Commercial
This week: It's all about change
Moving home has to be one of the most annoying and tedious things we have to do. From organising your flat viewings to packing up all your belongings. And honestly who really likes change? It’s much easier to just stay in the place you've grown…
Retreat from coal wins insurers praise from NGOs
Commitments to disengage from coal-producing and coal-dependent power companies have won insurers plaudits from activist organisations, according to consultancy Sigwatch.
Financial services survey finds insurance optimism surging
Optimism among insurance providers has soared to its highest level in years, according to the latest CBI/PwC Financial Services Survey, with brokers also increasingly upbeat.
Pukka hits pause on business
Exclusive: Motor managing general agent Pukka has temporarily suspended trading, having reached its capacity limit with providers.
FSCS reveals £12.4m cost of Qudos and Lamp failures
The Financial Services Compensation Scheme has forecast that the failures of Qudos Insurance in December 2018 and Lamp Insurance in May last year will cost £12.4m this financial year.
Allianz business transfers resulted in 180 LV redundancies
180 LV staff faced redundancy as a result of the Allianz commercial business transfers, with around nine in ten (90%) having found roles elsewhere.
Gefion barred from expanding scope until ‘serious liquidity problems’ sorted
Danish unrated insurer Gefion cannot enter new lines of business or branch out into further territories until it can meet its solvency capital requirement, the regulator has ordered.
Somerset Bridge sells Business Choice Direct
Arron Banks-backed Somerset Bridge Insurance Services has sold its commercial insurance subsidiary Business Choice Direct Insurance Services to Somerset-headquartered Lloyd & Whyte Group for an undisclosed sum.
BGL's Peter Thompson on digital innovation in insurance
It’s 2020 so paying lip service to protecting vulnerable customers just doesn’t cut it, in any industry says Peter Thompson, CEO for insurance, distribution and outsourcing at BGL Group.
Ken Randall to step down from R&Q
R&Q has recruited William Spiegel as executive director and deputy group chairman ahead of co-founder Ken Randall stepping down in around 12 months’ time.
Former Iprism holding company moves towards liquidation with small payout
Unsecured creditors of Spectrum Bidco are in line to get a £216,112 payout as the former holding company of Iprism Underwriting Agency moves from administration into creditors’ voluntary liquidation.
Interview: James Long, Criterion MD
James Long assumed the position of managing director at Charles Taylor-owned loss adjuster Criterion in 2018, after 6 years at the company. He spoke to Post about the challenges the high net worth sector is facing, as well as predictions and plans for…
CII ready to be 'held to account' over corporate chartered status refresh
The Chartered Insurance Institute is ready to be held to account, having rolled out its priorities for refreshing corporate chartered status last year, professional standards director Melissa Collett told Post.
GRP adds Birrell Group as Midlands hub
Global Risk Partners has taken a majority stake in the Birrell Group, based in Lutterworth, Leicestershire. The group consists of Kingsway Insurance Services and Bausor Hall Associates.
Analysis: 5G ready: Super signal surge
Powerful 5G smart tech devices are expected to be rolled out this year. They are anticipated to overtake 4G in terms of reliability and innovation, as well as increasing data speeds, resulting in faster downloads and increased capability for digital…
Australian bushfire insurance losses surpass £500m
Insured losses resulting from bushfires ravaging the Australian states of New South Wales, Victoria, Queensland and South Australia are estimated to have reached A$995m (£524m), according to the Insurance Council of Australia.
Beazley puts UK regional marine book into run-off
Beazley has placed its UK regional marine book into run-off, citing pressure from low margins, following a strategic review.
This week in Post: Back to business
With the holiday break over, this week has seen people across the UK – some somewhat sluggishly – get back to business.
BHIB launches online freelancers brand Create Insurance
BHIB has rolled out Create Insurance an online offering targeting freelancers in the creative industries, from photographers to script writers.
CII's Sian Fisher is looking to the past to understand the future
When thinking about what the new decade might hold in store for the profession, it is vital to consider how insurance has evolved over the centuries and the role it played in shaping the world we live in, says Sian Fisher, CEO of the Chartered Insurance…
Thomas Cook collapse drives bad debt claims to record levels
Trade credit insurers received a record £271m in claims during the third quarter of 2019, driven by the demise of Thomas Cook, according to the Association of British Insurers
Insurers need to address ‘significant risks of harm’, says FCA
Several “significant” key risks of harm have been highlighted by the Financial Conduct Authority in an update to insurer boards.
Ransomware attack victim Travelex has cyber insurance
Foreign exchange provider Travelex, which has been offline since New Year’s Eve after a cyber attack, has cyber insurance in place.
Integro rebranded as Tysers and RFIB deal completes
Integro has completed the rebrand of its trading names as Tysers, having bought the broker in June 2018.