News
Catlin cranks up UK General commercial capacity stake as Ageas steps aside
UK General has extended its capacity arrangement with Catlin to include commercial motor in a deal that has signalled the end of Ageas’ relationship with the managing general agent’s commercial arm.
AA appoints former Swiftcover boss as non-exec
UK breakdown service the AA has appointed former Swiftcover chief executive Andrew Blowers as a non-executive director.
Gable agrees deal with Norwegian SME trade body
Liechtenstein-based insurer Gable Holdings has partnered with a Norwegian trade association in a deal worth £15m GWP per year.
RAC puts IPO plans on ice after securing new backing
Roadside assistance firm RAC has shelved plans for an initial public offering after gaining new financial backing from Singapore-based sovereign wealth fund GIC.
GI products in top three for FCA complaints
Financial Conduct Authority data has put general insurance products in the top three most complained about financial services products for the six months to June 2014.
Lloyd's H1 profits leap on back of improved investment income
Lloyd’s saw pre-tax profit rise to £1.67bn in the first half of 2014, up from £1.38bn in the first six months of 2014.
Zurich commercial boss Thomson takes on PL broker role
Zurich has appointed its UK general insurance commercial division operations director Nichola Thomson to the new role of director of personal lines broker.
DLG to sell international businesses to Spain's Mapfre
Direct Line Insurance Group has agreed to sell its Italian and German businesses to Spanish insurer Mapfre for €550m (£430.5m).
Singapore reinsurance market risks "undermining its credibility" over contract certainty
The Singapore Reinsurance Market Contract Certainty Project is in danger of not meeting its 2014 target.
CMA ban on wide MFNs will spur consumers to shop around
CMA announcement will result in consumers using multiple Price Comparison Websites when shopping for insurance
80% of EU risk managers to buy more multinational cover by 2017
An Ace survey has revealed more than 80% of risk managers at European companies expect to increase their purchases of multinational insurance programmes over the next three years.
AIG promotes Sharpe to UK head of sales
AIG has looked internally for its new UK head of sales, promoting financial services industry practice group head Jeremy Sharpe.
CMA criticised for 'not going far enough' on MFN clauses
Agreements between price comparison websites and insurers which prohibit insurers making products available more cheaply on other online platforms are to be outlawed following an investigation by the Consumer & Markets Authority.
Ifed collars 11 in trips and slips clampdown
The Insurance Fraud Enforcement Department has today arrested 11 people as part of a day of action over fraudulent personal injury claims.
Insurers pledge £51bn in green investment before 2016
The insurance industry has promised to double funding for green or “climate-smart” investments, pledging a rise from $42bn to $84bn (£51bn) by the end of next year.
ABI says politicians 'need to act' after CMA 'ducks' credit hire challenge
The Association of British Insurers has slammed the Competition & Markets Authority’s failure to tackle “excessive” credit hire costs, claiming they are likely to lead to higher charges for consumers.
CHO chief urges insurers to 'get round the table' after CMA's credit hire U-turn
Credit Hire Organisation chief executive Martin Andrews has called on insurers to work with the credit hire industry after the Competition and Markets Authority said it will not take action over credit hire costs.
FCA blocks ‘uncooperative’ EPLS Risk Solutions
The Financial Conduct Authority has removed permissions for London-based broker EPLS Risk Solutions over failures to file figures to February 2014.
CMA finds 'no effective remedy' for credit hire costs
The Competition and Markets Authority will take no action on credit hire practices after finding that there is “no effective and proportionate remedy” in its final report into the private motor market.
PIs slam ABI calls for regulation exclusion for in‑house investigators
Updated ABI member guidelines say FCA adherence negates need for regulation
Solvency II cited as driving factor behind growth of run-off market
The implementation of Solvency II has been attributed by consultancy firms as a driver in the continuation of the steady stream of UK and European insurers looking to dispose of underperforming lines of business.
Insurers face major restructuring or increase in VAT after ECJ tax decision
European Court of Justice ruled that offshore entities should be subject to VAT
Hull market records 18th annual loss as marine premiums fell 1.7%
Global marine premiums fell by 1.7% last year, dropping from $34.8bn (£21.3bn) in 2012 to $34.2bn according to the latest statistics released by the International Union of Marine Insurance at its 2014 annual conference in Hong Kong.
Attention turns to devolution impact after Scotland rejects independence
Referendum outcome pleases insurers as devolution discussions begin