News
Governance consultation
The Central Bank and Financial Regulator in Ireland have announced the start of a public consultation on new corporate governance standards for banks and insurance companies.
Markel builds trade credit team with hires
Markel International intends to build its trade credit division on an excess-of-loss insurance offering after three more senior underwriters joined the insurer from Ace Group.
Junction takes on former Bradford & Bingley customers
Junction has acquired a customer base incorporating 140 000 policyholders from part-nationalised bank Bradford & Bingley.
Crawford agrees three-day deadline terms with firm
Loss adjuster Crawford & Company has agreed a deal with Jewellery Validation Services which it hopes will both cut claims costs and improve the journey for policyholders.
Editor's comment: Could the UK be hung out to dry on 6 May?
As election day draws closer, a hung Parliament is becoming an increasingly likely scenario. Despite the efforts of the two traditional major parties and some media outlets, it appears the Liberal Democrats — barring a major disaster — are about to have…
Half of insurers unsure over MoJ RTA reform
Almost half of insurance firms remain unconvinced by the Ministry of Justice road traffic accident claims reform, according to new research.
Co-op chief hits out over asbestos
The head of general insurance at Co-operative Financial Services has accused the industry of shirking its responsibility by continuing to oppose the formation of a pool for asbestos-related employers' liability insurance claims.
Insurer trio ordered to pay up to £20m over faulty sofas
Axa, Chartis and Travelers will pay a share of up to £20m in compensation to thousands of consumers who received serious chemical burns from sofas manufactured in China.
Chartis CEO scans Europe for possible HQ location
Lex Baugh, president and chief executive of Chartis Europe Holdings, has refused to rule out any insurance centre on the continent as a possible headquarters for the newly established group.
Political parties respond to UKRC challenge over rehab policies
The three major political parties have responded to the UK Rehabilitation Council's challenge to provide a pre-election policy on reducing the cost of sickness absence.
HSBC education practice survives Marsh cull
HSBC Insurance Brokers' education practice is the only division likely to be unaffected by job losses following its recent acquisition by Marsh.
School vouchers for charity
Many readers will recall that The Children's Trust was Incisive Media's selected charity for its Christmas Ball last year.
Thinktank questions IMF
Insurance thinktank, The Geneva Association, has issued a letter to the Central Bank Governors of the G20 in which it claims the financial stability tax proposal of the International Monetary Fund fails to adequately address the distinct nature of the…
CII revenues rise
The Chartered Insurance Institute has reported a 7% increase in overall revenues to £32.3m in 2009 (2008: £30.3m).
Hiscox tops poll
Hiscox has been ranked as the best performing insurance brand according to the Reputation Institute's UK Pulse Report 2010, which measures corporate reputation among the general public.
Two aggregators relist Quinn as ban is relaxed
Confused and Compare the Market have allowed Quinn back onto their panels after the Financial Regulator gave Quinn Group the green light to write motor insurance cover for provisional driving licence holders in the UK.
Ex-Hero boss plans start-up
Ian Meyer, a director at Capita Insurance Distribution, is poised to leave the firm to set up his own brokerage, Post has learnt.
Axa targets £150m with mid-corporate launch
Axa Insurance is targeting £150m in new business by the end of 2012, after launching its mid-corporate offering to market.
UK market facing £600m hole with no Quinn
As much as £600m of high-risk motor business could return to the market if Quinn Insurance is not allowed to fully re-enter the UK, according to research by Consumer Intelligence.
BWS and Oxygen launch London market broker
Brokerage World Solutions and Oxygen have joined forces to launch a new London market intermediary.
Aviva sticks with broker campaign
Aviva is to run further press and radio advertisements advising businesses to seek help and advice through a broker when buying their business insurance.
Fortis affinity boss Carter to lead Tesco Underwriting
Fortis and Tesco Bank have unveiled the structure of their general insurance partnership.
Chartis UK profit falls £241m
Chartis UK full year results for 2009 show the insurer has posted a reduced profit before tax of £83m, down from 2008’s result (excluding restructure) of £324.3m.
FSA to end cashless financial reinsurance use as Tier 1 capital
The FSA has responded to the recent trend for UK insurers to strengthen their capital base using cashless financial reinsurance (CFR) - a transaction with no upfront cost - by proposing it should no longer count as Tier 1 capital by October 2010,…