News
Hiscox chairman Childs to retire
Hiscox chairman Robert Childs will retire and step down from the insurer’s board later this year, ending a 37-year career at the insurer.
Aviva and Axa lead the way in achieving equity for women
Aviva and Axa are leading the way when it comes to creating a more diverse, inclusive and equitable insurance industry for women, according to an analysis of press coverage.
Big Tech makes too much money out of insurers to compete with them
Big Tech firms have little incentive to become full-stack insurers themselves – they are making more than enough money servicing the industry to compete with it.
Ifed secures first Serious Crime Prevention Order
The Insurance Fraud Enforcement Department has obtained its first ever Serious Crime Prevention Order against a fraudster who scammed insurers and lawyers out of nearly £250,000, and its DCI is targeting more orders in the future.
Pizza Express and insurers clash over alleged number of claims on Aon wording
Pizza Express and its insurers have clashed in court over the wider market applicability of a preliminary hearing to determine whether the restaurant chain is able to claim £250,000 or as much as £178m for its Covid business interruption losses.
CII & PFS CEOs claim recent talks were ‘never hostile’
In a joint letter addressed to the Insurance Institute of Sheffield, Personal Finance Society interim CEO Don MacIntyre and Chartered Insurance Institute CEO Alan Vallance have insisted interactions between the two bodies since December have never been …
FOS aims to slash insurance complaints queue
The Financial Ombudsman Service intends to change the way it records the number of complaints against insurance companies, in a bid to encourage more businesses to settle with policyholders before an investigation is launched.
Justice minister refuses to commit to regular fixed recoverable costs reviews
Justice minister Lord Bellamy has refused to commit to regularly updating new or existing fixed recoverable costs (FRCs) for inflation, but confirmed an extension to FRC will be going ahead in October.
Pool Re CEO warns terrorism threat is ‘evolving’ due to the cost-of-living crisis
The cost-of-living crisis has affected SMEs’ ability to afford some types of non-essential insurance products, such as terrorism cover, according to Tom Clementi, CEO of Pool Re.
Russian airlines approach Aercap over ‘potential insurance settlements’
Russian airlines have reached out to aircraft leasing giant Aercap over “potential insurance settlements” after over 100 planes were stranded in the country when conflict broke out in Ukraine last year.
Lloyd’s working to address ‘awful’ infrastructure within the London Market
Rich Boyd, head of digital claims at Lloyd’s, has said the marketplace is working on a way to help insurtechs and start-ups to sell into and connect up to London-based underwriters’ tech systems.
RSA quickens broker base build-out and plugs proposition gaps
RSA is aiming to strike up new trading relationships with twice as many brokers as it did last year in 2023, following steps to improve its level of service and its proposition.
Jensten buys three brokers; CFC launches IP solution; Optio appoints CEO
Friday Round Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
War exclusions curb Beazley’s cyber growth
Updated war exclusions slowed down the growth of Beazley's cyber book last year, according to CEO Adrian Cox.
Climate litigation on the rise as Shell is sued
Kennedy’s partner Alex Nurse expects climate litigation to be on the rise as Shell is facing a legal battle filed by shareholders for its failure to adopt and implement an energy transition that aligns with the Paris Agreement.
Howden snaps up Reich
Howden has bought Reich Insurance Group, for an undisclosed sum, in a “significant step” to increase its footprint across north west England.
Andrew Wilkinson swaps Aviva for MIB
The Motor Insurers’ Bureau has appointed Andrew Wilkinson as chief claims officer.
‘Hardly any insurance players put customers at the heart of the product,’ says Beale
Dame Inga Beale has said radical thinking is needed to change insurance, encouraging insurtechs to continue challenging the current way of operating.
Percayso lines up further acquisitions following Cazana deal
Percayso Inform is looking for further acquisition opportunities following its purchase of Cazana last week, managing director Rich Tomlinson has told Post.
Ardonagh’s Swindle looking to establish clarity in the market
Ardonagh UK Commercial MGA CEO Jaime Swindle wants to be clearer regarding strategy moving forward, before looking at growth opportunities in the second half of the year.
Causes for concern for renewable energy insurers
Analysis: Harry Curtis explores the challenges facing the renewables insurance market and why smaller wind turbines installed over a decade ago are giving providers cause for concern.
SMEs continue to fight for BI payouts as unresolved issues await litigation
Three years on from the onset of the pandemic and more than two years on from the resolution of the Financial Conduct Authority’s initial test case, many small businesses remain embroiled in disputes with insurers over Covid business interruption claims.
Perils pegs February 2022 storm losses at €3.8bn
Perils estimates that the final loss for the European windstorm series, which affected the UK and continental Europe from 16 to 21 February 2022, comes to €3.8bn.
RSA offloads pension liability in £6.5bn deal
RSA’s parent company, Intact, has agreed a £6.5bn buy-in with Pension Insurance Corporation – allowing the company to pursue other “growth opportunities”.