News
Regulatory changes cost the industry over €4bn in 2012
The top 40 European insurers are estimated to have collectively spent between €4.2bn and €4.9bn in 2012 complying with all new regulations, according to a report by Deloitte.
Chinese insurers have $14bn to invest in overseas property
Chinese insurance funds have access to $14bn or almost 86bn yuan to invest in property overseas.
DLA Piper's Hong Kong insurance head to leave private practice
The head of DLA Piper's insurance practice in Hong Kong is leaving the firm to pursue opportunities in legal consulting.
Gallagher targeting top three UK retail berth after Giles deal
The £223m purchase of Giles by US broker Arthur J Gallagher will convert the latter into one of the UK’s largest regional retail brokers according to UK commercial director Janice Deakin.
QBE not ruling out office closures or acquisitions
QBE has not ruled out the possibility of office closures or merger and acquisition activity following the announcement of its business restructure today.
Accident Exchange spurns Axa settlement
Credit hire firm Accident Exchange is set to reject a £1.5m settlement offered by Axa to settle a suite of rate disputes.
Gallagher to complete £233m Giles deal
Gallagher will snap up independent broker Giles for £233m in cash, in a deal expected to close in October.
Axa to reveal Drouffe’s successor
Axa UK will reveal tomorrow the name of its new finance, risk and strategy director as Jean Drouffe has relocated to the insurer’s headquarters in Paris.
Turkey’s insurance market ripe for foreign investment
Attractive conditions in Turkey’s insurance market are expected to woo foreign investors over the next four years.
Alternative capital is major talking point ahead of Monte-Carlo
The impact of alternative capital on reinsurance pricing is set to be a major talking point at the Monte Carlo Ren-dez-vous according to Moody’s.
London and Manchester top gadget claims hotspots
More claims on gadget cover are made in London and Manchester than anywhere else according to figures from Supercover Insurance.
Willis expands financial solutions division in Hong Kong
Willis has appointed Les Collett to establish a financial solutions office in Hong Kong starting 1 October.
QBE splits European business
QBE has announced it is splitting its European division into two separate businesses from 1 October alongside a handover in leadership.
Abbey Protection profits flat as ABS investment “yet to bear fruit”
Legal insurer Abbey Protection has recorded flat pre-tax profits of £5.2m for the first half of the year, noting both falling investment returns and a lack of return from its investment into an Alternative Business Structure license.
Guy Carpenter unveils Greek and Cypriot venture
Guy Carpenter & Company has made a major strategic investment in a new venture designed specifically to help develop business in Greece, Cyprus and adjacent countries.
Ombudsman reveals 15% spike in complaints
The Financial Ombudsman Service has revealed a 15% increase in the number of complaints received between 1 January and 30 June when compared with 2012 figures.
MDS recruits Vinhas as deputy manager in Portugal
MDS Group has strengthened its Portuguese management team with the appointment of Mario Vinhas as deputy country manager.
Thornside founder Seel named non-exec chair at Healthy Pets
David Seel, founder of Thornside and former director of BDML Connect, has been appointed non-executive chairman at pet insurer Healthy Pets.
MIB 'live-tweeting' police motor seizures
The seizures of uninsured cars by the Metropolitan Police will be broadcast live over Twitter today.
Insurance and legal clients of rogue investigators to be revealed
The Home Affairs Select Committee will publish the names of rogue private investigators’ clients if the Serious Organised Crime Agency does not publically reveal the identity of the firms by Monday.
Fears unrated carriers will win out as Law Society cover fails to deliver
Brokers have criticised the Law Society’s direct solicitors’ professional indemnity offering for failing to help specialist firms, with some concerned that more than 1000 legal practices could be forced to access unrated markets.
Hastings and Co-op plan for future as major investment deals mooted
Hastings’ sale of a stake in the business to Goldman Sachs may herald an era of more aggressive management, according to analysts.
Insurers urged to comply as US regulator turns to Lloyd’s in Iran sanctions inquiry
The New York regulator’s request for information on sanctions breaches from Lloyd’s of London indicates the watchdog’s attentions have shifted away from banks and onto insurers, market insiders have warned.
Aldermanbury successor unclear as some insurers struggle to meet its terms
Taskforce behind declaration yet to discuss its direction beyond end of 2013