News
Decline in premium prices ‘slowing down', Biba finds
The rate of decline in premiums for individual home and motor insurance is slowing down after three years of reductions, according to the British Insurance Brokers' Association.
Lancashire pledges to work hard as COR and GWP deteriorate
Lancashire Holdings has reported a combined ratio of 78.2% in the second quarter of 2015 and a year-to-date COR of 75.1%, with both results representing deterioration on the insurer's 2014 performance.
Zurich share price drop blamed on 'destructive history of acquisitions'
The 2% fall in Zurich’s share price yesterday (28 July) against a backdrop of a marginal market-wide uptick has been attributed to the “destructive history of acquisitions in the insurance sector and Zurich specifically”.
IPT increase to be passed on to policyholders warns ABI's Shepherd
The Association of British Insurers has warned price hikes as a result of the increase in insurance premium tax are inevitable as its quarterly average household premium tracker showed a further fall in the cost of home insurance.
Zurich says any offer for RSA will likely be cash only
Swiss giant Zurich has said that any forthcoming offer for buying RSA will likely solely be in cash.
Singapore, UK and Lloyd's unite over Asia's risk exposures
The Monetary Authority of Singapore, the UK government and Lloyd's have agreed to share knowledge and expertise around risk exposures in Asia.
Willis's after tax profit falls 4.4% in first half
Global broker Willis had net income of $280m for the six months to 30 June 2015 compared to $293m in the same period last year.
Marsh sees EMEA revenue dip in first half of 2015
Marsh & McLennan Companies, parent company of broking firm Marsh, has posted a slight decrease in revenue for the first six months of 2015.
JLT opens door to staff displaced by Willis-Towers Watson merger
JLT hopes to capitalise on the fallout from the Willis-Towers Watson merger by attracting staff displaced by the deal, according to deputy CEO Mark Drummond Brady.
DLG fraudster given suspended prison sentence
A Londoner who staged a burglary at his house in a bid to claim for £57,000 worth of jewellery and gadgets has been handed a six-month prison term, suspended for two years
Davies Group to acquire MSF
Claims service firm Davies Group Ltd has acquired Managed Fleet Services, the leading specialist defendant motor claims business.
IPT exemption for young drivers and SMEs gains industry support
Moves by the British Insurance Brokers’ Association to secure an exemption for young drivers and SMEs from the insurance premium tax hike have been welcomed by the industry, amid fears increased motor premiums could tempt youngsters to drive uninsured.
Potential Zurich takeover of RSA 'good for the industry' and for both firms
A swoop by Zurich for RSA would be “good for the industry” and would suit both businesses, according to market commentators, despite the likely loss of the RSA brand and subsequent job cuts.
RSA advises shareholders against action in light of Zurich interest
The board of RSA has noted the announcement that Zurich is evaluating a potential offer for the insurer, but have claimed talks have yet to take place and has advised shareholders not to take any action at this stage.
The Floow to promote telematics on PM's South East Asia tour
Aviva and telematics company the Floow are among 31 UK business leaders chosen to accompany Prime Minister David Cameron on a trip to South East Asia this week to promote the UK's financial technology sector.
Refinancing deals in vogue as smaller firms eye their own M&A options
Bank refinancing deals will help small and mid-sized insurance companies remain competitive in the aggressive mergers and acquisitions environment, with further refinancing arrangements expected in the coming months, according to insiders.
Consumers considering cutting coverage in wake of IPT rise
The government’s decision to hike insurance premium tax will trigger a surge in customers moving to new providers and cutting back on or cancelling policies, according to research by Consumer Intelligence.
Income down almost 200% in Q2 at Aspen amid selective strategy
Aspen Insurance saw gross written premium fall by 7.3% to $722.8m (£464m) from $779.3m in the second quarter of 2015 as the firm reduced its exposure to certain energy-related Lloyd’s lines of business.
Asta Capital unveils MGA platform
Asta Capital has announced the launch of a new platform to support the MGA market.
JLT's profit margin hit by US build-out
JLT's first half profit margin declined from 19.7% last year to 17.3% as it made a net trading loss of £12.6m on its US specialty business. The broker said this was in line with expectations.
Leong returns to Singapore for Zurich leadership role
Kevin Leong has left Allianz in Canada to become head of customer distribution and marketing for Zurich's Asia-Pacific global corporate business.
Zurich considers takeover offer for RSA
Zurich has confirmed it is evaluating an offer to buy UK-headquartered insurer RSA.
Chinese investment firm buys Sirius International
Chinese investment firm China Minsheng has bought Sirius International Insurance for $2.24bn (£1.4bn) from White Mountains.
JLT sues Howden in Singapore to halt staff exodus
JLT is pursuing Howden and a Singapore executive firm in the Singapore courts after key staff including JLT's Singapore managing director Goh Chye Huat left in May.