Insurance Journal » Agents & Brokers http://www.insurancejournal.com Insurance Journal delivers the latest business news for the Property/Casualty insurance industry Sat, 01 Aug 2015 08:17:24 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.2 Marsh & McLennan Seeks Ways to Cut Tax as Competitors Shift to London http://www.insurancejournal.com/news/international/2015/07/29/376579.htm Wed, 29 Jul 2015 06:19:55 +0000 http://www.insurancejournal.com/?p=376579 Marsh & McLennan Cos., the largest insurance broker by market value, is seeking ways to cut tax obligations as rivals shift to Europe, where rates are lower. “The search for tax efficiency for us started several years ago,” Dan Glaser, chief executive …

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Foreign Insurers Take Cautious Look at Iran Business in Wake of Nuclear Deal http://www.insurancejournal.com/news/international/2015/07/27/376332.htm Mon, 27 Jul 2015 08:04:27 +0000 http://www.insurancejournal.com/?p=376332 Western and Middle East insurance specialists see Iran as an appealing $8 billion market in the wake of its nuclear deal with world powers, though uncertainty over when sanctions on Tehran will be lifted means they are treating the country …

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Beazley CEO Calls on Lloyd’s to Overhaul Data Systems http://www.insurancejournal.com/news/international/2015/07/24/376252.htm Fri, 24 Jul 2015 14:56:27 +0000 http://www.insurancejournal.com/?p=376252 Beazley Plc CEO Andrew Horton called on Lloyd’s of London to overhaul the way it manages trade information to make the world’s oldest insurance market more efficient and globally competitive. “The transfer of data in the market has got to …

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DUAL Acquires Oliva Underwriting, UK-based MGA http://www.insurancejournal.com/news/international/2015/07/24/376216.htm Fri, 24 Jul 2015 09:28:12 +0000 http://www.insurancejournal.com/?p=376216 DUAL, the underwriting arm of the Hyperion Insurance Group, announced it has acquired Oliva Underwriting, the UK-based MGA specializing in property & casualty, contractor trades and marine insurance. The acquisition forms a core part of DUAL’s UK commercial strategy, and will allow it …

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Jardine Lloyd Sues Rival Howden Over Mass Resignation in Singapore http://www.insurancejournal.com/news/international/2015/07/24/376206.htm Fri, 24 Jul 2015 07:44:26 +0000 http://www.insurancejournal.com/?p=376206 Jardine Lloyd Thompson Group plc sued Howden Insurance Brokers in a bid to thwart plans by the rival to poach 17 of its Singapore staff. The broking arm of Hyperion Insurance Group, headhunter Huntington Search Partners Pte, JLT Singapore Managing Director Goh Chye Huat …

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JLT Re Builds Programs & Binding Authorities Division with 3 New Hires http://www.insurancejournal.com/news/international/2015/07/23/376115.htm Thu, 23 Jul 2015 08:16:44 +0000 http://www.insurancejournal.com/?p=376115 JLT Re, the London-based reinsurance broker and consultancy, announced it is continuing to develop and diversify its Programs and Binding Authority Division with three new appointments. Mark Sleet has joined from Miller where he specialized in casualty business; Sleet has …

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RKH Appoints Schlossmacher as Co-Managing Director of Financial Risks Division http://www.insurancejournal.com/news/international/2015/07/20/375699.htm Mon, 20 Jul 2015 10:20:27 +0000 http://www.insurancejournal.com/?p=375699 RKH Specialty, part of the Hyperion Insurance Group, has appointed Gert Schlossmacher as co-managing director of its Financial Risks Division. Schlossmacher will join in January 2016, reporting to Barnaby Rugge-Price, CEO of RKH Specialty. Schlossmacher joins RKH from Euler Hermes, …

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Gallagher Buys 65% of ARM Re, Colombian Energy & Construction Specialist http://www.insurancejournal.com/news/international/2015/07/20/375696.htm Mon, 20 Jul 2015 09:56:22 +0000 http://www.insurancejournal.com/?p=375696 Arthur J. Gallagher – the international division of Arthur J. Gallagher & Co. – has extended its investment in Latin America with a 65 percent shareholding in independent Colombian energy and construction specialist ARM Re Ltda (ARM). Other terms of …

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Re/insurance Market Conditions Will Lead to More M&A Activity: A.M. Best http://www.insurancejournal.com/news/international/2015/07/20/375692.htm Mon, 20 Jul 2015 08:53:41 +0000 http://www.insurancejournal.com/?p=375692 Merger and takeover activity is likely to continue in the coming months as re/insurers increasingly seek ways to deploy capital and create scale against a backdrop of ongoing soft market conditions and weak investment returns, according to a special report …

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Near National P/C Carriers Identified for 2015 http://www.insurancejournal.com/magazines/features/2015/07/20/375084.htm Mon, 20 Jul 2015 00:00:00 +0000 http://www.insurancejournal.com/?p=375084 The Demotech Company Classification System, established in the Feb. 12, 2007 issue of Insurance Journal, categorizes insurers into one of 11 categories based on an analysis of data reported by the companies to the National Association of Insurance Commissioners. The …

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Dressing Up for the Wedding: Agency Operations, Part 1 http://www.insurancejournal.com/magazines/features/2015/07/20/375088.htm Mon, 20 Jul 2015 00:00:00 +0000 http://www.insurancejournal.com/?p=375088 Business owners have a lot to consider when running a successful business. Unfortunately, many do not consider an exit strategy, especially in the early years of the business. Agency owners without an exit strategy will sometimes make decisions based on …

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Willis to Acquire PMI Health Group, UK-Based Healthcare Adviser & Broker http://www.insurancejournal.com/news/international/2015/07/16/375344.htm Thu, 16 Jul 2015 07:21:25 +0000 http://www.insurancejournal.com/?p=375344 Willis Group Holdings plc announced an agreement to acquire PMI Health Group (PMIHG), an independent healthcare adviser and broker in the UK. Willis said the deal will significantly raise the company’s presence in the UK employee benefits and healthcare market, …

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JLT Australia Deploys NetSuite Cloud Solution to Run Entire Business Life Cycle http://www.insurancejournal.com/news/international/2015/07/15/375049.htm Wed, 15 Jul 2015 09:09:18 +0000 http://www.insurancejournal.com/?p=375049 Jardine Lloyd Thompson (JLT) Australia, a subsidiary of the London-based insurance, reinsurance and employee benefits firm, has deployed NetSuite OpenAir cloud professional services automation (PSA) solution to run the entire business life cycle of its consulting practice, according to a statement …

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Fairfax Offers to Buy 26% of Indian Brokerage IIFL for $255 Million http://www.insurancejournal.com/news/international/2015/07/14/374911.htm Tue, 14 Jul 2015 11:33:55 +0000 http://www.insurancejournal.com/?p=374911 Fairfax India Holdings Corp., the $1 billion fund created by Toronto-based investor Prem Watsa, offered to buy 26 percent more in Indian brokerage IIFL Holdings Ltd.* for $255 million. Fairfax India announced an offer to purchase about 83.1 million shares …

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Willis Appoints Aubert to Executive Committee of London & Int’l Brokers’ Assn. http://www.insurancejournal.com/news/international/2015/07/13/374803.htm Mon, 13 Jul 2015 12:50:03 +0000 http://www.insurancejournal.com/?p=374803 Willis Group Holdings has appointed Nicolas Aubert, CEO of Willis GB, to the executive committee and board of the London & International Insurance Brokers’ Association (LIIBA)*. In addition, Aubert was named LIIBA representative to the London Market Group (LMG), a …

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Mulligan, Marshall Receive AAMGA Recognitions http://www.insurancejournal.com/news/national/2015/07/10/374672.htm Fri, 10 Jul 2015 13:30:54 +0000 http://www.insurancejournal.com/?p=374672 Two long-time members of American Association of Managing General Agents (AAMGA) were recognized with service-based awards at the association’s Annual Meeting in Maryland in May. Thomas Mulligan, a board member of Western World Insurance and the company’s former president from 2010 …

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Colosso to Retire as CEO of Howden UK http://www.insurancejournal.com/news/international/2015/07/08/374391.htm Wed, 08 Jul 2015 09:39:12 +0000 http://www.insurancejournal.com/?p=374391 Hyperion Insurance Group, the London-based employee-owned insurance and reinsurance intermediary group, announced that Adrian Colosso will be stepping down and retiring from his role as CEO of Howden UK at the end of July 2015. Colosso came out of retirement …

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Marsh & McLennan Agency Enters Canadian Market with Purchase of Vézina http://www.insurancejournal.com/news/international/2015/07/08/374381.htm Wed, 08 Jul 2015 08:56:56 +0000 http://www.insurancejournal.com/?p=374381 Marsh & McLennan Agency LLC*, a subsidiary of Marsh, has acquired Vézina, a Montreal, Quebec-based independent insurance brokerage firm. The acquisition includes the property/casualty brokerage division Vézina Assurances Inc. and group benefits division Vézina & Associes. Terms of the transaction were …

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JLT’s Thistle Insurance Appoints Williams as Managing Director, Robinson as COO http://www.insurancejournal.com/news/international/2015/07/07/374232.htm Tue, 07 Jul 2015 09:09:54 +0000 http://www.insurancejournal.com/?p=374232 Thistle Insurance Services Limited, part of Jardine Lloyd Thompson Group plc, the UK-based provider of insurance, reinsurance and employee benefits-related advice, brokerage and associated services, announced two key appointments to its executive board. Paul Williams has been appointed managing director …

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DUAL Appoints Watson as Chief Claims Officer http://www.insurancejournal.com/news/international/2015/07/07/374228.htm Tue, 07 Jul 2015 07:39:33 +0000 http://www.insurancejournal.com/?p=374228 DUAL, the specialist underwriting arm of the Hyperion Insurance Group, announced it has appointed Angus Watson as global chief claims officer, joining September 1, 2015. Watson will join from Arch Insurance Company (Europe) Limited where he was head of claims …

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UK’s Towergate Announces Changes to Executive Team http://www.insurancejournal.com/news/international/2015/07/07/374223.htm Tue, 07 Jul 2015 07:30:42 +0000 http://www.insurancejournal.com/?p=374223 Towergate, the UK-based intermediary, announced that interim CEO Scott Egan will be leaving the company to join the executive board of RSA Insurance Group plc as group chief financial officer*. Egan was appointed interim CEO in February 2015 and will continue …

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RSA Appoints Towergate’s Egan as Executive Director and Group CFO http://www.insurancejournal.com/news/international/2015/07/07/374221.htm Tue, 07 Jul 2015 07:17:33 +0000 http://www.insurancejournal.com/?p=374221 RSA Insurance Group plc (RSA) announced the appointment of Scott Egan as an executive director and group chief financial officer of the company. He is expected to join the company during the fourth quarter of this year. He replaces Richard Houghton, …

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Beazley Launches Business Travel Insurance in Australia http://www.insurancejournal.com/news/international/2015/07/02/373952.htm Thu, 02 Jul 2015 09:15:25 +0000 http://www.insurancejournal.com/?p=373952 Specialist insurer Beazley has launched its first international business travel insurance product in the Australian market. Beazley Corporate Travel Insurance will be offered to Australian brokers and coverholders. Beazley Corporate Travel Insurance provides specialist cover for business travelers, such as overseas …

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DUAL Enters Central, East European Market with Launch of DUAL Polska http://www.insurancejournal.com/news/international/2015/07/01/373634.htm Wed, 01 Jul 2015 11:47:48 +0000 http://www.insurancejournal.com/?p=373634 DUAL Group, the underwriting arm of Hyperion Insurance Group, announced its launch into Central and Eastern Europe (CEE), following the acquisition of the majority stake of Toruń, Poland-headquartered insurance specialist, Data Connect Direct (DCD). This acquisition, which creates DUAL Polska, …

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Willis CEO, Casserley, Opts Against Taking Severance Pay in Towers Watson Deal http://www.insurancejournal.com/news/international/2015/07/01/373631.htm Wed, 01 Jul 2015 11:31:18 +0000 http://www.insurancejournal.com/?p=373631 Willis Group Holdings plc’s chief executive officer, who is taking a lesser role under the insurance broker’s planned merger with Towers Watson & Co., has opted against taking some compensation that he was entitled to get. “Dominic Casserley will not receive a …

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Corbett to Join Hyperion Insurance Group as Group CFO http://www.insurancejournal.com/news/international/2015/07/01/373629.htm Wed, 01 Jul 2015 11:21:27 +0000 http://www.insurancejournal.com/?p=373629 Hyperion Insurance Group, the London-based insurance and reinsurance intermediary group, has announced that Oliver Corbett will join the group as CFO. Corbett, currently interim CFO at Towergate, will take up the role in August, subject to regulatory approval.  After seven …

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ILS Products Are Changing Reinsurance Industry Norms: ‘Acts of God’ Author http://www.insurancejournal.com/news/international/2015/07/01/373612.htm Wed, 01 Jul 2015 10:00:28 +0000 http://www.insurancejournal.com/?p=373612 Second of two articles In the first article in this series, Paula Jarzabkowski, professor of Strategic Management at Cass Business School, City University London, discussed the findings of her book on the reinsurance industry, which show that the market is …

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Towergate Insurance Reports Q1 Net Income of $134 Million; Down 8% http://www.insurancejournal.com/news/international/2015/06/29/373270.htm Mon, 29 Jun 2015 09:11:23 +0000 http://www.insurancejournal.com/?p=373270 Towergate Insurance reported first quarter income of £86 million ($134 million), down 8 percent from £93 million ($145 million) reported for the same period in 2014 – with its performance adversely affected by the group’s financial restructuring and change program. The …

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Towergate Hires Deakin as Retail Broking Director; Dalgarno as Chief Risk Officer http://www.insurancejournal.com/news/international/2015/06/26/373171.htm Fri, 26 Jun 2015 12:28:32 +0000 http://www.insurancejournal.com/?p=373171 Towergate is creating a new retail broking division led by Janice Deakin, who will join the group as retail broking director on August 12, subject to regulatory approval. This division will encompass all the Towergate Insurance retail broking businesses, Towergate Insurance …

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Reinsurance Market’s Evolution Could Affect Its Stability: ‘Acts of God’ Author http://www.insurancejournal.com/news/international/2015/06/26/373154.htm Fri, 26 Jun 2015 11:05:28 +0000 http://www.insurancejournal.com/?p=373154 First of Two Articles The reinsurance market is moving from coverage of acts of God to one that covers commoditized risks – an evolution that could have long-term implications for market stability and trading large-scale risk, according to an industry expert …

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