News
New Zealand regulator clears IAG's Wesfarmers deal
After several delays the New Zealand Commerce Commission has agreed to Insurance Australia Group's acquisition of Wesfarmers' Lumley insurance business.
Asia-Pacific rates declined in first quarter, says Marsh
According to international broker Marsh, insurance rates declined by as much as 25% in the first quarter of 2014 in the Asia-Pacific region.
SRA ditches plans for introducing minimum rating criteria for PI players
Body’s plan for new minimum terms fails to convince
MIB plans PPO research after mortality rates found to be higher than expected
Figures suggest reinsurers are becoming ‘marginally more comfortable’ with PPOs
Clock could be ticking for Towergate boss Hodges after third loss in a row
Analysts suggest private equity backer Advent may be seeking an exit
Broking bosses warn over conduct clash after IBSC launches its own code
Executives fear IBSC’s guidelines could conflict with those of individual firms
Regulators to face enforcement decision-making review
The government has launched a review of the fairness, transparency, speed and efficiency of the institutional arrangements and processes the Financial Conduct Authority and the Prudential Regulation Authority use to make enforcement decisions.
Towergate tipped to benefit from pause in Gallagher acquisition spree
Towergate may benefit from a pause in UK retail acquisitions at Arthur J Gallagher, according to Imas managing partner Olly Laughton-Scott.
Pro-golfer to pay £8k for income protection con
A pro-golfer who fraudulently claimed more than £8000 for a knee injury that supposedly left him unable to work has been ordered to repay the money, and carry out 140 hours of unpaid work.
FM Global to pay out $465m membership credit
Commercial property insurer FM Global is to pay out a collective premium credit of $465m (£275m) to its clients when they renew their policies between 30 June 2014 and 29 June 2015.
Marsh records 5% Q1 revenue increase
Broker Marsh has reported a 5% increase in revenue for Q1 2014 up to $1.45bn (£854m) from $1.38bn in 2013.
Broker Network concludes development team expansion with twin hire
Broker Network has hired Ian Wainwright as head of broker development for the network’s premier proposition and Angus Montgomery as broker development manager for the advantage proposition.
Disaster losses of $262m impact AIG profit in Q1
AIG has attributed catastrophe losses within its property and casualty businesses as a major factor in a 27% drop in profit to $1.6bn (£945m) in the first quarter of 2014 compared to $2.2bn in Q1 2013.
Ten Insurance boosts Scottish membership with Insure Scotland
Former Giles Glasgow head office branch manager Murray MacAra's new commercial broker venture, Insure Scotland, has joined the Ten Insurance network.
Catlin replaces QBE as UK General commercial capacity provider
UK General has signed a three-year capacity arrangement with Catlin Group in a deal that will see QBE replaced as a capacity provider for the managing general agent.
Grayling to review penalties for uninsured drivers
Justice secretary Chris Grayling will today unveil tougher sentences for disqualified drivers who kill and injure, with a maximum of 10 years for those who kill and four years for those who seriously injure.
Lancashire appoints Gregory as UK CEO
Lancashire Holdings group chief underwriting officer Paul Gregory has been appointed chief executive of Lancashire Insurance Company (UK).
Hiscox grows GWP by 2.3% in Q1
Hiscox grew gross written premiums by 2.3% in local currency, with a small decrease in sterling to £501.6m (2013: £506.1m) in the first quarter of 2014, as it continued to shrink its reinsurance book.
17 injured in Tokyo quake
A magnitude six earthquake south of Tokyo disrupted transport and injured 17 people.
White House to warn climate change is already here
The National Climate Assessment, a report compiled by 300 leading scientists and experts, is set to reveal the US is already suffering from the affects of climate change.
DLA Piper appoints head of corporate, Asia
DLA Piper has appointed Paul Chen as head of corporate, Asia and will be based in Hong Kong.
SRA to launch minimum terms consultation
The Solicitors Regulation Authority will launch a consultation next week on whether the minimum terms for solicitors' professional indemnity should be revised.
RSA appoints Coffey as MD of private client division
RSA has appointed Mark Coffey as managing director of its private client division.
Spencer launches broadside against insurers in first speech as Apil president
John Spencer warned insurers that the personal injury fraternity “will not roll over and give up” in a combative first speech as president of the Association of Personal Injury Lawyers.