News
FCA revamps complaints handling procedures with new rules
Financial services firms can no longer charge customers premium rates when making telephone calls to ask for assistance or to complain due to new complaints handling rules published today (23 July) by the Financial Conduct Authority.
UK businesses report increased trade credit concerns
UK businesses are increasingly worried about their trading environment - with 22% of businesses saying their trade credit risk had increased over the past six months, QBE research has found.
Generali acquires My Drive Solutions
Generali has acquired My Drive Solutions, a UK firm specialising in the use of data analytics to profile driving styles.
Peak Re buys 50% stake in Caribbean insurer
Hong Kong headquartered Peak Re has bought 50% of Caribbean insurer Nagico for an undisclosed amount.
Bluefin agrees three year deal with legal expenses MGA GLP
Legal expenses managing general agent General Legal Protection has won a new three year contract with Bluefin to provide a range of legal expenses insurance and assistance products to the broker’s personal lines clients.
Motor players warned to innovate amid development of driverless cars
The pressing need for the motor market to alter its business model has been highlighted by the Lloyd’s Market Association and Deutsche Bank this week in light of the ongoing development of driverless car technology.
Charles Taylor teams up with PE firm to buy major stake in software provider
Charles Taylor and global private equity firm The Riverside Company have collectively entered into an agreement to acquire a majority interest in the owner of Fadata AD, a specialist provider of software solutions to the global insurance industry.
Allied World's profits hammered in Q2 by catastrophes and investment losses
Allied World's after tax profits fell 94% to $9.5m (£6m) in the second quarter compared with the same period last year when profits hit $151.9m.
Walker begins Hong Kong QBE journey
Mark Walker, previously CEO of RSA Hong Kong, has started his role as CEO of QBE's Hong Kong operations.
Taiwan demands Chinese tourists have insurance
From 1 October the Taiwanese government will require Chinese tourists to show proof they have taken out medical insurance.
Allied World hires from Starr to replace Cotter in Asia-Pacific
Allied World has hired Michael Garrison from Starr where he was senior vice president and chief underwriting officer.
Building Block to target networks for distribution in UK launch
Malta-domiciled business Building Block is to target a range of networks to distribute its products as part of a two-pronged business plan.
Robert Fletcher elected CII president
Robert Fletcher has been elected the 119th president of The Chartered Insurance Institute at its annual general meeting in London today, 22 July.
Co-op to launch new products in 2016 after IT overhaul
Cooperative Insurance Services has been “playing catch-up” after years of under-investing, but additional financing and the replatforming of its insurance business have laid the groundwork for product growth, according to the firm's director for product…
FCA boss Wheatley 'disappointed' to be stepping down
Outgoing Financial Conduct Authority CEO Martin Wheatley has said that he is "disappointed" to be departing the top job at the regulator.
Malta business Building Block launches in UK
A Malta-domiciled insurance business offering guaranteed asset protection insurance has launched in the UK market.
Seventeen Group buys Professional Insurance Advisers
Seventeen Group has acquired Rickmansworth-based Professional Insurance Advisers for an undisclosed sum.
Axa in talks to buy Genworth's lifestyle protection arm
Axa has entered into exclusive negotiations with Genworth Financial for the potential acquisition of its lifestyle protection insurance division for €475m (£332m).
Coordinated approach to drone regulation registers on IUA radar
A coordinated approach to the regulation of aviation drones is essential for the technology to thrive, the International Underwriting Association has claimed, amid rapidly expanding interest in the use of small unmanned aircraft systems.
South East storm claims contribute to £160m L&G payout in 2014
Legal & General paid out more than £160m in general insurance claims last year, with the insurer making upwards of 80,000 claims payments to customers who registered a household insurance or lifestyle cover claim.
RPC Consulting buys software company Marriot Sinclair
RPC consulting has acquired UK-based financial services software and consultancy firm Marriott Sinclair.
Lloyd’s urges market to ‘dive in’ as it launches first diversity festival
Lloyd’s is to hold a festival from 29 September to 2 October to promote diversity and inclusion in the London market.
Aviva claims boss Lovely accuses rivals of 'feeding the beast'
Aviva’s global claims director David Lovely has criticised market rivals for not putting their money where their mouth is in the fight against fraud and accused some of “feeding the beast” by establishing alternative business structures.
L&G predicts end of soft market after AA index results
Legal & General has suggested the AA Premium Index's second quarter 5% rise in motor premiums could signal the end of the soft market cycle in the general insurance market.