News
SRA fails to gain approval for PI cover change ahead of renewals
A reduction in the limit for mandatory professional indemnity cover will not take place before the October renewals after the Legal Services Board issued a warning notice delaying its decision on the change by up to twelve months.
Swinton acquires books of business from Welsh broker
Swinton has acquired the commercial and personal lines books of Welsh broker EW Southall Insurance and Estate Agents.
ITV HR director Linares to take on identical role at DLG
Direct Line Group has appointed ITV’s group director for human resources Simon Linares as HR director.
West Midlands broker banned from financial services industry
A former West Midlands insurance broker and mortgage adviser has been banned from working in the financial services industry after a tribunal upheld an initial ruling by the conduct regulator.
Allianz Worldwide Care unveils My Health app
International health insurer Allianz Worldwide Care has launched an app that allows members to submit medical claims quicker by providing key details and taking a photo of medical invoices.
Uber’s Berlin ban overturned
A ban on smartphone taxi firm Uber operating in Berlin has been suspended until further notice following a decision by the presiding judge of the Berlin Administrative Court.
China is highly sought after market for reinsurers, says Fitch
According to ratings agency Fitch, foreign reinsurers see Asia as having great growth potential.
50% premium reductions in Australia, says Marsh
An abundance of capacity in the reinsurance market is helping keep renewal rates soft in Australia according to international broker Marsh.
Paymentshield launches house buyer's protection product
Paymentshield has launched a new protection product, designed to mitigate the risk attached to buying a new home.
Crash-for-cash pair handed prison sentences
The leader of a crash-for-cash scam and his driver have been sentenced to more than five-and-a-half years in prison.
Regulated CMC numbers down 22%
Numbers of regulated claims management companies had dropped by almost 600 as of March 2014, according to statistics from the Ministry of Justice.
Towergate hands Footman James keys to marketing director
Towergate has replaced departed Footman James boss Andy Fairchild with the specialist broker’s marketing director David Bond.
Power Place to accelerate expansion following Montagu investment
Open International chief executive Chris Guillaume has turned his attention to propelling the firm’s Power Place business into the complex commercial and SME arenas after agreeing a “long term” partnership with private equity investors Montagu.
James Hallam sells IFA business
James Hallam has sold its independent financial adviser business to focus on future investment and growth in the broking sector.
Open GI parent reunites with PE backer Montagu to complete MBO
Open International bosses have reunited with Montagu Private Equity to perform a management buyout of the Open GI, Open GI London and Power Place parent company.
RAC’s private equity owner mulls September IPO
The RAC’s private equity owner Carlyle Group is considering a stock market float in the mould of rival roadside assistance firm the AA Group.
Berlin unveils Uber ban
Smartphone taxi company Uber has been hit with a ban from the city of Berlin on concerns over insurance for passengers.
Sterling grows new business eight-fold in Scotland
Sterling Insurance Group has this year increased its new business numbers eight-fold in Scotland as a result of investment in new offices, senior staff and broker appointments.
Amlin UK boss Carpenter sets exit date
Former Amlin UK chief executive Brian Carpenter has confirmed his plans to retire later this year, setting the date of 30 September for his departure.
H1 weather claims hit insurers for £845m
Weather damage claims have cost insurers £845m across the first half of 2014 according to figures from the Association of British Insurers.
A-Plan full year profits up 10% amid rising policy numbers
High-street broker A-Plan has attributed growth in policy numbers last year for a 10% increase in profit before tax to £22m for the year ending 28 February 2014.
Amlin profits slide in H1 as large catastrophe losses grow
Lloyd’s insurer Amlin chalked up a reduced profit before tax of £148.5m in the first half of 2014 (H1 2013: £161.4m) as an uptick in large catastrophe losses took its toll.
Ankel to leave Allianz Global Corporate & Specialty
Alexander Ankel, Asia chief executive of Allianz Global Corporate & Specialty, is leaving the group to pursue "outside opportunities".
Fosun becomes Ironshore's largest shareholder
Chinese conglomerate Fosun has bought 20% of international property and casualty insurer Ironshore for $464m (£277m).