News
ERS posts record profit under Aquiline ownership of £13.9m
ERS has recorded profit of £13.9m for 2019, its best performance since being bought by Aquiline in 2013.
Admiral UK insurance CEO Cristina Nestares levels criticism at gender ban
The gender ban in insurance pricing was not approached in the right way and shows why ratings factors should be linked to actual risk, Admiral UK insurance CEO Cristina Nestares has argued.
Analysis: Closing the natural catastrophe protection gap
Though losses from natural catastrophes fell in 2019, the proportion of losses that were uninsured rose to a three-year high. Post investigates why.
Pool Re development a 'massive change': Biba
Graeme Trudgill, executive director at the British Insurance Brokers’ Association, has pledged to support Pool Re during consultations about the future of the mutual reinsurer.
ABI flags 'potentially serious implications' as Pool Re classified part of government
The Office for National Statistics has judged that Pool Re should be classified as part of the central government subsector in a surprise move that has raised questions about the future of the mutual reinsurer.
This week: Ups and downs
It's been a swings and roundabouts kind of week.
Updated: Tribunal throws out Eldon and Leave EU appeals against ICO
Exclusive: Arron Banks' broker Eldon still faces a data audit and fine after it and Leave EU’s appeals against the Information Commissioner’s Office were thrown out by a tribunal, Post can reveal.
UK insurers warned they could face US-style social inflation
UK insurers could soon see their claims costs increase as a result of social inflation similar to that which is challenging carriers in the US, law firms RPC and Hinshaw and Culbertson have warned.
Law organisations decry MoJ dropping ADR from claims portal
The decision by the Ministry of Justice to remove alternative dispute resolution from the whiplash claims portal has been slammed by law organisations as a broken promise, just not good enough and removing a central plank of the whole process.
Jon Hancock to become AIG international GI CEO after leaving Lloyd's
Jon Hancock has been appointed CEO of AIG’s international general insurance division, and will join the company this spring.
Government delays whiplash portal implementation
The government has decided that it would not be “practical” to implement the whiplash portal as planned and has delayed it until August.
Hastings sees profit slide 42%
Hastings’ share price took a tumble as it revealed operating profit fell 42% in a year that the insurer was hit by the Ogden rate and claims inflation.
Egan hails UK underwriting profit at RSA
UK & International CEO at RSA, Scott Egan, has hailed the provider’s underwriting profit for 2019, its first since 2016.
Hastings looks to suppliers and fraud detection to staunch claims inflation
Hastings is hoping that investment in its anti-fraud capabilities and supplier partnerships secured in the tail-end of last year will mitigate the impact of claims inflation on its bottom line.
RSA moves back to underwriting profit in UK
RSA has delivered an underwriting profit of £3m in the UK for 2019, reversing the underwriting loss of £93m the year before.
Tractable targets SE Asia and mulls property diversification after $25m raise
Insurtech Tractable is targeting new clients in South East Asia, the Middle East and Latin America after unveiling a $25m (£19.2m) Series C investment, led by Georgian Partners
Natural England chair Tony Juniper urges insurers to back upcoming climate talks
The chair of Natural England, Tony Juniper, yesterday urged insurers to put their weight behind upcoming climate change talks in Glasgow later this year.
Direct Line to cut 800 jobs
Direct Line Group is cutting 800 jobs over the next two years, the insurer has confirmed.
Lloyd’s modernisation attempts bound to stray down ‘blind alleys’ says John Neal
The team in charge of the Lloyd’s Blueprint One modernisation plans admits the process is not yet pinned down as Lloyd’s CEO John Neal said they would be “happy” to run proofs of concept several times before hitting on success, as the corporation today…
Michael van der Straaten appointed QIC Global CEO
Qatar Re CEO Michael van der Straaten has been appointed CEO of QIC Global.
Motor Mouth Podcast 5: The future of mobility and the impact for motor insurers
In the next in our series of podcasts with Motor Insurance World speakers, Alex Lewis-Jones, research manager at Delta EE, is interviewed by Post’s editor Stephanie Denton, on alternative modes of travel, the challenges and hurdles to our transport and…
Kennedys spins out inhouse innovation team as stand-alone business
Law firm Kennedys has spun out part of its innovation function as a separate wholly-owned limited company in order to speed up product development and attract staff more suited to its technology/software focus.
FSCS declares CBL Insurance Europe in default
The Financial Services Compensation Scheme is now stepping in to protect the majority of policies sold in the UK to individuals and small businesses by CBL Insurance Europe having declared the insurer to be in default.
ABI expects whiplash portal to launch 'beyond' April
Delays to the legislation that will govern the whiplash portal mean it is highly unlikely the portal will launch in April, Association of British Insurers director general Huw Evans projected.