Post - 2010-05-13

Curtain falls on Quinn PI book

Quinn Insurance will not reopen its professional indemnity business in the UK despite the likelihood it will recommence underwriting other commercial lines.

Marsh opens network arm

The former managing director of Broker Network, Martyn Denney, has joined Marsh to head up a new network division.

NIG facing more cutsas RBSI sheds 2000

Broker-only insurer NIG could face a further rationalisation of staff and offices as part of a wider review of Royal Bank of Scotland Insurance, which will see its parent offshore for the first time.

Approval of Chubb's move into Lloyd's market imminent

US insurance giant Chubb is set to enter the Lloyd's market almost a decade after its failed bid to buy Hiscox. According to sources, Chubb has received conditional approval for market entry with full authorisation following a Financial Services…

Bodies meet over ash

The British Insurance Brokers' Association, the Association of British Insurers, the Financial Ombudsman Service and the Financial Services Authority met on Tuesday to discuss the fallout from claims complaints arising from the volcanic ash disruption.

Solvency II fears

One third of UK insurers are not confident that the industry will be able to achieve compliance to the Solvency II rules by the 2012 European Union deadline.

Dismore loses seat

Insurance issue campaigner Andrew Dismore has lost his Hendon seat to the Conservative candidate, Matthew Offord, by 106 votes following a recount.

XL boss bemoans 'heavy' Q1 catastrophe claims hit

XL Capital's property & casualty business's combined ratio slipped to 100.5% (Q1 2009: 92.1%) following what chief executive Mike McGavick described as "one of the heaviest levels of first quarter catastrophe activity in history".

Markel growth despite quake

Markel International reported a 13% growth in gross written premiums in the first quarter of the year to $208.2m (Q1 2009: $185.0m). However, the insurer's combined ratio deteriorated to 109% (Q1 2009: 97%), which it attributed to $17m or 12 points of…

RSA "ahead of curve" with cuts

RSA UK chief executive Adrian Brown has said the insurer's swingeing job cuts last year meant it was "ahead of the curve" in responding to the tough economic conditions.

Brokers targeted in £8m SME new business drive

Following the launch of its large corporate private medical insurance offering last May, National Friendly is set to take on the traditional cash plan market while setting its sights on expansion into long-term care.

One Call strikes Malta deal

Doncaster-based broker One Call insurance has become the latest intermediary to set up its own risk carrying captive insurer, Post has learnt.

Lorega hires ex-CILA head for new adjusting arm

Lorega has vowed to tackle the lack of new blood entering the loss adjusting sector after recruiting former president of the Chartered Institute of Loss Adjusters, Angus Tucker, to spearhead its own skills academy.

Flaws found in current evaluation methods

The three methods UK insurers typically use to evaluate their performance relative to industry peers all have failings. That was the key message of Paul Tomlinson, director at Deloitte UK Consulting, who outlined the major benchmarking challenges…

External comparisons can create unexpected outcomes

External benchmarking can deliver unexpected and additional results, it emerged during a question and answer session. Jeff Rieder, president of the Ward Group, said experience has shown that, when looking at the top quartile of performers, those…

Lowest common denominator curb

Although modern software systems can potentially track and monitor an almost infinite number of metrics, the ability to externally benchmark these against competitors will always be constrained by the "lowest common denominator effect", said Eugene Lee,…

Five is magic number for benchmarking

Challenged as to whether there is a an ideal number or critical mass of companies that need to take part in external benchmarking exercises to render them effective, Jeff Rieder, president of the Ward Group, suggested five is the magic number.

Broker support: Personal services

Networks, managing general agents and other partnerships continue to find plentiful support from brokers and insurers alike. Ana Paula Nacif looks at why.

Professionalism pros

I am delighted the theme of next week's British Insurance Brokers' Association conference is professionalism.

Postbox: BDMA founder Charlton speaks out

The report that Rainbow will be the first national restoration contractor to "guarantee" restoration work to exceed British Damage Management Association standards is interesting (www.postonline.co.uk/post/news/1601738).

Insurer ratings: The rate debate

With the troubles that have beset Quinn recently, Daniel Dunkley asks whether brokers should take more notice of whether an insurer has a rating or not.

Fraud - MOJ reforms: Against the clock

With the MoJ's 15-day timeframe for insurers to make liability decisions on third-party injury claims from road accidents now in force, Veronica Cowan examines whether the increased time pressures risk rendering the reforms little more than a cheat's…

Biba preview - speakers' views: Excel-lent adventure

This year's British Insurance Broker's Association conference held in London on 19 and 20 May will see 2810 attendees descend on the Excel conference centre where 168 exhibition stands await. We caught up with some of the event's speakers to find out…

One Group assists charity with £25 000

Travel claims specialist One Group has backed the Willow Foundation, a charity set up by football legend Bob Wilson and his wife Megs to provide special days for seriously ill 16 to 40-year-olds, and pledged to raise £25 000 in 2010.

Penny Black's insurance week

Penny was amused to see a video on the MCE Insurance webpage featuring none other than TV adventurer Charlie Boorman fraternising with the broker's mascot Big Ed at the London Motorcycle show at Excel.