Insurance Australia Group (IAG)
IAG to focus on Australia, New Zealand and Asia
Equity Red Star's parent group Insurance Australia Group Limited has said it will prioritise growth in Australia, New Zealand and Asia.
Equity Red Star cuts 27 underwriting and distribution jobs
Equity Red Star has made 27 staff redundant following an eight-week consultation period, Post has learnt.
Penny Black's insurance week
Given his aspirations as a pop impresario, Penny was interested to see former IAG UK boss and Hastings investor Neil Utley enter the annual Rich List chart above the likes of George Michael, Robbie Williams and Phil Collins.
Editor's comment: Beware the brain drain
Sometimes it's good to go against the grain — it can signal creativity, innovation and a desire to differentiate. And then there are the times when mirroring market trends undoubtedly brings the best outcome for individuals concerned.
Equity expansion still on track despite 185 jobs under threat
Equity Insurance Group has insisted its branch network and plans for regional expansion are safe, despite putting 185 jobs within its underwriting and distribution operations at risk.
Equity expansion still on track despite 185 jobs under threat - Insurance News Now – 28 April 2011
Post news editor Mairi MacDonald outlines this week's major general insurance stories including Equity Insurance Group’s insistence that its branch network and plans for regional expansion are safe, despite putting 185 jobs within it’s underwriting and…
185 jobs at risk as IAG UK wields axe
Post has learnt that Equity Red Star, the UK arm of Insurance Australia Group, is set to make a host of staff redundant as part of sweeping cuts across the business. A total of 185 jobs are at risk.
News analysis - Provident Insurance: signed, sealed, delivered
The ink has just dried on the deal that sees ownership of Provident move from troubled US firm Ally Financial to French company Covea. Daniel Dunkley reports on what the future holds for the motor insurer.
Covea confirms Provident purchase
MMA parent company Covea has confirmed its purchase of Ally Financial-owned motor insurer Provident Insurance.
Penny black's insurance week
You can say what you like about them, mused Penny, but insurance people know a good corporate jolly when they see one.
Industry begins counting cost of New Zealand quake
The insurance industry has begun estimating its exposure to the 6.3 magnitude earthquake that shook Christchurch, New Zealand.
Utley gears up for IPO
Neil Utley is stepping up his plans for a flotation of motor and home insurer Hastings Direct, according to newspaper reports.
IAG buys reserve deterioration reinsurance for UK arm after $121m loss
Insurance Australia Group has conceded that it will report "a greater than expected insurance loss" of $121m (£76m) from its UK operation when it unveils its half year results on 24 February 2011.
Suncorp claims hit 10 000
Suncorp expects to have eroded between A$220m (£137m) and A$240m of retained costs under its aggregate reinsurance programme as a result of the Australian floods, as well as other natural hazard events during 2010.
Uncertainty over Australia flood losses
The scale of the flood losses in Australia remains uncertain, following further devastation from flash floods in the city of Toowoomba.
Fitch warns Australian flood losses could "escalate substantially"
Fitch Ratings believes most of Australia's major non-life insurance companies have "reasonable protection" against the floods in Queensland and Northern New South Wales through catastrophe reinsurance.
Australian insurers keep well above water despite floods
Moody’s weekly credit outlook has said that despite the negative impact of the flood on Australian insurers’ profits, it is not a material credit event.
Queensland flood costs to exceed A$1bn
Floods in Queensland, already affecting an area the size of France and Germany, have been declared as the worst in the state's history by government officials.
Broking review of the year: A breakdown in momentum
2010 was a fairly low key year for the broking market, as the sector kept a low profile during the financial turmoil. Daniel Dunkley reports on the opportunities that were taken up and deals made.
Aussie giant Wesfarmers stalks Barbon in UK push
Wesfarmers is poised to become the latest Australian financial services giant to make a serious play for the UK market with a sizable acquisition.
Penny Black's insurance week
Penny understands that one managing director of an insurance firm had his moment in the sun last week.
Interview - Ian Foy: Return journey
After an antipodean adventure lasting 10 years, Insurance Australia Group's Ian Foy is back in Britain as UK CEO. He tells Jonathan Swift about the challenges he faces to turnaround the business and why IAG is here to stay.
IAG UK acquires second commercial broker with NBJ swoop
IAG UK-owned broker Barnett & Barnett has almost doubled its size to £50m gross written premium, with a move for a controlling stake in Bromley-based commercial and personal lines specialist NBJ.
IAG UK swoops to double size of Barnett & Barnett
IAG UK-owned broker Barnett & Barnett has almost doubled its size to £50m gross written premium, with a move for a controlling stake in Bromley-based commercial and personal lines specialist NBJ.