News
Insurers duck Admiral warning on 'killer' referral fees
Insurers have reiterated their support for the scrapping of referral fees, following remarks made by Admiral chief executive Henry Engelhardt that the incoming ban will be a "killer" for his competitors.
Direct Line Group posts 7% profit increase in first results as standalone
As the deadline for Direct Line Group's anticipated flotation approaches, the insurance business posted a 7% jump in operating profit to £224.2m for the first six months of the year and revealed it has set a target of 15% return on tangible equity.
Foil backs ABI's stance on 'illogical' damages rise
The Court of Appeal's decision to effectively bring forward a 10% rise in damages from April has been branded "illogical" by the Forum of Insurance Lawyers, echoing concerns already raised by the Association of British Insurers.
Former Marsh CEO Carnegie-Brown joins Aon
Aon UK has appointed has Bruce Carnegie-Brown as non-executive chairman, subject to FSA approval.
DAC Beachcroft unveils Scottish practice
DAC Beachcroft and Scottish insurance legal practice Andersons Solicitors have merged to form DAC Beachcroft Scotland.
Aviva urges government action on whiplash after Westminster meeting
Aviva claims director Dominic Clayden has called for the government to increase the small claims limit on whiplash cases to £5 000 just hours after attending a meeting with industry bosses and the Transport Select Committee.
Esure profit up despite £8m flood loss
Esure has reported £60.2m in operating profit in the six months ended 30 June 2012 (H1 2011: £41.3m) and improvements to its loss ratio and combined operating ratio, despite the June floods adding £8m losses and 3.4% to the COR.
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.