News
Ageas looks to salvage deal to triple ‘green parts’ use by 2023
Exclusive: Ageas UK has struck up a deal to combine its salvage and ‘green car parts’ suppliers in a move to be more environmentally conscious, cut waste and drive efficiency.
'Disappointing' Aon/WTW merger could see risk managers turn backs on broking giants, warns Airmic CEO
The UK risk management association Airmic has voiced disappointment at Aon’s merger with Willis Towers Watson, warning that its members are prepared to turn to alternative modes of risk transfer if they feel they aren’t getting value for money.
Aon CFO outlines costs and timeline of WTW merger
The cost of bringing together Aon and Willis Towers Watson will be up to $1.8bn over three years, with the combined firm facing a months-long process of securing regulatory approval in almost 100 jurisdictions around the world.
Aon strikes deal to buy Willis Towers Watson
Aon is set to buy fellow broking giant Willis Towers Watson in an all-stock deal worth $29.9bn expected to close in the first half of 2021, subject to regulatory and shareholder approval.
ABI pegs storms Ciara and Dennis losses at £363m
The industry is set to pay out £363m on claims from storms Ciara and Dennis that hit the UK last month, the Association of British Insurers has calculated.
UK General in advanced sales talks
Exclusive: UK General Insurance is in “advanced” sale “negotiations”, Post can reveal, with market sources tipping Primary Group as poised to buy the firm back.
Discount rate: Warnings on NI premium pressure and claims costs
If the discount rate in Northern Ireland is made minus 1.75% this will lead to price hikes and potentially vast jumps in the cost of individual claims, insurers and lawyers have warned.
This Month: Best insurance employers to the fore
From November last year to January 2020 Post gave insurance employees the chance to nominate and rate their employers on topics ranging from management to diversity and work/life balance along with whether they would recommend the company to a friend.
Coronavirus disruption not covered by BI policies, says Aviva
Aviva's business interruption policies will not cover disruption caused by the coronavirus outbreak, the insurer’s general insurance CEO Colm Holmes has confirmed.
Aviva has axed 1200 of 1800 jobs set to be cut
Operating profits for Aviva’s UK general insurance business fell 35% to £250m in 2019, though the result excludes the £45m cost of strengthening reserves following July’s Ogden rate revision, as it revealed it has cut 1200 jobs across the company so far.
‘Light at the end of the tunnel’ on claims inflation says Admiral CEO Stevens
Admiral saw profits rise in 2019 as its UK insurance results were buoyed by positive development in prior year claims costs, reserve releases and commission.
Admiral CEO and co-founder David Stevens to step down
David Stevens, group CEO and co-founder of Admiral, will leave the role and board in 12 months’ time, the insurer has confirmed.
L&G pegs sale of loss making GI business to Allianz at £255m
Legal & General has booked an estimated consideration of £255m for the sale of its general insurance business to Allianz as the division reported an operating loss of £35m for 2019.
Coronavirus to gain notifiable disease status across UK
Businesses disrupted by the coronavirus outbreak may be able to recoup their losses if they have purchased insurance policy extensions indemnifying losses stemming from “notifiable disease”, following updates to public health statutes.
Regulators scrutinise firms' coronavirus contingency plans
Firms must be ready for coronavirus disruption, the Financial Conduct Authority has cautioned, with organisations’ contingency plans being reviewed and concerns remaining around call centres.
Covéa agrees $9bn deal for Partner Re
Covéa has signed up to buy Bermuda-based global reinsurer Partner Re from the Ferrari-owning Agnelli family for $9bn (£7bn) in cash in a deal scheduled to complete in the fourth quarter of this year.
Guernsey Finance names Rupert Pleasant as CEO
Guernsey Finance has appointed Rupert Pleasant as CEO to replace Dominic Wheatley.
Motor Mouth Podcast 6: Whiplash reforms fatigue and building a stronger customer journey
This week’s podcast brings you two topics in one episode. Jonathan Swift, content director for Insurance Post, interviews Simon Gallimore, vice-president for casualty and motor claims at AIG, on the topics of whiplash reforms and the customer journey.
Manchester and Williams call on MGAs to sign up to chartered status
Managing general agents have been called on to apply for the Chartered Insurance Institute's chartered title, which launched yesterday.
Lloyd's silent cyber mandate leads to 'challenging conversations' over cover
A mandate issued by Lloyd’s of London with the aim of tackling the issue of insurers’ exposure to silent cyber coverage has led to questions over how some cyber-related risks will be underwritten in future.
Aviva puts 30 digital roles at risk
Around 30 people are at risk of redundancy at Aviva's 'digital forge' in Sheffield.
Direct Line profits slump under weight of restructuring and Ogden rate
Direct Line’s profits slumped by 12.2% in 2019 as the group incurred the first of a multi-year package of restructuring costs and strengthened reserves in response to the revised Ogden rate.
Fewer than 10% of Hiscox events customers have pandemic cover
Hiscox yesterday played down worries over coronavirus as it revealed it had seen some small claims.
Post launches the Insurance Post Podcast
The new podcast will provide interviews and news from the world of insurance.