News
Motor insurers vow to cut premiums if young driver claims come down
The insurance industry has promised the government young drivers’ premiums could go down by as much as 20% if new proposals succeed in reducing the frequency and value of motor insurance claims.
Is claims sector set for investment and M&A surge following latest LDC move?
Speculation is mounting that the claims market is ripe for further private equity investment and mergers after motor claims specialist Validus IVC completed a management buyout with backing from Lloyds Development Capital valuing the firm at £30m.
Hostile ABI response to ‘inferior’ Flood Mu model sparks wider debate
The Association of British Insurers’ attempts to derail a proposal put forward by Marsh to secure a mutualised solution to flood risk have been criticised by politicians and industry insiders.
Career development: Access granted to courses in North
Insurance professionals based in the north of England have been granted greater access to technical training courses and exam revision that were previously only available in London.
Career development: GAB Robins staff pick up CILA Diplomas
Two GAB Robins employees have passed the nationally recognised Chartered Institute of Loss Adjusters Diploma in insurance claims handling.
News Review: Winslow promoted in BGL reshuffle
Peter Winslow has been promoted to executive chairman of BGL Group and will be succeeded as chief executive by chief operating officer Matthew Donaldson, effective from 1 July.
My Best XI: Chris Phelan, owner, Paradigm Consulting
Chris Phelan, owner of independent loss adjusting firm Paradigm Consulting, selects his best XI for an insurance industry start-up. Phelan’s team includes representatives from firms such as Cunningham Lindsey and Davies, while the die-hard Manchester…
Market Moves: McPherson leaves A&A Group after 28 years, while Allianz looks to African growth
It was a relatively quiet week for the industry as appointments within the broking sector – a regular hive of recruitment – were few and far between, with the only notable activity in the sector coming in the form of the departure of veteran A&A Group…
SSP appoints European head of client delivery programme
Insurance technology provider SSP has appointed Gary Glennard as its head of client programme delivery for Europe.
Industry divided over Eiopa's Solvency II guidelines
Industry players have been divided in their response to the draft Solvency II guidelines released by the European Insurance and Occupational Pensions Authority.
General Atlantic acquires close to 30% of Hyperion shares
The Hyperion Insurance Group has signed an initial agreement with General Atlantic, which will see the global growth equity firm acquire just over 30% the international broking business' shares.
Eiopa chairman defends Solvency II guidelines
The chairman of the European Insurance and Occupational Pensions authority has defended its draft Solvency II guidelines as “an important step in the right direction that will help national authorities”.
Bought by Many seeks insurer partner for flood cover plan
Insurance intermediary Bought by Many has launched a home insurance proposition for areas at significant risk of flooding.
Early implementation of SII elements 'burdensome' for UK firms
The European Insurance and Occupational Pensions Authority has published four consultation papers containing guidelines on the elements of Solvency II that it wants national supervisors implemented by national supervisors from 1 January 2014 on a "comply…
Aviva ceases to write SME PI as part of ‘tough action” on unprofitable lines
Aviva is ceasing to write professional indemnity insurance for SMEs as part of a bid to “take tough action on lines of business that are not delivering profitable returns”.
Savage upbeat on motor market outlook
Lloyd's finance director said the UK motor insurance market is "over the worst of the soft cycle" and has expressed confidence that upcoming government reforms will further improve the sector's outlook.
Clyde & Co hires partner from Keoghs
Clyde & Co has hired Peter Unsworth as a partner, who joins the firm from Keoghs.
Paterson takes reins as Walsh steps down from Walsh PI
Bob Paterson will take over the leadership of the Walsh PI team as managing director founder Mike Walsh steps down from the role.
Eiopa begins consultation on Solvency II guidlines
The European Insurance and Occupational Pensions Authority today launched public a consultation on guidelines for Solvency II preparation.
Need for robust flood solution 'more urgent than ever' says AA
Finding a way to ensure continuing insurance cover for homes at risk of flooding is ‘more urgent than ever’ according to the AA.
Allianz agrees deal for Turkish insurer Yapi Kredi Sigorta
Allianz has reached an agreement to acquire a 93.9% stake in Turkish property and casualty insurer Yapı Kredi Sigorta for €684m.
Prudential fined £30m over failed AIA bid
The UK's Financial Service Authority has fined Prudential £30m for failing to report the AIA acquisition plans to the regulator.
Sandy topped 2012 losses while Italy saw record earthquake damage
A rare series of Italian earthquakes caused insured losses in excess of $1.6bn in 2012, the highest ever recorded in the country, according to Swiss Re.
Lloyd's profit hits £2.8bn after lower cat losses
Lloyd's has reported a 2012 pre-tax profit of £2.77bn following a loss of £516m in 2011.