News
Covéa recruiting for northern region leader to replace Owen
Covéa Insurance north region head Maureen Owen is to leave the business at the beginning of March, the company has confirmed.
Davies launches new-look UK casualty division
Davies Group has launched Davies Casualty a new division incorporating all of the group's UK casualty operations, including Garwyn & Argent.
Axa UK and Ireland reports improved COR and £80m flood bill
Underlying earnings for Axa UK and Ireland increased 25% to £312m in 2015 (2014: £250m) alongside an improved combined operating ratio of 97.1% (2014: 98%).
Lorega finalises management buyout
UK MGA Lorega has completed a management buyout, backed by Alcuin Capital Partners.
RSA unveils record underwriting profit as Hester declares turnaround 'largely complete'
UK-headquartered RSA's after tax profits climbed 221% to £224m in 2015 compared with 2014.
Aon's clients suffered $1bn of losses from Tianjin
Aon's clients alone have already suffered losses in excess of $1bn (£700m) from last year's Tianjin port disaster in China.
$500m sale of US arm will 'transform' the broker, says Cooper Gay CEO
Global wholesale and (re)insurance broker Cooper Gay Swett & Crawford has sold its US arm Swett & Crawford to US broker BB&T.
Insurers warned over increased risk of identity fraud
Fraud specialist Synectics Solutions has warned insurers that they face a heightened challenge in 2016 in the form of identity fraud.
GWP and COR improve for global reinsurer Scor
French reinsurer Scor has posted an upgraded financial rating on the back of a 6.4% increase in 2015 gross written premiums to €13.4bn (£10.6bn).
Career Development: 1000 companies to inspire Britain
Fourteen insurance specialists were named in the London Stock Exchange Group’s report, 1000 Companies to Inspire Britain, which showcases dynamic small and medium-sized enterprises across all sectors of the economy.
PIB acquires Cooke & Mason
Private equity-backed PIB Insurance Brokers has continued to grow through the acquisition of Nottinghamshire-based commercial insurance brokers Cooke & Mason.
Three still missing after Didcot Power Station collapse
Emergency services are searching for three people after yesterday’s (23 February) partial collapse of the decommissioned Didcot A Power Station in south Oxfordshire.
Aviva launches cancer care top-up insurance
Aviva has unveiled a top-up health insurance product, Cancer Essentials, which will include a cash payment on diagnosis and access to round-the-clock helplines.
Towergate and Ageas sign £300m capacity agreement
A new capacity deal will see Ageas provide £60m annually for five years across Arista’s commercial motor, property and liability products, as well as Towergate’s holiday homes portfolio.
Zurich commits to Asia-Pacific after Hong Kong sale exploration report
Zurich has confirmed it has no intention of exiting the Hong Kong and Singapore markets after a Reuters report stated it was considering selling its operations in those areas.
Premium rates softened 3.4% in Asia-Pacific last year, says QBE
Australian insurance giant QBE saw rates softening on average 3.4% in Asia-Pacific (excluding Australia and New Zealand) in 2015 as competition intensified across the region.
NAO criticises disjointed approach to mis-selling regulation
The National Audit Office (NAO) has criticised a lack of effective co-ordination between the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) with respect to the mis-selling of financial products.
QBE drawing up ‘Brexit’ contingency plans
QBE Insurance Group is currently drawing up contingency plans in the event of a ‘no’ vote in the forthcoming UK referendum on continued membership of the European Union.
Google to shut aggregator site in UK and US
Google's price comparison website Google Compare is to close on 23 March, according to reports.
Continuing soft rating environment reflected in London market results
Full-year results released by London market players to date are reflective of the continuing soft rating environment and companies' reserve releasing strategies, according to analysts. In addition, questions have been raised over whether inflated company…
Litigation likely to test limitation clauses in data breach cases
Litigation will test the effectiveness of companies seeking to absolve themselves of data protection and data security responsibilities via clauses in contracts as companies increasingly believe it's "worth a go", according to cyber insurance experts.
US sanctions strong disincentive for Iranian cover despite lifting of EU restrictions
Banks' reluctance to process payments is a major barrier for insurers wanting to conduct Iran-related business following European Union sanctions relief last month, while legal research has found remaining US primary sanctions are quelling the appetite…
London market at odds with Mayor Boris over EU vote
Key bodies in the London market have sought to emphasise that ‘Brexit' from the European Union could see the capital lose international business, in the wake of London Mayor and Conservative MP Boris Johnson's decision to support the ‘leave' camp in the…
QBE improves COR but sees 7% drop in GWP
QBE Insurance Group announced an improved combined operating ratio of 94% (2014: 96.1%) in its full-year results report today (23 February) against a 7% drop in gross written premiums to $14bn (£9.9bn) (2014: $15.9bn).