News
Zurich's 'A+' IFS rating affirmed
Zurich Insurance Company's 'A+' insurer financial strength rating and 'A' long-term issuer default rating have been affirmed by Fitch, which cited the insurer's strong capital position and "resilience in the challenging operating environment".
RSA expects sub 95% COR for 2012 after Q1 results
RSA recorded a 5% increase in net written premiums to £2.2bn for the first quarter, prompting group CEO Simon Lee to predict a full year combined operating ratio below 95%.
RBS set to bolster PPI fund by £125m
Royal Bank of Scotland is to announce on Friday that it will set aside a further £125m to cover compensation for mis-sold payment protection insurance, according to Reuters.
Tysers continues corporate recruitment drive with double appointment
Tysers has this morning confirmed the appointments of Andy Lucia, pictured, and Lee Saunders to the UK corporate division's professional indemnity team.
Bank of Georgia swoops for country's third largest health insurer
The holding company of JSC Bank of Georgia announced today that JSC Insurance Company Aldagi BCI, a wholly-owned insurance subsidiary of the bank, has acquired Meta Limited, the holding company which owns 51% of Imedi L, the third largest insurance and…
Nepalese regulator wants zero depreciation motor cover
The Nepal Insurance Board wants motor insurers to introduce policies with zero depreciation cover, but critics fear the high premiums would put the product beyond the reach of most Nepalese.
Analysts respond to RSA results
RSA's 5% increase in net written premiums is almost entirely due to rate rises, analysts have said.
L&G GI premiums up 17% to £83m
Legal & General has reported a 17% increase in general insurance gross premiums to £83 for its Q1 2012 results, compared to £71m for the same period in 2011.
RSA boasts NWP up 5% thanks to emerging markets
RSA has reported premiums up 4% in the UK to £725m, as it signs a deal with OIM Underwriting worth £75m.
Miller hires North Asia reinsurance specialist
Miller has enhanced its North Asia reinsurance broking capabilities by appointing Gao Zu Biao who will be based in its Hong Kong office.
Quidco Compare adds home and travel
Cashback and voucher comparison site Quidco Compare is expanding into home and travel insurance.
Laspo Bill gains Royal Assent, but frustrations and issues remain unresolved
Following last week's parliamentary 'ping pong' of the Legal, Aid, Sentencing and Punishment of Offenders Bill, the controversial legislation is finally set for the statute book, having been granted Royal Assent on 1 May.
Market moves: Liberty and Garwyn lead the pack
Insurer Liberty Mutual and loss adjuster Garwyn were the main movers and shakers this week, with LMI officially opening its new office in Leeds and recruiting four new members of staff.
Zurich pledges broker commitment as 15% of staff cut in PL shake-up
Zurich has moved to reassure its brokers following the news that it will cut almost 15% of its UK workforce and transfer a big chunk of its personal lines business into its own broker, Endsleigh.
Canopius makes play for Omega in bid to grow PE-backed Lloyd’s insurer
Canopius chairman Michael Watson has acted on ambitions to grow his private equity-backed Lloyd's insurer, with a £164m takeover of struggling Omega in a deal that sees a slice of the business sold to US insurer Tower Group.
Weightmans wins fraud and claims contract on MIB legal panel
Weightmans law firm has become the Motor Insurance Bureau's legal services supplier for core claims and fraud following a strategic review by the association.
Asia must invest in urban disaster risk management
Industry insiders at a seminar convened by the Asian Development Bank have called for Asian countries to increase investment in urban disaster risk management.
Market divided as to favourability of current conditions for IPOs
Market players credited with an interest in launching initial public offerings inside the next two years have been warned against attempting to float amid unfavourable conditions, where value is at rock bottom.
Data-sharing portal thrown into limbo
The proposed claimant data-sharing portal has hit a standstill, as the Association of British Insurers demands solicitors give something in return for insurer-held information about fraud. The "ball", according to the ABI, is now firmly in the Motor…
Generali UK launches policy administration system
Assicurazioni Generali's UK branch has gone live with a new non-life policy administration system from Agencyport Software.
News International case a pattern of 'major governance failures'
The problems at News of the World highlighted by Tuesday's Culture Media and Sport Select Committee report are by no means confined to News International, according to Airmic, the association for risk managers.
iSaaS launches app to crack down on spurious whiplash claims
Cloud computing specialist iSaaS Technology has launched a biometric identification iPhone application for medical experts to help diminish fraudulent activity during the personal injury claims process.
Greening to urge drivers to fit black box
Transport Secretary Justine Greening will urge young drivers and women motorists to have telematics devices fitted in their cars at this afternoon's second motor insurance summit, according to the Daily Mail.
LV boss O'Roarke calls for fraud clamp-down talks at second summit
LV managing director John O'Roarke is demanding more stringent legislation designed to clamp down on "unscrupulous" drivers following a survey showing that almost two thirds of GPs have seen a rise in exaggerated injuries.