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March 2016/4

  • The insurance industry must tackle the issues of quality customer service and technological advancement to continue to prosper in the future, according to Cunningham Lindsey executive chairman Richard Ward.
  • Share price data on The Insurance Insider's universe of P&C (re)insurers
  • Despite enjoying a strong performance throughout the past month, White Mountains and Everest Re both gave up earlier gains to end last week with negative share price movements.
  • JLT Specialty is being sued in the UK High Court for broker negligence after a waste recycling plant suffered a £6mn ($8.7mn) loss as a result of a factory fire in 2011.
  • A (re)insurance company in liquidation has taken its former finance director to court following allegations he siphoned off some £2.4mn of its funds into personal bank accounts.
  • Belgian insurer Ageas, which was spun-out from financial services conglomerate Fortis after the group collapsed amid the financial crash, has agreed to pay EUR1.2bn ($1.4bn) to settle crisis-era shareholder suits.
  • Californian broker Alliant is looking to move a bitter poaching dispute with Aon to a court in its West Coast heartland where restrictive covenants carry less weight.
  • The UK government will clamp down on claims management companies (CMCs) and establish the Financial Conduct Authority (FCA) as their regulator, Chancellor of the Exchequer George Osborne said in the budget statement last week (16 March).
  • Former Willis Re executives Peter and David Hearn have asked a court to throw out a $3.6mn claim brought against them by their erstwhile employer.
  • Lloyd's chief risk officer Sean McGovern has warned against comparing the solvency capital requirement (SCR) of different insurance companies.
  • Allianz Global Corporate & Specialty (AGCS) has warned that the insurance industry is facing an increasing risk of billion-dollar losses from mega-ships as demand for larger container vessels continues unabated.
  • Global reinsurers' P&C reinsurance arms reported a general improvement in underwriting performance in the final quarter of 2015, with a benign catastrophe environment helping produce better results.