Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 22nd of March 2017
March 11, 2013

AIG launches its Apprenticeship Programme

by Brian Turner

Story link: AIG launches its Apprenticeship Programme

AIG Europe Limited is joining forces with the National Apprenticeship Service to announce its new Apprenticeship programme. AIG will be creating job opportunities for up to 25 apprentices in 2013 based in the company’s Claims centres in Croydon and Chesterfield. Nicolas Aubert UK Managing Director for AIG said, “There is a very real need within […]



March 4, 2013

Towergate signs Loss Recovery Insurance agreement with Lorega

by Brian Turner

Story link: Towergate signs Loss Recovery Insurance agreement with Lorega

Towergate has entered into a five-year agreement with Lorega, to exclusively provide its range of Loss Recovery Insurance products to the broker’s clients. Lorega has successfully worked in partnership with Towergate since 2006, to provide specialist policyholder claims services, branded as Towergate Assist. Under the terms of the new agreement Towergate will continue to own […]



December 19, 2012

Guy Carpenter opens Dubai office

by Gill Montia

Story link: Guy Carpenter opens Dubai office

Guy Carpenter has opened its first office in the Middle East having received a licence from the Dubai Financial Services Authority to operate as an insurance intermediary in the Dubai International Financial Centre. Bilal El-Hoss has been appointed as senior executive officer to head up Guy Carpenter (Middle East) Ltd; he joins from Nasco Karaoglan […]



Hiscox – Superstorm Sandy claims £90m

by Gill Montia

Story link: Hiscox – Superstorm Sandy claims £90m

Hiscox has announced an estimate for the impact of Superstorm Sandy, which made landfall in the US on 29th October 2012. Net claims are expected to be in the region of £90 million based on an insured market loss of $20 billion. According to the specialist insurer, the estimate is within its overall budgeted loss […]



December 15, 2012

Hastings appoints marketing director

by Gill Montia

Story link: Hastings appoints marketing director

Hastings Direct has appointed Nicola Charles as marketing director, reporting to managing director of retail, Tobias van der Meer. Ms Charles was formerly head of digital marketing at LV= having previously held senior roles in claims, customer relations and partnerships at RBS Insurance. Hastings’ chief executive officer, Gary Hoffman, comments: “Nicola is joining us at […]



December 13, 2012

Munich Re chairman to retire

by Gill Montia

Story link: Munich Re chairman to retire

Munich Re’s supervisory board chairman, Hans-Jürgen Schinzler, is retiring on 31st December 2012. He will be succeeded by Bernd Pischetsrieder, who has been on the reinsurer’s supervisory board since 2002 and is apparently “well acquainted” with the challenges of the international insurance industry.



December 8, 2012

Aegon acquires Ukrainian life insurer

by Gill Montia

Story link: Aegon acquires Ukrainian life insurer

Aegon is acquiring Fidem Life, the fifth-largest life insurance company in Ukraine, from local private equity firm, Horizon Capital. The move strengthens Aegon’s position in the Central and Eastern European market where it already has operations in Hungary, Poland, the Czech Republic, Slovakia, Romania and Turkey. The transaction is expected to close in the first […]



December 6, 2012

Guy Carpenter re-evaluates terrorism risk and coverage

by Gill Montia

Story link: Guy Carpenter re-evaluates terrorism risk and coverage

The rise in political instability and civil unrest across the globe, including uprisings in the Middle East and protests in Greece and Spain, have highlighted the need for tailored terrorism and political violence protection, according to Guy Carpenter. In a new report on the terror reinsurance market, the broker highlights the increasingly diverse and dispersed […]



December 5, 2012

Munich Re provides serial cover for offshore wind farm

by Gill Montia

Story link: Munich Re provides serial cover for offshore wind farm

Munich Re says it has become the first insurance group to offer serial loss cover for offshore wind energy units. Corresponding cover for a North Sea wind farm has been signed by Marcus A Wassenberg, chief financial officer of manufacturer REpower, Dr Thomas Blunck, a member of Munich Re’s board and Thomas Haukje, managing partner […]



December 4, 2012

Groupama launches e-traded SME commercial products

by Gill Montia

Story link: Groupama launches e-traded SME commercial products

Groupama Insurances has made its first e-traded product live for full-cycle trading on Open GI, Acturis and Insurecom. Optima Property, Groupama’s online commercial property owner’s product, is now live for full-cycle trading on the three software houses, while Optima Trade Plus, a policy for micro SMEs, is available on Acturis and Insurecom, with Open GI […]



December 2, 2012

L&G to launch emerging markets government bond fund

by Gill Montia

Story link: L&G to launch emerging markets government bond fund

Legal & General Investments (L&GI) has received regulatory approval for the launch of an emerging markets government bond index fund, which, when up and running on the 11th December, will be the only UK authorised emerging market government bond index mutual fund. It will provide passive exposure to emerging market government bonds by investing primarily […]



November 21, 2012

Aegon CFO announces retirement

by Gill Montia

Story link: Aegon CFO announces retirement

Aegon’s chief financial officer, Jan Nooitgedagt, has decided to retire. The insurer’s supervisory board will propose the appointment of Darryl Button as his successor at its next Annual General Meeting, which is scheduled for May 2013. Mr Button is currently executive vice president and head of the company’s corporate financial center and previously served as […]



November 20, 2012

AEGON improves offshore bond pricing

by Gill Montia

Story link: AEGON improves offshore bond pricing

AEGON Ireland has improved pricing on its Wealth Management Portfolio offshore bond available on the AEGON Retirement Choices platform. The revised terms consist of the fund based product charge being removed completely and the fixed quarterly charge changing to £82.40 per quarter – all applied with immediate effect. AEGON Ireland chief executive officer, Simon Skinner, […]



Towergate makes two acquisitions

by Gill Montia

Story link: Towergate makes two acquisitions

Towergate Insurance has acquired the non-life business of Newstead Insurance Brokers and also of broker, Grenville Westinsure. Newstead is a Stoke-based firm established in 1988 and under the deal six members of its team will transfer to Towergate’s Stoke office. Bideford-based Grenville Westinsure was founded in 1981 and all employees including founder, Alan Glover, will […]



November 15, 2012

FSA fines Card Protection Plan £10.5 million

by Gill Montia

Story link: FSA fines Card Protection Plan £10.5 million

Plastic card and identity theft insurer, Card Protection Plan Limited (CPP), has been fined £10.5 million by the Financial Services Authority (FSA) for mis-selling insurance products. The regulator found widespread mis-selling of CPP’s two main UK products between January 2005 and March 2011 as follows: CPP sold its card protection product by emphasising that customers […]



MetLife launches “Capacity for Loss” tool kit

by Gill Montia

Story link: MetLife launches “Capacity for Loss” tool kit

MetLife has launched a “Capacity for Loss” online tool kit aimed at helping independent financial advisers gain a deeper understanding of a client’s ability to handle financial loss in the pre-retirement years. With regulatory guidance highlighting the need for advisers to evaluate a client’s ability to absorb falls in the value of their investments, the […]



November 14, 2012

Hastings Direct seeks local charity partner

by Gill Montia

Story link: Hastings Direct seeks local charity partner

East Sussex broker, Hastings Direct, is looking for a new local charity partner. The successful charity will receive support from the firm’s employees over the next two years and any local registered charity that doesn’t already receive substantial national lottery or government funding /grants can apply. Jay Wootten, head of Hastings’ charity committee, comments: “Over […]



November 13, 2012

Guy Carpenter named Asian reinsurance broker of the year

by Gill Montia

Story link: Guy Carpenter named Asian reinsurance broker of the year

Guy Carpenter has been named “Reinsurance Broker of the Year” at the Annual Asia Insurance Industry Awards. The firm has received the accolade in four out of the last five years with factors contributing to its 2012 success including: Excellence in service: collecting claims after catastrophes on behalf clients. Leading capital solutions: efforts of the […]



November 7, 2012

Swiss Re combines hurricane and mortality in new bond issuance

by Gill Montia

Story link: Swiss Re combines hurricane and mortality in new bond issuance

Swiss Re has obtained $200 million in coverage against North Atlantic hurricane and UK extreme mortality risk through a new bond issuance. The reinsurer’s Mythen Re programme is the first to combine hurricane and mortality, and the notes will run until the end of 2016, giving Swiss Re five years of protection for the life […]



November 5, 2012

SCOR places twofold cat bond

by Gill Montia

Story link: SCOR places twofold cat bond

Property, casualty and life reinsurer, SCOR, has successfully placed a new catastrophe bond. Atlas Reinsurance VII Limited is an Irish reinsurance vehicle that will provide the group with protection of $60 million against US hurricanes and earthquakes and €130 million against European windstorms. The risk period extends from 1st January 2013 to 31st December 2015. […]