News
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.
GI sector fears ABI restructure will push its issues down the pecking order
General Insurance will merge with life and pensions and be led by Huw Evans.
RSA performs offshoring U-turn as customers demand UK call centres
Closure of insurer’s customer-centric Indian call centres to create 350 UK jobs.
Insurers frustrated as MoJ defers increase in small claims track threshold
Justice Secretary confirms medical expert panels will be introduced for whiplash.
Insurers set to pay the price after St Jude storm wreaks havoc in the South
Property damage from fallen trees expected to be among major costs.
Willis reports $27m net loss
Willis Group has posted a total net loss of $27m (£16.83m) for the third quarter of 2013, cutting the broker's profit by 17% for the first nine month of the year.
Asians have huge savings gap, says Manulife
A savings gap between the expected savings and actual retirement needs of Asia investors points to financial hardship in retirement for many, according to the latest Manulife Investor Sentiment Index.
Chaucer promotes Blight to lead treaty practice
Lloyd’s insurer Chaucer has named Paul Blight to lead its recently launched treaty practice at Syndicate 1084.
Sullivan takes non exec role at CGSC
Cooper Gay Swett & Crawford has appointed Martin Sullivan as non-executive chairman of CGSC Delaware, the main board for the Group’s North American operations.
Market Moves: Busy insurers make a raft of hires along with a number of key departures
Insurers led the way in a recruitment frenzy this week. AIG swooped for a head of commercial property, while Hardy acquired a property treaty business unit manager. There were departures too, with QBE’s Steven Burns announcing retirement from full time…
McLarens partners with environmental adjuster
Global loss adjuster McLarens has partnered with US-based Global Risk Solutions, which specialises in environmental claims.
Ace adds crime insurance to online trading platform
Ace Group has added crime cover to Ace Online, a web-based trading tool that allows brokers to quote and bind specialist insurance business.