News
Motor players warned to innovate amid development of driverless cars
The pressing need for the motor market to alter its business model has been highlighted by the Lloyd’s Market Association and Deutsche Bank this week in light of the ongoing development of driverless car technology.
Charles Taylor teams up with PE firm to buy major stake in software provider
Charles Taylor and global private equity firm The Riverside Company have collectively entered into an agreement to acquire a majority interest in the owner of Fadata AD, a specialist provider of software solutions to the global insurance industry.
Allied World's profits hammered in Q2 by catastrophes and investment losses
Allied World's after tax profits fell 94% to $9.5m (£6m) in the second quarter compared with the same period last year when profits hit $151.9m.
Walker begins Hong Kong QBE journey
Mark Walker, previously CEO of RSA Hong Kong, has started his role as CEO of QBE's Hong Kong operations.
Taiwan demands Chinese tourists have insurance
From 1 October the Taiwanese government will require Chinese tourists to show proof they have taken out medical insurance.
Allied World hires from Starr to replace Cotter in Asia-Pacific
Allied World has hired Michael Garrison from Starr where he was senior vice president and chief underwriting officer.
Building Block to target networks for distribution in UK launch
Malta-domiciled business Building Block is to target a range of networks to distribute its products as part of a two-pronged business plan.
Robert Fletcher elected CII president
Robert Fletcher has been elected the 119th president of The Chartered Insurance Institute at its annual general meeting in London today, 22 July.
Co-op to launch new products in 2016 after IT overhaul
Cooperative Insurance Services has been “playing catch-up” after years of under-investing, but additional financing and the replatforming of its insurance business have laid the groundwork for product growth, according to the firm's director for product…
FCA boss Wheatley 'disappointed' to be stepping down
Outgoing Financial Conduct Authority CEO Martin Wheatley has said that he is "disappointed" to be departing the top job at the regulator.
Malta business Building Block launches in UK
A Malta-domiciled insurance business offering guaranteed asset protection insurance has launched in the UK market.
Seventeen Group buys Professional Insurance Advisers
Seventeen Group has acquired Rickmansworth-based Professional Insurance Advisers for an undisclosed sum.
Axa in talks to buy Genworth's lifestyle protection arm
Axa has entered into exclusive negotiations with Genworth Financial for the potential acquisition of its lifestyle protection insurance division for €475m (£332m).
Coordinated approach to drone regulation registers on IUA radar
A coordinated approach to the regulation of aviation drones is essential for the technology to thrive, the International Underwriting Association has claimed, amid rapidly expanding interest in the use of small unmanned aircraft systems.
South East storm claims contribute to £160m L&G payout in 2014
Legal & General paid out more than £160m in general insurance claims last year, with the insurer making upwards of 80,000 claims payments to customers who registered a household insurance or lifestyle cover claim.
RPC Consulting buys software company Marriot Sinclair
RPC consulting has acquired UK-based financial services software and consultancy firm Marriott Sinclair.
Lloyd’s urges market to ‘dive in’ as it launches first diversity festival
Lloyd’s is to hold a festival from 29 September to 2 October to promote diversity and inclusion in the London market.
Aviva claims boss Lovely accuses rivals of 'feeding the beast'
Aviva’s global claims director David Lovely has criticised market rivals for not putting their money where their mouth is in the fight against fraud and accused some of “feeding the beast” by establishing alternative business structures.
L&G predicts end of soft market after AA index results
Legal & General has suggested the AA Premium Index's second quarter 5% rise in motor premiums could signal the end of the soft market cycle in the general insurance market.
Crawford strategy boss Drew takes on FD role at Broker Network
Broker Network has appointed Crawford and Company senior vice president Simon Drew to the role of finance director with immediate effect.
Ombudsman reports no let-up in PPI complaints
The Financial Ombudsman Service received 4000 payment protection insurance complaints each week in the first quarter of 2015 with 74% of cases upheld.
Charles Taylor COO Ely to take over from Clarke as adjusting CEO
Charles Taylor chief operating officer Damian Ely will take over from Arthur Clarke as CEO of Charles Taylor Adjusting on 1 January 2016 following the Clarke’s retirement on 31 December.
Exor adds $3 per share dividend to Partner Re bid
Italian investment firm Exor has added a $3 (£1.93) per-share dividend to its offer for Partner Re, in a move that casts further doubt on Partner Re's deal to merge with Axis Capital Holdings.
Sparks named as Generali Asia chief financial officer
Generali Asia has appointed Jenni Sparks as chief financial officer.