News
Direct Line posts improved COR of 95.4%
Direct Line has achieved a combined operating ratio of 95.4% for the first nine months of 2013, a 4.3% improvement from the 99.7% posted for the same period in 2012.
Failure to reach Solvency II equivalence deal could harm UK
Failure to adequately resolve the issue of equivalence under Solvency II could harm British interests, according to speakers at the Association of British Insurers’ solvency II conference today.
XL COR improves to 92.2%
XL’s property and casualty combined operating ratio has improved to 92.2% in the first nine months of 2013, from the 92.7% reported for the same period in 2012.
RSA, Aviva and Lloyds subsidiary in frame for storm losses says Moody’s
Losses from the St. Jude’s Day storm are expected to suppress insurer’s 2013 profitability, particularly against the backdrop of declining premium rates in property insurance in recent quarters.
UK General hires ex-BMW Financial Services manager Binns
UK General has appointed former BMW Financial Services manager Andrew Binns to the role of schemes director for motor ancillary products.
Towergate to re-focus on M&A following sale of 'non-core' underwriting business
Towergate chief executive Mark Hodges has insisted that acquisitions remain central to his firm’s growth strategy, despite the £9.25m sale of Towergate Underwriting’s commercial property business to Global Risk Partners.
Aviva launches cycling safety campaign
Aviva is seeking to reduce the number of incidents involving large goods vehicles and cyclists by launching a campaign.
Marsh: EU cyber directive must be on risk agenda
Insurers must consider the implications of the European Union's cyber security directive, Marsh has warned.
Gallagher sees Q3 group broker revenue climb 14%
Arthur J Gallagher revealed Q3 group brokerage revenues climbed 14% in figures filed with the US Securities and Exchange Commission yesterday.
Threat of closure looms for 153 law firms ahead of final PI deadline
The Solicitors Regulation Authority has revealed 153 solicitors firms have gone into the extended policy period after failing to secure professional indemnity cover.
Allianz names new head of sales and marketing
Allianz Retail Simon Cook as head of sales and marketing, broker and corporate partner.
Marsh: EU cyber directive must be on risk agenda
Insurers must consider the implications of the European Union's cyber security directive, Marsh has warned.
CPP reserves £55.8m for mis-selling payouts
Credit card insurer CPP has set aside £55.8m for mis-selling payouts, City AM has reported.
UK P&I club unveils new chairman
UK P&I club members have elected Alan Olivier as chairman and president at their board meeting in Bermuda.
Autonet expands its offering on Quotezone
Autonet Insurance has launched its Carxtra brand on aggregator site Quotezone.
Ex-Lorega CEO Sims resurfaces at AIG
AIG has appointed former Lorega chief executive John Sims to the role of UK head of its high net worth arm Private Client Group.
Government founds group to promote Islamic finance
The government has announced the latest part of its plan to make Britain a leading Islamic finance centre, unveiling a new group to drive the growth of shariah-compliant financial products.
Mapfre‘s net income rises 4.3% driven by international business
Spanish insurer Mapre posted net income of €683.9m for the first nine months of 2013, a 4.3% increase on the previous year’s total.
Mapfre net income rises 4.3% in first nine months
Spanish insurer Mapre posted net income of €683.9m for the first nine months of 2013, a 4.3% increase on the previous year’s total.
Broker Network membership rises in Q3
Broker Network welcomed 11 brokers to the network over the third quarter of 2013, an increase from the 5 and 8 new members that signed up for the first and second quarters of 2013, respectively.
Biba restructure reflects greater focus on engagement with membership
Regional membership divisions replaced by segment-based approach.
Gable to raise up to £10.7m through share placing
Non-life European insurer Gable Holdings intends to raise up to £10.7m through a placing of up to 17 690 001 new ordinary shares and a subscription of 1 764 544 new ordinary shares both at 0.25p a piece.
Hiscox culls 32 firms from legal panel
Hiscox’s UK retail business has reduced the number of firms it works with for claims legal advice from 45 to 13 firms.
Giles acquisition to be completed in November
Arthur J Gallagher will complete the Giles acquisition in early November, after originally anticipating the £233m deal could be completed this month.