Co-operative Insurance
Loss-making Markerstudy sniffing out investors as loan discussions continue post-deadline
Managing general agent Markerstudy made a loss in 2019, with discussions ongoing around its near £200m debt to Qatar Re.
For the record: The week in deals featuring Aviva, Brit, Cazoo, CFC, Co-op Insurance and GRP
Post wraps up the major insurance deals, launches and investments of the week
Co-op and Markerstudy: A deal 22 months in the making
Late on 25 November, the Prudential Regulation Authority and Financial Conduct Authority at last approved Markerstudy’s takeover of the Co-op’s underwriting business – 675 days on from when the deal was first announced.
Co-op confirms insurance sale to Markerstudy has gone through
The Co-op has confirmed the completion of the sale of its underwriting business to Markerstudy after Post revealed the deal had received regulatory approval.
Markerstudy gets PRA approval for Co-op deal
Markerstudy’s long-running takeover of Co-op’s insurance underwriting business could be completed by Christmas after the Prudential Regulation Authority signed off on the deal, Post can reveal.
Direct Line brands IBM’s work 'materially defective' in £36m legal fight
IBM’s work contained “extensive” and “material” issues in both design and execution that should not have been present at a late stage of development, a Direct Line Group subsidiary has alleged in an ongoing legal spat over an IT contract.
Motor Mouth Podcast 18: How the pandemic disrupted car parts supply chains and repair networks
From supply chains disruption to social distancing and repair shops, the pandemic has caused presented unprecedented challenges to the supply of car parts to the UK and how repairs are conducted following government guidelines.
Six MPs back early day motion calling for Co-op to rethink Markerstudy deal
Tony Lloyd, Labour MP for Rochdale, filed a motion in House of Commons on 1 September calling on Co-op to review its decision to sell the Manchester-based insurance business to Markerstudy.
Co-op faces union protest against Markerstudy job losses
Today members of trade union Unite the Union gathered outside the Rochdale Pioneers Museum in Greater Manchester to oppose incoming job losses at Co-op insurance and the de-recognition of the independent trade union on its sale to Markerstudy.
Markerstudy 'surprised' by union criticism as it confirms Co-op redundancies
Markerstudy's purchase of Co-op’s underwriting business could lead to up to 300 redundancies, with the group telling Post it has committed to keeping 700 staff and is actively engaging with Unite the union.
Co-op under fire from union over Markerstudy insurance deal
Trade union Unite has accused Co-op of having "forgotten its principles" by selling its Manchester-based insurance business to Markerstudy, alleging the deal will result in 200 job losses.
Nearly 500 people set to lose their jobs at Markerstudy
Markerstudy has opened a “redundancy consultation exercise”, the insurer has confirmed.
Tributes paid to former Co-op insurance marketing head Paul Hemingway
The industry has paid tribute to Paul Hemingway, head of affinity marketing for Police Mutual, who has sadly passed away.
Blog: Incoming Esure chair Andy Haste, an insurance boss defined more by the roles he didn’t do - than those he did?
There was a time when former RSA group CEO Andy Haste seemed to be linked with every senior position in insurance. Post content director Jonathan Swift reflects on some of the ones that got away - if rumour and speculation were to be believed.
Diversity and Inclusion in Insurance Award winner: Co-op Insurance
Following last month's Diversity and Inclusion in Insurance Awards we caught up with all the winners. Today we speak to strategic human resources business partner and Inspire working group chair Lisa Hooley, about Co-op Insurance winning the Diversity…
Markerstudy restructures loan with QIC
Markerstudy has restructured its £240m plus loan with Qatar Insurance Company in a move the company said was a long-term solution “providing security to customers and suppliers”.
Diversity and Inclusion in Insurance Awards: The winners
Zurich Insurance and its employees were among the big winners at the inaugural Diversity and Inclusion in Insurance Awards last night.
LV's Clare Lunn appointed to head industry's counter-fraud organisation
Exclusive: Clare Lunn, director of fraud at LV, has been selected as a chair of the the General Insurance Fraud Committee.
Weather hit propels Co-op Insurance Services into loss with Markerstudy deal ahead
Co-op’s general insurance underwriting business, which is being sold to Markerstudy, made a trading loss in 2018.
Roundtable: Escape of water - managing the rising indemnity spend
Escape of water claims continue to exercise property claims managers. According to the most recent estimates from Association of British Insurers, domestic escape of water claims cost insurers £483m. With this in mind, Post, in conjunction with Acumen,…
Markerstudy buys Co-op Insurance for £185m
Co-op has sold its underwriting business to Markerstudy for £185m.
Insurance Fraud Awards 2018 - full list of winners
Keoghs partner James Heath, pictured, was handed the achievement prize at the Fraud Awards last night in what proved to be a fruitful night for the law firm.
Travel insurance: Transforming and challenging through digital technology
The insurance market and the tourism industry have not always had reputations for embracing the latest technology. But things are changing and digital advances such as geo-location and data analytics will only help accelerate the pace of change
Analysis: Chatbots – Where is the love?
‘Chatbot’ has long-become an insurance industry buzzword, but penetration remains low and firms are still grappling with how to use early iterations of the technology. Elsewhere, some chatbot pilots have failed.