News
Quindell enters North America through acquisition
Quindell Portfolio has entered the North American insurance market through its acquisition of software as a service-based provider Iter8 in a deal worth £20.8m.
Ping An releases online bird flu cover
500 bird flu insurance policies have been sold since 12 April by Chinese insurer Ping An, as poultry industry losses hit 10bn yuan.
Global insurance rates climbed in first quarter, according to Marsh
Global insurance rates climbed 0.3% in the first quarter of 2013 bolstered by the US market, continuing an 18 month trend, according to Marsh’s latest global insurance market quarterly briefing.
Mystery over source of bird flu in China
Dr Zeng Guang, the chief of epidemiology at the Chinese Centre for Disease Control and Prevention has revealed that 40% of the 82 confirmed H7N9 bird flu victims have not had recent contact with poultry.
CIRC raises insurer share cap for domestic investors
The China Insurance Regulatory Commission has raised the limit for domestic investors in insurers to 51%.
Mutuals hit harder by some cat losses, says Willis Re director
While many of the claims issues arising from catastrophe losses are common to the insurance industry, some are more acutely felt by mutual insurers, Willis Re’s technical claims director has warned.
Boston bombs insured losses unlikely to breach $1m
Insured losses from a pair of explosions near the finish line of the Boston Marathon are unlikely to be significant, according to modeler Risk Management Solutions.
Towers Watson calls for executive pay to reflect ERM
A third of global risk executives are unhappy with links between risk management and their executive pay policies but have no plans to change their approach, according to a study by Towers Watson.
Swinton opens Chelmsford branch
Swinton Group has opened a new commercial branch in Chelmsford, Essex.
Ascot Underwriting opens New York office
Ascot Underwriting has opened an office in New York, which will be led by chief underwriting officer Paul Amrose.
Bluefin bolsters Bristol team
Bluefin has added to its business development team in Bristol with the recruitment of Lockton’s senior vice president for the South West.
Lloyd’s members agency Alpha unveils new chairman following buyout
Lloyd’s members agency Alpha Insurance Analysts has appointed John Scott as non-executive chairman, subject to approval of both the Financial Conduct Authority and Lloyd’s.
Cathedral listed for sale by PE backer
Lloyd's managing agent Cathedral Capital has been put up for sale by its majority owner Alchemy, a private equity group.
Tawa completes KX sale
Run-off specialist Tawa has completed the sale of 100% of its shares in KX Reinsurance Company to Catalina Holdings (Bermuda) following regulatory approval.
Minimal losses expected from Iran earthquake
Significant losses are not expected following the powerful M7.8 earthquake that struck Iran on 16 April, according to catastrophe modelling firms.
Banks’ PPI problem sees insurance complaints on the rise once again
Consumer complaints about payment protection insurance are continuing to rise, with the total number of complaints in the second half of 2012 increasing by 5%, compared with the previous six months, to 2.17 million.
Insurers not yet in the clear over horsemeat scandal as claims emerge
Contaminated meat claims linked with the horsemeat scandal are now reaching insurers despite clauses that limit liability within product recall policies.
Charterhouse planning Giles exit: report
Private equity firm Charterhouse may be seeking to exit insurance broker Giles, according to reports in City AM.
Aviva, RSA and Allianz await fallout from Savile abuse allegations
Aviva, RSA and Allianz were the BBC’s primary insurers during the 40 years that alleged sex offender Jimmy Savile worked for the broadcaster, and could face sexual abuse claims of up to £30m.
Balva’s UK ban raises questions over SRA list of qualifying PI insurers
A move by the Latvian regulator to suspend the passporting rights of Riga-based insurer Balva has reignited broker concerns about the presence of unrated insurance companies operating in the UK market.
AIR considers business interruption following Boston bombings
A large section of Boston's Back Bay area remains off-limits to all but law enforcement officials and the FBI, following yesterday's fatal bomb blasts near the finish line of the city's marathon.
Prudential appoints marketing chief in Hong Kong
Anthony Shaw (pictured) has been promoted to chief officer, marketing and customer service for Prudential in Hong Kong.
M7.8 earthquake strikes near Iran and Pakistan border
A powerful 7.8 magnitude earthquake struck Iran in the province of Sistan Baluchistan which has a large border with Pakistan on 16 April.
Willis secures twelve month extention in Gras Savoye deal
Willis Group has extended the exercise date of its call option to acquire full ownership of French insurance broker Gras Savoye by one year.