News
Five insurers launch Blockchain pilot
Five of the largest insurers have joined forces in a pilot scheme to test the impact of Blockchain on the industry.
Blenheim Syndicate launches with capacity of £150m
Blenheim Syndicate has been granted permission by Lloyd’s to launch, with a capacity of £150m for year one.
Typhoon Haima destroys crops and homes in Guangdong
Typhoon Haima shut down Hong Kong last Friday, caused around $500m (£400m) of economic losses in Guangdong and killed at least 13 people in the Philippines.
Punch swaps Willis Re for JLT Re in Asia
Stephen Punch will be in charge of regional clients and retrocession in Asia-Pacific for JLT Re from early next year.
Bluefin CEO says Marsh acquisition talks are ‘no surprise’
Bluefin said there is “no surprise” that there is speculation over the sale of the business to Marsh.
Axa to merge life and general insurance businesses in Singapore
Axa will merge its life, health and general insurance businesses in Singapore from 1 January 2017.
Axa eyes Bluefin sale, says report
Axa is in talks to offload its UK commercial broking operation Bluefin to international broking giant Marsh according to Sky News.
IUMI to open Asia office in Hong Kong
The International Union of Marine Insurance is set to open an Asia office in Hong Kong.
China Oceanwide to buy Genworth
Chinese investment firm China Oceanwide Holdings has bought struggling US mortgage and life insurer Genworth Financial for $2.7bn (£2.2bn) in cash.
Zurich's Karl Helgesen to replace RSA's Bill Paton as claims director
RSA’s Bill Paton is to step down as claims director for the UK, Western Europe & Middle East at the end of April 2017. He will be succeeded in the role by Zurich's Karl Helgesen, pictured.
Rise in pet insurance fraud pushes case for data sharing
A 400% rise in pet insurance fraud means that insurers need to share data over claims, a software company has warned.
Principal to boost motorcycle offering with Tansar deal
Principal Insurance has teamed up with non-standard motor underwriter Tansar to add to its motorcycle insurance offering in Ireland.
Howden to combine UK operations under single management structure
Howden, the retail broking arm of Hyperion, is set to combine its UK operations under a single management structure following numerous acquisitions.
Ghost brokers have cost uninsured victims £11.5m
Police have carried out 89 investigations into ghost brokers, discovering fraud rings with a total value of £11.5m.
Standard Club expands Nordic footprint with MGA venture
The Standard Club has increased its footprint in Scandinavia by launching a Managing General Agency joint venture with Oslo-based Lloyd’s approved marine insurer Hydor AS.
UK home insurers set to face drop in profitability, says EY
After eight years of good earnings, the profitability of the UK home insurance market is set to plummet as insurers prepare to experience a barely profitable 99% net combined ratio.
Technology and driverless cars are not a threat to the industry, insurers say
Insurance revenues are being driven down by advances in technology that will disrupt the industry and change the ways in which customers choose their premiums.
Swinton to close Widnes branch amid restructure
Swinton Insurance is set to close its Widnes branch as part of a wider restructure which will see its regional branches reduced from 325 to 195.
Tesla to fit all new vehicles with self-driving capability
Tesla will fit the hardware needed for full self-driving capability into all new vehicles it produces, including the Tesla Model 3.
Asta receives approval to manage Verto Syndicate
Third party Lloyd’s managing agent Asta has received and "in principle" approval from the Lloyd’s Franchise board to manage Verto Quota Share Syndicate.
Appointed representatives abandoning smaller firms following FCA mis-selling review
Appointed Representatives are “voting with their feet” by abandoning smaller principle firms since the FCA’s thematic review into mis-selling among ARs.
Augmented and virtual reality set to create billions in risk
Rising technologies such as augmented and virtual reality are expected to create billions of pounds worth of risk.