News
AM Best affirms XL ratings
AM Best has affirmed the financial strength rating of A (Excellent) and issuer credit ratings (ICR) of “a” of the property/casualty subsidiaries of the holding company, XL Group plc (XL) (Ireland) led by XL Insurance (Bermuda) Ltd (Hamilton, Bermuda).
Insurance net premiums reach £46.4bn
The Association of British Insurers report on UK Insurance – Key Facts 2011 showed insurance net premiums totalled £46.4bn in 2010, while insurers paid out £30.8bn in claims over the same period.
Crash for cash gang to be sentenced
A gang of crash for cash criminals who pocketed almost £2m from false claims submitted through fraudulent accident management companies will be sentenced at Southwark Crown Court next month.
Business agility for improved profitability - webinar now available on demand
If you missed the recent Post webinar in association with Pitney Bowes Business Insight on the challenges of communicating with customers in today's changing world, you can now watch the on-demand version.
CCV acquires TVI
Independent insurance intermediary, CCV has acquired TVI Commercial.
Willis recruits Rolls Royce aero boss
Willis has recruited Mark Wilford, director of risk at engine maker Rolls-Royce as chairman of its global aerospace division.
Lloyd's and ABI band together on Solvency II
Lloyd’s and the Association of British Insurers’ are working together on a proposal that will allow the London market to push ahead with implementing Solvency II - even if it is delayed until 2014.
Buy Beazley/Lancashire, says adviser
Adviser Collins Stewart says despite Lloyd’s poor results it recommend buying shares in Beazley and Lancashire but issued warnings about Amlin and Hardy.
Apil warns against adventure play rules
The Association of Personal Injury Lawyers has warned that children will be exposed to greater risk of harm if safety measures for adventure activities are watered down.
Barbican in Omega merger proposal
Barbican Insurance has dangled an 84p a share offer for 60 million (24.57%) of Omega shares, if Omega shareholders agree to take over Barbican.
L&G boss Tim Breedon to retire in 2012
Legal & General chief executive Tim Breedon – the chairman of the current Association of British Insurers - is to retire at the end of 2012.
Merlin Academy sees first batch of students graduate
The first class of students from the Merlin Academy set up last year have completed its accredited Chartered Management Institute Level 2 Certificate in team leading.
Career development: Fusion launches apprenticeship scheme with Sunderland College
Fusion has partnered with City of Sunderland College, pictured, to launch a new apprenticeship programme for 15 young people.
Market moves: All change at the trade bodies
With insurer moves slower than last week, this week has seen a number of changes among the trade bodies, with the Chartered Institute of Loss Adjusters, the |British Insurance Brokers’ Association and Federation of European Risk Management Associations…
Career file – Bill Pieroni
After senior stints at State Farm, Aon, Accenture and IBM — where, as general manager he took charge of its $7bn (£4.5bn) insurance business — Bill Pieroni has moved to Marsh as chief operating officer of the global broking giant.
Penny Black's insurance week
Biker chick Penny’s wheels broke down on the M25 on Sunday and, being the caring type, she turned into a works entrance so as not to block the carriageway — already reduced to two lanes because of roadworks — only to realise the error of her ways.
American broker blames barriers to entry for lack of interest in London
Reinsurance broker Tiger Risk Partners UK has claimed to be the first US-owned broker to set up a London office since 2003, blaming the lack of interest on the UK’s “significant barriers to entry”.
WNS targets top three spot as delayed property repair business launches
WNS Assistance has launched into the property repair space, eight months after it vowed to become a top three player in the sector.
MYI CEO targets more acquisitions after sealing double deal in a week
McLarens Young International has underlined a period of rapid global expansion with the acquisition of a US-based SME claims adjusting firm, just days after announcing its commitment to the aviation sector.
RSA to head to High Court to defend disputed subrogation policy
RSA is going to the High Court next year in a bid to defend its policy of adding as much as 25% to bills passed on to rival insurers through subrogation.
Career development: LV ups investment in employee training programme
LV has launched its leadership curriculum, a new training programme designed to give existing staff a bespoke pathway to improve skills and support ongoing development.
Career file - Jorge Luzzi
Pit stop of Pirelli's Luzzi at Ferma.
Broadgate acquisition is last for Torus
The recent acquisition of Broadgate Underwriting by Torus finalises a string of hires and acquisitions by the globetrotting insurer.
Oval restructuring continues apace
Widescale restructuring at Oval appears to be gathering momentum, following a spate of high-profile boardroom changes at the broking firm.