News
Shipowners commit to UK Club
The United Kingdom Mutual Steam Ship Assurance Association, better known as the UK P&I Club, has attracted over 3m gross tons of new tonnage, following the closure of renewal season on 20 February 2013.
Tokio Marine Europe recruits underwriters from QBE, RSA
Tokio Marine’s European operation has swooped to recruit two underwriters to bolster its UK team.
Generali bolstered by P&C growth in Germany and CEE countires
Generali has reported an increase in premiums to € 70bn (+3.2%) with a 3.3% growth in property & casualty to €22.8bn.
Brightside reaps benefits from One Insurance Solution rebrand
Brightside is already seeing benefits within its broking business since consolidating several of insurance products under the new One Insurance Solution brand less a fortnight ago.
Pound weakness presents HNW opportunity
The pound’s weakness is an opportunity for international high-net-worth providers, wholesale broker Markham Private Client has said.
Torrance praises Allianz "discipline" in commercial lines
Allianz has attributed its success in commercial lines to a “disciplined approach” in risk assessment and pricing.
Hiscox: UK downgrade could benefit shareholders
Hiscox chief executive Bronek Masojada has refused to panic over the loss of Moody’s AAA rating for the UK, saying the move may benefit shareholders.
Zurich warns firms to tackle rising levels of workplace stress
Stress levels, low morale and staff absence look set to continue to negatively impact the workplace unless the economic environment improves, Zurich has warned.
Go Skippy signs up two new partners
General Legal Protection has won a contract to provide breakdown cover to customers of online car insurance broker Go Skippy in a deal it claims is worth in excess of £600 000 over the next 12 months.
Allianz UK profit slides 4.3% to £161.5m
Allianz reported a 4.3% fall in operating profit to £161.5m in 2012 (2011: £168.7m). The insurer's combined ratio also deteriorated to 96.3% from 95.7% in 2011.
Hiscox profit soars to £217m
Hiscox has reported a pre-tax profit of £217.1m for the full-year 2012, dwarfing the 2011 result of £17.3m, and improving its group combined ratio by 14 percentage points to 85.5%. Gross written premium increased to £1.57bn (2011: £1.45bn).
Fonseca reveals three-step plan to becoming a broking powerhouse
Treating clients as partners, investing in the future and joining forces with peers from around the world are key to independent brokers becoming powerhouses of the global insurance industry.
Bluefin hires ex-Jelf pair for regional roles
Bluefin Insurance has announced a pair of regional appointments, Jim Pitchforth has been named development director in Birmingham, while Wendy Bushby has been hired as a commercial broker in Ludlow.
Ascot swings back to profit for 2012
AIG-backed Lloyd’s syndicate Ascot Underwriting has announced pre-tax profits of £93.3m.
Liberty Mutual subsidiaries to join RSA at the Walkie-Talkie
Liberty Syndicates and Liberty Mutual Insurance Europe have become the latest insurance operations to agree to let office space inside a soon-to-be completed London landmark known as the ‘Walkie-Talkie’.
Q-Re names CEO
Gunther Saacke has been appointed chief executive officer of Q-Re, a subsidiary of Qatar Insurance Company headquartered in Doha, Qutar.
Vijayan appointed chairman of Indian regulator
The Indian government has appointed T S Vijayan, former head of the Life Insurance Corporation, as chairman of the Insurance Regulatory and Development Authority.
Cost of class action settlements in Australia doubles in five years
A rise in shareholder class actions are increasing premiums for directors' and officers' insurance in Australia, according to law firm King & Wood Mallesons.
Autorickshaw unions in India complain about insurance hike
The Insurance Regulatory and Development Authority in India wants to increase third party premiums for autorickshaw drivers annoying autorickshaw unions.
Bought by Many to unveil flood insurance solution
Insurance intermediary Bought by Many told Post it will be launching a solution for home insurance in flood risk areas in the next few weeks.
Woman who forged doctor's signature for travel insurance sentenced
A woman who repeatedly forged her doctor’s signature to make multiple insurance claims has been handed a suspended jail term.
Aggregator influence grows as disposable income shrinks
The importance of aggregators as a distribution channel for European insurers is increasing as strapped consumers search for better deals, according to research by CP Consulting.
AIG income falls to $3.4bn in 2012
AIG's net income fell to $3.4bn (£2.23bn), or $2.04 per diluted share, in 2012 compared with $20.6bn, or $11.01 per diluted share, the year earlier.
Industry urged to tackle root cause of fraud
The insurance industry needs to work harder at protecting consumers by addressing the root cause of fraud, according to Globaloptions international boss Bobby Gracey.