tag:blogger.com,1999:blog-73706021375139652442024-02-20T02:01:27.688-08:00Insurance Informationalehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comBlogger582125tag:blogger.com,1999:blog-7370602137513965244.post-88546835769138979112013-01-04T05:08:00.001-08:002013-01-04T05:08:34.321-08:00Open GI bolsters Product Development team<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Leading systems provider Open GI has announced that it has bolstered its Product Development operations with the appointment of Kerri Finnegan as head of Product Development.</p><br /><p>She brings almost two decades of experience with the firm to her new position, including a broad range of knowledge and expertise.</p><br /><p>In her new position Finnegan will manage a team of around 100 in the development functions for Core, EDI and eCommerce Development.</p><br /><p>Finnegan’s role includes the supervision of a delivery programme of strategic developments to strengthen the firm’s functionality and expand its product set.</p><br /><p>Operations Director Helen Barker said that she was delighted to have Finnegan on board in her new role, adding that her credentials and experience would prove instrumental in the development and delivery of Open GI’s core products.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Femployment%2F'>Employment News</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fopen-gi%2F'>Open GI</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-7950364682730475472013-01-04T04:37:00.001-08:002013-01-04T04:37:03.707-08:00Amlin Corporate Insurance becomes Amlin Europe<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Amlin Corporate Insurance has announced that it is now to operate under the name Amlin Europe.</p><br /><p>The firm’s legal entity/risk carrier will remain the same.</p><br /><p>The renaming is a first step in Amlin’s growth strategy for Europe, with the firm intending to further develop its brand across continental Europe.</p><br /><p>Later this year Amlin France will be integrated into Amlin Europe, which will mean all of Amlin’s insurance activities on the continent (with the sole exception of reinsurance activities in Switzerland) will operate under a single roof.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Famlin%2F'>Amlin</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Famlin-europe%2F'>Amlin Europe</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-25249406838183124852013-01-03T03:55:00.003-08:002013-01-03T03:55:03.379-08:00XL Group strengthens North America Property team<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>XL Group plc has announced that it has strengthened its North America Property business with the appointment of Joseph Moylan as its Northeast regional manager.</p><br /><p>Moylan is to be based in New York, and will report directly to Michele Sansone, Eastern Zone Executive in XL’s North America Property.</p><br /><p>Sansone explained that quality insurance coverage, risk engineering and sound claims handling were valued more than ever, particularly as the region recovers from the effects of Superstorm Sandy.</p><br /><p>She warmly welcomed Moylan’s appointment and the underwriting, marketing and business development experience he brings to the firm.</p><br /><p>Joe Tocco, head of XL Group’s North America Property and XL Global Asset Protection Services, said that the firm was in growth mode, and that the XL team was pleased to see the appointment of someone of Moylan’s calibre.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Femployment%2F'>Employment News</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fxl%2F'>XL</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-50681974856404185892013-01-03T03:55:00.001-08:002013-01-03T03:55:02.857-08:00PartnerRe acquires Presidio Reinsurance Group<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>PartnerRe Ltd. has announced that it has completed the acquisition of California-based Presidio Reinsurance Group.</p><br /><p>The Presidio Reinsurance Group is a leading US specialty accident and health reinsurance and insurance writer.</p><br /><p>All the necessary regulatory approvals for the acquisition have been granted.</p><br /><p>The Presidio Reinsurance Group was founded in 1994 and presently writes approximately $250m of accident and health premiums.</p><br /><p>PartnerRe announced its intention to acquire Presidio Reinsurance Group in December of last year, with a payment of approximately $72m for the MGA and tangible book value as consideration for the reinsurance carrier (with the book value to be determined at the time of closing).</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Facquisitions%2F'>acquisitions</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fma%2F'>M&A</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fpartnerre%2F'>PartnerRe</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fpresidio-reinsurance-group%2F'>Presidio Reinsurance Group</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-84316018968452982082012-12-20T09:54:00.001-08:002012-12-20T09:54:55.061-08:00XL Group makes three hull insurance hires<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>XL Group plc has announced that its North American Marine business’ blue water hull risk management capabilities in New York are to be bolstered with three new appointments.</p><br /><p>Siobhan Coen and Jeff Loechner join the firm as senior underwriters, and Eileen Fellin becomes a senior claims consultant.</p><br /><p>Coen joins the firm from the American Hull Insurance Syndicate, and has 19 years of underwriting experience.</p><br /><p>Loechner also joins XL from the American Hull Insurance Syndicate and is a graduate of the United States Merchant Marine Academy at Kings Point, New York.</p><br /><p>Fellin brings more than three decades of claims experience to the firm, and was most recently claims manager at the American Hull Insurance Syndicate.</p><br /><p>Rich DeSimone, President of XL Group’s North America Marine business, stated that the new appointments brought collective hull underwriting and claims experience of almost six decades to the firm.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Femployment%2F'>Employment News</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fxl%2F'>XL</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-84872663917976475772012-12-20T09:19:00.001-08:002012-12-20T09:19:16.318-08:00Canopius appoints new CFO<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Canopius Group Limited has announced the appointment of Paul Cooper as group chief financial officer.</p><br /><p>Cooper joins the firm from Ernst & Young LLP, where he led the specialty (re)insurance market segment and was a lead partner for a number of Lloyd’s and London market financial audit engagements.</p><br /><p>Earlier in his career he worked for Hiscox Insurance Company as finance director with responsibility for the UK Retail business segment’s finance and management information function.</p><br /><p>Cooper is expected to join Canopius in March of next year, and will succeed Robert Law, who has chosen to step down from full-time employment.</p><br /><p>Chief Executive Inga Beale said that she was thrilled that Cooper would be joining the firm, adding that she was confident his skills and expertise would prove invaluable for Canopius.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fcanopius%2F'>Canopius</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Femployment%2F'>Employment News</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-38494125923919831922012-12-19T22:03:00.001-08:002012-12-19T22:03:51.218-08:00UK insurers pay out £6.7m a day on protection policies<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Latest figures from the Association of British Insurers (ABI) show that every day in 2011 insurers paid out £6.7 million to individuals and families who had made claims on life, critical illness and income protection policies.</p><br /><p>In 2011:</p><br /><p>• The average pay-out on a life insurance policy was £46,000, two and a half times the average annual take-home salary, and 97% of life insurance claims were paid.</p><br /><p>• The average pay-out on a critical illness policy was £59,000 with 92% of claims being paid (up from 80% in 2005).</p><br /><p>• The average claim in 2011 on income protection (IP) policies was for £14,000 annually, paying out on average for 260 weeks (five years) to help those unable to work.</p><br /><p>The ABI adds that to increase the number of people who successfully make a claim on their IP policies, it is undertaking a review of best practice to ensure that products are as simple as possible and explained very clearly to customers.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Faverage-pay-out%2F'>average pay out</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fcritical-illness%2F'>critical illness</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fincome-protection%2F'>income protection</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Flife%2F'>life</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in ABI News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fabi%2F'>ABI News</a>, <a rel='category tag' title='View all posts in Health Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fhealth-insurance%2F'>Health Insurance News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a>, <a rel='category tag' title='View all posts in Life Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Flife-insurance%2F'>Life Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-90830948566774165452012-12-19T10:35:00.001-08:002012-12-19T10:35:07.990-08:00Guy Carpenter opens Dubai office<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Guy Carpenter has opened its first office in the Middle East having received a licence from the Dubai Financial Services Authority to operate as an insurance intermediary in the Dubai International Financial Centre.</p><br /><p>Bilal El-Hoss has been appointed as senior executive officer to head up Guy Carpenter (Middle East) Ltd; he joins from Nasco Karaoglan France where he worked for 21 years, most recently as head of marine, energy and aviation.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fbilal-el-hoss%2F'>Bilal El-Hoss</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fdubai%2F'>Dubai</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fguy-carpenter%2F'>Guy Carpenter</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Companies News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fcompanies%2F'>Companies News</a>, <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-66554585652994771402012-12-19T08:38:00.003-08:002012-12-19T08:38:52.492-08:00RK Harrison appoints Pardoe divisional director<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>R K Harrison has announced that it has bolstered its claims team with the appointment of Spencer Pardoe.</p><br /><p>Pardoe, who has been appointed divisional director, will work on claims for RKH Reinsurance Brokers, with a particular focus on developing the claims capabilities in the Specialty and Fac divisions.</p><br /><p>In his new position with the firm he will be directly responsible to Board Director for Claims Nick Coles.</p><br /><p>Prior to his latest appointment Pardoe worked for Willis, as head of International and Specialty Claims.</p><br /><p>He brings more than a quarter of a century of experience to the firm, including extensive experience of wholesale insurance and reinsurance claims management.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Femployment%2F'>Employment News</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Frk-harrison%2F'>RK Harrison</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-7603160531251632972012-12-19T08:38:00.001-08:002012-12-19T08:38:49.624-08:00PartnerRe to acquire Presidio Reinsurance Group<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>PartnerRe Ltd. has announced it has reached a definitive agreement to acquire California-based Presidio Reinsurance Group.</p><br /><p>The Presidio Reinsurance Group is a leading specialty accident and health reinsurance and insurance writer which currently underwrites approximately $250m of accident and health premium.</p><br /><p>The firm was founded 18 years ago and is a leading writer of HMO reinsurance and provider of stop-loss insurance in the US.</p><br /><p>PartnerRe is to purchase the Presidio Reinsurance Group, comprised principally of a Managing General Agency (MGA) and a reinsurance carrier.</p><br /><p>PartnerRe will pay around $72m as a consideration for the MGA and tangible book value as consideration for the reinsurance carrier (with the book value to be determined at the time of closing).</p><br /><p>PartnerRe President and CEO Costas Miranthis said that he was very pleased to announce the addition of Presidio to PartnerRe.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Facquisitions%2F'>acquisitions</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fma%2F'>M&A</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fpartnerre%2F'>PartnerRe</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fpresidio-reinsurance-group%2F'>Presidio Reinsurance Group</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-2529760775856418252012-12-18T22:35:00.003-08:002012-12-18T22:35:29.207-08:00Solvency II-type rules for pensions “seriously flawed”<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>The National Association of Pension Funds (NAPF) is warning that the EU’s assessment of Solvency II-type rules for pension funds are “seriously flawed”.</p><br /><p>According to NAPF, they don’t provide an adequate test of regulations that could damage UK pensions and businesses for decades.</p><br /><p>In particular, the Association believes that the Holistic Balance Sheet (HSB) doesn’t take adequate account of the complex structures of many large, multinational companies and their pension schemes.</p><br /><p>NAPF added that the HBS fails to provide an accurate valuation of an employer’s support of a pension, particularly in complex groups and in schemes with a degree of government support.</p><br /><p>The comments come in a response to the European Insurance and Occupational Pensions Authority’s Quantitative Impact Study, which it testing the proposals of the European Commission.</p><br /><p>NAPF has also criticised the short eight-week timeframe given for providing feedback on the Solvency II-based regulation – many NAPF members said they didn’t have time to respond.</p><br /><p>Joanne Segars, NAPF chief executive, comments: “This study was a good opportunity to test the EU’s proposals, but it has completely failed to do so.”</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fnapf%2F'>NAPF</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fpensions%2F'>pensions</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fsolvency-ii%2F'>Solvency II</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-45867222974314614002012-12-18T22:35:00.001-08:002012-12-18T22:35:16.100-08:00Hiscox – Superstorm Sandy claims £90m<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Hiscox has announced an estimate for the impact of Superstorm Sandy, which made landfall in the US on 29th October 2012.</p><br /><p>Net claims are expected to be in the region of £90 million based on an insured market loss of $20 billion.</p><br /><p>According to the specialist insurer, the estimate is within its overall budgeted loss expectations for 2012, although considerable uncertainties still exist around the impact of the storm.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fclaims%2F'>claims</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fhiscox%2F'>Hiscox</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fsandy%2F'>Sandy</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Companies News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fcompanies%2F'>Companies News</a>, <a rel='category tag' title='View all posts in Financials' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Ffinancials%2F'>Financials</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-83869147350028015522012-12-18T10:06:00.001-08:002012-12-18T10:06:15.962-08:00Aviva reaches settlement with Bankia<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p><img alt='Aviva reaches settlement with Bankia' src='http://www.insurancedaily.co.uk/images/aviva.jpeg'/> </p><br /><p>Aviva is to transfer its entire holding in Spanish joint venture, Aseval, to Bankia, for £494 million in cash.</p><br /><p>As a result of the settlement, Aviva and Bankia have applied to the Arbitration Court in Madrid to terminate the legal proceedings between the parties and issue an award which reflects the settlement agreed.</p><br /><p>The proceeds of the sale will be used for Aviva’s general corporate purposes and the transaction will increase the group’s economic capital surplus by around £0.5 billion.</p><br /><p>Aviva chairman, John McFarlane, comments: “This settlement is in line with our strategy to increase Aviva’s financial strength and we have realised significant value from our joint venture with Bankia.</p><br /><p>“We remain focused on providing excellent service to our customers in Spain, through our other bank partners and distribution agencies.”</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Faseval%2F'>Aseval</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Faviva-news%2F'>Aviva News</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fbankia%2F'>Bankia</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Aviva News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Faviva%2F'>Aviva News</a>, <a rel='category tag' title='View all posts in Financials' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Ffinancials%2F'>Financials</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-45100577200368770602012-12-18T05:38:00.001-08:002012-12-18T05:38:06.378-08:00XL bolsters political risk and trade credit team<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>XL Group plc has announced that it has bolstered its political risk and trade credit team with the appointment of David Lineham.</p><br /><p>Lineham will become a senior underwriter within the team, to which he brings extensive experience from his time as a litigator with law firm Clyde and Co.</p><br /><p>He has also worked for Aspen as an underwriter within the Financial and Political Risk team, after which worked in the Political Risk and Structured Credit practice of Marsh.</p><br /><p>Joe Blenkinsopp, deputy global head of Political Risk and Trade Credit at XL Group, described the appointment as a clear signal of the firm’s confidence in the political risk and trade credit insurance market.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Femployment%2F'>Employment News</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fxl%2F'>XL</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-31177054306920530812012-12-18T05:05:00.001-08:002012-12-18T05:05:16.994-08:00Kiln announces new hire with Lloyd’s China<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>International specialist insurance and reinsurance underwriting group Kiln has announced the appointment of Gu Jin to lead its new venture with Lloyd’s Insurance Company (China) Ltd in Shanghai.</p><br /><p>Kiln will operate in China via Lloyd’s Insurance Company (China) Ltd as part of the newly created Kiln Underwriting Division.</p><br /><p>Jin will be tasked with developing a business portfolio, and her appointment builds on the firm’s current regional operations in Hong Kong and Singapore.</p><br /><p>Jin is to join Kiln in January, and she expressed her delight to be joining the firm as it seeks to expand its footprint in Asia.</p><br /><p>Regional Managing Director for Kiln Asia Neil Wray said that he was thrilled to welcome Jin to Kiln’s team in Asia, and described her appointment as an important step for the firm.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Femployment%2F'>Employment News</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fkiln%2F'>Kiln</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-73122827144303293452012-12-18T00:53:00.001-08:002012-12-18T00:53:10.747-08:00Millions lost by UK firms in “Payment Diversion” scams<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>UK businesses are being alerted to the dangers of “Payment Diversion” or “Mandate” fraud, which involves criminals fraudulently changing a supplier’s bank account details.</p><br /><p>According to KPMG, 11 new cases of this type of fraud have been examined by its forensic experts in the last six months, with cases ranging in value from just over £30,000 lost by one business in a single transaction to a total of £5 million extracted from another.</p><br /><p>It also appears that there is little discrimination in the type of organisation being targeted.</p><br /><p>Of the various instances identified, seven have been in the retail industry, but telecoms suppliers, manufacturers, providers of leisure services and public sector organisations are also amongst the victims.</p><br /><p>However, fraudsters are assuming a lack of knowledge amongst employees about the typical “red flags” to look out for, and KPMG recommends that organisations adopt five key actions without delay:</p><br /><p>Know who you are speaking to on the phone and keep logs of callers and requests so these can be referred to when taking calls, to see the call history.</p><br /><p>Stop employees volunteering private information to callers (such as supplier numbers).</p><br /><p>Confirm who is making the request to change bank account details – is it from the usual contact and usual email address?</p><br /><p>Check the supplier history – have any other changes in standard data been requested, is this a supplier with high value transactions?</p><br /><p>Only process requests that are received in writing and on letterhead – check letterhead to others from the same supplier and verify requests with trusted contacts at suppliers.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Ffraud%2F'>fraud</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fkpmg%2F'>KPMG</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fmandate%2F'>Mandate</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fpayment-diversion%2F'>Payment Diversion</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Business Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fbusiness-insurance%2F'>Business Insurance News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-90608538172419790282012-12-17T23:46:00.001-08:002012-12-17T23:46:50.074-08:00Zurich’s Storm Sandy estimates hit $700m<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p><img alt='Zurich’s Storm Sandy estimates hit $700m' src='http://www.insurancedaily.co.uk/images/zurich.jpeg'/> </p><br /><p>Zurich Insurance Group has estimated aggregate claims net of reinsurance of around $700 million for Storm Sandy, which made landfall in the US on 29th October.</p><br /><p>The sum includes $40 million relating to Farmers Re regarding reinsurance cover provided to the Farmers Exchanges, which are managed but not owned by a subsidiary of Zurich.</p><br /><p>In addition, the insurer has made an estimate for reinstatement premiums due on reinsurance covers of $58 million.</p><br /><p>The pre-tax total will appear in Zurich’s results for the fourth quarter 2012, to be released on 14th February 2013 as part of its annual results.</p><br /><p>Chief executive officer, Martin Senn, comments “Zurich’s strong balance sheet, healthy cash flows and risk expertise enable us to be there for our customers when they need us and to deliver on our promise.”</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fclaims%2F'>claims</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fstorm-sandy%2F'>Storm Sandy</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fzurich-news%2F'>Zurich News</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Financials' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Ffinancials%2F'>Financials</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a>, <a rel='category tag' title='View all posts in Zurich News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fzurich%2F'>Zurich News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-84449123071628398612012-12-17T23:03:00.001-08:002012-12-17T23:03:01.575-08:00Groupama Insurance credit rating upgraded<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Following the completion of Ageas UK’s acquisition of Groupama Insurance Company in November, Standard & Poor’s has raised Groupama Insurance’s financial strength rating to BBB with a “stable outlook”.</p><br /><p>The ratings agency took a number of factors into consideration in making its decision including the company’s good competitive position, established and diversified broker base, strong niche focus, improved operating performance, appropriate level of reserving and reinsurance cover, and its capitalisation.</p><br /><p>Commenting on the announcement, Ageas UK chief executive officer, Barry Smith, says: “This is good news for brokers and customers as it creates additional stability and certainty for them to continue to trade with Groupama Insurances.</p><br /><p>“They now have independent confirmation that they are dealing with a financially strong and well capitalised business geared towards meeting their needs.”</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fcredit-rating%2F'>credit rating</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fgroupama%2F'>Groupama</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fstandard-poors%2F'>Standard & Poor's</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Ageas News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Ffortis%2F'>Ageas News</a>, <a rel='category tag' title='View all posts in Financials' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Ffinancials%2F'>Financials</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-12576827427145331152012-12-17T11:01:00.001-08:002012-12-17T11:01:56.887-08:00Endurance appoints chief operations officer<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Bermuda-based insurer Endurance Specialty Holdings Ltd. has announced the appointment of John L. O’Connor as chief operations officer.</p><br /><p>In his new role with the firm O’Connor will assume responsibility for Information Technology, Program Management, Strategic Sourcing and Insurance and Reinsurance Underwriting Operations.</p><br /><p>In his newly created role he will be directly responsible to Chief Executive Officer David Cash.</p><br /><p>Cash said that during his time with the firm O’Connor had built internal operations into a highly effective team.</p><br /><p>Cash went on to say that the creation of the COO position and O’Connor’s appointment to it was an acknowledgement of both the critical role Operations will play for the firm in the future and the significant contribution O’Connor had made to the firm.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Femployment%2F'>Employment News</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fendurance%2F'>Endurance News</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Endurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fendurance%2F'>Endurance News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-73295574344379875672012-12-17T04:32:00.001-08:002012-12-17T04:32:53.791-08:00Bupa to acquire Dental Corporation<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>International healthcare group Bupa has announced that it plans to acquire Dental Corporation, Australia and New Zealand’s largest dental group.</p><br /><p>The acquisition will bolster and broaden Bupa’s current healthcare offering in Australia and New Zealand, which already includes private health insurance, care homes, retirement villages, and many other services.</p><br /><p>On completion of the deal Bupa will acquire 100% of the shares in Dental Corporation, in a payment worth 84.4% of the company’s value (£244m, equating to AUD $374m).</p><br /><p>The outstanding 15.6% will be paid to dentists and the management team over a period of three years.</p><br /><p>Managing Director of Bupa Australia and New Zealand Dean Holden said that Bupa was really excited by the acquisition and looked forward to working with Dental Corporation’s management team and dentists.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fbupa%2F'>BUPA</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fdental-corporation%2F'>Dental Corporation</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fhealth-insurance%2F'>Health Insurance News</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Health Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fhealth-insurance%2F'>Health Insurance News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-15160455978788730382012-12-15T10:55:00.001-08:002012-12-15T10:55:48.994-08:00LV= appoints group company secretary<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>LV= has appointed Rachel Small as group company secretary, effective 1st January 2013.</p><br /><p>Ms Small joined the mutual in September 2007 and is currently group general counsel.</p><br /><p>She will continue in this role, while taking on the additional responsibility of advising the LV= board of directors to ensure high standards of corporate governance across the group’s various companies.</p><br /><p>Ms Small takes over from Paul Cassidy, who, after five years as group company secretary, will return to the firm’s general insurance business in a projects-based role, supporting the executive team.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fcompany-secretary%2F'>company secretary</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Flv%2F'>LV= News</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Frachel-small%2F'>Rachel Small</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a>, <a rel='category tag' title='View all posts in LV= News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Flv%2F'>LV= News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-59901303620174372312012-12-15T09:56:00.003-08:002012-12-15T09:56:49.480-08:00Hastings appoints marketing director<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Hastings Direct has appointed Nicola Charles as marketing director, reporting to managing director of retail, Tobias van der Meer.</p><br /><p>Ms Charles was formerly head of digital marketing at LV= having previously held senior roles in claims, customer relations and partnerships at RBS Insurance.</p><br /><p>Hastings’ chief executive officer, Gary Hoffman, comments: “Nicola is joining us at an exciting time, as we have huge plans for the Hastings Direct brand in 2013 and she will be integral in helping us to deliver these.”</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fhastings%2F'>Hastings</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fmarketing-director%2F'>marketing director</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fnicola-charles%2F'>Nicola Charles</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Companies News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fcompanies%2F'>Companies News</a>, <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-39786282524085769362012-12-15T09:56:00.001-08:002012-12-15T09:56:48.871-08:00Energy industry faces new decommissioning risks<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Willis is warning that the energy industry faces new risks associated with decommissioning and dismantling oil and gas installations.</p><br /><p>According to the broker, in the years ahead a significant number of offshore oil and gas platforms will reach the end of their productive lives – in the North Sea alone it is estimated that over the next few decades the total costs associated with offshore decommissioning could reach £30 billion.</p><br /><p>“Dismantling and removing large offshore platforms, particularly those located in inhospitable environments, is a serious operational and logistical challenge,” explains Chris Dear, managing director of Willis Energy.</p><br /><p>He adds: “As a result, energy companies face a number of significant risks, including seepage and pollution and complex contractual liabilities.”</p><br /><p>In response, Willis has launched an Offshore Dismantling & Removal Insurance Facility in partnership with a group of marine and energy insurers.</p><br /><p>The policy is designed to address specific decommissioning risks, including contractual liability exposures.</p><br /><p>It also covers seepage, pollution and contamination risks, with standard removal of wreck cover extended to address the heavy lifting risks unique to decommissioning projects.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fgas%2F'>gas</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fnorth-sea%2F'>North Sea</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Foffshore-decommissioning%2F'>offshore decommissioning</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Foil%2F'>oil</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Business Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fbusiness-insurance%2F'>Business Insurance News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a>, <a rel='category tag' title='View all posts in Willis News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fwillis%2F'>Willis News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-60345449946013618892012-12-14T05:38:00.003-08:002012-12-14T05:38:52.615-08:00Ex-Brit CEO to join Arthur J. Gallagher<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Arthur J. Gallagher International has announced that Neil Eckert is to be appointed a non-executive director, subject to regulatory approval.</p><br /><p>Eckert is the founder and former chief executive officer of Brit Insurance, and he warned that the world was becoming increasingly under-insured.</p><br /><p>He went on to say that after three decades of experience in and around the insurance sector he wanted to work with a broker that understood the changing nature of risk and rising under-insurance.</p><br /><p>Eckert added that the Gallagher culture of professionalism and entrepreneurship was highly attractive and described the firm as a force to be reckoned with.</p><br /><p>Arthur J. Gallagher International Chief Executive Officer David Ross said that he was delighted Eckert was joining the firm and welcomed his deep experience and wide range of relationships.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Farthur-j-gallagher%2F'>Arthur J Gallagher</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Femployment%2F'>Employment News</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Employment News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Femployment%2F'>Employment News</a>, <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.comtag:blogger.com,1999:blog-7370602137513965244.post-39785597430606754232012-12-14T05:38:00.001-08:002012-12-14T05:38:51.446-08:00IAG to sell UK operations<div xmlns='http://www.w3.org/1999/xhtml'><div><br /><p>Insurance Australia Group Limited (IAG) has announced the sale of all its UK operations following the completion of its strategic review.</p><br /><p>The sale is expected to occur through two separate transactions, with the Equity Red Star (ERS) business being sold to private equity investment firm Aquiline Capital Partners for £87m.</p><br /><p>The ERS sale is subject to regulatory approval and expected to be completed in the second half of the financial year ending 30 June 2013.</p><br /><p>The smaller specialist commercial broking business Independent Commercial Brokers (ICB) is to be sold to a consortium led by the existing management team.</p><br /><p>IAG Managing Director and Chief Executive Officer Mike Wilkins said that the firm believed the sale option was the best outcome for IAG shareholders, particularly given challenging economic and industry conditions in the UK.</p><br /><p class='tags'><strong>Tags:</strong> <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Facquisitions%2F'>acquisitions</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fequity-red-star%2F'>Equity Red Star</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fiag%2F'>IAG</a>, <a rel='tag' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Ftag%2Fma%2F'>M&A</a> </p><br /><p class='cats'><strong>Category</strong>: <a rel='category tag' title='View all posts in Insurance News' href='http://redirect.viglink.com?key=11fe087258b6fc0532a5ccfc924805c0&u=http%3A%2F%2Fwww.insurancedaily.co.uk%2Finsurance%2Fnews%2F'>Insurance News</a> </p><br /></div><br /><img width='1' height='1' border='0' src='http://pixel.quantserve.com/pixel/p-89EKCgBk8MZdE.gif'/><br/><br /><br/></div>alehttp://www.blogger.com/profile/14782450093659892729noreply@blogger.com