News
Auto Windcreens pens 10 year deal with AA following acquisition
Automotive glass repair and replacement provider Auto Windscreens has acquired the AA’s automotive glazing business AA Auto Windshields.
Quindell may pursue ex-boss Terry over accounting anomalies
Quindell may pursue Rob Terry to try and claw back some of the money paid to the former CEO and chairman following the discovery that the 2013 figures were subject to serious accounting errors.
Quindell to be investigated by Serious Fraud Office
The Serious Fraud Office has notified Quindell that it has opened an investigation relating to past business and accounting practices at the outsourcer.
Capital return to shareholders on the Quindell agenda
Quindell non-executive chairman Richard Rose has outlined the firm’s approach towards a capital return that will see shareholders receive at least £1 per share in a cash handout funded by the sale of its professional services division.
CEO appointment imminent at Quindell as financial restatements are revealed
Quindell is on the verge of appointing a new group CEO with a mandate to lead a review of its businesses after financial restatements by the outsourcer turned the 2013 after tax profit of £83m into a £68m loss.
Post Q&A: The use of data and analytics in the London and Lloyd's market
The London market is one that is characterised by significant competition, but low margins.
L&G brings COR down to 82% as disciplined pricing sees GWP fall
Legal & General delivered a 36% increase in operating profit to £38m within its general insurance business at the halfway point of 2015 (H1 2014: £28m).
Integro snapped up by PE house Odyssey
International insurance brokerage and risk management firm Integro has reached an agreement to be acquired by entities affiliated with private equity firm Odyssey Investment Partners.
Most Biba members source PI cover from specialist brokers
The vast majority of brokers seek advice and buy their professional indemnity policies from a fellow intermediary that specialises in PI cover, a British Insurance Brokers’ Association survey has found.
Hiscox completes purchase of classic car specialist
Hiscox has completed its acquisition of specialist UK classic car business, RH Specialist Insurance.
UK brokers must innovate to achieve growth in stagnant market, says Finaccord
The UK general insurance broking sector will struggle to achieve organic growth over the next two years, amid strong competition from alternative sales channels, according to Finaccord.
Pen PI team gets 'A' rated capacity boost from Qatar Insurance Group
Pen Underwriting, the Arthur J Gallagher-owned managing general agent collective, has signed a long-term capacity deal for its solicitors' professional indemnity division with Qatar Insurance Company Europe.
Ageas UK's Watson signals commercial appetite after improved profitability
Ageas UK is to focus on writing schemes business, digital trading and motor in its commercial book after an action plan has led to sustained profitability in the division, CEO Andy Watson has said.
Towergate shifts London market division to broking arm
Towergate London Market has moved from the consolidator's underwriting arm to the Towergate Insurance Brokers division alongside the formation of a new London region.
Ageas UK grows profits as Watson hails upward motor pricing trend
Ageas UK has reported an increased net profit for the six months ended 30 June 2015 to £29.5m (H1 2014: £25.3m) and an improved combined operating ratio of 98.3% (H1 2014: 100.7%).
Novae's renewal rates fell 3.3% on average in first half
Specialist (re)insurer Novae saw average renewal rates reduce 3.3% in the first half of the year.
Berkshire Hathaway offers marine in Australia and New Zealand
Berkshire Hathaway Specialty has begun marine underwriting in Australia and New Zealand.
Compulsory insurance for drones mooted as insurers are urged to review wordings
Insurers must review policy wordings that could be interpreted to cover drone use, legal experts have advised, amid calls for the industry to lobby regulators around safety laws and the potential for compulsory insurance relating to the emerging…
Axa boss Evans hails motor rate strengthening but urges 'drastic action' on CMCs
Axa UK and Ireland CEO Paul Evans has hailed the insurer’s performance in the first half, saying the growth achieved in tough market conditions is likely to outstrip many of the firm’s competitors.
Pool Re boss raises prospect of separate cyber reinsurance scheme
Funds for a potential public-private reinsurance scheme for cyber catastrophes should not be mingled with Pool Re, however, the remit of the terrorism fund's management team could be extended to operate a separate cyber initiative.
Young driver IPT exemption unlikely despite positive government talks
Hopes of securing an exemption from the insurance premium tax hike for young drivers are dwindling, despite “constructive” talks between industry figures and the Department for Transport last week.
Giles and Oval integration cost Gallagher $25m in first half of 2015
The combined cost of integrating the Giles and Oval businesses cost Arthur J Gallagher $25m (£16m) in the six-month period ending 30 June 2015.
Gallagher not expecting 'material adverse effect' from FCA review
Arthur J Gallagher is confident a skilled person review by the Financial Conduct Authority will not have a “material adverse effect” on the firm’s results of operations.
Geddes trumpets DLG reserve releasing in ‘strong' H1 results
Direct Line Group CEO Paul Geddes says the insurer should "claim some credit" for its reserve releasing in the first half of 2015, which demonstrated a shift from its usually conservative reserving stance.