News
Moore tornado losses unlikely to reach London insurers
Insured losses from the devastating tornado that hit the Oklahoma City suburb of Moore are unlikely to hit the London market.
Many uninsured renters impacted by $2bn Oklahoma tornado
The Oklahoma Insurance Department has warned that many rented households destroyed by the recent tornado may have no insurance cover, following estimates that costs could hit $2bn (£1.3bn).
Scientists warn of pandemic potential of H7N9 bird flu
The bird flu outbreak appears under control in China although scientists are warning the virus could spread between humans.
Insurance sector aids Singapore economy
Singapore's GDP expanded 1.8% in the first quarter of 2013 beating analysts' expectations of 1.4%.
Indian regulator signs global information exchange agreement
The International Association of Insurance Supervisors has added India to a regulatory information exchanging agreement which now spans 37 countries and 54% of premium volume.
Xchanging loses adjusting trio to Charles Taylor
Three senior adjusters have departed Xchanging Claims Services to join Charles Taylor, following the path of former chief adjuster Richard Cook.
US tax proposals will limit reinsurance capacity says Insurance Europe
A renewed bid to tax reinsurance ceded by non-US companies to their offshore affiliates, has been strongly condemned by trade body Insurance Europe.
White Oak seeks new capacity providers
White Oak Underwriting is seeking new capacity while looking into becoming a risk carrier itself as part of a growth strategy.
Equity closing in on "high profile" director amid overhaul of business
The new chief executive of Equity has outlined its plans to strengthen its specialist lines offering within the motor sector as it moves to a broker-only model.
Bought By Many partners with XS Cover to offer young drivers car insurance
Social media powered insurance intermediary Bought By Many has partnered with XS Cover to create an offer that will help young drivers reduce the cost of their car insurance.
Solvency II deal is "on the table" says MEP
The European Union is close to reaching a consensus on the oft delayed Solvency II regulations, according to a member of the European Parliament.
Barbon CEO Ramsey exits post-sale
Barbon Insurance Group chief executive Mike Ramsey is leaving the group following the sale of its property & commercial division to Arthur J Gallagher.
Moore tornado losses could exceed Joplin
Damage from a mile-wide tornado that struck the Oklahoma City suburb of Moore could exceed the May 2011 Joplin event, according to Oklahoma Insurance Commissioner John Doak.
Marketform claims US PL launch will alert international brokers
Marketform will underwrite hospital professional liability in the US, comprising medical malpractice and associated general liability insurance.
Saulter exit will not disrupt Towergate M&A activity, vows Hodges
The departure of Towergate mergers and acquisitions director Dan Saulter will not dent the consolidator’s acquisition strategy in the year ahead, according to chief executive Mark Hodges.
Ace warns industry not to overlook ‘emerging markets close to home’
Joseph Clabby, regional president of Continental Europe for Ace identified Turkey, Poland and Russia as Europe’s top three emerging insurance market opportunities.
SoP talks “at an advanced stage”
Talks between insurers and the government to find a replacement for the Statement of Principles are “at an advanced stage” according to a government minister.
China outlines risk based regime
The China Insurance Regulatory Commission has provided an overall framework for China Risk-Oriented Solvency System bringing the market towards international standards.
India to change broking placement regulations
New proposals from the Insurance Regulatory and Development Authority wants to place greater caps on where brokers place their business with insurers.
Towergate sees slight GWP improvement as network division takes a hit
Towergate has seen its gross written premium increase 2% on the first quarter of last year to £757m, but blamed changes in partner insurer relationships for a 50% slump in operating earnings within its network division.
Aegon to complete Santander deal in Q2
Aegon’s acquisition of Santander’s Spanish insurance business is expected to close in the second quarter of 2013, a spokesman confirmed to Insurance Insight.
Coface "not a strategic asset" says Natixis chief
French bank Natixis does not expect to put Coface up for sale but would consider reducing its stake in the credit insurer, chief executive Laurent Mignon reportedly told a shareholders meeting on Tuesday.
Ex-Brit director joins Prosight board
Lloyd's coverholder Prosight Specialty Underwriters has appointed former Brit board member Peter Goddard as a non-executive director.
ABI responds to Scottish criticism of 'disproportionate' Flood Re
The Association of British Insurers has denied accusations that the introduction of its ‘Flood Re’ model would be “bad news for Scotland”.