Broker
Cobra takeover deadline extended as only Alto remains in the running
The protracted sale of Cobra, which has recently ended up as a one-horse race, has sparked debate among industry insiders as to whether networks represent limited appeal.
Application fraud: Revving up rates
In an effort to bring down premiums, many drivers are telling 'white lies' on their application forms, compelling brokers to beef up their own fraud detection alongside insurers.
Market moves: A busy week for recruitment
Insurers were the most active recruiters in the industry this week, with Canopius, Mapfre, Zurich and Ace all welcoming new arrivals to their teams. It was also a busy seven days in the broking sector, after BGL, Giles, Miller and Aon made significant…
Four candidates win place on LMA board following 2012 election
The Lloyd's Market Association has named four successful candidates in the 2012 election for membership to its board.
Euler Hermes pulls cover for Greek importers amid euro concerns
Exporters shipping to debt-stricken Greece will not be able to obtain cover from Euler Hermes for the foreseeable future, following concerns that the country could exit the euro.
AA policyholders keep no claims discount in uninsured driver crashes
The AA's panel of insurers has agreed that the broker's policyholders will not lose their no-claim discount or excess following a crash involving an uninsured driver.
As job cuts hit loss adjusters, firms commit to investing in future talent
The loss adjusting industry has had a tough few months but, as major firms have been forced to shed staff, they are also vowing to continue to invest in the people they have retained.
Editor's comment: Taking evasive action
Failure to prepare is merely preparing to fail, or so says the oft-quoted maxim. And this week has all been about UK insurance companies demonstrating this is not a trap they have any intention of falling into with regard to the continued volatility in…
Terrorism and civil unrest: Risky business
With several parts of the world engulfed by violence and civil unrest, is traditional terrorism and political risk cover increasingly irrelevant?
Giles snaps up ex-Broker Network director Mageean
Giles has appointed Bernard Mageean as managing director of underwriting and wholesale, effective from the end of August 2012.
Hyperion IPO or sale in next two years, analysts predict
Panmure Gordon analysts have said that an IPO or trade sale of Hyperion is likely in the "next year or two".
Next phase of DLG float underway as UBS appointed to advise
UBS has been appointed to advise on RBS' sale of its Direct Line Group insurance arm, with the bank acting as joint bookrunners with Goldman Sachs and Morgan Stanley.
Hyperion IPO likely in late 2013, BP Marsh boss says
The chairman of venture capitalist BP Marsh, which has a 19.4% stake in Hyperion, said it is unlikely the insurance business will float until after Q2 2013 and warned the firm to wait until economic conditions improve.
Tesco launches van insurance with Axa
Tesco Bank has launched its own van insurance policy.
BP Marsh net asset value exceeds £50m for first time
BP Marsh's chairman has described the venture capitalist firm's largest investment, Hyperion, as "forging ahead with enviable momentum".
170 jobs at stake as Kwik-Fit prepares to shut Birmingham office
Kwik-Fit Financial Services has this afternoon revealed that it is planning to close its Birmingham office and relocate to Glasgow at the expense of 170 jobs.
Top 10 news stories
The top 10 stories from www.insuranceinsight.com last week.
Insurers told to improve online user experience or risk losing customers
Home and motor insurers have been accused of potentially ruining opportunities to acquire new customers by providing a poor online user experience, following research conducted by online customer experience insights firm Global Reviews.
Cost of flooding hits £1bn per year, claims SearchFlow
A combination of climate change and underinvestment in flood defences has resulted in the annual cost of flooding in England and Wales reaching £1bn, according to research conducted by the Environment Agency and SearchFlow.
Giles hails "peer-beating" 15% rise in 2011 operating earnings as IPO is rejected
Giles CEO Brendan McManus has categorically ruled out an initial public offering as the consolidator today reported a 15% increase in EBITDA to £24m (2010: £21m) on turnover of £81m (2010: £70m) for the full year to 31 August 2011.
IUA working party demands details on regulatory cooperation
More information is needed on how the UK's two new insurance regulators are going to cooperate and ensure fair treatment for companies, a new International Underwriting Association market group has stated.
Miller hires Asia treaty reinsurance specialist
Broker Miller has recruited south east Asia treaty reinsurance specialist Chin Kim Sun from Aon Benfield.
CCV wins chartered status
Cullum Capital Ventures has attained the status of chartered broker.
Fraud department combating 'cash for crash' culture following north west arrests
Police chiefs at the City of London's Insurance Fraud Enforcement Department believe they are changing the culture of fraud following a string of arrests in Liverpool and Manchester last week.