News
Firms vulnerable to takeover by avoiding M&A wave, claims PWC
Insurance industry companies that do not participate in the current wave of merger and acquisition activity are exposing themselves to takeover, according to PWC research.
Rehabilitation First Awards 2015: The winners
Rehabilitation professionals gathered today (11 September) for the 11th Anniversary of the Rehabilitation First Awards at the Royal Garden Hotel in Kensington, London.
Police to investigate RSA's missing storage device
RSA is working with police to investigate a storage device containing customer information that is missing and has been reported as stolen.
Bermuda's ILS Capital Management opens London office
ILS Capital Management, the Bermuda-based investment manager in insurance-linked securities and collateralised reinsurance, has opened an office in London.
Highbridge takes majority stake in Price Forbes
Towergate investor Highbridge Principal Strategies is to take a majority stake in Lloyd's broker Price Forbes.
Motorcycle claims management firm BLD Group enters administration
Motorcycle claims management provider Bikers Legal Defence entered into administration on 9 September with BDO appointed to handle the process.
Unipol launches Dublin-based reinsurer
A reinsurer targeting property and casualty business in continental Europe has been launched in Dublin, Ireland, by Italy-based Unipol Sai Assicurazioni in order to capitalise on the rewards for diversification under Solvency II.
Benign claims period leads to Skuld's £5.8m six-month result
Marine insurer Skuld has reported a $9m (£5.8m) half-year result and a combined operating ratio of 95%.
Fraudster handed seven-year sentence after faking death to claim life insurance
A fraudster has been sentenced to seven years in jail after faking a woman’s death to claim nearly £1.7m in life insurance.
Too early to predict redundancies or rebrand following Jelf deal says Weil
Marsh UK and Ireland CEO Mark Weil says it is too early to know what staff changes or rebranding will take place following the global broker's acquisition of Jelf, announced yesterday (10 September).
Barbican to manage Credit Suisse-backed syndicate
Barbican Managing Agency has received in principle approval from the Lloyd's Franchise Board to manage Syndicate 1856.
Quiz of the week - 11 September 2015
It's quiz time. Test your knowledge of the week's insurance news. Let us know how you do by sharing your score on Twitter with the hashtag #postquizscore...
Marsh and Jelf confirm £258m acquisition
Marsh and Jelf have agreed on the terms of a cash acquisition that will see Marsh acquire the entire issued and to-be-issued share capital of Jelf.
Allianz strikes PPI and GAP deal with Maiden
Affinity and white label specialist Maiden has extended its partnership with Allianz on developing branded insurance solutions to automotive original equipment manufacturers and their customers.
Lloyd's FD Parry pessimistic on rate pressures subsiding
Lloyd’s finance director John Parry sounded a cautious note regarding rate pressure after Lloyd’s reported a 28% fall in profit for the first six months of 2014.
Savesure shareholder Whittington banned and fined by FCA
The Financial Conduct Authority has fined Savesure shareholder Ralph Whittington £42,111 and banned him from performing any function in relation to regulated activity for failing to act with integrity in carrying out his controlled functions.
Gable supportive of new Liechtenstein GI entrants
Liechtenstein-based insurer Gable Holdings would welcome other general insurance companies entering the principality as it revealed it has spoken to the Liechtenstein regulator about companies interested in positioning themselves in the territory.
Insurers encouraged to promote reward schemes to tempt customers
Introducing a loyalty or reward scheme could improve insurers’ chances of increasing consumer take-up, despite the overriding importance of price, according to a survey conducted by M&S for business.
Over-capacity and pricing pressure sees reinsurance capital growth stabilise
The growth in global capital dedicated to reinsurance has stabilised during the first half of the year, amid over-capacity and widespread pricing pressure, according to the latest reinsurance market report from Willis Re.
Asta launches Everest-backed corporate syndicate
Asta Managing Agency has been granted in-principle approval to establish a corporate syndicate backed by Everest Re with £102m gross written premiums for 2016.
Former Towergate business Folgate returns to active underwriting
Former Towergate-owned Folgate Insurance has returned to active underwriting in the UK and Europe one year after being acquired by APC Underwriting.
Lloyd's H1 profit drops 28% in ‘intensely' competitive environment
Lloyd's has announced a decreased first half profit of £1.19bn (H1 2014: £1.65bn) alongside a deteriorated combined operating ratio of 89.5% (H1 2014: 87.4%).
Reserving elimination caused Gable to report H1 pre-tax loss of £2.4m
Liechtenstein-based insurer Gable Holdings has reported a pre-tax profit loss of £2.4m for the six months ended 30 June 2015.
Biba presents City Minister Harriet Baldwin with alternative FSCS plan
Corporate brokers have joined colleagues in the personal lines space in voicing concerns that the rise in insurance premium tax will result in more premium leaving the market.