News
Too early to predict redundancies or rebrand following Jelf deal says Weil
Marsh UK and Ireland CEO Mark Weil says it is too early to know what staff changes or rebranding will take place following the global broker's acquisition of Jelf, announced yesterday (10 September).
Barbican to manage Credit Suisse-backed syndicate
Barbican Managing Agency has received in principle approval from the Lloyd's Franchise Board to manage Syndicate 1856.
Quiz of the week - 11 September 2015
It's quiz time. Test your knowledge of the week's insurance news. Let us know how you do by sharing your score on Twitter with the hashtag #postquizscore...
Marsh and Jelf confirm £258m acquisition
Marsh and Jelf have agreed on the terms of a cash acquisition that will see Marsh acquire the entire issued and to-be-issued share capital of Jelf.
Allianz strikes PPI and GAP deal with Maiden
Affinity and white label specialist Maiden has extended its partnership with Allianz on developing branded insurance solutions to automotive original equipment manufacturers and their customers.
Lloyd's FD Parry pessimistic on rate pressures subsiding
Lloyd’s finance director John Parry sounded a cautious note regarding rate pressure after Lloyd’s reported a 28% fall in profit for the first six months of 2014.
Savesure shareholder Whittington banned and fined by FCA
The Financial Conduct Authority has fined Savesure shareholder Ralph Whittington £42,111 and banned him from performing any function in relation to regulated activity for failing to act with integrity in carrying out his controlled functions.
Gable supportive of new Liechtenstein GI entrants
Liechtenstein-based insurer Gable Holdings would welcome other general insurance companies entering the principality as it revealed it has spoken to the Liechtenstein regulator about companies interested in positioning themselves in the territory.
Insurers encouraged to promote reward schemes to tempt customers
Introducing a loyalty or reward scheme could improve insurers’ chances of increasing consumer take-up, despite the overriding importance of price, according to a survey conducted by M&S for business.
Over-capacity and pricing pressure sees reinsurance capital growth stabilise
The growth in global capital dedicated to reinsurance has stabilised during the first half of the year, amid over-capacity and widespread pricing pressure, according to the latest reinsurance market report from Willis Re.
Asta launches Everest-backed corporate syndicate
Asta Managing Agency has been granted in-principle approval to establish a corporate syndicate backed by Everest Re with £102m gross written premiums for 2016.
Former Towergate business Folgate returns to active underwriting
Former Towergate-owned Folgate Insurance has returned to active underwriting in the UK and Europe one year after being acquired by APC Underwriting.
Lloyd's H1 profit drops 28% in ‘intensely' competitive environment
Lloyd's has announced a decreased first half profit of £1.19bn (H1 2014: £1.65bn) alongside a deteriorated combined operating ratio of 89.5% (H1 2014: 87.4%).
Reserving elimination caused Gable to report H1 pre-tax loss of £2.4m
Liechtenstein-based insurer Gable Holdings has reported a pre-tax profit loss of £2.4m for the six months ended 30 June 2015.
Biba presents City Minister Harriet Baldwin with alternative FSCS plan
Corporate brokers have joined colleagues in the personal lines space in voicing concerns that the rise in insurance premium tax will result in more premium leaving the market.
Woodgate and Clark strategy to remain 'exactly the same'
Woodgate and Clark’s style, culture and method will remain "exactly the same" following its acquisition by Dutch loss adjuster Van Ameyde Group, according to managing director Michael Woodgate.
Internet of Things could see insurers become force for good for policyholders
The so-called ‘Internet of Things’ could see insurers become a force for good in society, in effect providing a duty of care to policyholders.
Ageas picks Logue to succeed Pickford as finance director
Ageas Insurance has appointed Stuart Logue as its finance director starting from 16 November.
Fire trumps flood as biggest threat to UK businesses
Flooding is the most common form of disruption for UK businesses, however fire poses the more serious threat, according to FM Global’s UK claims data research.
Big data can provide strong retail opportunity for insurers, says Aviva CDO Brem
The increasing analytical capabilities provided by ‘big data’ can provide a strong retail opportunity for UK insurers, according to Aviva’s chief digital officer Andrew Brem.
Hackers pitched as remedy to driverless car vulnerabilities
Motor manufacturers should reward hackers for uncovering vulnerabilities in autonomous vehicle systems as cyber security remains a major stumbling block to widespread adoption of driverless cars, according to a report published this month.
AGCS predicts global cyber premiums will reach $20bn per year by 2025
Allianz Global Corporate and Specialty forecasts cyber insurance premiums will grow globally from the current level of $2bn (£1.3bn) per year to more than $20bn over the next decade, representing a compound annual growth of more than 20%.
UK General consulting with 12 staff after restructure
UK General is consulting with approximately 12 staff whose roles will no longer be needed as a result of the firm moving its central services team into its personal lines, Rural Insurance and One Commercial business units.
Thornton Tomasetti expands insurance practice through merger
Building engineering specialist Thornton Tomasetti has merged with Weidlinger Associates boosting its UK insurance property loss consulting practice.