Insurance news

• Blog Spot: Two sets of claims statistics

  25-04-2018 15:35
  Spoiler alert – this blog contains statistics.
  
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• Call Connection’s administration extended to July 2019

  25-04-2018 15:10
  Broker owes secured creditor Lloyds Bank approximately £1.8m, while claims from unsecured creditors total £1.9m.
  
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• Aon chief warns that insurance industry is losing its relevance

  25-04-2018 13:20 via ft.com
  Greg Case says lack of innovation has led to failure to keep pace with client demands
  
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• Close Brothers and other creditors to lose out following collapse of Ignition Select

  25-04-2018 13:07
  Administrators' report reveals broker owes millions and has insufficient funds to pay out.
  
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• Markerstudy capacity owner QIC sees profit fall

  25-04-2018 12:11
  Markerstudy capacity owner, Qatar Insurance Company, has reported a 24% fall in profits.
  
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• Civil Liability Bill gets second reading in Lords

  25-04-2018 12:10
  Peers in the House of Lords examined the Civil Liability Bill yesterday in the Bill's second reading.
  
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• In Person: Konsileo CEO and co-founder John Warburton

  25-04-2018 11:40
  Having secured £2.7m Series A funding from Committed Capital, Konsileo co-founder and CEO John Warburton tells Jonathan Swift how taking offence at consolidation and a digital role in Munich led him to start-up his own InsurTech broker
  
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• Allianz to delist Euler Hermes on 27 April

  25-04-2018 11:37 via insuranceage.co.uk
  Deal will have cost €1.85bn.
  
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• Allianz to complete squeeze out and delist of Euler Hermes

  25-04-2018 11:35
  Allianz is set to squeeze out remaining shareholders of Euler Hermes delist the trade credit insurer from the Paris stock exchange on Friday.
  
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• Hiscox opens CyberClear Academy

  25-04-2018 10:41
  Nine module course is accredited by GCHQ.
  
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• Lloyds bank cheers rising profit despite new PPI hit

  25-04-2018 09:42
  Group cheers ‘resilient’ UK economy as it announces £2bn pre-tax profit in first quarterLloyds Banking Group has cheered a “resilient” UK economy as its first-quarter profit rose, despite taking another £90m hit from the payment protection insurance scandal.
  The bank reported a 6% increase in underlying pre-tax profit to £2bn for the three months to 31 March. Bottom-line profit jumped 23% to £1.6bn, although this fell slightly short of analysts&rsq
  
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• State of the Broker Nation 2018: Probing broking

  25-04-2018 07:00
  Michèle Bacchus spoke to brokers to find out their thoughts on regulation, their trade body and their opinion of the UK insurance market
  
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• Interview: Edmund Dilger, Policy Castle

  25-04-2018 07:00
  Digital household insurance broker Policy Castle is on the hunt for funding as it looks towards partnering with high street brokers and large insurers.
  
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• UK fire safety tests need urgent overhaul after Grenfell disaster

  25-04-2018 05:00 via ft.com
  Standard used to evaluate cladding is deeply flawed, say insurers
  
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• Fire safety tests need urgent overhaul after Grenfell disaster

  25-04-2018 05:00 via ft.com
  Standard used to evaluate cladding is deeply flawed, say insurers
  
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• Markel profit falls despite Q1 underwriting gains

  25-04-2018 02:49
  Markel reported a 17.5 percent drop in first quarter operating
  income even as the specialty insurer's underwriting operations
  swung to a healthy gain and its combined ratio improved.
  Underwriting produced a $111.5mn pre-tax profit in the period
  compared with a $2.4mn loss in the prior-year period, Glen Allen,
  Virginia-based Markel said late today. Operating earnings slid to
  $105.0mn from $127.4mn a year ago.
  The just-ended quarter's results included a $102.5mn gain
  from insurance underwriting an
  
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• Post-Grenfell research lays bare fire safety test failures

  25-04-2018 01:01
  Research conducted on behalf of the insurance industry in the wake of the Grenfell Tower fire has exposed the scale of fire safety testing failures.
  
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• Investment performance helps WR Berkley beat estimates

  25-04-2018 00:41
  WR Berkley surpassed analysts' estimates for the first
  quarter, reporting net income per share that jumped 35 percent to
  $1.30 largely because of the insurer's strong investment
  performance.
  The Greenwich, Connecticut-based carrier said it realized a
  $142mn profit on the sale of investments before considering
  accounting changes for unrealized gains on equities.
  Besides the robust investment income, WR Berkley said the net
  impact of its catastrophe losses "was relatively modest"
  and that its acci
  
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• Genworth and China Oceanwide again refile CFIUS notice

  25-04-2018 00:41
  Genworth Financial and China Oceanwide have again withdrawn and
  refiled their joint voluntary notice with the Committee on Foreign
  Investment in the United States (CFIUS), the companies announced
  today.
  Genworth, a long-term care insurer, says the decision to refile
  was made so that the agency could spend more time to "review
  and discuss" the merger that it and the Chinese conglomerate
  announced in October 2016. China Oceanwide is seeking to acquire Genworth for $5.43 per
  share.CFIUS will spend
  
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• Chubb matches Street view as ex-cat earnings rise 5.3%

  25-04-2018 00:41
  Chubb met Wall Street's consensus estimate for its first
  quarter earnings, while its results rose 5.3 percent when
  catastrophe losses were excluded.
  The giant insurer reported core operating income slipped to
  $1.1bn, or $2.34 a share, matching the Street's consensus view,
  according to Keefe, Bruyette & Woods analysts. MarketWatch put
  the figure lower, at $2.26 per share, the average of 19 estimates
  it compiled.
  Leaving out cat losses of $0.64 a share, Chubb said its
  operating earnings came t
  
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