News
Italian quake losses to hit £560m
Estimates for insured losses from the Italian earthquakes could be as much as £558.5m, it has been suggested, after a second disaster rocked north west Italy yesterday.
As job cuts hit loss adjusters, firms commit to investing in future talent
The loss adjusting industry has had a tough few months but, as major firms have been forced to shed staff, they are also vowing to continue to invest in the people they have retained.
Buyers back industry preparedness for Eurozone fallout but fear claims
Insurance buyers have commended the UK insurance industry's preparations for a potential fallout if Greece leaves the Eurozone, but warned that the industry will be tested by major claims that arise out of a crisis.
Few Brits buy travel insurance for holidays, Hiscox finds
Britons are opting not to buy travel insurance for their holidays, research by insurer Hiscox has revealed.
ISA 2012: Panel discusses evolving nature of Asian insurance hubs and offices
The changing dynamics of the Asian markets with their European/American headquarters is blurring the status of offices across the continent as regional hubs or self-sufficient management centres, and the divide between a front office and a back office…
Allianz renews GAB Robins, Cunningham Lindsey and Davies contracts
Allianz Insurance has renewed contracts with GAB Robins, Cunningham Lindsey and Davies for another two years.
Giles snaps up ex-Broker Network director Mageean
Giles has appointed Bernard Mageean as managing director of underwriting and wholesale, effective from the end of August 2012.
Hyperion IPO or sale in next two years, analysts predict
Panmure Gordon analysts have said that an IPO or trade sale of Hyperion is likely in the "next year or two".
Next phase of DLG float underway as UBS appointed to advise
UBS has been appointed to advise on RBS' sale of its Direct Line Group insurance arm, with the bank acting as joint bookrunners with Goldman Sachs and Morgan Stanley.
Hyperion IPO likely in late 2013, BP Marsh boss says
The chairman of venture capitalist BP Marsh, which has a 19.4% stake in Hyperion, said it is unlikely the insurance business will float until after Q2 2013 and warned the firm to wait until economic conditions improve.
Tesco launches van insurance with Axa
Tesco Bank has launched its own van insurance policy.
Admiral investors advised to “sell” as analysts question future growth
Admiral stock has been branded too expensive despite the motor insurer being highly profitable in an “inherently unprofitable” industry.
Travelers considering India market entry
US-based Travelers Group is believed to be in talks with Indian farm equipment maker Mahindra & Mahindra regarding a bid to enter the country's fast growing general insurance market.
Willis Ireland acquires Attain Consulting
The Irish arm of broker Willis Group has added to its domestic employee benefits business with the acquisition of Attain Consulting and sister company Trustee Principles for an undisclosed sum.
Novae Zurich reinsurance CEO and CUO quit
Two bosses at Novae Zurich's reinsurance division have resigned.
ISA 2012: Insurer bosses claim no foreign player has 'Pan-Asian edge'
As mature markets sink deeper into the eurozone crisis, Asia remains a bright spot for global insurers. That was the view of Johnny Chen, CEO of Zurich Financial Services, who told the audience at ISA 2012 yesterday that he remains positive in his firm's…
ISA 2012: Former airline head outlines need for 'open' risk management culture
Businesses need to cultivate an open environment to discuss risks and firmly embed risk management in the corporate culture.
The AA and Direct Line provide 'poor' online customer experience, survey finds
UK home and motor insurers like Direct Line and The AA are potentially ruining opportunities to acquire new customers because of a poor online user experience, a survey has found.
Confusion surrounds Goldman Sachs' commitment to $6bn Chinese insurer listing
The $6bn listing of the state-owned People's Insurance of China has taken on a new twist as bankers gear up for an increasingly taxing deal, it has been reported.
Talanx enters Indian market via joint venture
Talanx-owned insurer HDI-Gerling will enter the Indian market through a joint venture with Indian firm NBFC Magma Fincorp after a three-year bid to gain a licence for the region.
Damaging aftershocks hit northern Italy
Two damaging aftershocks, a magnitude 5.8 followed by a magnitude 5.4, occurred on 29 May in Italy's Emilia-Romagna region, which experienced a magnitude 6.0 earthquake on 20 May.
Bidders line up to buy $1.4bn stake in Korean insurer
Government of Singapore Investment Corp and Canada's Ontario Teachers Pension Plan are reported to be among the final bidders to buy stakes in South Korea's unlisted Kyobo Life Insurance in deals worth up to $1.4bn.
BP Marsh net asset value exceeds £50m for first time
BP Marsh's chairman has described the venture capitalist firm's largest investment, Hyperion, as "forging ahead with enviable momentum".
Axa, LV, Zurich, Broker Direct and QBE triumph at Post Claims Awards 2012
Mike Klaiber, Zurich UK claims disease manager, was the winner of the inaugural CII Claims Faculty achievement award last night at the Post Claims Awards.