Commercial Lines related articles – Page 111
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NewsBrexit: Lloyd’s says no need for extra capital after Pound slump
Lloyd’s of London has ruled out asking insurers to pledge extra capital after the pound fell to a 31-year low following the vote for UK to leave the EU. Each of the underwriters in Lloyd’s have to deposit money in a communal pot called Funds at ...
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NewsInsurance is 'playing catch-up' to other industries: LMG chief exec
London Market Group (LMG) chief executive Ben Reid has said the insurance industry is “playing catch-up” to other industries and needed to embrace modernisation. Reid said the LMG’s agenda is to “build and maintain London’s position and reputation as the global centre of insurance excellence”. Reid ...
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News'True independence after MBO will drive growth': Compass MD Lincoln
Compass managing director John Lincoln said that becoming independent would drive growth for the network as it targets £1bn in gross written premiums over the next three to five years. Speaking with Insurance Times following the management buyout (MBO) of Compass from Arthur J Gallagher, Lincoln ...
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NewsLloyd’s pushes for passporting as Brexit threatens £800m GWP
Lloyd’s estimates that £800m of its gross written premium (GWP) could be affected if access to the single market is lost because of Brexit. This accounts for 4% of its £26.6bn total GWP. The insurance market made the estimate in a document outlining its plans to deal with the UK’s ...
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NewsUK insurers 'better off outside EU', says former Civil Service head
UK insurers will be better off outside the EU because they can escape the “absolutely dreadful” Solvency II rules, according to the former head of the Civil Service. EU capital rules have damaged competitiveness and hampered the insurance sector’s ability to expand, Lord Turnbull told the ...
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Online onlyAviva pressure eases after post-Brexit turmoil
Aviva’s share price revovered some of its recent short falls, rising 6.5% in Tuesday’s trading to 368pence. The insurers’ shares had fallen 22% since Thursday’s Brexit vote to close yesterday at 347pence. Aviva, who was one of the biggest victims of the voters’ decision to withdraw ...
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NewsLloyd's Beale calls for swift Brexit negotiations to end uncertainty
London can maintain its pre-eminent global position in specialist insurance and reinsurance after last week’s Brexit vote, according to Lloyd’s chief executive, Inga Beale (pictured) . But it will need swift action by the government to conclude negotiations, and bring an end to uncertainty in the ...
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NewsWhat next for insurance after Brexit? Read the SR guide
How does the insurance industry cope with Brexit? Our sister publication Strategic Risk has published a guide to the key risks of Brexit, with contributions from academics, legal experts and QBE chief executive Richard Pryce. Click here to view the guide: Assessing the Key Risks of ...
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NewsCustomers should avoid hasty decisions after Brexit vote - ABI
Customers of UK insurance companies should avoid making hasty decisions about their financial matters in the wake of the UK Brexit vote, according to the ABI. “Customers should remember we remain part of the EU until the process of leaving is complete and they should therefore ...
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NewsBrexit could force insurers restructure as passporting rights go - PwC
The loss of passporting rights following the UK’s Brexit vote could force general insurers and the London market into a major restructuring, according to corporate services firm PwC. “The Lloyd’s & London Market and general insurance Market make extensive use of passporting. The loss of these ...
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NewsMarkel names Desai head of professional indemnity
Markel International has appointed Bhavik Desai (pictured) as head of professional indemnity. Desai replaces David Sawyer who has become managing director of professional and financial risks in the group’s newly-created specialty and financial lines division, headed by James Hastings. Markel have been writing professional indemnity in ...
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NewsCooper Gay hires strategy and change head
Broking group Cooper Gay Swett & Crawford (CGSC) has hired Wendy Kilminster as head of strategy and change. She will join the company in September and report to group commercial director Andy Wallin. CGSC is in turnaround mode under new chief executive Steve Hearn, who joined ...
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NewsAsh Bathia’s Lloyd’s syndicate hires QBE financial lines head
Probitas 1492, the Lloyd’s syndicate run by Ash Bathia (pictured), has hired QBE’s former financial lines head Charles Boorman. Boorman joined Probitas today and reports to casualty chief underwriting officer Neila Buurman. In his new role Boorman heads up Probitas 1492’s financial lines team of underwriters, ...
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NewsSompo Canopius operations head Stephen Manning departs
Sompo Canopius chief operating officer Stephen Manning will leave the Lloyd’s insurer at the end of the year. It is understood that while Manning currently has no position to move into, he is keen to stay within the industry. Manning said: “I have enjoyed 11 exhilarating ...
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NewsFoo Fighters sue Integro broker and insurers over cancelled shows
Foo Fighters are suing Integro-owned broker Robertson Taylor and several insurance companies for not paying out for seven cancelled gigs. The US lawsuit mentions three cancelled performances after lead singer Dave Grohl broke his leg in June 2015 and four after the Paris terror attacks in ...
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NewsLancashire names Barnes in lead property underwriting role
Lancashire Holdings said Jon Barnes will join Cathedral Underwriting to lead the underwriting of property treaty reinsurance business for Syndicate 2010. Barnes has over 25 years’ experience in the Lloyd’s market, most recently as deputy active underwriter at Syndicate 2121 where he has been an underwriter ...
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NewsLloyd's syndicates deliver another strong year - S&P
Fewer catastrophe events, combined with lower and less frequent casualty claims, helped Lloyd’s syndicates deliver another strong set of results in 2015, according to Standard & Poor’s. The average combined operating ratio (COR) was 90%, but the ratings agency added that some syndicates have been hit ...
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NewsKelliher names Coggan chief executive, reports lower profit
Kelliher Insurance announced a new chief executive as it reported lower profit for the year to December. Former managing director Imogen Coggan (pictured) has been promoted to chief executive, and the company said it is planning to expand further, primarily through organic growth. Pre-tax profit fell ...
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NewsGallagher launches model-backed terrorism cover
Arthur J Gallagher has launched a risk model-backed terrorism insurance product supported by capacity from London market underwriters. The product, which combines insurance and risk management, is designed for businesses with a premium spend of more than £1,000. The offering uses Gallagher’s Farseer modelling tool, which ...
