News
Former RAC employee sentenced after selling personal data to CMC
Former RAC employee Kim Doyle has been sentenced to eight months imprisonment, suspended for two years, in a prosecution brought by the Information Commissioner’s Office for selling unlawfully obtained personal data to a claims management company.
SSP users hopeful of investment as takeover nears completion
Users have expressed hope that SSP’s expected takeover by Canadian-listed Constellation Software will lead to investment in the technology company as it exits private equity ownership.
Whiplash reforms pushed back to May
Whiplash reforms have been pushed back to May, Lord Chancellor and Secretary of State for Justice Robert Buckland confirmed today.
FCA fines more than halve to £192.6m in 2020
The Financial Conduct Authority imposed fines of £192,570,018 in 2020, the third lowest total on record since the watchdog was formed in 2013.
Storm Bella claims volume ‘significant’ say loss adjusters
Late 2020’s storm Bella has driven a “significant” number of claims, loss adjusters told Post, though damage was not witnessed on the scale of storms Ciara and Dennis.
For the record: The week in deals featuring Aston Lark, GRP, PIB, Marsh, MS Amlin, Nexus, Partners& and Sedgwick
Post wraps up the major insurance deals, launches, investments and strategic moves of the week
Former Lib Dem leader brands insurer Covid BI claims handling 'deeply depressing'
Former Liberal Democrat leader Tim Farron has called the conduct of insurers during the coronavirus pandemic “deeply depressing” and urged the Chancellor of the Exchequer to “take steps to protect insurance customers from the actions of insurers”.
Iprism swings back to profit in 2020
Iprism Underwriting Agency has returned to profit in 2020 with a bottom line result of £435,365 reversing its £761,988 loss the year before when it was hit by restructuring costs.
Jeff Brinley named Be Wiser CEO as Sharon Beckett steps down
Jeff Brinley has been named Be Wiser CEO with Sharon Beckett having left the role this year, Post can reveal.
FCA reports 30% drop in broker liquidity and warns 4000 financial firms are at risk of failure
The Financial Conduct Authority’s coronavirus financial resilience survey has revealed that insurance broker liquidity fell by 30% due to the pandemic, the largest drop measured in any sector.
Lockdown: Many insurer and broker offices to remain open as Lloyd's underwriting room closes
Insurers and brokers have told Post that the majority of their staff will continue to work from home and that offices will remain open to those few that need to access them, following the start of a third national lockdown in England.
Cécile Fresneau adds syndicate active underwriter role at QBE as David Harries retires
David Harries, active underwriter of QBE Syndicate 386 and head of financial lines will be stepping down and handing over to UK insurance executive director Cécile Fresneau, the provider has confirmed.
Personal injury claimants mired in £240m pandemic litigation backlog for over a year
Road traffic accident claimants have waited over a year just for their cases to be heard in court due to backlogs exacerbated by the Covid-19 pandemic, according to an analysis of Ministry of Justice figures by Zurich.
Clear makes Mike Edgeley CEO as Lickens moves to chairman role
The Clear Group has appointed former A-Plan managing director Mike Edgeley as CEO with founder Howard Lickens moving to become executive chairman.
Loss-making Markerstudy sniffing out investors as loan discussions continue post-deadline
Managing general agent Markerstudy made a loss in 2019, with discussions ongoing around its near £200m debt to Qatar Re.
Thingco secures £3m investment from BGL owner
Telematics insurtech Thingco has secured a £3m investment from BGL Group holding company owner BHL (UK) Holdings, Post can reveal.
Adam Boakes hails opportunities as first joint Ataraxia-MVP broker deal completes
Ataraxia and Minority Venture Partners have facilitated the merger of Altrincham-based Alan Stevenson Partnership and Seacombe Insurance Brokers taking a minority stake in the business.
Cheryl Agius steps down as Saga Insurance boss
Cheryl Agius has stepped down as CEO of Saga Insurance with immediate effect for personal reasons, the company has confirmed.
Credit insurers warn of insolvency surge later this year as government extends trade credit scheme
The UK government-backed trade credit reinsurance scheme to guarantee up to £10bn of business-to-business transactions has been extended to run for the first half of 2021.
Mark Versey appointed CEO of Aviva Investors
Aviva has appointed Mark Versey as CEO of Aviva Investors replacing Euan Munro.
Allianz receives Armed Forces Covenant employer recognition scheme bronze award
Allianz Insurance signed the Armed Forces Covenant in November receiving its employer recognition scheme bronze award.
Modest hardening in UK property reinsurance as European motor ticks up
The annual 1 January reinsurance renewal season delivered firmer pricing for UK property risks, according to Willis Re as its figures also indicated another year of strong rises in motor.
David Coleridge - an obituary
David Coleridge, who was chairman of Lloyd’s for two tumultuous years in the early 1990s, passed away on Boxing Day, aged 88.
Admiral to pocket £450m for comparison subsidiary despite claiming it had 'no plans' to sell Penguin Portals
Admiral Group has reached an agreement with the owner of Uswitch and Zoopla for the sale of price comparison subsidiary Penguin Portals Group for over £500m.