Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 15th of October 2018
December 31, 2012

Willis Re comments on reinsurance rates

by Gill Montia

Story link: Willis Re comments on reinsurance rates

With 2012 natural catastrophe losses estimated at $120 billion (50% less than in 2011), Willis Re reports that most reinsurers remain within their annual catastrophe budgets. In general, international rates for property catastrophe business are risk adjusted flat to -5%, with US rates adjusted flat to -5% on loss free accounts, and +10% on loss […]



MoJ crackdown on claims management firms

by Gill Montia

Story link: MoJ crackdown on claims management firms

A crackdown by the Claims Management Regulation Unit has seen 352 companies shut down, suspended or warned for bad practice in the past six months. According to the Ministry of Justice, the unit is taking a tough stance on firms that short-change customers, whether through bad service, misleading marketing or hidden charges. Between April and […]



December 29, 2012

Civil unrest drives demand for political violence cover

by Gill Montia

Story link: Civil unrest drives demand for political violence cover

Demand for political risk insurance has been rising, according to Lloyd’s, as civil unrest and political violence continue to threaten businesses around the world. Unrest is being fuelled by a number of factors, including discontent over corruption and a lack of economic opportunities, as well as rising fuel and food prices, and a scarcity of […]



December 28, 2012

Eagle Star risks transferred to RiverStone

by Gill Montia

Story link: Eagle Star risks transferred to RiverStone

Zurich and RiverStone have signed an agreement that transfers the benefits and risks of Eagle Star’s remaining general insurance portfolio as at July 1st, 2012. As a result, $273 million in undiscounted gross liabilities will transfer to RiverStone, predominantly US asbestos, pollution and health risks written from the mid-1940s to the mid-1980s. The transaction will […]



Aviva France appoints CEO

by Gill Montia

Story link: Aviva France appoints CEO

Aviva has announced that Nicolas Schimel has been appointed chief executive officer of Aviva France, following the resignation of Philippe Maso y Guell Rivet. Mr Schimel moves from the post of chief executive officer at UFF, an independent adviser company majority-owned by Aviva France, having previously undertaken a range of high profile roles in the […]



December 20, 2012

XL Group makes three hull insurance hires

by Richard Kilner

Story link: XL Group makes three hull insurance hires

XL Group plc has announced that its North American Marine business’ blue water hull risk management capabilities in New York are to be bolstered with three new appointments. Siobhan Coen and Jeff Loechner join the firm as senior underwriters, and Eileen Fellin becomes a senior claims consultant. Coen joins the firm from the American Hull […]



Canopius appoints new CFO

by Richard Kilner

Story link: Canopius appoints new CFO

Canopius Group Limited has announced the appointment of Paul Cooper as group chief financial officer. Cooper joins the firm from Ernst & Young LLP, where he led the specialty (re)insurance market segment and was a lead partner for a number of Lloyd’s and London market financial audit engagements. Earlier in his career he worked for […]



UK insurers pay out £6.7m a day on protection policies

by Gill Montia

Story link: UK insurers pay out £6.7m a day on protection policies

Latest figures from the Association of British Insurers (ABI) show that every day in 2011 insurers paid out £6.7 million to individuals and families who had made claims on life, critical illness and income protection policies. In 2011: • The average pay-out on a life insurance policy was £46,000, two and a half times the […]



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 […]



RK Harrison appoints Pardoe divisional director

by Richard Kilner

Story link: RK Harrison appoints Pardoe divisional director

R K Harrison has announced that it has bolstered its claims team with the appointment of Spencer Pardoe. Pardoe, who has been appointed divisional director, will work on claims for RKH Reinsurance Brokers, with a particular focus on developing the claims capabilities in the Specialty and Fac divisions. In his new position with the firm […]



PartnerRe to acquire Presidio Reinsurance Group

by Richard Kilner

Story link: PartnerRe to acquire Presidio Reinsurance Group

PartnerRe Ltd. has announced it has reached a definitive agreement to acquire California-based Presidio Reinsurance Group. The Presidio Reinsurance Group is a leading specialty accident and health reinsurance and insurance writer which currently underwrites approximately $250m of accident and health premium. The firm was founded 18 years ago and is a leading writer of HMO […]



Solvency II-type rules for pensions “seriously flawed”

by Gill Montia

Story link: Solvency II-type rules for pensions “seriously flawed”

The National Association of Pension Funds (NAPF) is warning that the EU’s assessment of Solvency II-type rules for pension funds are “seriously flawed”. According to NAPF, they don’t provide an adequate test of regulations that could damage UK pensions and businesses for decades. In particular, the Association believes that the Holistic Balance Sheet (HSB) doesn’t […]



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 18, 2012

Aviva reaches settlement with Bankia

by Gill Montia

Story link: Aviva reaches settlement with Bankia

Aviva is to transfer its entire holding in Spanish joint venture, Aseval, to Bankia, for £494 million in cash. As a result of the settlement, Aviva and Bankia have applied to the Arbitration Court in Madrid to terminate the legal proceedings between the parties and issue an award which reflects the settlement agreed. The proceeds […]



XL bolsters political risk and trade credit team

by Richard Kilner

Story link: XL bolsters political risk and trade credit team

XL Group plc has announced that it has bolstered its political risk and trade credit team with the appointment of David Lineham. Lineham will become a senior underwriter within the team, to which he brings extensive experience from his time as a litigator with law firm Clyde and Co. He has also worked for Aspen […]



Kiln announces new hire with Lloyd’s China

by Richard Kilner

Story link: Kiln announces new hire with Lloyd’s China

International specialist insurance and reinsurance underwriting group Kiln has announced the appointment of Gu Jin to lead its new venture with Lloyd’s Insurance Company (China) Ltd in Shanghai. Kiln will operate in China via Lloyd’s Insurance Company (China) Ltd as part of the newly created Kiln Underwriting Division. Jin will be tasked with developing a […]



Millions lost by UK firms in “Payment Diversion” scams

by Gill Montia

Story link: Millions lost by UK firms in “Payment Diversion” scams

UK businesses are being alerted to the dangers of “Payment Diversion” or “Mandate” fraud, which involves criminals fraudulently changing a supplier’s bank account details. According to KPMG, 11 new cases of this type of fraud have been examined by its forensic experts in the last six months, with cases ranging in value from just over […]



Zurich’s Storm Sandy estimates hit $700m

by Gill Montia

Story link: Zurich’s Storm Sandy estimates hit $700m

Zurich Insurance Group has estimated aggregate claims net of reinsurance of around $700 million for Storm Sandy, which made landfall in the US on 29th October. The sum includes $40 million relating to Farmers Re regarding reinsurance cover provided to the Farmers Exchanges, which are managed but not owned by a subsidiary of Zurich. In […]



Groupama Insurance credit rating upgraded

by Gill Montia

Story link: Groupama Insurance credit rating upgraded

Following the completion of Ageas UK’s acquisition of Groupama Insurance Company in November, Standard & Poor’s has raised Groupama Insurance’s financial strength rating to BBB with a “stable outlook”. The ratings agency took a number of factors into consideration in making its decision including the company’s good competitive position, established and diversified broker base, strong […]



December 17, 2012

Endurance appoints chief operations officer

by Richard Kilner

Story link: Endurance appoints chief operations officer

Bermuda-based insurer Endurance Specialty Holdings Ltd. has announced the appointment of John L. O’Connor as chief operations officer. In his new role with the firm O’Connor will assume responsibility for Information Technology, Program Management, Strategic Sourcing and Insurance and Reinsurance Underwriting Operations. In his newly created role he will be directly responsible to Chief Executive […]