News
Power Place to accelerate expansion following Montagu investment
Open International chief executive Chris Guillaume has turned his attention to propelling the firm’s Power Place business into the complex commercial and SME arenas after agreeing a “long term” partnership with private equity investors Montagu.
James Hallam sells IFA business
James Hallam has sold its independent financial adviser business to focus on future investment and growth in the broking sector.
Open GI parent reunites with PE backer Montagu to complete MBO
Open International bosses have reunited with Montagu Private Equity to perform a management buyout of the Open GI, Open GI London and Power Place parent company.
RAC’s private equity owner mulls September IPO
The RAC’s private equity owner Carlyle Group is considering a stock market float in the mould of rival roadside assistance firm the AA Group.
Berlin unveils Uber ban
Smartphone taxi company Uber has been hit with a ban from the city of Berlin on concerns over insurance for passengers.
Sterling grows new business eight-fold in Scotland
Sterling Insurance Group has this year increased its new business numbers eight-fold in Scotland as a result of investment in new offices, senior staff and broker appointments.
Amlin UK boss Carpenter sets exit date
Former Amlin UK chief executive Brian Carpenter has confirmed his plans to retire later this year, setting the date of 30 September for his departure.
H1 weather claims hit insurers for £845m
Weather damage claims have cost insurers £845m across the first half of 2014 according to figures from the Association of British Insurers.
A-Plan full year profits up 10% amid rising policy numbers
High-street broker A-Plan has attributed growth in policy numbers last year for a 10% increase in profit before tax to £22m for the year ending 28 February 2014.
Amlin profits slide in H1 as large catastrophe losses grow
Lloyd’s insurer Amlin chalked up a reduced profit before tax of £148.5m in the first half of 2014 (H1 2013: £161.4m) as an uptick in large catastrophe losses took its toll.
Ankel to leave Allianz Global Corporate & Specialty
Alexander Ankel, Asia chief executive of Allianz Global Corporate & Specialty, is leaving the group to pursue "outside opportunities".
Fosun becomes Ironshore's largest shareholder
Chinese conglomerate Fosun has bought 20% of international property and casualty insurer Ironshore for $464m (£277m).
Two missing after tourist boat sinks in Indonesia
Two Spanish men are still missing after their boat sank off East Indonesia on Sunday.
Berkshire Hathaway hires two senior AIG execs in Asia push
Warren Buffett is targeting Asia to expand his insurance unit Berkshire Hathaway Specialty Insurance.
Motor and home premiums fall almost 7% in past year
The British Insurance Brokers’ Association has highlighted government and industry initiatives as a contributing factor behind a 6.8% reduction in the cost of motor and homes insurance in the past year.
AA index reports 6.1% motor premium decrease
Latest results from the AA British Insurance Premium Index show a 6.1% decrease in annual comprehensive car insurance premiums to £504.59 for the three months ended 30 June.
Broker Network boss Fairchild says proving value key to membership
New Broker Network chief executive Andy Fairchild has pledged to prove to insurer and broker members the value of being part of the group.
Gauntlet targets 20 appointed representative relationships
Coventry-based accountant Askews is to offer insurance via an appointed representative of broker Gauntlet Risk Management.
Zurich aids return of valuable medieval jug two years after theft
A Fourteenth Century jug is back on display at Stockwood Discovery Centre in Luton after Zurich supported restoration work and enhanced security protocols following the theft of the medieval artefact two years ago.
More pain predicted for motor market as regulation rears its head
Listed insurers Esure, Admiral and Direct Line Group are expected to fare better than most as the motor market enters the toughest part of the underwriting cycle, according to a note published by Berenberg.
BP Marsh acquires 5% stake in Nexus Underwriting for £1.55m
Niche capital venture provider BP Marsh & Partners has snapped up a 5% shareholding in managing general agent Nexus Underwriting Management for £1.55m.
China's State Council encourages insurance reforms
China's State Council is attempting to help modernise the Chinese insurance industry so it has a greater role in society.
Fike leaves Cigna to head Zurich's Malaysia GI team
David Fike, former CEO and general manager in Turkey of a Cigna joint venture with Finansbank, has become president of Zurich's Malaysia general insurance team.
Catlin moves McMellin from US to lead London underwriting hub
Catlin US underwriting hub chief executive Andrew McMellin is to return to the UK to take on the same role for the insurer's London division.