News
Direct Line confirms staff cuts
Direct Line Group could make up to 891 staff redundant as part a plan to claw back £110m gross annual costs by 2014, the firm's chief executive said today.
Industry to feel effects of Cabinet reshuffle after Treasury chief exit
The departure of Mark Hoban from his Treasury post as finance secretary will affect the progress of all areas of insurance-related issues, according to industry insiders.
Aspen recruits five MDs in management restructure
Aspen Re has appointed five new regional managing directors and three global product leaders as part of a management reshuffle.
Catlin Re Switzerland promotes Eugster to chief underwriting officer
Catlin Group has appointed Markus Eugster as chief underwriting officer for Catlin Re Switzerland.
Barbon MD joins Giles
Barbon has lost group managing director Nick Sharp, pictured, to Giles Insurance Brokers where he has joined as executive director.
Asian nations could emulate Caribbean catastrophe pool
A Pan-Asian catastrophe pool could be an effective tool to mitigate the impact of natural disasters on vulnerable nations in the region, according to the Philippines finance secretary.
Regulator admits failures in "formulaic" TCF rules
Financial services firms that currently offer staff incentives on sales have up to 18 months to make sure their schemes are fair to customers.
Direct Line confirms redundancies
Direct Line Group has confirmed approximately 890 proposed redundancies across the business as part of a drive to cut costs by £100m.
Whiplash on the Westminster agenda
Insurance industry claims bosses are heading to Westminster this afternoon to discuss whiplash at a meeting organised by the Transport Select Committee.
Up to 900 roles at risk under £100m DLG cost-saving bid
Up to 900 roles are at risk at the Direct Line Group, with a full site closure of its Teeside office being proposed, Post understands, as it today reveals the scale of redundancies necessary to achieve its £100m cost savings target.
FSJ nabs another Cobra director
FSJ Broking has appointed Cobra Broking's former strategic account manager Ray Heap as development director.
Canopius bounces back with 87% COR and £33m shareholder profit
Specialist insurer Canopius has posted an improved combined operating ratio of 87% for the first six months of the year, 38% better than last year.
Marsh moves in with Mercer in 'iconic' Glasgow building
Marsh has reloctated its Glasgow operations to HFD Group's G1 office building on George Square.
Catlin Re Switzerland names Eugster as CUO
Markus Eugster has been promoted to chief underwriting officer for Catlin Re Switzerland.
Commercial properties to become squatter target, policyholders warned
Commercial property owners have been warned that more squatters could attempt to bed down in their unoccupied buildings now that it is a criminal offence to trespass on residential properties.
BP accused of "gross negligence" over Deepwater Horizon
BP has disputed accusations of "gross negligence and wilful misconduct" by the US Justice Department over the 2010 Deepwater Horizon disaster.
All change for insurance industry with Cabinet reshuffle
Jonathan Djanogly lost his position as justice minister in yesterday's reshuffle.
Regulator to review "rotten" incentive schemes
Financial Services Authority managing director Martin Wheatley has laid out plans to stamp out mis-selling created by sales incentives that result in customers being sold products they do not need or cannot use.
Keelan Westall boosts underwriting team with new starters
Wholesale property insurance broker Keelan Westall has set out to strengthen its technical expertise with a series of key appointments within its underwriting agency.
Malta hit by deluge after thunderstorms
Thunderstorms brought heavy rain and flash flooding to Malta, southern Europe between Sunday, September 2 and Monday, September 3.
Reinsurers to diversify more cautiously after 2011 cat losses
Reinsurers should tread with caution when looking to diversify their operations as increased exposure in natural-catastrophe prone regions could leave them open to large losses, Standard and Poor’s said today.
Houghton joins JM Glendinning
Nick Houghton, who stepped down as managing director of Broker Network last week, has joined Broker Network member JM Glendinning as MD.
Dubai Group sells Turkish non-life insurer
Dubai Group has sold its Turkish insurance arm to a company owned by former AIG chief executive Maurice 'Hank' Greenberg and a unit of Dubai lender Mashreq Bank.
Zurich personal lines MD resigns
Zurich personal lines managing director Karl Bedlow, pictured, has resigned from the firm with immediate effect.