News
Invicta buys Wordsmith's GI business
Paul Cosh and Steve Gamage’s acquisitive broker vehicle Invicta Insurance Services will complete its 9th acquisition in just 18 months in September, buying the general insurance portfolio of Suffolk broker Wordsmith Insurance Services.
Risk map warns investors of countries that cannot cope with natural disasters
China, India, Philippines and Indonesia have the highest economic risk for investors from natural disasters because of their lack of resilience, risk mapping firm Maplecroft has warned.
Industry needs to “wake up” MPs to Solvency II
Speaking to Post, Chris Leslie MP, shadow financial secretary to the Treasury, said that the insurance industry has not yet managed to wake up parliament and politicians to the impact that Solvency II could have.
Thatcham receives stamp of Training Excellence
Thatcham’s Automotive Academy has become one of the first training organisations in the region and the automotive sector to receive the Training Excellence stamp.
McDermott promoted at syndicate 3210
Mitsui Sumitomo at Lloyd’s has appointed Peter McDermott as active underwriter of syndicate 3210 to write aviation, casualty, marine and property & construction business.
Antiques dealers to get Sterling policy
Sterling Insurance is launching a partnership with Connoisseur Policies to provide cover for art and antiques dealers and auctioneers.
Resources in Insurance is in profit
Claims management firm Resources in Insurance Group says it has moved into profitability after a 48% increase in revenue to £1.4m (£900 000).
Zurich claims Q2 bounce back
Zurich has announced a half year operating profit 7% down on the same time last year at £2.1bn, but said its second quarter was 7% up at $1.3bn.
Insurer estimates hit £750m as city riot damage racks up
RSA, Aviva and Axa are likely to incur the biggest losses from commercial property claims with the latest riot bill estimate hitting £750m, as Post went to press.
Insurance no ‘safe haven’ despite stock resilience
Leading analysts have warned insurers that the industry is not a “safe haven” for investors, despite share prices falling less than the stock market average of 5.5% since Friday 5 August.
Mitsui poaches Catlin pair in Midlands market push
Mitsui Sumitomo has enticed an underwriting duo from Catlin to spearhead its regional mid-market push in the Midlands, Post has learnt, having earlier lured a team from Chubb to build its presence in Ireland.
2011 subsidence claims to cost industry £250m
The number of subsidence claims could reach 37 000 by the end of the year, costing the industry up to £250m.
Solicitors’ PI squeezed further as Chartis exits new business
Chartis UK has blamed the high volume and cost of claims for its decision to stop writing new solicitors’ professional indemnity business this year but has not ruled out reversing its policy in the future.
Aviva rules out target change despite over-achieving
Aviva has pinpointed a much improved private motor result as being pivotal to it posting an above-target combined ratio of 96% (H1 2010: 98%) for its half-year UK general insurance business. But despite emphasising “strong continued momentum” in UK GI…
Quadra lures back previous customers
A Manchester-based loss adjusting firm, created by the founders of Carr Greenwood Smith, has won back old customers UK General and Ecclesiastical following its split from Merlin in March last year and recruited more than a dozen employees.
Giles in bid to protect jobs after CBG buy
Expansionist broker Giles has vowed to protect jobs “where possible”, following the acquisition of Manchester-based broker CBG, which is expected to be finalised within two weeks.
Career development & CSR: Cunningham Lindsey cycles to success
A Cunningham Lindsey bike ride around the Peak District has raised £1200 for Macmillan Cancer Support, the loss adjuster’s chosen charity.
Career development & CSR: Mercury West staff prove they are Tough Guys
Iron-lunged brokers from Mercury West Associates proved they had the mettle to tame ‘the nettle’ after completing the Tough Guy Challenge.
Career development & CSR: CFC triathlon teams raise £3000 for charity
Thousands of pounds were raised for charity as fighting fit employees from CFC Underwriting pushed themselves through the pain barrier at the Active London Triathlon. Months of training were put to good use during the gruelling annual event, which tested…
People moves - 11 August 2011
A round-up of people moves and new appointments in the industry, as featured in the 11 August 2011 edition of Post.
Brit brokers reminded to keep policyholders up to speed
Brit Insurance has issued a reminder to all its brokers to ensure that policyholders affected by the UK riots notify the company with detailed information about the claim within seven days.
Swinton offers riot reassurance to residents and business owners
Further reassurance has been given to householders and business owners who have suffered damage during the ongoing UK riots, after Swinton Insurance became the latest firm to announce that victims should be covered by their policies.
Labour leader calls on insurers to pay riot claims quickly
As David Cameron prepares to “fightback” against the rioters and looters who have wreaked havoc in recent days, opposition leader Ed Miliband has called on the government to work with insurers to help victims.
Insurer estimates hit £750m as city riot damage racks up – Insurance News Now
Post reporter Callum Brodie outlines this week's major general insurance stories which include how RSA, Aviva and Axa are likely to incur the biggest losses from commercial property claims, based on market share, as the latest riot bill estimate hits …