News
Brit sees major losses of $250m
Brit saw its combined ratio rise to 112.4% last year following major loss claims of $250m (£177.8m).
This week in Post: Funding, fraud and finding life after Brexit
This week, the insurance industry received the news that the government’s controversial whiplash reforms are likely to be put into effect in April next year.
Cigna Insurance Services pulls out of travel market
Exclusive: Cigna Insurance Services has pulled out of the travel insurance market.
Lloyd’s to pilot use of artificial intelligence
Lloyd’s will launch a think tank to drive the use of analytics and artificial intelligence in the market.
Allianz P&C profits sink following ‘costliest year ever’
Allianz saw claims of €1.1bn (£970m) from natural catastrophes last year, as the company described it as “the costliest year ever for the insurance industry”.
TMK syndicates forecast 2017 loss
Tokio Marine Kiln expects its Lloyd’s syndicates to post a loss for the 2017 year of accounts as a result of fourth quarter catastrophe losses.
Nat cats push Lancashire into loss at full year
Lloyd’s insurer Lancashire reported a net loss of $71.1m (£50.5m) for 2017 as fourth quarter natural catastrophes took their toll on its bottom line.
Commercial broker Proaktive completes £2m MBO
Commercial broker Proaktive Risk Group has completed a £2m management buy-out backed by debt funding from Mercia Fund Managers.
Six out of 10 opposed to fixed costs on NHS negligence cases
Six out of 10n respondents believe that government plans to cap clinical negligence claims against the NHS are a bad idea, according to a consultation paper.
Liiba and EY publish report to address Brexit uncertainty
The London and International Insurance Brokers’ Association and EY have published a report to address uncertainty regarding the ability of intermediaries to place and service European risk from the UK post-Brexit.
Kanye West settles lawsuit against Lloyd’s syndicates
Kanye West has settled his lawsuit against Lloyd's of London syndicates.
European Commission backs IDD delay
The European Commission has ratified proposals put forward by the Financial Conduct Authority to postpone the application date of the Insurance Distribution Directive.
Allianz buys an additional 30% of Euler Hermes
Allianz has increased its shareholding in Euler Hermes to 92.43%
Axis reports GWP boost despite underwriting loss
Axis Capital's insurance segment saw fourth quarter gross written premiums increase 47%, bolstered by the group’s acquisition of London market carrier Novae.
Brit’s Versutus sidecar expands to $187m
Brit has expanded the capacity of its fully collateralised reinsurance sidecar Versutus, which now has invested capital of $187m.
Bought by Many launches 'no form' claims process
Bought by Many has launched a 'no form' online claims process for customers claiming on their pet insurance.
Premier League injuries cost £134m this season
Premier League football clubs have paid out more than £134.2m in wages to injured players so far this season, according to JLT Specialty.
Starling Bank launches app-based platform for insurtech partners
Start-up Starling Bank has named insurtech firm Kasko among the first wave of financial services partners whose products will be available through its in-app Marketplace.
FCA names Bailey incoming FSCS chair
The Financial Conduct Authority and the Prudential Regulation Authority have named Marshall Bailey as chair of the Financial Services Compensation Scheme with effect from 1 April 2018.
Nexus snaps up Apsley Specialty
Nexus Group has acquired Lloyd's coverholder Apsley Specialty.
Adjusters 'must demand Brexit clarity from insurers'
Loss adjusters working for multi-national insurers in Europe must challenge them on their Brexit preparations, said Paul May, director of the International Association of Adjusting Federations.
Eleanor insured losses estimate updated to £571m
Extratropical Cyclone Eleanor is estimated to have caused €643m (£571m) in insured property market losses, according to Perils.
Central Bank of Ireland orders CBL Insurance to boost reserves
CBL Insurance Europe has been ordered by The Central Bank of Ireland to bolster its capital and reserves.
Whiplash reforms could come in April next year
The government will implement its personal injury reforms in April next year, sources have said.