Post - 2010-02-11
Articles in this issue
IAG linked with Provident as GMAC quits UK motor
GMAC has confirmed it is to sell motor insurer Provident after a comprehensive review of its insurance operations, Post has learnt.
CHO acts to defuse backlash over malpractice promoting e-mail
Drive Assist has moved to reassure insurers after an internal e-mail encouraging malpractice within the credit hire operator was sent anonymously to the Association of British Insurers.
Money Supermarket relaunches motor site
Price comparison website Money Supermarket is due to unveil its new motor insurance comparison site today. It marks the first major overhaul of its offering since it entered the sector in 2003.
Case provides welcome relief for schools
Educational establishments have avoided potentially "huge and costly" ramifications after the case of Henry Webster (& others) v The Ridgeway School was successfully defended, according to the law firm and insurer involved.
Plaques parity touted
Parity in pleural plaques legislation between England and Wales and Scotland could be a reality "before the election", a Labour MP has claimed.
Litcomp agrees sale
Litcomp agreed the sale of the company to Torridon on Monday, following news that Torridon's £5.48m offer for Litcomp was unconditional last month.
RSA shakes board up to focus on risk and claims
RSA has made further changes to its management board, in a bid strengthen its focus on technical risk and claims.
Merlin a "going concern" after RBS waives £654 000
Loss adjusting group and claims management firm Merlin Claims Services has reported a £61.9m net loss for the 12 months ended 30 April 2009 (2008: £6.6m loss), after writing off £50.4m for the financial year.
CHO management buys it back from PwC
The Car Crash Line Group has been brought out of administration by its management team and outside investors, Post has learnt.
Questgates snaps up two Teceris units
Specialist loss adjuster Questgates has acquired two of the remaining business units of Teceris.
Bluefin role for Burnham
Keith Burnham has left Aon for Bluefin to take up the new role of head of real estate, Post understands.
NIG director Banga defects to join Brit
NIG has lost another member of its management team, with the departure of head of business development for commercial and broker, Vivek Banga.
Editor's comment: Sants - is he quackers to give up FSA position?
A headline screaming "lame duck" and "Financial Services Authority" was put up on the Post website on Tuesday following the resignation of the regulator's chief executive Hector Sants.
Shakespeare boss in court
A former director of Shakespeare Underwriting has appeared in court in relation to charges of alleged fraud and making false statements, stemming back four years.
Aon outlines UK slump
Aon's total revenue for 2009 increased 1% to $7.6bn (£4.9bn), largely due to a 7% increase from acquisitions, primarily Benfield, net of dispositions, primarily offset by a 4% unfavourable impact from currency translation and a $97m or 57% decline in…
Zurich sees COR rise past break-even point
Zurich aims to reduce the combined operating ratio in its UK general insurance business in 2010 after it deteriorated beyond the break-even point due to rising expenses.
Markel returns to profit in 2009
Markel Corporation has attributed the swing of almost $1bn (£640m) from loss to profit during 2009 to "significantly higher" investment returns than its competitors.
Beazley GWP rises by 27%
Dublin-domiciled Beazley has reported pre-tax profit up 15% to £100.7m (2008: £87.2m) and an underlying profit before income tax up 259% to £147.3m (2008: £41.0m).
Lloyd's insurer signals motor intent with deal
Lloyd's insurer Ascot is targeting the UK commercial motor market for the first time after striking a deal with Chelmsford-based broker and underwriting agency Direct Commercial.
Former Junction boss takes new Capita role
The former head of business development at broker Junction has joined Capita to focus on winning new business across the group's insurance business.
Barbon signs £1m SSP deal
SSP has signed a £1m deal with Barbon for it to become the software provider for the broker's new personal lines venture Avenue Insurance Services.
Insurecom is 'go-to' firm
The chief executive of insurance software specialist Insurecom has boasted that his firm is now the 'go-to' technology company for insurers looking to distribute new products to brokers.
Claims Club: Kinley - calculate the cost of Jackson to you
Alistair Kinley urged liability insurers to "run the numbers" on Lord Jackson's suite of proposals, designed to cut civil litigation costs, "to see if they work for you".
Claims Club: Bell - data must be harnessed
Third generation analytics tools and data visualisation in particular could help insurers better understand their exposure to claims leakage. That was the key message of Steve Bell, advisory partner in Ernst & Young's financial services business, whose…
Claims Club: Advisory Board 2010
Chair: Ant Gould, group editor-in-chief, Incisive Media
Claims Club: ABI surge event plans prioritised for 2010
Hypothesis testing is the best way to devise a collaborative industry surge plan, following events such as widespread flooding, insisted Tim Humphreys, policy adviser for risk management and emergency preparedness at the Association of British Insurers.
Claims Club: IDSL issues stark warning over RTA claims process
Claimant lawyers flouting the new process for low value road traffic injury claims will be reprimanded and their details passed to the Ministry of Justice.
Claims Club: Street deals not backed by members
A small proportion of Claims Club members agreed that assigning individual loss adjusters to deal with all flood-damaged property in a particular street is a good idea — but when asked whether this is achievable in practice, the answer was a resounding…
Interview: Amanda Blanc - Top of the class
Training can be a major incentive for keeping hold of employees. Mairi MacDonald meets Amanda Blanc, deputy chief executive of Towergate Partnership, who outlines her views on professional training and the benefits of achieving chartered status.
News analysis: Scottish LIon - Sting in the tail
Although the Scottish Lion appeal was a victory for creditor democracy, many legal arguments over solvent schemes of arrangement remain to be settled. Tim Goodger and Ed Stanley explain how the judgment places a heavy burden on scheme administrators to…
News analysis: Financial Services Bill - Nuts and bolts
The Financial Services Bill is going through the legilslative process. Daniel Preddy and Martin Langley explain why more debate is needed about some of the proposals.
The science behind VSA needs to be proven
I read the article Fraud — Voice Stress Analysis with some interest and congratulate you on a balanced piece of reporting.
In Series: Solvency 2 - A year of achievement
With implementation deadlines for Solvency II fast approaching, Sam Barrett looks at how these are driving market developments and insurer action.
In Series: Solvency 2 - Capital ideas
Alex Arterton explains how the prospect of more demanding capital requirements is already shaping insurer strategies.
Takaful - UK viability: Taking up Takaful
Shariah-compliant Takaful insurance has had a rocky start in the UK. Daniel Dunkley reports on the problems it has encountered and where its strengths may lie.
Public Sector - Road Maintenance: Smoothing things over
With a pothole being repaired every 33 seconds in England and Wales, Edward Murray reports on the issue of public liability claims concerning this road hazard.
Public Sector - Road Maintenance: The big freeze
With much criticism being levelled at local authorities for their handling of the recent heavy snowfall, Caroline Elson details the defence against winter maintenance claims.
Public Sector - Reserving: Emerging into the sun?
After the harsh winter, John O'Neill takes a look at the challenges facing local authorities in terms of reserving for future events. Is the outlook still bleak or is the sun on the horizon?
Broking Mergers & Acquisitions: Calmer waters
Many have predicted the death of the insurance broking mergers and acquisition market. Roger Brown explains why this has not happened and why the current situation is just a return to historical norms.
Mergers & Acquisitions- Insurers: Coming back up
After a downturn in 2009, insurer merger and acquisition activity looks set to make a resurgence in the coming year. Amy Ellis reports.
Business Interruption - Valuations: Setting sums
The risk of commercial underinsurance can leave brokers in the firing line and the insured financially distressed. Terri Adams and Richard Powell report on how this can be avoided.
New trio join the ranks at Allianz claims grad scheme
Clair Beverley, Philip Bowles and James Catchpole have joined the Allianz claims graduate scheme.
BGL awards raises £8000
Almost 800 employees of the BGL Group attended its Annual Awards Ball and raised £8000 for its partner, the children's charity NSPCC at the same time.
Premierline founder to aid budding sports people
The Wells Sports Foundation, a sports charity established by Premierline Direct founder Barrie Wells, has begun selecting worthy causes for its donations.
Penny black's insurance week
And so another member of the dwindling ranks of the NIG class of 2006 management team bails out, leaving only one Peter Johnson working within the Royal Bank of Scotland's insurance division. Penny wonders what will be awaiting him when, indeed if, he…
30 Years ago: Cost of fire damage hits £1m a day in Great Britain
The estimated cost of fire damage in Great Britain (England, Scotland and Wales) in 1979 was £355.3m, representing an increase of about 15% over the 1978 figure (£309.3m) and averaging close on £1m a day throughout the year.
20 Years ago: Eagle Star to be boycotted
Eagle Star will be boycotted by the 700 members of the Institute of Insurance Brokers if it does not agree to stop undercutting brokers through its direct underwriting arm. IIB director general Andrew Paddick is writing this week to all members to inform…
5 Years ago: Passive smoking implications
Two passive smoking litigation test cases that could have "massive implications" for insurers are set to be heard in May.