News
25% of UK workforce at risk of noise induced hearing loss
A quarter of the UK’s workforce are at an increased risk of noise induced hearing loss because they use headphones while at work, according to a study from an audio technology company.
FCA finds brokers not properly managing conflicts
The Financial Conduct Authority has found conflicts within brokers are not being properly managed particularly around add-on insurance and premium finance.
UK General shrinks commercial broker partnerships
UK General is reducing the number of broker relationships in its commercial division in a bid to deliver “an improved, tailored service” the Leeds-based insurer said today.
Willis strengthens Swedish operation with £121m acquisition
Willis Group has paid $205m (£121m) to acquire a controlling stake of approximately 75% in Swedish employee benefits advisor Max Matthiessen.
Terry pockets 50% pay rise as Quindell shares remain suppressed
Quindell executive chairman Rob Terry saw his pay rocket by almost 50% last year after a cash bonus of £720 000 resulted in the outsourcing boss pocketing a total package of £1.32m for 2013.
116 000 Vietnamese contract cancer each year
82 000 Vietnamese die from cancer each year with a further 116 000 contracting the disease.
China aiming to scrap 11m cars
In an attempt to control pollution, Chinese authorities are trying to eliminate 11m high polluting cars from the roads in the next two years.
SRA investigating law firms over non-disclosure to insurers
A total of 23 law firms are being investigated by the Solicitors Regulation Authority for non-disclosure to insurers following last year’s professional indemnity insurance renewal.
Singapore targets 2017 for RBC 2
The Monetary Authority of Singapore has set out a timetable for the improvement of its risk-based capital model for insurers.
IBA urges passporting rethink in wake of Setanta collapse
The Irish Brokers Association has written to Ireland’s Finance Ministry, raising concerns about inadequate regulation in the lead-up to the collapse of Malta-based motor insurer Setanta Insurance.
Fire breaks out at Glasgow School of Art
A fire has broken out at the Glasgow School of Art causing significant damage to the A-listed Charles Rennie Mackintosh building.
The Broker Cloud wins Simple and Smart Order
Transactor offshoot The Broker Cloud has been selected to provide a software solution for Birmingham-based broker Simple and Smart Insurance.
CFC recruits from Beazley for cyber tech and media lead
Managing general agent CFC has named Beazley’s Victoria Paxton as its new practice leader for cyber, technology media.
Engagement ring fraudster jailed for 27 months
A conman who pawned his wife’s engagement ring and then falsely claimed for it on his insurance has been jailed for 27 months.
Slashed offer price sees Saga valued at £2.1bn
Saga executive chairman Andrew Goodsell has expressed his satisfaction at the demand for Saga shares after the offer price was cut to 185p resulting in a market capitalisation value of £2.1bn.
Savage to leave Lloyd's for Standard Life
Lloyd's finance and operations director Luke Savage is departing after 10 years to take up the chief financial officer role at Standard Life.
Markel launches biomedical and life sciences combined policy
Markel has developed a biomedical and life sciences combined policy including cover for property damage and business interruption.
Helios signals growth plans as GWP jumps 31%
Helios Underwriting has reported a 31% increase in gross written premiums for the year ended 31 December 2013 up to £11.9m from £9.1m in 2012.
Fitch warns on China motor profitability
Fitch Ratings believes motor insurance profitability will hamper the performance of China's general insurers in 2014.
Thailand curfew after military coup
Following a military coup in Thailand on 22 May, a 10pm to 5am curfew is in place meaning travel insurance may become invalid.
Healthy Pets CEO launches UK mobility scooter cover
The chief executive of Healthy Pets insurance has launched a niche insurance product for mobility and scooter and related markets.
Former broker joins Moore Stephens as compliance manager
Consultancy firm Moore Stephens has appointed Newton Konie as compliance manager in its insurance industry group.
BoE’s Carney fires insurance execs accountability warning
Bank of England governor Mark Carney has warned that the watchdog is building rules to hold insurance executives to account in the case of failures.
Allianz prepares to close operations in Milton Keynes and Bristol
A total of 98 roles will be impacted following Allianz’s decision to close its commercial operation in Milton Keynes and its business insurance centre in Bristol.