News
Lloyds Bank GI profits hit by early 2014 storm claims
The impact of storm claims in the first quarter of 2014 and the continued run-off of legacy books resulted in Lloyds Banking Group posting a £41m drop in underlying profit for its general insurance business last year.
Besso CEO Marshall resigns
Besso CEO Colin Marshall has resigned from his post after 30 years with the company.
NFU Mutual names Vizion as approved repair network manager
Rural insurer NFU Mutual has selected Vizion as its approved repairer network manager for the next three years.
Profits down at Allianz UK despite 12% increase in 2014 GWP
Allianz UK CEO Jon Dye has heralded his firm's 2014 results as being "well ahead of our expectation", despite seeing operating profit before tax fall and the retail business suffer an underwriting loss.
MGA Century opens Chelmsford office
Managing general agent Century Underwriting has opened a Chelmsford office alongside the transfer of its policy administration in house.
Cold-calling and claims regulation on taskforce agenda
Cold-calling and the regulation of the claims sector are two further areas to come under the microscope of the government fraud taskforce.
Biba poll finds 29% of SMEs not reading full policy terms
More than a quarter of British SMEs are failing to read the terms of their insurance policy in full, according to a poll carried out by the British Insurance Brokers’ Association.
FM Global reports 79.4% COR for 2014
FM Global reported a combined ratio of 79.4% in 2014 alongside a 2% increase in net premiums to $3.6bn (£2.3bn).
Quindell review 'taking longer than originally anticipated'
Quindell has told investors that an independent review into its main accounting policies, certain strategic decisions and cash generation policies for 2015 is taking longer than originally thought.
Insurance fraudsters given community orders
A married couple have been given community orders and a legal curfew after pleading guilty to two counts of false representation in an attempt to con insurers RSA and Legal and General.
FCA whistleblowing proposals to cost large firms £280,000
A Financial Conduct Authority consultation that would require insurers to implement formal whistleblowing procedures has an indicative annual cost of £280,000 for large firms.
Marsh calls for universal all-risk business interruption
Marsh has urged the insurance industry to work towards establishing an all-risk business interruption policy.
Rea leaves Towergate as executive team unveiled
Towergate chief operating officer Michael Rea is exiting the broker as the company today confirmed its executive team.
Lewis rules out motor market exit for RSA in the current climate
RSA's UK CEO Steve Lewis has confirmed the insurer's commitment to the motor sector.
Landmark judgment on credit hire sees court adopt “lowest reasonable rate” approach
A Court of Appeal’s judgment today has been hailed as a major breakthrough for insurers, putting a stop to the inflated rates that credit hire organisations have been allowed to charge in recent years.
Allianz sees property and casualty GWP grow 3.7% in 2014
Allianz Group saw gross written premiums for its property and casualty segment increase 3.7% to €48.32bn in 2014, driven by strong growth in its global insurance lines and the UK business segments.
CFO Richard Houghton to leave RSA
RSA's group chief financial officer Richard Houghton will stand down from the board of directors in May the insurer has confirmed.
Insurance sector needs 'reinvention' according to customer survey
The insurance sector must "reinvent" itself to catch up with the demands of modern consumers, specifically those members of the technology savvy Generation Y, according to a report from Capgemini.
Xchanging sees flat results for operating profit for 2014
Xchanging has posted 0.5% rise in operating profit for the full year 2014, according to its latest results.
Charles Taylor agrees deal to buy The Strike Club
Charles Taylor has announced that it has entered into an agreement to acquire three of the operating companies of SC Management, the independent, dedicated management companies of The Strike Club.
RSA returns to profit and targets further cost savings
RSA has posted a pre-tax profit of £275m, compared to the £244m loss it reported in 2013.
Asian insurers should invest in market disruption, says Towers Watson
Consultancy Towers Watson is urging insurers in Asia to become a market disruptor before being disrupted.
Willis lines up 49% stake in India's Almondz
Willis has agreed to purchase a 49% stake in Almondz Insurance Brokers subject to the Indian foreign investment cap being increased by Parliament.
Staysure stung with £175,000 ICO fine
Travel insurer Staysure has been fined £175,000 by the Information Commissioner's Office after IT security failings allowed hackers to access customer records.