News
Pool Re boss raises prospect of separate cyber reinsurance scheme
Funds for a potential public-private reinsurance scheme for cyber catastrophes should not be mingled with Pool Re, however, the remit of the terrorism fund's management team could be extended to operate a separate cyber initiative.
Young driver IPT exemption unlikely despite positive government talks
Hopes of securing an exemption from the insurance premium tax hike for young drivers are dwindling, despite “constructive” talks between industry figures and the Department for Transport last week.
Giles and Oval integration cost Gallagher $25m in first half of 2015
The combined cost of integrating the Giles and Oval businesses cost Arthur J Gallagher $25m (£16m) in the six-month period ending 30 June 2015.
Gallagher not expecting 'material adverse effect' from FCA review
Arthur J Gallagher is confident a skilled person review by the Financial Conduct Authority will not have a “material adverse effect” on the firm’s results of operations.
Geddes trumpets DLG reserve releasing in ‘strong' H1 results
Direct Line Group CEO Paul Geddes says the insurer should "claim some credit" for its reserve releasing in the first half of 2015, which demonstrated a shift from its usually conservative reserving stance.
Amanda Blanc to lead combined UK GI operation from next year
Axa UK commercial lines and personal lines intermediary CEO Amanda Blanc is to take control of Axa’s entire general insurance operation in the UK as of 1 January next year.
Benign weather helps Axa UK shave 1.2pp off its first half COR
Axa’s UK business was aided by benign weather conditions in delivering an improvement of 1.2 percentage points in its combined operating ratio for the first half of the year, which stood at 97% (H1 2014: 98.2%).
DLG operating profits increase £100m as COR drops to 89.4%
Direct Line Group has reported a £100m increase in operating profit for the six months ended 30 June 2015 and a 6.7 percentage point increase in its combined operating ratio.
Singapore judge dismisses springboard injunctions in broker legal spat
Judge Choo Han Teck has dismissed attempts by JLT to grant two springboard injunctions against Howden, four former JLT employees and recruitment firm Huntington Search.
Penny Black's insurance week - 6 August 2015
Penny is giving serious thought to creating some sort of insurance superteam to enter the Tour de France 2016.
Tiger Risk Parners targets China with Hong Kong office
US-headquartered reinsurance broker and strategic advisor Tiger Risk Partners has opened its first office in Asia.
Partner Re agrees to Exor's $6.9bn all cash offer
Bermuda-based Partner Re has agreed to sell to Italian investment firm Exor after it made a $6.9bn (£4.4bn) all cash offer.
Triton Global hires from Dual to replace Wilkinson in Singapore
London-headquartered claims service provider Triton Global has appointed Simone Shepherd as regional director in Singapore.
Suncorp had A$1.1bn of disaster claims in last financial year
Brisbane-based Suncorp had its worst ever year for natural disasters in the financial year finishing at the end of June 2015.
LMA publishes bluffers guide to claims
The Lloyd’s Market Association has released a bluffer’s guide to claims to help Lloyd’s practitioners understand how ongoing strategic projects, current claims processes and future initiatives fit together.
Travel sector on the FCO radar as lack of coverage concerns are raised
Greater regulation around travel insurance is not expected to be introduced, despite calls from the Foreign and Commonwealth Office for insurers to make sure British tourists have adequate coverage.
County Insurance boosts north west footprint with Chester acquisition
County Insurance has acquired broker Chester Insurance Services and expects to complete two further acquisitions this year.
China Re submits application for IPO in Hong Kong
Reinsurance giant China Re has submitted an application for a listing on the Hong Kong Stock Exchange.
RSA to record boom in profits by 2017, according to analyst estimates
Profits at RSA are predicted to skyrocket in 2017 after a year of marginal decline, according analysts’ consensus estimates.
Peak Re hires Burri as reinsurer targets Zurich office
Jacqus Burri has been hired by Hong Kong-headquartered reinsurer Peak Re to work in Zurich.
RSA pushing for 600p per share offer from Zurich
RSA is said to be angling for a 600p per share price from interested purchaser Zurich - an increase on last week's reported price of 550p per share, according to reports.
Marsh completes SME Insurance Services purchase
Marsh has completed its previously agreed acquisition of Leeds-based commercial broker SME Insurance Services.
Helios grows capacity with two acquisitions
Helios Underwriting has acquired Lloyd's limited liability members Nameco and Kempton Underwriting for an aggregate price of £2.4m.
AM Best places Ironshore under negative review after Fosun transaction
Ratings agency AM Best has placed specialty insurer Ironshore under negative review after the acquisition by Chinese conglomerate Fosun.