Reinsurance News
motor
Volante Global launches Gentium Motor MGA, names Managing Director
14th August 2018
Multi-class international managing general agent (MGA) platform Volante Global Limited has announced the launch of London Market based MGA Gentium Motor, with Neil Smith named as its Managing Director. Gentium Motor is focused on niche motor-related schemes and affinity groups within the international motor sector, including high-value and classic motor schemes ... Read the full article
Whiplash reforms delayed, soft motor insurance pricing now looks premature
27th July 2018
Insurers’ anticipatory price cuts in response to claims savings expected from the UK’s proposed whiplash reforms may have been premature following the government’s abrupt decision to delay changes by an entire year, from April 2019 to April 2020. The government’s decision to delay the Soft Tissue Injury Claims reforms - commonly ... Read the full article
IUA backs mutualisation of motor terrorism risks in UK
26th July 2018
The International Underwriting Association (IUA) has lent its support to a recent vote by UK motor insurers to mutualise risks for terrorism claims that will see the Motor Insurance Bureau (MIB) handle all claims for victims of vehicle-related terrorist events from January 2019. All UK motor insurers are members of ... Read the full article
Tokio Marine co-leads $90mn funding for Metromile start-up
24th July 2018
Tokio Marine Holdings and Intact Financial, a North American property and casualty (P&C) insurer, have co-led a $90 million Series E funding drive for Metromile Inc., a San Francisco based car insurance start-up that utilises a pay-per-mile model and fully automated claims experience. Metromile said it plans to use the funds ... Read the full article
MIB to handle all UK terrorism motor claims from 2019
24th July 2018
Motor insurers in the UK have voted to mutualise the risks associated with terrorism claims, electing that The Motor Insurance Bureau (MIB), the UK's not-for-profit body, handle and pay the claims from victims involved in a terrorist event where a vehicle is used to kill or injure. All motor insurers writing ... Read the full article
Swiss Re confident about transition to autonomous vehicles, reports Deutsche Bank
29th June 2018
As the largest global motor reinsurer, Swiss Re sees itself as well placed to benefit from anticipated structural changes to the market as the industry prepares to transition to autonomous vehicles, according to Deutsche Bank. Speaking at Deutsche Bank’s third dbAccess AutoTech day in London, representatives from Swiss Re explained that ... Read the full article
PPO propensity down 40%-50%, claims settling at higher discount rate: Aon
26th June 2018
Aon Reinsurance Solutions has released the key takeaways from its UK Motor Event, an annual seminar offering updates on trends in the UK motor re/insurance sector. Data shows that PPO propensity has dropped by 40-50% compared to historic levels. Following the new Ogden discount rates PPOs appear to have become larger, indicating ... Read the full article
THB expands UK Motor Fleet team with ex-Wrightsure brokers
8th May 2018
THB UK Risk Solutions, the UK broking subsidiary of specialist re/insurance broker THB, has expanded its Motor Fleet team with the appointments of two ex-Wrightsure brokers, Kevin Searle and Andrew Hines. Both Searle and Hines have previously worked at THB, Searle having since served as a broker in Wrightsure’s Motor Fleet team, ... Read the full article
UK motor premiums fall ahead of whiplash & Ogden reforms: Fitch
20th April 2018
Fitch Ratings has reported that UK motor insurance premiums appear to be declining as re/insurers anticipate reforms to curb whiplash claims and revise the Ogden discount rate, which will reduce lump-sum payments for long-term care costs and lost earnings. UK motor premium prices have risen for the last three years, ... Read the full article
Ogden change drives Esure’s motor reinsurance renewal cost up by 33%
7th March 2018
The change in the Ogden discount rate to -0.75% in 2017 has resulted in the like-for-like cost of Esure's motor reinsurance programme renewal increasing by 33%, according to the firm's full-year 2017 earnings release. The UK motor specialist explains that it has reinsurance protection in place for both its home and ... Read the full article
ArgoGlobal launches the first Lloyd’s consortium for motor treaty in time for 1/1
12th February 2018
Lloyd's of London insurer and member of Argo Group, ArgoGlobal, has announced the launch of the first Lloyd's Market consortium for motor treaty business, which was supported by Barbican Insurance Group. The consortium, which was led by ArgoGlobal, was launched in time for the January 1st, 2018 renewals, and enables carriers ... Read the full article
Saga signs 80% motor quota share with New Re & Hannover Re
12th February 2018
Saga plc, a specialty provider of products and services including insurance for the over 50's, has entered into a new quota share reinsurance arrangement with reinsurers New Re (part of the Munich Re group) and Hannover Re for its motor book of business. The quota share reinsurance arrangement will see 80% ... Read the full article
Qatar Re to acquire UK motor specialist Markerstudy Group Insurance
3rd January 2018
Qatar Reinsurance Company Limited (Qatar Re) said that it has reached and signed an agreement to acquire the Gibraltar-domiciled insurance companies of Markerstudy Group Insurance, a UK motor insurance specialist. The acquisition includes Markerstudy Insurance Company Limited, Zenith Insurance PLC, St Julians Insurance Company Limited and Ultimate Insurance Company Limited, all ... Read the full article
UK motor insurers to enjoy a rebound while home insurers’ profits fall in 2018: EY
21st December 2017
UK motor insurers will likely enjoy a rebound in 2018 following the proposed revised Ogden discount rate, while home insurers' profitability is expected to deteriorate in 2018, with or without extreme weather conditions, according to Tony Sault, UK General Insurance Leader for EY. "Last year was undoubtedly tough for the insurance ... Read the full article
Justice Committee calls for greater clarity and evidence from Gov on Ogden reforms
30th November 2017
The House of Commons Justice Committee has called for greater clarity and evidence from the UK Government in response to intended amendments to the Ogden discount rate. The personal injury discount rate in the UK, also known as the Ogden rate, was cut from 2.5% to -0.75% at the start of ... Read the full article
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