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Covered launches on-demand aviation product

[ad_1] Business will wholesale product from next January. Covered Insurance has partnered with Tokio Marine (TMK) and 3XD to launch FlyCovered, an on-demand aviation product for manned aircraft. According to the broker the coverage provides fully comprehensive physical damage protection for the aircraft and the pilot’s liability in accordance with EU laws. A spokesperson for Covered told Insurance Age that they are aiming to start wholesaling the product, which it claimed is the first of its kind, in January 2019. FlexibilityCovered built the…

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Reich makes first buy for years with LJM Insurance Brokers deal

[ad_1] Takeover adds £4m of gross written premium to the group. Reich Group has bought Stockport-based LJM Insurance Brokers, Insurance Age can reveal. The purchase for an undisclosed sum will add £4m of gross written premium to Reich taking it over the £80m barrier as it targets £100m by 2022. The deal completed on 28 October and the three partners and four staff will move to Reich’s office in Manchester on 12 November bringing the group headcount to 127. ValuesChief…

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FCA fines Liberty Mutual £5.3m

[ad_1] Watchdog hits insurer for failures in its oversight of mobile phone insurance claims and complaints handling. The Financial Conduct Authority (FCA) has fined Liberty Mutual Insurance Europe £5,280,800. The regulator handed out the punishment for failures between 5 July 2010 and 7 June 2015 in Liberty’s oversight of its mobile phone insurance claims and complaints handling processes which were administered through a third party. Liberty settled at an early stage of the investigation which meant it got a 30%…

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EMC Insurance, Safeco agree on transition of personal lines business

[ad_1] EMC Insurance Companies (EMC) has entered into an agreement with Safeco Insurance, a Liberty Mutual Company, to offer EMC-licensed agents opportunity to transition their EMC personal lines policies to Safeco starting from the first quarter of 2019. This agreement is a result of Des Moines-based EMC making a strategic decision to dedicate more time and resources to its commercial, reinsurance and life businesses across 43 states, which accounts for more than 90 percent of the company’s current premiums. The…

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Short-term health insurance in Montana: find affordable coverage

[ad_1] Buying a short-term plan in Montana Montana defaults to federal short-term rules Montana has published guidance clarifying that the state is deferring to federal rules for short-term health insurance plans. The state has also published a series of FAQs about short-term health insurance, including details about state-mandated benefits. Plan duration can follow Trump Administration’s new regulations The Trump Administration’s new regulations allow short-term plans to have initial terms of up to 364 days, and total duration, including renewals, of up to…

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Short-term health insurance in Florida: find affordable coverage

[ad_1] Buying short-term health plans in Florida Florida follows federal short-term guidelines Until October 2, 2018, federal regulations limited short-term health insurance plans to no more than three months in duration, and prohibited renewals. The Trump Administration is now allowing for much longer short-term plans unless a state imposes its own restrictions. Florida does not have state-specific regulations for short-term health insurance plans, so the state defaults to the federal regulations. Florida does not consider short-term health plans to be individual health…

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Liberty responds to being hit by £5.3m FCA fine

[ad_1] Insurer no longer sells mobile phone insurance to new customers. Liberty Specialty Markets has responded to Liberty Mutual Insurance Europe (LMIE) being fined £5,280,800 by the Financial Conduct Authority (FCA) for failures in its oversight of mobile phone insurance claims and complaints handling. The fine had been reduced by 30% from £7,544,000 due to Liberty settling at an early stage of the investigation. “This fine from the FCA relates to activity undertaken by LMIE (our Company market operation), under an arrangement…

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UniCredit Bank to distribute Allianz-Tiriac insurance policies in Romania

[ad_1] UniCredit Bank has agreed to distribute life insurance and general insurance policies for Allianz-Tiriac through its unit network in Romania. UniCredit Bank clients will be able to purchase house insurance, health insurance and other types of general insurance as well as life insurance offered by Allianz-Tiriac. Allianz-Ţiriac will offer insurance products to UniCredit Bank’s customers in one-stop shop via the bank’s extended branch network. The new insurance products complement the banking products offered by UniCredit Bank and can be…

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Short-term health insurance in Georgia: find affordable coverage

[ad_1] Buying short-term health plans in Georgia Georgia defaults to federal regulations on short-term plans Georgia does not have state-specific regulations for short-term health insurance plans, so the state defaults to the federal regulations. Until October 2, 2018, federal regulations limited short-term health plans to three months in duration and prohibited renewals. But the Trump Administration has relaxed those rules (unless a state imposes stricter regulations, which Georgia does not). Georgia’s Insurance Commissioner, Ralph Hudgens, has long opposed the ACA, stating in…

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Ardonagh raising $225m debt for deals

[ad_1] Finance to cover Swinton takeover and more. Ardonagh Group has launched a $225m [£175.8m] new debt round to pay for buying Swinton as well as “general corporate purposes including acquisitions”. The new bond will mirror previous offerings and the pricing is expected to be confirmed in the next five days and close within two weeks. Ardonagh agreed in September to buy Swinton for £165m saying it would pay for the takeover via finance and “cash from monetising certain Swinton…

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