News
UK-based multinationals face VAT hike after HMRC decision
UK-based multinational insurers face a hike in their VAT bill from 1 January 2016 following a ruling by HM Revenue and Customs.
Flood Re to drive household rates rise in 2015, claims L&G boss
The expense of complying with Flood Re will help drive single digit rate movement in the household market this year, according to Legal and General director of general insurance Mark Holweger.
Arthur J Gallagher buys Cohn Financial Group
Arthur J Gallagher has acquired Cohn Financial Group, an Arizona-based private placement life insurance distributor, for an undisclosed amount.
Aviva downgraded by Berenberg as turnaround case questioned
Equities analyst Berenberg has downgraded Aviva from ‘buy’ to ‘sell’, saying evidence of a turnaround at the British composite insurer is “less compelling than the movement in the share price would suggest”.
Former Lemma director found murdered
A former director of collapsed unrated insurer Lemma has been found murdered at his home in the Ukraine.
Cunningham Lindsey appoints Lewis as In Trust director
Jane Lewis has been appointed director of In Trust and is to join Cunningham Lindsey's board with immediate effect.
Guy Carpenter looks to Willis for analytics head
Matthew Eagle has been appointed international analytics head for Marsh reinsurance arm Guy Carpenter.
RSA sells holding in Indian insurer
RSA has sold its 26% stake in Indian insurer Royal Sundaram Alliance Insurance Company to Sundaram Finance, its joint venture partner.
IAG's premiums and profits rise in Asia
Australasia giant is growing slowly but surely in Asia.
Brisbane hailstorm hurts IAG's first half profits
Catastrophes and reduced reserved releases contributed to IAG's 9.8% fall in profits in the first half of its financial year through 31 December.
Coface 2014 turnover grows 1.6%
Coface has reported a 1.6% increase in its turnover for the year ending 31 December 2014 to €1.4bn (£1bn).
Government will step in if meso scheme exceeds levy, says ABI
The Association of British Insurers has said it will work to ensure the Diffuse Mesothelioma Payment Scheme remains one of last resort, following the government’s decision to raise the compensation cap from 80% to 100%.
Insurers quick to implement changes as wave of legislation arrives
Insurers have been quick off the mark to ensure their businesses comply with the Insurance Act before it comes into effect in August next year.
Car repair capacity deficit to dent insurers' profitabilty
A deficit in car repair capacity is likely to have a knock-on effect on insurance company profits, according to a report by research agency Trend Tracker.
CMA no claims bonus deadline branded 'wholly unrealistic' and a distraction
Insurers and brokers have rejected the Competition and Markets Authority’s proposed deadline of 1 September for a protected no claims bonus remedy, declaring it “wholly unrealistic” and warning it could lead to market distortion.
RTA Claims Portal supplier tender process extended
The tender process for the RTA Claims Portal’s hardware and software supplier has been extended to allow for a higher than anticipated amount of information provided by prospective suppliers to be processed.
Willis Re confirms UK jobs at risk as it enters consultation process
Willis Re has confirmed that several London-based roles could be cut as part of an efficiency drive within its UK operation.
CMCs to blame for soaring PL and EL claims against SMEs, states Axa boss
A significant rise in the number of employers’ liability and public liability claims made against SMEs over the past five years is the result of “opportunistic” claims management companies shifting their focus from motor claims.
Lance Armstrong ordered to pay insurance company £6.5m
Disgraced cyclist Lance Armstrong has been ordered to pay insurance company SCA Promotions $10m (£6.5m) in damages, in what is thought to be the largest award of sanctions assessed against an individual in American judicial history.
Calls for backdating of 100% meso compensation opposed by insurers
Insurers and defendant lawyers have rejected calls for the 100% compensation level for the diffuse mesothelioma scheme to be backdated and for it to include other asbestos-related cancers, as doing so would be too problematic.
Insurance CEOs see growth in business opportunities
Half of insurance company CEOs responding to PWC's Annual Global CEO Survey believe that there are more business opportunities now than there were three years ago.
Video: RSA's Kenny Leitch on driverless cars
Last week government ministers launched the UK’s driverless car trials in the Royal Borough of Greenwich - the location of one of the government backed projects which RSA is the insurance partner for.
Canterbury earthquakes could cost Lloyd's £2.8bn
Lloyd's has paid out NZ$4.2bn (£2bn) for the 2010 and 2011 Canterbury earthquakes in New Zealand and estimates a further payout of NZ$1.6bn.
Brit to operate on 'decentralised basis', says Fairfax CEO
Fairfax Finance CEO and chairman Prem Watsa has hailed Brit's "outstanding" 10 year track record Following the firm's 305p a share offer for the insurer.