News
Hiscox-owned Direct Asia sells Hong Kong division to Well Link
Global insurer Hiscox has decided to sell the Hong Kong division of Direct Asia to Well Link for an undisclosed sum.
Aviva benefits from Friends Life acquisition as UK profits slide
Aviva recorded a 20% increase in global profits to £2.67bn in 2015 compared with £2.21bn the previous financial year.
Rural Insurance sees GWP rise 11.5% as £100m target looms
Harrogate-based agricultural specialist Rural Insurance has maintained solid growth in line with its £100m target, with GWP rising by 11.5% for the 12 months to end of March.
CFC hires Matt Taylor to head emerging risks business
CFC has hired Matt Taylor as its head of emerging risks, as the underwriting agency continues the growth of the business.
QBE tradesman added to Applied Systems’ TAM panel
Applied Systems has expanded its TAM commercial lines panel with the addition of QBE tradesman.
RSA technical analytics head Turner joins Esure
Esure Group has hired RSA’s Nick Turner as head of claims data and analysis.
European insurtech investment set to grow as global fintech funding reaches £13.4bn
European insurers are set for the same levels of transformation as the banking sector, according to a KPMG report, which has tipped further growth in the insurance-tech industry in Europe in the coming years.
MGA ARO launches online quote offering
Managing general agent ARO Underwriting has launched an online quotation platform for brokers as part of the company's rebrand.
L&G launches travel offering with Hood Group
Legal & General has launched its travel insurance offering in partnership with affinity provider Hood Group and underwritten by HCC International.
Five sentenced in Birmingham over £30k crash-for-cash claim
A group of five men pleaded guilty in an insurance fraud case and were today (8 March) handed suspended sentences and ordered to pay a total of £10,800 in compensation.
Sompo Canopius mulling sale of motor business KGM
Sompo Canopius is considering the sale of KGM, its UK motor insurance business.
Vann to drive home growth at Esure with 'test and learn' approach
Esure is adopting a “test and learn" approach to expanding its home insurance footprint in a bid to quote for a wider UK demographic once rates improve.
#Postpeople: 8 - 14 March
All the latest insurance industry market moves between 8 and 14 March 2016 in full in one place.
Zurich promotes for top underwriting role
Jane Hayes has been formally promoted to chief underwriting officer for general insurance in Europe, Middle East and Africa and Zurich Insurance Plc.
Vicarious liability broadening unlikely to impact policy wordings
Insurers are unlikely to tighten policy wordings in light of a Supreme Court ruling relating to the vicarious liability doctrine, as lawyers warn the industry to expect further widening of the principle in the future.
Risk management must improve as some slavery reporting falls short
Companies must step up their risk management activities as reporting requirements around the new Modern Slavery Act come into force this year, with lobby groups claiming some of those already reporting are falling short.
Data breaches caused by hacking or malware on the rise, Beazley finds
Beazley’s specialist breach response services unit responded to 60% more data breaches in 2015 compared to the previous year, the insurer has revealed.
RSA appoints Martin Strobel to board
Martin Strobel, CEO of Baloise Holdings, will join RSA’s board as a non-executive director and a member of the audit, investment and remuneration committees on 1 May.
Industry bosses unite to warn government against further IPT hike
The industry is rallying against a further potential increase in insurance premium tax ahead of the 16 March Budget.
Apil CEO hopes to restore claims 'credibility' with cold calling ban
The CEO of the Association of Personal Injury Lawyers has come out in support of the banning of cold calling in a bid to restore some “credibility and respect” to the claims sector.
Underlying profit drops at Esure amid challenging market in 2015
Esure recorded a deterioration in its combined operating ratio to 97.8% in 2015 (FY 2014: 91.9%) as underlying profit dipped by 22.7% to £82.9m (FY 2014: £107.2m) amid “highly competitive” market conditions.
Aviva flood loss of £100m predicted by analyst in otherwise 'good year'
Aviva is expected to reveal a £100m loss in earnings for 2015 as a result of the extensive flooding that swept the UK during the months of December last year and January.
Eight countries see reduction in political risk, Aon finds
For the first time in three years, more countries have experienced a reduction in political risk than an increase, Aon's 2016 political risk map shows.