News
MoJ issues consultation for RTA portal extension
Last night the MoJ issued a consultation letter to key stakeholders on further extending the fixed costs scheme currently used for Road Traffic Accident claims to cover Employers’ and Public Liability policies.
Markerstudy to expand non-UK motor MGA offering
Markerstudy is to complete a number of deals with managing general agents in the non-UK motor market in the coming months.
Towergate makes two acquisitions
Towergate Insurance has acquired Centenary Insurance and William Rogers Insurance Brokers.
Brit 'schtum' on UK sale as profits and GWP drop in 2011
Brit Insurance has reported a profit before tax of £75.8m in 2011 (2010: £116.4m) on gross written premiums of £1.5bn (2010: £1.53bn).
Helphire extends banking agreement until 2014 as it slips into the red
Helphire has announced that it had reached an agreement with the group's bankers for the extension of the expiry date of the existing committed banking facilities from 31 December 2012 to 31 December 2014.
Moneysupermarket CEO predicts "another good year" after insurance revenue breaks £100m barrier
Moneysupermarket has reported a jump in click-based and other reveune from its insurance vertical in 2011.
La-Band vows to build London presence at Quorum following MBO agreement
Crawford & Company's departing global markets vice president Michael La-Band has outlined his intention to establish a London presence at his new employer - international loss adjusting firm Quorum - following his imminent move to Mexico.
Crawford dropped from Axa household panel
Axa has axed Crawford & Company as the main supplier of loss adjusting services for household insurance claims after four years, while GAB Robins and Cunningham Lindsey remain on its books.
India considers guarantees for Iranian oil
India's shipping secretary K Mohandas said on Tuesday that the country is considering sovereign guarantees for shipping and buying Iranian oil on a delivered basis, when EU sanctions on Iran come in to effect, according to Reuters India.
Arag relaunches online quote engine
Arag's online quotation system for commercial legal expenses insurance has received upgrades and was relaunched today as Quickquote.
Sri Lanka's GI market grew 21% in 2011
Sri Lanka's general insurance market grew by 21% in 2011, a record for the industry since its privitisation, according to Sri Lankan business paper the Daily News.
Travel insurance becomes compulsory in Malasyia
From 1 March, those travelling out of Malaysia will be required to buy travel insurance.
Munich Re transfers US hurricane and European windstorm risks to the capital markets
Munich Re has acquired coverage for US hurricane and European windstorm risks with a total volume of $75m from the special purpose insurer Queen Street V Re Limited, which in turn has placed a catastrophe bond for this amount in the capital markets.
Insurers may have to rethink Solvency II programmes
PwC has commented on the Financial Services Authority's Solvency II conference where the regulator announced new deliverables for insurers' Internal Model Application Process and commented on the ongoing impact of political uncertainties.
Financial strength rating becomes key for commercial brokers
High-grade insurance financial strength ratings have become much more essential to commercial brokers when they evaluate where to place risks, according to research from NIG.
Japan questions EU over impact of Iran sanctions
Japan's government is seeking clarification from the European Union about the implications of its sanctions against Iran for non-EU states, amid fears Japanese ship owners could see cover for voyages to Iran slashed.
RSA IFS and counterparty credit ratings upgraded to 'A+'
General insurer RSA's core operating entities have been upgraded to 'A+' in recognition of the group's strong capitalisation.
S&P upgrades RSA's credit rating to A+
Standard & Poor's has raised its long-term counterparty credit and financial strength rating on the core operating entities of RSA to A+ and said the outlook is stable.
Neal becomes group CEO for QBE as O'Halloran retires
QBE Insurance Group has confirmed John Neal will succeed Frank O'Halloran as group chief executive officer when he retires.
QBE's results hit by catastrophes
Australian insurer QBE reported gross written premium in Europe of $4,828m (2010: £4,156m) but a combined ratio up five points to 95.5%.
Direct Line tops complaints league table
Direct Line Group's UK Insurance had the most general insurance complaints to the Financial Ombudsman Service, according to figures out today.
Asian insurers warned to watch policy admin or repeat Europe's mistakes
Capgemini has warned insurers based in Asia Pacific that they should not rest on their laurels when it comes to policy administration or they will suffer the same issues European insurers are facing now.
XL appoints Gooding to board of directors
Ellen Thrower, who has served as an independent director of XL since 1995, will retire from the board effective immediately.
HSB Engineering Insurance promotes broker distribution boss James
HSB Engineering Insurance has promoted Tim James to the position of group sales manager, a role which involves responsibility for the firm's broker distribution strategy.