News
PWC announces sanction of arrangement scheme for Independent Insurance
Mark Batten and Dan Schwarzmann of PWC, joint provisional liquidators of Independent Insurance Company, have announced Independent's scheme of arrangement has been sanctioned by the High Court on 9 July 2015 and becomes effective on 13 July 2015.
Hearn hire tipped to give CGSC an edge amid wider broking exodus
External influencing factors have been cited as the trigger for a host of high-profile broking departures, as the sector’s managerial merry-go-round once again enters full swing.
FCA to consult on insurance renewal deals
The Financial Conduct Authority has confirmed it will launch a consultation later this year to review the best ways to ensure that consumers get the best insurance renewal deals.
Willis GB CEO Nicholas Aubert appointed to LIIBA board
Nicholas Aubert, the CEO of Willis GB, has been appointed to the executive committee and board of the London & International Insurance Brokers' Association.
Insurers issue cancellation guidance following FCO advice change
Holidaymakers who travel to Tunisa will no longer be covered by insurance following a change in the advice from the Foreign and Commonwealth Office.
Crane to succeed Bunker as LV Broker MD
LV Broker has appointed commercial director Mike Crane as interim deputy managing director ahead of taking over as managing director in early 2016 when current MD Phil Bunker will move into an advisory role at the insurer.
Ex-Xchanging boss Bermingham to lead Advent Insurance Managament
Insurance consulting and outsourcer Advent Solutions Management has hired former Xchanging executive director Paul Bermingham to lead its delegated authority underwriting venture Advent Insurance Management.
ABI finds 350 instances of insurance fraud per day
Figures from the Association of British Insurers have shown that insurance fraudsters commit 350 acts a day, totalling £3.6m in value.
Motor insurance premiums on the rise, according to Confused survey
Comprehensive car insurance premiums have started to rise during the second quarter of 2015, with motorists now paying £21 more than they were this time last year, according to the latest Confused Car Insurance Price Index in association with Towers…
Axa blocks Southampton fraud gang
A series of organised, contrived motor collisions valued at more than £140,000 has been blocked by a combined underwriting and claims anti-fraud operation conducted by Axa Commercial Lines and Personal Intermediary.
Willis recruits from AIA and JLT in Asia
Willis has appointed David Chan as Asia head of affinity and SMEs, and Cedric Luah as Asia head of human capital and benefits.
Hong Kong aims for Provisional Insurance Authority by end of 2015
The Hong Kong government has announced there will be three key stages for the introduction of the Independent Insurance Authority over the next two years.
Towergate confirms closure of financial risks underwriting unit
Towergate has confirmed the closure of its underwriting division's financial risks unit which mainly managed professional indemnity business.
Ifed investigates fake whiplash claims
An ongoing investigation into what is believed to be a large-scale referral fee fraud targeting solicitors saw nine people interviewed nationwide this week.
Fix Auto UK to benefit from parent's PE investment
Fix Auto UK's parent company has secured a C$8.2m (£4.1m) private equity investment which will be split between its international operations for growth and acquisition purposes.
Carole Nash sees marginal profit increase as turnover drops
Carole Nash reported increased pre-tax profits of £3.94m for the 12 months ended 31 December 2014 (2013: £3.93) despite a £1.5m drop in turnover for the period.
PRA sets December deadline for final decision on SII models
The Prudential Regulation Authority is to make final decisions about firms' internal Solvency II models in December, according to its insurance supervision executive director Sam Woods.
Insurance quiz of the week - 10 July 2015
Insurance swat or could do better?
Dual enters UK agricultural market
Hyperion's underwriting arm Dual has entered the UK agriculture market as part of its strategy to provide more specialised products to SMEs.
Direct Insurance looks to Towergate for London market hire
Direct Insurance London Market has hired former Towergate broker Matthew Pini as a senior broker.
Catherine Barton given Bupa UK role
Bupa UK has appointed Catherine Barton as finance and commercial director.
How Twitter reacted to IPT increase
The insurance sector has taken to Twitter to voice its reaction to yesterday's announcement on the increase in Insurance Premium Tax.
Ross terminates contract after claiming trust breach by Gallagher
Incoming Towergate CEO David Ross has claimed Arthur J Gallagher breached its duty of trust and confidence, which has led to him terminating his employment with the company.
Insurers upping IT spend to unlock digital potential claims CSC boss
Insurance companies are starting to “unlock” their inner digital insurer according to CSC’s insurance boss.