News
FSA to investigate Lloyds Bank over PPI mis-selling
The Financial Services Authority has launched an investigation into the Lloyds Banking Group over payment protection mis-selling.
Geneva Association's Liedtke named as Blackrock EMEA head
Risk management organisation Blackrock has appointed Patrick Liedtke, outgoing secretary general and managing director of the Geneva Association, to lead its financial institutions group in Europe, the Middle East and Africa.
R&Q reports 56% rise in profit
Randall & Quilter has reported a 56% increase in profit before tax to £4.6m in the first half of 2012 compared with the same period last year(H1 2011: £3.0m).
Market moves: Merlin staff find new roles at LAS
Recruitment this week continued to be dominated by the fallout from the demise of loss adjuster Merlin. While GAB Robins moved for regional manager Andrew Considine last week, it was the turn of LAS, which added 19 former Merlin staff to its force.
Website review: Axa
Web performance specialist Compuware Gomez puts insurer to the test.
Houghton departs Broker Network after 17% drop in operating earnings
Nick Houghton has joined West Yorkshire-based broker JM Glendinning after resigning as managing director of Broker Network and Countrywide.
Towergate looks to Digital Animal to push sales through social media
Towergate is among the brokers and insurers that have signed up to a new social media-based sales channel, according to the management team behind its launch.
Fallout of Merlin collapse threatens contractors
Contractors are considering redundancies and stand to lose thousands of pounds as a result of Merlin's slide into administration.
Adjusters grow unattractive to private equity houses
Private equity houses are growing increasingly cautious about investing in loss adjusters, and one firm has already written down its investment in the market by millions, Post can reveal.
Insurers duck Admiral warning on 'killer' referral fees
Insurers have reiterated their support for the scrapping of referral fees, following remarks made by Admiral chief executive Henry Engelhardt that the incoming ban will be a "killer" for his competitors.
Direct Line Group posts 7% profit increase in first results as standalone
As the deadline for Direct Line Group's anticipated flotation approaches, the insurance business posted a 7% jump in operating profit to £224.2m for the first six months of the year and revealed it has set a target of 15% return on tangible equity.
Foil backs ABI's stance on 'illogical' damages rise
The Court of Appeal's decision to effectively bring forward a 10% rise in damages from April has been branded "illogical" by the Forum of Insurance Lawyers, echoing concerns already raised by the Association of British Insurers.
Former Marsh CEO Carnegie-Brown joins Aon
Aon UK has appointed has Bruce Carnegie-Brown as non-executive chairman, subject to FSA approval.
DAC Beachcroft unveils Scottish practice
DAC Beachcroft and Scottish insurance legal practice Andersons Solicitors have merged to form DAC Beachcroft Scotland.
Aviva urges government action on whiplash after Westminster meeting
Aviva claims director Dominic Clayden has called for the government to increase the small claims limit on whiplash cases to £5 000 just hours after attending a meeting with industry bosses and the Transport Select Committee.
Esure profit up despite £8m flood loss
Esure has reported £60.2m in operating profit in the six months ended 30 June 2012 (H1 2011: £41.3m) and improvements to its loss ratio and combined operating ratio, despite the June floods adding £8m losses and 3.4% to the COR.
Direct Line confirms staff cuts
Direct Line Group could make up to 891 staff redundant as part a plan to claw back £110m gross annual costs by 2014, the firm's chief executive said today.
Industry to feel effects of Cabinet reshuffle after Treasury chief exit
The departure of Mark Hoban from his Treasury post as finance secretary will affect the progress of all areas of insurance-related issues, according to industry insiders.
Aspen recruits five MDs in management restructure
Aspen Re has appointed five new regional managing directors and three global product leaders as part of a management reshuffle.
Catlin Re Switzerland promotes Eugster to chief underwriting officer
Catlin Group has appointed Markus Eugster as chief underwriting officer for Catlin Re Switzerland.
Barbon MD joins Giles
Barbon has lost group managing director Nick Sharp, pictured, to Giles Insurance Brokers where he has joined as executive director.
Asian nations could emulate Caribbean catastrophe pool
A Pan-Asian catastrophe pool could be an effective tool to mitigate the impact of natural disasters on vulnerable nations in the region, according to the Philippines finance secretary.
Regulator admits failures in "formulaic" TCF rules
Financial services firms that currently offer staff incentives on sales have up to 18 months to make sure their schemes are fair to customers.
Direct Line confirms redundancies
Direct Line Group has confirmed approximately 890 proposed redundancies across the business as part of a drive to cut costs by £100m.