News
Garwyn begins another CEO hunt
Private equity-owned specialist liability loss adjuster Garwyn is to appoint a new chief executive officer to replace Stewart McCulloch "in due course," just 13 months after he joined the business.
Editor's comment: A disturbing pattern
No sooner have counter fraud managers applauded the industry's backing of an insurer-funded fraud police unit, than their vehicle theft counterparts are bracing themselves for going it alone in trying to tackle another criminal act.
Swiss Re breaks protocol to deny Quinn links as regulators probe claims
The Malta Financial Services Authority and Irish financial regulator, Central Bank of Ireland, are in discussions to establish how stories surfaced that Quinn Insurance founder Sean Quinn was set to return with a new underwriting vehicle, Post has…
BMS: US reinsurance focus after buy out
BMS bosses have vowed to switch the company focus towards the US reinsurance market following the news that the broker has reached an agreement to buy out its only external shareholder AHJ Holdings.
Business as usual after ex-Nilefern CEO jailed
Nilefern — the Lloyd's coverholder previously run by the now disgraced Martin Fisher —has declared that it is "business as usual" following the news its former chief executive has been jailed after pleading guilty to a string of child sex offences.
Insurers incensed as stolen vehicle unit faces closure
Plans to axe the Metropolitan Police's stolen vehicle unit next year could lead to the insurance industry funding even more police initiatives, it has been warned.
Career development & CSR: LV helps kit out school
Sporty students from a South London school have been bowled over after being presented with cricket and rugby equipment as part of an LV-sponsored giveaway.
Brokers warned of HSE consultation implications
Insurers and brokers need to make clients aware of a new government-backed system for recovering costs from those who break health and safety laws, an industry expert warned this week.
Santander latest bank to set asside PPI fund with Euros 620m hit
Santander today revealed a net profit of Euro 3.501 bn (down 21%), after setting up an extraordinary fund of Euros 620m in the UK to cover potential claims for payment protection insurance sold in the UK.
Esure confirms it has an "option" to increase stake in Go Compare
Results filed at Companies House in the last week have revealed that Esure Holdings has an option to increase it stake in aggregator Go Compare.
Swiss Re denies Quinn links as regulators probe claims – Insurance News Now
Post senior reporter Amy Ellis outlines this week's major general insurance stories.
Allianz Re unveils new approach to crop insurance
Allianz Re's agriculture team is developing a new crop insurance approach which better manage Earth’s natural resources, the group announced today.
ING could be fined hundred of millions for breaking sanctions
ING is being investigated by US authorities for breaking economic sanctions against Cuba (Havana pictured), Iran and Syria, according to reports in Holland.
Ace reports 40% fall in net income
Ace has recorded net income of $607m (£370) in the second quarter of 2011, a drop of 10% on Q2 2010.
US legislative changes offer opportunities for London Market
Legislative changes in the US could present “significant” business opportunities for London market companies, according to the International Underwriting Association.
Tony Baker steps down as CHO director general
Credit Hire Organisation director general Tony Baker has announced his decision to step down from the role at the end of the year.
AI Claims on track to hit profit forecast despite downturn in accidents
AI Claims has reported that its trading profit in the financial year is in line with market expectations.
AM Best removes rating of Lemma from under review
AM Best Europe has removed the rating of Lemma Insurance Company from under review with negative implications and affirmed the financial strength rating of B+ (Good) and issuer credit rating of “bbb-”.
Ace reports 40% fall in net income at the half year mark
Ace has recorded net income of $607m (£370) in the second quarter of 2011, a drop of 10% on Q2 2010.
NIG adds four to Midlands office
Commercial insurer NIG has named four new staff to its Birmingham-based Midlands regional office.
Lancashire to redomicile from Bermuda to the UK
Lancashire Holdings today announced that it plans to move to UK tax residency.
Brand reputation important for non-life insurance purchases
Brand reputation is vital to consumers purchasing non-life insurance, a study has found.
First Title team up with Ink to target PII market
First Title Insurance has teamed up with Ink Underwriting Agencies to offer professional indemnity insurance to law firms.
Sean Quinn’s new venture has no Malta licence
The Malta Financial Services Authority has denied reports that Sean Quinn has a Malta- based insurance licence for his new insurance company, Q2, according to sister publication Insurance Age.