News
Insurance businesses among FSCS list of in default firms
The Financial Services Compensation Scheme has declared nine firms, including three insurance businesses, in default, possibly opening the door for consumers to be compensated for any losses incurred.
Updated: Partner Re firms fined €1.5m for Solvency II breach
The Central Bank of Ireland has fined two Dublin-based subsidiaries of Partner Re €1.54m (£1.35m) for breaches of the European Union regulation on solvency requirements.
One insurance scam seen every minute in 2017
Over half a million attempts at insurance fraud were detected in 2017, equivalent to one fraud every minute.
Liiba urges Prime Minister to rethink post-Brexit equivalence regime for brokers
The London and International Insurance Brokers’ Association has written to the Prime Minister raising concerns over the government’s planned equivalence regime for brokers post-Brexit.
Hannover Re names Swiss Re's Henchoz to replace CEO Wallin
The CEO of Hannover Re, Ulrich Wallin, is to step down and retire from the reinsurance giant in 2019 and will be replaced by Swiss Re’s Jean-Jacques Henchoz.
Regulation of CMCs to cost £16.8m
The cost of regulating claims management companies could be £16.8m with the bill falling on the firms themselves, according to the Financial Conduct Authority.
Allianz names Ageas’ Dyson as CFO
Allianz has appointed Fernley Dyson as chief financial officer, with effect from 1 January 2019.
Japanese flood losses pegged at $4bn
Insured losses from the June and July flooding in western Japan could total up to $4bn (£3.2bn), according to catastrophe modelling firm Air Worldwide.
2018 H1 insured disaster losses below average at $20bn
Global insured losses from natural catastrophes and man-made disasters during the first half of 2018 were $20bn, 33% below the ten-year average of $35bn, according to Swiss Re Institute's preliminary sigma report.
Zhong An eyes international expansion with latest Softbank investment
Zhong An will look to expand its business outside China, following an undisclosed investment in subsidiary Zhong An International by Softbank’s Vision Fund.
Lloyd’s managing agents call for greater ILS use
Some 80% of Lloyd’s managing agents would like to see insurance-linked securities become a permanent fixture in the reinsurance and insurance market.
Insurtech sees its Facebook chatbot pilot flop
US-based start-up Next Insurance has found that its SME customers are not interested in buying insurance through a Facebook chatbot.
Majority of brokers ‘do not have a succession plan’
One in 10 brokers plan to leave the industry in the next year, yet almost 90% do not have a succession plan in place.
Whiplash rethink urged as motor claims fall
The number of road accident claims fell in the first half of the year, compared to the same period last year.
This week in Post: Washouts and windfalls
When you head off to an outdoor festival following a heatwave, you cross your fingers and hope the sun sticks around. Unfortunately it seems like the recent tropical spate has done a runner and I spent last weekend trying not to roll down a hill while up…
ERS sees best first half profit performance in five years
Specialist motor insurer ERS has reported its highest first half profit performance in five years.
FSCS has paid out £104m to failed insurer Enterprise customers
The Financial Services Compensation Scheme has paid out £104m in compensation to customers of collapsed unrated insurer Enterprise so far.
Northern Irish hub acquisition pushes GRP’s GWP over £700m
GRP hub Abbey Bond Lovis has acquired a majority share in Northern Irish broker Digney Grant for an undisclosed sum.
UK becomes EU capital of private equity-backed insurance M&A
The UK has seen 28 private equity deals in insurance over the past 18 months, half of total number in Europe.
Admiral delivers UK growth and builds on its European Brexit preparations
Admiral will begin running its European insurance operations from Spain from the beginning of 2019, having received approval earlier this year.
Esure looks for 'new type of leader' following Bain takeover
Esure is looking for a digital-savvy CEO from outside the industry, who will lead a transformation programme when Bain Capital takes ownership at the end of the year.
Esure receives £1.17bn takeover bid
Esure has received a takeover bid which would see the insurer valued at £1.17bn.
FSCS arranges alternative cover for Alpha policyholders
UK policyholders with failed Danish insurer Alpha have been provided alternative cover via the guarantee scheme.
Broker Network makes seventh ‘powerhouse’ acquisition
Broker Network has bought North West broker MCM, which will form the company’s seventh “regional powerhouse”.