Insurer News – Page 201
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NewsLancashire names Barnes in lead property underwriting role
Lancashire Holdings said Jon Barnes will join Cathedral Underwriting to lead the underwriting of property treaty reinsurance business for Syndicate 2010. Barnes has over 25 years’ experience in the Lloyd’s market, most recently as deputy active underwriter at Syndicate 2121 where he has been an underwriter ...
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NewsMarkerstudy boss urges staff to vote for staying in EU
Markerstudy Group chief executive Kevin Spencer has emailed his staff urging them to vote to remain in the EU. In his letter to 4,000 employees, Spencer said that their decision would affect the business and them as an employee, Kent Online reports. The note said: “I’m ...
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NewsNew head for Zurich Municipal as Anne Torry shifts to life unit
Zurich has named Zurich Municipal managing director Anne Torry (pictured) as its new permanent UK life chief executive. Torry’s deputy and director of public sector, Andrew Jepp, will replace her as head of Zurich Municipal. Jepp has been at Zurich for 22 years, Torry will take ...
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NewsPRA approves Direct Line Group’s Solvency II model
The PRA has approved Direct Line Group’s Solvency II partial internal model. It means the insurer will be able to use the model to calculate its capital requirements under Solvency II from 1 July this year. The company plans to publish more details about its Solvency ...
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NewsPwC and Z/Yen launch global study into benefits of blockchain
PwC and blockchain consultancy Z/Yen are collaborating on research to identify the potential benefits of mutually distributed ledger (MDL) technology for wholesale insurance. The global research report will be published in July alongside a prototype proof of concept being developed by PwC at its blockchain research ...
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NewsCopying Norway's EU model will exclude us from big decisions – ABI
The ABI has given its support to the prime minister’s campaign to remain in the EU. During an interview on BBC’s Andrew Marr show yesterday, David Cameron said that even if the UK replicated the Norway model of being outside the EU with access to the ...
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NewsSurvey: FCA's TCF agenda overloading brokers
The FCA’s drive for better behaviour in the insurance broking sector is overloading firms and customers with information, according to the first Insurance Times Broker Regulation Survey. According to RWA Business Consultancy founder and compliance expert Robin Wood this overload could hinder the FCA’s Treating Customers ...
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NewsRSA extends telematics deal with Trak Global
Trak Global has extended its contract with RSA to continue providing telematics, policy administration and business information for the insurer’s More Than Smart Wheels offering for young drivers. The two-year extension follows a three-year partnership between RSA and Trak Global. RSA Global Telematics director Kenny Leitch ...
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NewsHalf of insurers fear 20% of business will be lost to tech start-ups - PwC
Almost half (48%) of insurers fear that up to one-fifth of their business could be lost to standalone fintech companies within the next five years. According a new research by PwC, this fear has been driven by annual investments in insurtech start-ups that have increased fivefold ...
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NewsEuropean regulator insurer stress test is ‘half cooked’ – Allianz
Allianz has criticised plans by the EU’s pensions and insurance regulator Eiopa for EU-wide stress tests, calling them “half cooked”. The insurer is also worried that the test results could be used by the European Systemic Risk Board, which looks for risks to the financial system ...
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NewsTelematics data helps uncover £500,000 fraud – Insurethebox
Insurance fraud cases worth £500,000 have been uncovered by telematics underwriting agency Insurethebox using data collected from black boxes inside cars. The firm said it had used the data to disprove 31 claims, involving seven accidents over five months, and taken the drivers to court. In one example, the claimant ...
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NewsNumber of uninsured vehicles since 2010 falls by 28.6% to 1 million
The number of uninsured vehicles is estimated to have reduced to 1 million from 1.4 million since 2010, as a result of the Continuous Insurance Enforcement (CIE) programme. Parliamentary under-secretary for the department of Transport Andrew Jones provided this information to MPs in a written response ...
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NewsBrokers need to be creative with schemes to stand out from rivals
Brokers need to be more creative if they want to make their schemes stand out in an environment of heavy competition, Commercial Express underwriting manager Jordan Gregg has said. He added that it was also important for brokers to regularly update their schemes to prevent them ...
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NewsZurich personal lines and Endsleigh MD departs after eight months
Zurich UK Personal Lines and Endsleigh managing director Patrick Cohen has resigned after less than a year in his role, Insurance Times can reveal. Cohen was appointed in October 2015. He took over from David Nichols, who had been running personal lines and Endsleigh on an ...
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NewsGreg Collins to replace Graham Clarke as Miller boss in 2017
Broker Miller plans to appoint chief operating officer Greg Collins as chief executive in 2017. At the same time Nicholas Lyons will be replaced by Graham Clarke as non-executive chairman. The announcement is part of a raft of appointments to support Miller’s board succession plans. In ...
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NewsLloyd's syndicates deliver another strong year - S&P
Fewer catastrophe events, combined with lower and less frequent casualty claims, helped Lloyd’s syndicates deliver another strong set of results in 2015, according to Standard & Poor’s. The average combined operating ratio (COR) was 90%, but the ratings agency added that some syndicates have been hit ...
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NewsKelliher names Coggan chief executive, reports lower profit
Kelliher Insurance announced a new chief executive as it reported lower profit for the year to December. Former managing director Imogen Coggan (pictured) has been promoted to chief executive, and the company said it is planning to expand further, primarily through organic growth. Pre-tax profit fell ...
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NewsAXA: Brokers upfront on commission will step up transparency agenda
Brokers have to play their part and be upfront with customers about commission levels to show the industry is serious about being transparent, AXA UK and General Insurance chief executive Amanda Blanc has said. She was responding to a speech yesterday by ABI director of general ...
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Online onlyABI warns on transparency of broker commissions
It is “only a matter of time” before regulators force greater transparency of broker commission, according to the ABI. Speaking at the Birmingham Insurance Institute on Wednesday, ABI director general insurance policy James Dalton questioned if it was fair that commercial customers had to ask brokers ...
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NewsInvestors eye stake in Miles Smith
Investors are eyeing a stake in Miles Smith. Insurance Times understands that Miles Smith is looking at restructuring its capital. Back in 2008, Miles Smith entered into a deal with Lloyd’s insurer Amlin, which acquired a minority shareholding in the independent UK retail broker. Although no ...
