News
News Review: Winslow promoted in BGL reshuffle
Peter Winslow has been promoted to executive chairman of BGL Group and will be succeeded as chief executive by chief operating officer Matthew Donaldson, effective from 1 July.
My Best XI: Chris Phelan, owner, Paradigm Consulting
Chris Phelan, owner of independent loss adjusting firm Paradigm Consulting, selects his best XI for an insurance industry start-up. Phelan’s team includes representatives from firms such as Cunningham Lindsey and Davies, while the die-hard Manchester…
Market Moves: McPherson leaves A&A Group after 28 years, while Allianz looks to African growth
It was a relatively quiet week for the industry as appointments within the broking sector – a regular hive of recruitment – were few and far between, with the only notable activity in the sector coming in the form of the departure of veteran A&A Group…
SSP appoints European head of client delivery programme
Insurance technology provider SSP has appointed Gary Glennard as its head of client programme delivery for Europe.
Industry divided over Eiopa's Solvency II guidelines
Industry players have been divided in their response to the draft Solvency II guidelines released by the European Insurance and Occupational Pensions Authority.
General Atlantic acquires close to 30% of Hyperion shares
The Hyperion Insurance Group has signed an initial agreement with General Atlantic, which will see the global growth equity firm acquire just over 30% the international broking business' shares.
Eiopa chairman defends Solvency II guidelines
The chairman of the European Insurance and Occupational Pensions authority has defended its draft Solvency II guidelines as “an important step in the right direction that will help national authorities”.
Bought by Many seeks insurer partner for flood cover plan
Insurance intermediary Bought by Many has launched a home insurance proposition for areas at significant risk of flooding.
Early implementation of SII elements 'burdensome' for UK firms
The European Insurance and Occupational Pensions Authority has published four consultation papers containing guidelines on the elements of Solvency II that it wants national supervisors implemented by national supervisors from 1 January 2014 on a "comply…
Aviva ceases to write SME PI as part of ‘tough action” on unprofitable lines
Aviva is ceasing to write professional indemnity insurance for SMEs as part of a bid to “take tough action on lines of business that are not delivering profitable returns”.
Savage upbeat on motor market outlook
Lloyd's finance director said the UK motor insurance market is "over the worst of the soft cycle" and has expressed confidence that upcoming government reforms will further improve the sector's outlook.
Clyde & Co hires partner from Keoghs
Clyde & Co has hired Peter Unsworth as a partner, who joins the firm from Keoghs.
Paterson takes reins as Walsh steps down from Walsh PI
Bob Paterson will take over the leadership of the Walsh PI team as managing director founder Mike Walsh steps down from the role.
Eiopa begins consultation on Solvency II guidlines
The European Insurance and Occupational Pensions Authority today launched public a consultation on guidelines for Solvency II preparation.
Need for robust flood solution 'more urgent than ever' says AA
Finding a way to ensure continuing insurance cover for homes at risk of flooding is ‘more urgent than ever’ according to the AA.
Allianz agrees deal for Turkish insurer Yapi Kredi Sigorta
Allianz has reached an agreement to acquire a 93.9% stake in Turkish property and casualty insurer Yapı Kredi Sigorta for €684m.
Prudential fined £30m over failed AIA bid
The UK's Financial Service Authority has fined Prudential £30m for failing to report the AIA acquisition plans to the regulator.
Sandy topped 2012 losses while Italy saw record earthquake damage
A rare series of Italian earthquakes caused insured losses in excess of $1.6bn in 2012, the highest ever recorded in the country, according to Swiss Re.
Lloyd's profit hits £2.8bn after lower cat losses
Lloyd's has reported a 2012 pre-tax profit of £2.77bn following a loss of £516m in 2011.
FSA fines Prudential £30m and censures CEO over AIA deal
The Financial Service Authority is set to fine Prudential £30m and censure its chief executive Tidjane Thiam, for failing to report the AIA acquisition plans to the regulator.
Marsh calls for review of claims handling ahead of Laspo
A review of claims handling procedures is needed as legislatory changes coming into force next week will change liability requirements.
Willis Re rings the changes in Australia
Leadership team at Willis Re in Australia changes as Michael Harden steps up from CEO to become chairman.
Motor premiums soar in Indonesia
Record car sales spurred motor premium growth in the fast growing Indonesia in 2012.
Insurance complaints rise in Hong Kong
Complaints rose 18% last year in Hong Kong, but self-regulator says this reflects more sales.