News
ProSight Specialty Underwriters appoints non-exec director
Lloyd's coverholder ProSight Specialty Underwriters has appointed Peter Goddard as a non-executive director with immediate effect.
P&I Club anticipates "most expensive year" for International Group pool
The London P&I Club’s result for the 2012/2013 financial year was a surplus across all classes of $9.4m, increasing the free reserve to $154m.
£683bn share protection gap at UK businesses: L&G
One million UK businesses are at risk of a shortfall due to a lack of share protection cover according to Legal and General.
Capita shares recipe for successful MGAs
Capita Insurance Services’ executive director, John Holm, shared the lessons learnt with existing and would-be MGA management about the most effective structural components and the financing methods for new and evolving MGAs.
Over $2bn of property damage from Oklahoma tornado
The devastating tornado which struck the Oklahoma suburb of Moore on Monday (22 May) in the US has damaged property to a total replacement value of up to $6bn within a two mile radius of the storm’s path.
Flood clauses to be added to Water Bill as minister hints at ABI agreement
Environment minister Richard Benyon has suggested that additional clauses will be inserted into the government’s upcoming Water Bill, in order to serve as a legislative vehicle for the implementation of the Association of British Insurers’ ‘Flood Re’…
Ex-Zurich boss Hanson joins Ageas as marketing director
Ageas has appointed Mark Hanson as marketing director for its two over 50s insurance brands, Rias and Castle Cover.
Premium Credit names retail broker boss
Premium Credit has promoted its national and key accounts manager is a bid to bolster its retail broker business.
Helphire ABS licence within reach as application reaches final stage
Helphire's alternative business structure has reached the "final stage" according to chairman Avril Palmer-Baunack
Brokers selling add-ons contacted by FCA as regulator begins crackdown
Signs the Financial Conduct Authority’s scrutiny of insurance add-ons is underway have been witnessed by brokers that have already been contacted by the regulator.
$6bn of property damaged in Moore tornado: AIR
The devastating tornado which struck the Oklahoma suburb of Moore on Monday has damaged property to a total replacement value of $6bn within a two mile radius of the storm’s path.
Brokers told to improve record-keeping to reduce professional indemnity claims
Brokers have been urged to improve the way they document advice to clients in light of increasing numbers of professional indemnity claims against them.
AGM vote represents ‘significant protest’ against RSA directors’ pay
Meeting also sees major shareholders voice disappointment over dividend cut.
Ten Insurance gains chartered status and unveils new NED
Independent commercial brokering network Ten Insurance has been awarded chartered status by the Chartered Insurance Institute.
AIG tackles cyber risk via the ipad
AIG has launched an ipad CyberEdge product to help companies navigate through the challenges of cyber crime and data breaches.
Call for life insurance for Bangladesh factory workers
The Bangladesh Insurance Association wants to make it compulsory for factory owners in the garment industry to ensure their workers are covered for life insurance.
Impact Forecasting improves catastrophe modeling tools
Impact Forecasting, the catastrophe model developer at Aon Benfield, has launched a set of tools to help quantify uncertainties in catastrophe models across all natural disasters and countries.
AIG to invest $92.5m in PICC
AIG, a major shareholder of PICC, has announced the $92.5m (HK$718.1m) investment after PICC's Property & Casualty announced its intention to raise money through a rights issue.
Scots disproportionately affected by new flood plan
The Scottish Parliament has been challenged to secure a greater voice in the UK flood debate following concerns the Association of British Insurers' Flood Re model represents a raw deal for residents north of the border.
Aon Benfield launches cat model to quantify uncertainties
Reinsurance broker Aon Benfield has unveiled updated catastrophe tools to allow clients to better understand their exposures in spite of less complete information.
IRDA report paves way for banks to become brokers
A report on broking regulations by India’s Insurance Regulatory and Development Association has said banks will be allowed to become brokers, but that those wishing to do so may have to have a segregated broking arm.
Six foreign insurers granted China motor licenses
Six foreign insurers have been given licenses to operate in China’s compulsory motor market, twelve months after the market was first opened up to foreign insurers.
ABI welcomes government strategy to promote the UK insurance industry
The Association of British Insurers has welcomed Greg Clark’s, Financial Secretary to the Treasury, announcement of a dedicated insurance industry strategy to enhance the industry’s position as leader in global business.
Hastings weighing minority stake sale
Hastings Insurance Group is plotting the sale of a stake in the business, with management retaining "a significant shareholding".