News
Lloyd’s profits up 14% following record GWP
Lloyd’s has recorded profits of £3.2bn for 2013, up 14% on a previous year equivalent of £2.8bn in 2012, after reaching a new record high of gross written premiums.
Budget 2014: pension shakeup to open the door for general insurance players
Insurers’ share prices plummet following Chancellor’s annuity vow.
Industry doubtful SRA minimum rating plan can boost solicitors’ PI market
Regulator finishes eight-week consultation on possible ‘B’ minimum.
FWD appoints industry veteran as CEO
New insurer FWD has appointed industry veteran Huynh Thanh Phong as CEO.
Government urged to introduce GDL 'without delay' by Scottish minister
Scottish transport minister Keith Brown has spoken out in favour of graduated driving licenses and called for the UK government to “take action without further delay”.
Marsh's networks division handling over £225m GWP
Marsh’s UK network’s division saw over 25% growth year on year in 2012 and 2013 and is now handling over £225m gross written premium, delegates at the broker’s networks conference heard today.
Claims Awards 2014 shortlist revealed
Insurers Ageas and LV lead the way in nominations for the 2014 Claims Awards with six and five respectively.
Ipswich motor broker Ignition Select teams up with Open GI
Software provider Open GI has confirmed it has reached a three-year deal with newly launched broker Ignition Select.
Personal injury lawyers disagree with MoJ stance on QOCS
Three quarters of personal injury law firms dispute the Ministry of Justice’s view that qualified one way costs shifting is an alternative to after the event insurance, according to a survey by law firm advisers O’Connors.
Howden unveils fine art and specie division
Howden Broking Group has launched its fine art and specie division, which will be led by managing director Mark Gregson who joins from Lloyd & Partners.
AIG UK trims COR to 84% as underwriting profit soars
AIG Europe chief executive Nicolas Aubert has heralded the “continued development” of the group’s UK business after it shaved 19 percentage points off its combined operating ratio to 84% last year.
Lloyds Banking Group accused of cutting PPI compensation
Lloyds Banking Group has been accused of cutting the level of compensation awarded to around 25% of payment protection insurance claimants.
Aviva sells Turkish GI business to PE consortium
Aviva has sold its Turkish general insurance business Aviva Sigorta A.Ş, to a private equity consortium led by EMF Capital Partners.
RSA launches £773m rights issue
RSA has launched a rights issue to raise £773m in proceeds - £748m net of expenses.
Zurich infographic: Managing modern construction challenges
The way in which work that is carried out in both the design and construction phases of a project is undergoing substantial change.
Regulators must prove value for money as costs hit £664m
The twin peaks regulatory system will need to demonstrate it is providing value for money after a National Audit Office report highlighted escalating running costs and concerns over staff capacity.
Marsh appoints Zhao as China chairman
Marsh has appointed Madam Zhao Shuxian as chairman of Marsh China. Starting this week, Zhao will be based in Beijing.
Claims Conference Asia 2014 attracts cream of claims professionals
Claims Conference Asia 2014 was held on 20 March in Hong Kong and attended by over 100 claims professionals from across the international claims market.
Thatcham urges government to back AEB scheme
Industry-funded research centre Thatcham is seeking government backing for a scheme to encourage motorists to buy cars with auto-emergency braking systems.
New data indicates Flight MH370 went down in Indian Ocean
New evidence has led officials investigating the disappearance of Malaysia Airlines flight MH370 to conclude that the plane crashed into the Indian ocean leaving no survivors.
Draper rejoins Chubb for casualty role
Chubb has appointed Dave Draper as its casualty manager for the UK and Ireland.
Allianz position on missing plane policy clarified as lead reinsurer
Allianz is the lead reinsurer on the hull and liability cover for Malaysia Airlines, rather than the lead insurer as previously reported, according to market sources.
Insurance growth action plan boosted by Brokerbility Academy
Brokerbility has launched an academy scheme in a bid to attract people of all ages into the insurance profession as part of the independent broking group's contribution to the government’s insurance growth action plan commitment.
Coface CEO eyes imminent IPO following 'good' 2013 results
Coface chief executive Jeam-Marc Pillu has turned his attention to launching an initial public offering in the first half of the year after achieving “strong” commercial growth in 2013.