News
Credit hire process adds £150m to motor premiums says CC
Motor insurance premiums are being unnecessarily inflated by the complex chain for the settlement for non-fault claims, the Competition Commission has found after a yearlong review.
LAS targeting claims response times with scheduling software
LAS Claims has unveiled new scheduling software that it boasts will radically improve claims response times.
Torus expanding Lloyd’s syndicate in 2014
Specialty insurer Torus is to grow its Lloyd’s syndicate 1301 next year after having its business plan approved by the London market’s authorities.
AIG sells aircraft leasing unit for $5.4bn
AIG has sold its aircraft leasing unit International Lease Finance Corp to Dutch leasing company AerCap for $5.4bn.
Crawford partners with private investigator in Australia
Global loss adjuster Crawford & Co and private investigator Ramsey Investigation Services International have signed a memorandum of understanding to help detect motor claims fraud in Australia.
Ace makes two key appointments in Asia-Pacific
Ace has appointed Glen Browne to lead its accident and health business in Asia-Pacific and Edward Kopp as the country president of Korea, Ace American Fire and Marine Insurance.
Markerstudy puts 120 ex-Capita staff at risk of redundancy
Markerstudy has placed 120 staff it inherited following its takeover of five Capita businesses last month at risk of redundancy.
Truell bolsters GI presence with stake in 'game changing' tech business
City financier Edmund Truell has acquired a significant minority stake in technology business Regulatory Efficiency Gains, which he believes will “completely change” the way the insurance market operates.
Lloyd's names Canopius’ Beale as chief executive
Lloyd’s has named Canopius chief executive Inga Beale as its new chief executive, replacing Richard Ward from January 2014.
Fitch puts RSA ratings on negative watch
Fitch has placed RSA’s 'A' insurer financial strength rating on watch negative following the announcement of further reserve strengthening in relation to its Irish business.
Keycare unveils three board appointments
Lost and stolen keys insurance provider Keycare has made three board appointments.
Aspen merges UK property and liability teams
Global insurer Aspen will merge its UK property and liability underwriting teams from 1 January 2014.
PWC predicts steady 2014 London market outlook
PWC is predicting improved planned profitably in 2014 for some London market classes such as accident and health.
Travelers joins IUA
Travelers Insurance Company has become the latest firm to join the International Underwriting Association.
Liberty Mutual appoints Leeds branch manager
Liberty Mutual Insurance, the commercial lines division of Liberty Specialty Markets, has appointed John Meehan as branch manager of its Leeds office from 31 December.
Investors urge RSA 'to solicit takeover bids'
Beleaguered insurer RSA has been ordered to put itself up for sale by several major investors, The Sunday Times has reported.
Brightside slashes 2013 forecast by 20%
Brightside Group has reduced its 2013 earnings estimate by approximately 20% after further capacity restrictions in the fourth quarter of 2013 adversely affected the broker’s online business.
IAG buys Wesfarmers' underwriting arms
Insurance Australia Group has bought conglomerate Wesfarmers' underwriting operations for A$1.85bn (£1bn) subject to regulatory approval.
Philippines typhoon rebuilding costs to reach $3bn
According to Philippines President Aquino, the cost of rebuilding affected areas of the country after super typhoon Haiyan is likely to cost $2.94bn (130bn pesos).
Sompo Japan in talks to buy Canopius
Japanese general insurer Sompo Japan is in advanced talks to buy Lloyd's insurance group Canopius for around £600m ($970m).
Ageas joins the IFB
Ageas Retail business has become the latest firm to sign up to the Insurance Fraud Bureau.
Ecclesiastical exits non-charity care market
Ecclesiastical has confirmed it has withdrawn from the non-charity care home sector in a move which is expected to have implications for the sector.
Lloyd’s CEO announcement expected Monday
Lloyd’s is set to name its new chief executive on Monday, Post understands, with Canopius group chief executive Inga Beale the front runner for the role.
Devine replaces Bristow as divisional MD at Gallagher Heath
Gallagher Heath has appointed Tim Devine as managing director of its public sector and education practice.