News
80% of UK insurers mulling aggregator launch
More than 80% of UK insurers are considering setting up their own aggregator site, according to Accenture.
Swinton appoints CDL as insurance software supplier
High street broker Swinton Insurance has appointed CDL as its new insurance software supplier.
Elite to stop writing solicitors' PII as falling rates take a toll
Unrated carrier Elite Insurance is withdrawing from the English and Welsh solicitors’ professional indemnity insurance market.
Hefty FCA fines highlight importance of delegated authority chain controls
The £15.5m of fines handed to individuals and firms involved in the collapse of several unrated insurers operating in the solicitors' professional indemnity market have highlighted the need for all parties involved in the delegated authority chain to…
Canopius retail boss Tim Rolfe to step down next month
Canopius retail CEO Tim Rolfe is to depart the specialist Lloyd’s market company at the end of March after more than five years in the retail hot seat, Post can reveal.
#Postpeople: 2 - 8 February 2016
All the latest insurance industry market moves between 2 and 8 February 2016 in full in one place.
Insurer savings predicted as report dispels poison gas concerns
The insurance industry and the credit hire sector look set to resume hostilities following an independent study that found insurers are spending millions on credit hire and repair claims for vehicles that are perfectly roadworthy.
Flood Re completes reinsurance procurement
Flood Re has secured the remaining reinsurance capacity required for its three-year £2.1bn programme.
Pen launches improved coverholder offering
Pen Underwriting has launched an improved coverholder offering for delegated commercial lines business after a review of its service and support framework.
Axa CEO de Castries warns UK against 'serious consequences' of EU exit
Paris-based Axa CEO Henri de Castries has issued a stark warning ahead of a UK referendum on EU membership by stating that an exit would spark “very serious consequences” for the City of London.
International Group of P&I Clubs in talks with US over Iranian oil coverage
The London-based International Group of Protection & Indemnity Clubs is in talks with the US government to find a way to insure Iranian petroleum shipments, now that sanctions over Iran's nuclear program have ended.
Towergate to develop corporate and mid-market niches with triple hire
Towergate has created three new roles to support plans to strengthen and grow its corporate and mid-market practice with niches and specialisms.
Claims Club Asia rebrands as Claims Club Asia-Pacific
The Claims Club Asia has been renamed Claims Club Asia-Pacific in a new look for 2016.
Philippines could achieve 28% premium growth in 2016
The insurance regulator in the Philippines is expecting premium growth of 28% this year.
Fraudsters sentenced over £38,000 Direct Line claim
Three fraudsters have been sentenced for planning a crash-for-cash scam that would have resulted in Direct Line Group paying out more than £38,000 in insurance claims.
Personal and commercial profit pressures spark insurers' wholesale interest
Growth ambitions have been pegged as the main driver behind prominent UK insurers expanding their wholesale market presence with competitive personal and commercial lines conditions forcing insurers to deploy capital elsewhere.
Naming of storms to potentially impact apportionment of claims
The Met Office’s new policy of naming storms that make landfall in the UK could have a significant impact on the apportionment of claims between direct insurers and their reinsurers in the excess of loss market.
Milburn CEO McIntosh banned by PRA after failed PI insurer fined £2.86m
The Prudential Regulation Authority has today imposed a £25,173 fine on Colin McIntosh, CEO of Millburn Insurance and has banned him from holding any controlled functions at any PRA-authorised firm.
Abbey snaps up NI competitor Open and Direct from Swinton
Northern Irish independent intermediary Abbey Insurance Brokers has completed the acquisition of the Open and Direct business from its current owners Swinton Group.
FCA issues £15.5m in fines to fill hole caused by Eric, Balva and Millburn failures
The Financial Conduct Authority has fined five individuals and two firms a total of £15.5m for their part in a market failure that left hundreds of solictors without valid cover.
Towergate appoints Stephenson Harwood partner as general counsel
Towergate has appointed Geoff Gouriet to its executive committee as general counsel.
ABI blames tax hike and CMCs for 8% rise in motor rates
The rise in insurance premium tax along with the activities of certain claims management companies have been blamed for an 8% uptick in the average private car comprehensive motor premium over the course of 2015.
Henderson reveals AIM listing interest on 30th anniversary
Henderson is exploring listing on the AIM market and is expecting to announce a "significant" acquisition as it celebrates its 30th anniversary of operation.
Government pledges £20m for driverless cars projects
The government has announced a further £20m of funding for projects developing driverless cars with consortia including members such as Axa and Direct Line Group among the beneficiaries.