Commercial
Analysis: Revisiting the government’s Live Events Reinsurance Scheme
The government-backed scheme is set to expire at the end of September, following months of waning interest from event organisers in the cover it was set up to provide.
Aviva confirms acquisition of Azur’s HNW business; Quotech raises £1m from Convex and angel investors; FinTech Scotland partners with Finance Isle of Man; and Jensten Group buys J Bennett & Son
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
R&Q says Randall return would be 'a backwards step' ahead of SGM next month
R&Q is to hold a special general meeting on 13 September in London to allow shareholders to vote on resolutions to remove executive chair William Spiegel from his post.
FCA seeks external members as it establishes ESG advisory committee
The Financial Conduct Authority is looking for external experts as its establishing an advisory committee to work on environmental, social and governance issues.
Covid BI claim lodged by Premier League football clubs rests on 'mistaken approach', say insurers
Insurers have accused eight Premier League football clubs of taking a “mistaken approach” in a legal claim regarding losses suffered by the clubs during the Covid-19 pandemic.
Aviva to restructure commercial lines leadership as two MDs depart
Aviva is set to restructure its UK commercial lines leadership following the decision of managing director Nick Major to pursue opportunities elsewhere.
R&Q management backed by shareholders following calls for a change of leadership
R&Q executive chairman William Spiegel has received the backing two of the firm’s shareholders following calls from other investors for him to stand down.
Two major R&Q shareholders call for executive chairman to step down
Two major R&Q shareholders have called for the removal of the legacy acquisition specialist’s executive chairman William Spiegel, citing deterioration in the performance of the business under his leadership.
Blog: What will the PAP changes mean for insurers?
The pre-action protocol consultation closed In January. Shirley Denyer, technical consultant of the Forum of Insurance Lawyers, considers what changes are likely to come into play and how they will impact upon insurers.
Insurers prepare for increase in claims related to subsidence as hot weather continues
With the extreme weather yet again bringing temperatures above 30 degrees celsius to the UK, insurers could face subsidence losses of £5 to £10m.
Aviva posts reduction in GI operating profit as personal lines face challenging conditions
Aviva has seen a dip in operating profit from general insurance to £375m in the first half of the year, down from £420m in the same period last year.
Government, insurers and FCA must provide clarity on BI furlough deductions if the courts cannot, says FSB
The Federation of Small Businesses has called for insurers, government and the Financial Conduct Authority to agree specific conditions for the deduction of government support from business interruption claims if ongoing litigation proves unable to give…
CFC's Pat Brice on how customer service is too often forgotten as commercial and specialty providers digitalise
Pat Brice, distribution director at CFC Underwriting, says that although digitisation among commercial insurance providers is happening at a rapid pace, delivering a frictionless experience for brokers, customers too often fall by the wayside.
FCA compared to 'Rottweiler' with new AR regulation
Compliance experts are confident the Financial Conduct Authority rules to make authorised financial firms more responsible for their appointed representatives will have teeth but feel action could have been taken earlier.
Allianz Holdings sees H1 profits cut as inflation runs ahead of expectations
Allianz Holdings has seen its half-year profits cut by 42% year-on-year as a result of inflation running ahead of its predictions and pricing assumptions, the insurer said on Friday.
Nuventure’s product recall MGA intends to be permanent addition to the market and not a ‘disruptor’
Founder of product recall managing general agent Bluniche, said he wants the company to be a respected pillar of the recall market and not a “disruptor”.
Editor's comment: Take time to smell the flowers
Life can be hard. It’s not a nice lesson to have to teach my son but he is old enough now to know about climate change, to learn about inflation and to ask questions about US school killings, abortions, and women’s rights.
Updated: Data Analysis - Insurer results directory H1 2022
Post tracks insurers' H1 2022 results including gross written premium and combined operating ratio.
Crypto volatility 'a concern' for underwriters - RPC's Wickes
James Wickes, partner at legal firm RPC, tells Post that the risk of liability for cryptocurrency value loss could be far greater than insurers realise.
Ascot to lead $50m Lloyd's facility to insure Ukrainian grain exports
Lloyd’s insurers led by Ascot have launched a facility that will provide up to $50m (£40.8m) of all risks marine cargo and war coverage for grain and food exports from Ukraine.
Involving all parties in the process can reduce the claims cost and duration: Allianz’ Rogers
With cost of materials and labour increasing, Allianz head of property claims says working with brokers and loss adjusters on claims can help make liability decisions quicker and keep the duration cycle and costs down.
Analysis: What’s holding back the SME market from taking up cyber insurance?
Cyber insurance has quickly moved on from just being a nice-to-have to an essential product for many of the UK’s small and mid-sized enterprises.
Cool industry reception for regulatory interventions to solve dearth of cover
The Federation of Small Businesses has called on the Financial Conduct Authority to act in response to a survey it conducted that found that many businesses are finding it difficult to find insurance.
Trade Voice: MGAA’s Mike Keating calls for more egalitarian relationships between insurers and MGAs
Mike Keating, CEO of the Managing General Agents’ Association, argues that it's time for insurers to recognise the contribution of MGAs to the insurance sector, and those that 'give away the pen' are reaping the rewards.