News
‘Toxic sofa’ victims to receive £20m pay out
The High Court has ordered three furniture retailers to pay £20m to customers who received serious burns from sofas manufactured in China in what is thought to be the largest group litigation in UK legal history.
Co-operative Insurance calls for ELIB
David Neave, director of general insurance at Co-operative Financial Services, has called on the insurance industry to fund an Employers’ Liability Insurance Bureau.
Aerospace insurance costs continues steady descent
Reduction in exposure to risks throughout the aerospace sector means insurance costs are falling and further reductions are likely this year, according to Aon's Aerospace Insurance Market Outlook 2010.
Lancashire enters $200m credit facility
Lancashire Insurance Company has entered into a $200m bi-lateral two year letter of credit facility with Lloyds TSB Bank.
Senators near agreement on financial regulation
Senators negotiating financial regulatory reform legislation said on Sunday they were close to a bipartisan agreement, according to newswire Reuters.
Hannover Re expects large claim from Gulf of Mexico rig fire
Hannover Re, one of the world's five largest reinsurers, has said it expects a "large claim" from the off-shore oil rig in the Gulf of Mexico that caught fire last Tuesday and sunk two days later, according to the Wall Street Journal.
Generali appoints chairman and chief exec
Generali, the largest Italian insurer, has named Cesare Geronzi, the outgoing chairman of its largest shareholder, Mediobanca, as its new chairman and Giovanni Perissinotto as its sole chief executive.
Tornado causes devastation in Mississippi
A tornado nearly a mile wide ripped through central Mississippi on Saturday, killing 10 people, including three children, and injuring dozens of others, state authorities said.
Power Place saves time claims CEO
Power Place has published research claiming that brokers using the online commercial insurance marketplace can generate comparative quotes four times more quickly than using insurer extranets.
India life insurance market grows 25%
According to the Insurance Regulatory and Development Authority in India, life insurers in the country have posted 25% growth in new premium income for the financial year ended 31 March.
Generali appoints chairman and chief exec
Generali, the largest Italian insurer, has named Cesare Geronzi, the outgoing chairman of its largest shareholder, Mediobanca, as its new chairman and Giovanni Perissinotto as its sole chief executive.
Two thirds of businesses "concerned" over prospect of hung parliament
Nearly two thirds of businesses (65%) are “concerned” or “very concerned” about the potential impact of a hung parliament, according to the British Chambers of Commerce’s latest monthly business survey.
FSA reassured over Quinn as administrator plans 20% UK rate hikes
The Irish Government has written to the Financial Services Authority to assure it that any funding needs which emerge at Quinn Insurance’s business there will be met.
FSA reassured over Quinn as administrator plans 20% UK rate hikes
The Irish Government has written to the Financial Services Authority to assure it that any funding needs which emerge at Quinn Insurance’s business there will be met.
Allianz' legal helpline reveals employers' ash concerns
Allianz Legal Protection’s 24hour legal helpline has fielded a number of calls from employers with questions relating to the treatment of employees caught up in the Icelandic Volcano eruption.
FERMA welcomes new EU insurance BER
The Federation of European Risk Management Associations has welcomed the adoption of the new EU insurance block exemption regulation by the European Commission on 24 March 2010.
SPB finalises share arrangement
White label insurance specialist Citymain has concluded the sale and purchase of part of its shareholding to the SPB Group, an administrator and provider of affinity insurance programmes to the French banking and finance, IT and mobile sectors.
Travelers Q1 profit hit by cat claims
US property insurer’s first-quarter profit dropped 2.3% as the cost of its catastrophe claims increased more than fivefold.
Safeonline acquires IP firm Samian
Independent Lloyd’s insurance broker Safeonline, has acquired Samian Underwriting Agencies.
FERMA welcomes new EU insurance BER
The Federation of European Risk Management Associations has welcomed the adoption of the new EU insurance block exemption regulation by the European Commission on 24 March 2010.
SPB finalises share arrangement
White label insurance specialist Citymain has concluded the sale and purchase of part of its shareholding to the SPB Group, an administrator and provider of affinity insurance programmes to the French banking and finance, IT and mobile sectors.
Open GI aggregator quotes top £2m
Insurance quotes generated by Open GI’s market-leading E-Aggregator solution have risen above two million per day.
Central outsources claims to Bankstone
Independent insurance intermediary Central Insurance Brokers has signed up outsourced claims firm Bankstone to provide a full-service white-labelled external claims handling service to its clients.
Quinn to elect staff reps in light of redundancies
Quinn Insurance has said it will work with employees to formally elect employee representatives for each of its sites to ensure staff views are incorporated into their assessment and decision-making process.