News
Admiral posts reduced profit for first time since float
Admiral Group posted a profit of £357m for 2014, the first fall in profit since its stock market flotation in 2004.
A quarter of firms likely to miss Solvency II deadline
Most insurers expect to be ready for the reporting and disclosure requirements of Solvency II by the end of the year, however a significant minority will struggle to meet to deadline, a survey by financial adviser Grant Thornton has found.
200 jobs at risk as Ageas Retail plots closure of Belfast site
Ageas Retail is planning to close its outbound call centre in Belfast and has entered a 90 day consultation period with the office’s 200 staff.
JLT sees 'great opportunity' for European cyber growth
JLT plans to use its experience in the US cyber market to grow its European business, although it may need to win over large corporates who remain on the fence about the benefits of the cover, deputy CEO Mark Drummond-Brady has said.
Two-thirds of consumers not happy with insurers' phone handling
Less than a third of British consumers are happy with the way insurers handle their phone calls, according to new research conducted on behalf of PH Media Group.
Marsh call for all-risk BI gets Airmic support
The risk management industry has backed a call from global broker Marsh to overhaul business interruption policies and make them more relevant to modern customer demands.
L&G GI chief questions long-term pricing approach of rivals
Legal & General's approach to long-term home insurance pricing means it is in a more favourable position than certain market peers, according to the firm's general insurance boss Mark Holweger.
Gibbons takes chair at Biba's small brokers' board
Andrew Gibbons, managing director at Mason Owen Financial Services, has been appointed chairman of the British Insurance Brokers' Association's smaller brokers' advisory board.
Torus CEO 'pleased with progress' under Enstar
Enstar Group has reported Torus Insurance's results for the final three quarters of last year.
Green appointed Marshall's successor at Besso
Besso property chairman Howard Green has been appointed CEO of the broker following the retirement of Colin Marshall.
ABI director general outlines data revolution opportunities
Huw Evans, the director general of the ABI, has told insurers that they need to continue to tackle reputational challenges and gain greater public trust if they are to maximise the potential of the data revolution.
Nationale Suisse sells Belgian travel portfolio to Mapfre
Swiss insurer Nationale Suisse has agreed to sell the travel insurance portfolio of its Belgian subsidiary L'Européenne to Mapfre Asistencia, a subsidiary of Spanish insurer Mapfre, for an undisclosed fee.
CII group talks up role of brokers in future of care home cover
The potential rise in claims related to care home abuse has sparked a report into the availability and future market for liability cover for such institutions.
IBSC launches best practice guide for members
The Insurance Brokers Standards Council has launched a consultation paper on a good practice guide for IBSC members serving commercial clients.
L&G 2014 GI profits hit by £12m cost of last winter's storms
Adverse weather at the start of 2014 has been cited as a major factor behind a £10m reduction in operating profit within Legal & General’s general insurance business.
Novae posts record GWP figures for 2014
Lloyd’s insurer Novae Group posted a 1% drop in profit before tax and foreign exchange in 2014, despite delivering record gross written premium of £638.5m last year (FY 2013: £590.3m).
Marcia makes Suncorp exceed natural catastrophe provision
Australian financial services group Suncorp has said Cyclone Marcia will cost its insurance arm at least A$120m (£61m).
Hobrow helps Nexassure ready Hong Kong MGA
Insurance entrepeneur Tony Hobrow is helping Malaysia insurance firm Nexassure establish a reinsurance MGA in Hong Kong.
Geddes rules out further disposals or large acquisitions for DLG
Direct Line Group's CEO Paul Geddes has told the market not to expect anymore disposals or large-scale acquisitions in the foreseeable future.
Apil calls for insurers to be investigated as part of child abuse inquiry
The Association of Personal Injury Lawyers has called for the inquiry into historic child abuse to investigate the behaviour of insurers following allegations certain firms had encouraged councils to cover-up child abuse claims.
Credit hire firms tipped to focus on repair costs following landmark ruling
The Court of Appeal ruling on credit hire costs for pecunious claimants will trigger an increase in exaggerated credit repair costs, according to market commentators, who have warned the judgment is not as wide-reaching as insurers might hope.
Applied Systems boss highlights broker benefits of My Licence tie-up
Applied Systems has reached an agreement with the Motor Insurers’ Bureau that will see the software provider’s brokerage management system Applied TAM UK connect to the MIB Hub to use the My Licence service.
Purchase of Gibraltar-based Ultimate boosts Markerstudy GWP by £30m
Markerstudy has been granted approval to complete the acquisition of Gibraltar-based niche personal lines insurer Ultimate Insurance Services and its UK administrative arm Ultimate Pet Partners.
Tangiers Group acquires Maltese aviation insurance specialist
Tangiers Group has acquired Osprey Insurance Brokers, Malta's largest aviation insurance and risk management specialists for an undisclosed amount.