, Boston-based Coverys said
  today.
  The syndicate's offerings "will be coupled with risk
  management and mitigation solutions to improve margins and increase
  patient safety", a spokesman said.
  At Hiscox, Crowther w
  
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• Chubb picks up AIG's Smith for chief claims role

  05-02-2018 21:03
  Chubb has hired Michael Smith away from AIG to serve as chief
  claims officer, replacing Frank Lattal in the role.
  Smith is responsible for the global claims organisation,
  including executive claims management, service and administration
  for Chubb's worldwide network of claims offices.
  At AIG, Smith most recently served as chief transformation
  officer for the New York-based company. He worked for the
  multi-line carrier in executive roles for the past 17 years. He has
  also held executive positions
  
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• UK regulator calls for EU pact to support Brexit transition

  05-02-2018 20:46 via ft.com
  Andrew Bailey seeks memorandum of understanding to help exit from bloc
  
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• FCA chief urges EU regulator pact on transition

  05-02-2018 20:46 via ft.com
  Andrew Bailey seeks memorandum of understanding to help exit from bloc
  
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• Lloyd’s to make electronic trading compulsory

  05-02-2018 17:50 via ft.com
  Insurance market hastens switch from paper to cut costs and enhance efficiency
  
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• Lloyd’s of London to bin paper-based trading

  05-02-2018 17:50 via ft.com
  Insurance market hastens electronic-only switch to cut costs and boost efficiency
  
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• Marine Express tanker disappears off Benin coast

  05-02-2018 17:23
  An oil tanker carrying 13,500 tonnes of gasoline and 22 Indian
  crew has gone missing off the west coast of Africa.
  There has been no contact with the Marine Express since
  Thursday (1 February) and the Beninese navy is continuing to search
  for the vessel.
  According to records from marine data website Marinetraffic.com,
  the tanker was last seen off the coast of Cotonou, Benin's
  largest city, on 1 February.
  In a statement the vessel's operator Anglo-Eastern said
  contact had been...
  
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• South America to gain $1.36bn cat bond protection

  05-02-2018 15:44
  Several South American countries are set to benefit from $1.36bn
  of combined earthquake reinsurance from a new cat bond,sister publication Trading Risk reported.
  The bond is the second-largest cat bond ever behind Everglades
  Re's $1.5bn issue in 2014
  The security is being issued through a shelf issuance programme
  operated by the World Bank's International Bank for
  Reconstruction and Development (IBRD).
  The multi-national cat bond is formed of five tranches and will
  cover earthquakes in Chile, Co
  
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• Rate momentum positive for mid-year renewals: O'Donnell

  05-02-2018 15:44
  RenaissanceRe CEO Kevin O'Donnell has predicted that the
  positive rate momentum seen in 1 January will follow through to
  renewals in June and July, given the amount of loss-affected
  business due to renew.
  However, the executive warned that while market conditions
  should continue to improve, a sustained change in underlying rates
  was needed before there will be a material increase in the
  profitability of RenRe's portfolio.
  Speaking to analysts following the release of RenRe's
  fourth-quarter earni
  
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• LMA urges more work before PPL is made compulsory

  05-02-2018 15:44
  The Lloyd's Market Association (LMA) has called for five
  changes to the market's electronic placing system before it
  becomes compulsory.
  The trade body for Lloyd's managing agencies made the call
  after the Corporation's CEO Inga Bealethis morning said that she planned to make all brokers and
  underwriters at Lloyd's use Placing Platform Limited (PPL),
  once a consultation with the market has taken place.LMA chief executive David Gittings said in a statement: "A
  combined market effort has seen good
  
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• Fairfax to buy Carillion Canadian operations

  05-02-2018 15:44
  Fairfax Financial has agreed to buy certain Canadian assets of the
  collapsed UK infrastructure services company Carillion.
  The operations involve the management of airports, commercial
  and retail properties and defence and healthcare facilities. In
  addition, Fairfax is taking on contracts in the oil, gas and mining
  sectors.
  The Canadian buyer will assume the liabilities of the businesses
  changing hands, as well as the assets, and take on about 4,500
  Carillion Canada employees.
  The agreement foll
  
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• Enstar rolls KaylaRe into group in $400mn deal

  05-02-2018 15:44
  Enstar has agreed to acquire the outstanding 52 percent of total
  return reinsurance joint venture KaylaRe in a $400mn all-paper
  deal, the New York-listed insurance group said today.
  KaylaRe, a Bermuda-based Class 4 reinsurer, was 44 percent-owned
  by Chinese investment firm Hillhouse and 8 percent by the Trident V
  Funds managed by private equity house Stone Point.
  Hillhouse's economic interest in Enstar will rise from 9.9
  percent to 17.1 percent after the deal closes, with its voting
  interest mov
  
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• Biba appoints Aon's Page as deputy chair

  05-02-2018 15:44
  The British Insurance Brokers' Association (Biba) has named
  Julie Page, chief executive of Aon Risk Services, as deputy
  chair.
  Page takes over from Tim Ryan, who has been deputy chair of the
  organisation since 2015.
  Biba has also appointed Lockton partner Ian Cooper as chair of
  its international and wholesale brokers' advisory board. Cooper
  replaces Page in that role and also takes a seat on the main
  board.
  Biba is chaired by Lord Hunt of Wirral. Outgoing deputy chair
  Ryan...
  
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• IFB enters partnership with Mohawk Security to boost investigation strategies

  05-02-2018 15:35
  The Insurance Fraud Bureau has signed a contract with Mohawk Security in order to more effectively combat fraud.
  
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• Aon’s Julie Page becomes Biba deputy chair

  05-02-2018 15:09
  Tim Ryan to remain on the board after a three year stint in the role.
  
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• Jackson Lee claims a market first for its hybrid and electric vehicle GAP cover

  05-02-2018 14:52
  MGA highlights battery cover in new offering.
  
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• Siccardi appointed COO at Aon Benfield UK

  05-02-2018 13:51
  Reinsurance broker Aon Benfield has named Leonora Siccardi,
  currently head of client services for Emea and the UK, as chief
  operating officer of its UK arm.
  Siccardi takes on the COO role at Aon Benfield UK in addition to
  her current responsibilities.
  In her new role, she will report to Aon Benfield UK CEO Nick
  Frankland and Aon Benfield CFO and COO Maggie Westdale. She will
  continue to report to the two executives and also to Richard
  Posgate, who is...
  
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• Reith and management buy 25% Neon stake

  05-02-2018 13:51
  Neon CEO Martin Reith and other senior staff have bought an almost
  25 percent stake in the Lloyd's business from owner American
  Financial Group (AFG), The Insurance
  Insider has learned.
  In a regulatory filing on its fourth quarter results, AFG said
  that unnamed management members had acquired an unspecified
  indirect holding in Neon on 29 December.
  Sources told this publication that Neon's executive team and
  senior underwriting staff had taken part in a newly created
  employee ownership scheme.
  AF
  
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• Ed adds Asia Pacific reinsurance head from IAG

  05-02-2018 13:51
  Ed has hired Marcus Taylor as head of reinsurance for Asia Pacific
  from Australian insurer IAG.
  Taylor joins the wholesale and reinsurance broker in
  Singapore.
  At IAG, Taylor was CEO of IAG Re Singapore and IAG Re Labuan. He
  previously worked as a reinsurance broker at Aon.
  In his new role Taylor will report to Kieran Angelini-Hurll, CEO
  for reinsurance, and Stephen Britten, CEO for Asia Pacific....
  
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• Insurers accused of delaying injury payments

  05-02-2018 13:30 via ft.com
  Lawyers say UK groups holding back in order to benefit from reforms that will cut damages
  
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• One Call reveals a new brand

  05-02-2018 12:55
  The announcement comes just weeks after the business and CEO received huge FCA fines for mishandling client money.
  
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• Direct Line bounces back from Carillion collapse

  05-02-2018 12:40
  Direct Line has allocated new facilities management providers in the wake of the collapse of construction giant Carillion.
  
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• JLT bolsters European cyber practice with Schouteren hire

  05-02-2018 12:27
  JLT Specialty has bolstered its cyber practice in continental Europe with the appointment of former Aon cyber lead Sjaak Schouteren.
  
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• Ex-LV chair Neave appointed to Slater & Gordon board

  05-02-2018 12:24
  Slater and Gordon UK has appointed David Neave as a non-executive director.
  
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• Ghost broking costs revealed in new police campaign

  05-02-2018 12:12 via insuranceage.co.uk
  Over 850 reports of ghost broking made to Action Fraud in the last three years.
  
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• R&Q Malta gains A- rating from AM Best

  05-02-2018 12:08
  The Maltese subsidiary of legacy-to-live carrier Randall &
  Quilter (R&Q) has received an A- rating from AM Best in the
  unit's inaugural rating from the agency.
  AM Best's assessment of the Maltese subsidiary came with a
  stable outlook. The agency also gave Randall & Quilter
  Investment Holdings a bbb- rating with a stable outlook.
  In 2017 R&Q refocused its business, disposing of non-core
  businesses and raising £65mn ($91.7mn) through two separate
  equity placements.
  Chairman a
  
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• Lloyd's to mandate the use of PPL

  05-02-2018 12:08
  Lloyd's is planning to direct all brokers and underwriters
  to use Placing Platform Limited (PPL), the London market's
  digital risk placement system.
  Lloyd's CEO Inga Beale said that PPL adoption "is not
  happening fast enough". As a result, she is proposing to
  mandate the use of electronic placement across the market.
  "Unless the market moves together it will not reap the
  benefits and reduce administration costs. Electronic placement will
  support face-to-face negotiation, further increase efficie
  
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• Carvey to leave Hamilton Syndicate 3334

  05-02-2018 12:08
  Trevor Carvey, the active underwriter of Hamilton Syndicate 3334,
  has resigned from the company.
  Carvey also holds the role of head of treaty at the syndicate.
  He will work his six months' notice before he leaves the
  company.
  He is not thought to be leaving Hamilton for another firm.
  Hamilton at Lloyd's CEO Dermot O'Donohoe confirmed
  Carvey's departure to this publication and said the search for
  a new active underwriter was already underway.
  Prior to joining Hamilton in 2015, Carvey...
  
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• Biba sets a first by letting unregulated broker join

  05-02-2018 11:40
  Trade body made the move in order to learn how it can help start-ups.
  
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• #Insagepeople: 5 - 11 February 2018

  05-02-2018 11:16
  Keep up to date with all the latest people moves.
  
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• Pool Re publishes first Terrorism Frequency Report

  05-02-2018 10:55
  Pool Re has published its inaugural Terrorism Frequency Report with a view of informing members on terrorist threats.
  
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• Insurance Cares: Citizens Advice slams dual pricing

  05-02-2018 10:49
  The charity said that a CMA investigation should take place to prevent loyal vulnerable customers being charged more.
  
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• Aon posts Q4 loss for 2017

  05-02-2018 10:44
  Revenue for the year reaches $10bn.
  
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• Ghost brokers defraud public of £631,000 over three years

  05-02-2018 10:26
  Ghost brokers have defrauded the public of £631,000 over the past three years.
  
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• R&Q Malta receives A- rating

  05-02-2018 10:18
  R&Q’s European subsidiary has received an A- rating from AM Best.
  
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• Opinion: The Steve Wynn case

  05-02-2018 10:12
  Explosive claims of serial sexual harassment made against casino
  mogul Steve Wynn - which he has repeatedly denied - may cost him
  the gaming licence for a $2.4bn development Wynn Resorts is
  building near Boston.
  After a Wall Street Journal report detailing
  allegations against the Wynn Resorts co-founder, chairman and CEO
  last month, Bay State gaming officials reportedly have confirmed
  that a $7.5mn settlement Wynn paid personally to settle one
  woman's claims had not been disclosed to the Massach
  
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• Barbican launches Bermuda platform

  05-02-2018 08:27
  Barbican today confirmed the launch of an underwriting operation
  in Bermuda, as first revealed by The Insurance
  Insider.
  Barbican Bermuda will initially underwrite a property direct and
  facultative (D&F) portfolio of business on an excess and
  surplus lines basis, spanning both commercial and industrial
  risks.
  Focusing on Fortune 1000 corporations as well as middle-market
  organisations, the platform will write US-domiciled risks and will
  include nationwide, regional and single state or locati
  
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• Analysis: Product recalls: Bringing it back

  05-02-2018 07:00
  Whether it’s a tumble dryer that catches fire or baby milk that’s contaminated with salmonella, an increase in safety concerns is putting product recall insurance in the spotlight. With the frequency and severity of claims on the up, there are concerns about the sustainability of the market
  
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• Bank of England’s rising star looks to make Brexit mark

  05-02-2018 06:00 via ft.com
  Sam Woods, PRA chief who made his name as a lively fix-it man, talks of the challenges ahead
  
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