News
ABI and Biba at odds over ring-fencing insurance taxes for flood defences
Insurance trade bodies have found themselves at loggerheads over whether part of insurance premium tax should be ring-fenced for flood defences.
Industry responds to 'jaw-dropping' behaviour at FCA headquarters
The insurance industry has reported mixed responses to reports of “shameful” behaviour by staff at the London offices of the Financial Conduct Authority.
North of England floods could cost industry £80m to £120m: PWC
Flooding in the north of England could cost insurers between £80m and £120m, PWC has estimated, though this could rise.
Gallagher boss Simon Matson apologises for 'insensitive comments'
Simon Matson, UK CEO of Gallagher, pictured, has said sorry for the “insensitive comments” he made which came to light in the staff and business poaching court case the firm lost to Ardonagh this October.
Pen Underwriting promotes Michelle Bree to COO
Pen Underwriting has promoted Michelle Bree from director of operations to chief operating officer, effective 1 December.
Who is the best insurance employer in the UK market?
Does your employer go above and beyond to look after its staff? Are the perks you receive out of this world?
ABI backs Gibraltar government's pitch to British businesses
The Association of British Insurers remains “fully supportive” of the Gibraltarian insurance market and “the choice that it gives UK customers,” ABI director general Huw Evans has said.
Zego to target UK insurance licence after becoming Gibraltar carrier
Insurtech Zego has become a licensed insurance carrier in Gibraltar and is also expected to target a full UK licence.
UK composite insurance pricing surges 12% in Q3, says Marsh
Insurance pricing in the third quarter of 2019 surged by 11.8% year on year in the UK driven by increases in property as well as financial and professional liability lines, according to research by Marsh.
Plan Group targets top 50 with Pedal Cover Plus buy
Plan Group has bought Kingswood Insurance Brokers, the owner of Pedal Cover Plus, as it targets becoming a top 50 independent broker within five years.
Guidewire unveils product innovation platform
Guidewire's latest platform, Advanced Product Designer, is expected to design and deliver insurance products faster, a conference heard.
Eldon intending to rebrand as Somerset Bridge
Arron Banks' Eldon Insurance Services is planning to rebrand as Somerset Bridge by the end of the year, Post can reveal.
Insurers brace for some sizeable losses as UK barraged by floods
UK flooding is expected to continue, as insurers and loss adjusters have warned of a "spike" in both personal and commercial lines claims as a result.
Hyperion makes senior finance appointments
Hyperion has appointed a group chief finance officer and group finance director.
Ageas' Andy Watson cautions motor premium levels are ‘unsustainable’
Ageas UK CEO Andy Watson has cautioned that amid the Ogden rate change and inflationary pressures, current motor rates are “surprisingly low and unsustainable”.
Iprism group restructures with holding co pre-pack administration
Bowmark Capital-backed Iprism Underwriting Agency has completed a group restructuring including a pre-pack administration of its holding company for £329,300, writing off tens of millions of debt.
Minster Law cuts costs and warns others must do the same to survive reforms
Personal injury law firms face a “bleak future” unless they bear down on their fixed costs ahead of reforms set to come into force next year, Minster Law CEO Shirley Woolham has warned.
Ogden rate, large losses and claims inflation knock Allianz UK COR in Q3
Allianz reported operating profit of £100m for the year to date in its Q3 results, with its combined operating ratio slipping to 96.5% from 95.7% at the half year.
Vibe syndicate to enter run off
Vibe will place Syndicate 5768 into run off at the end of the year.
Andy Briggs to become Phoenix Group CEO
Phoenix Group CEO Clive Bannister will step down in March 2020, with former Aviva UK insurance CEO Andy Briggs to take up the mantle.
Lloyd’s to form single governing body
Lloyd’s of London has confirmed it will merge its Council and Franchise Board from 1 June 2020, after receiving widespread support from across the market and revealing ambitions to build the most 'advanced insurance market' in the world.
This month in Post: Thomas Cook-up
In a week that was dominated by personal injury fracas, the revelation that Thomas Cook self-insured against all but the “very largest” PI claims may well take the cake for biggest botch up.
Insurers should embrace cloud technology to transform their businesses: Guidewire CEO
The insurance industry needs to change “decades-old habits” and use cloud-based systems to effectively manage risk, inform people and make decisions, a conference heard.
Lancashire appoints UK chief underwriting officer
Lancashire has appointed its UK chief underwriting officer from within, with incumbent Hayley Johnston set to become CEO of its Bermuda arm.