News
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.
Apollo and CVC accept Fairfax's £1.22bn Brit bid
Toronto-based Fairfax Financial has made an all cash offer for all the shares of specialist insurer Brit Insurance.
Towergate restructuring deal expected to conclude in March
The consensual restructuring agreement between Towergate’s senior secured and senior unsecured lenders has received binding agreement from more than 75% of both sets of creditors by value.
Insurance sector not responding to SMS demand
Insurers are failing to respond to significant demand for text-based communications, according to a new industry report into how customers want to be contacted.
Moody's tips Towergate Finance for potential upgrade
Moody's has placed the 'CAA2' ratings on Towergate Finance's senior secured notes and revolving credit facility on review pending a potential upgrade.
Steadfast buys underwriting agencies and broker from QBE
Australian insurance group Steadfast has bought two underwriting agencies and a broker from Australian giant QBE for A$290m (£147m).
Insurers urged to seize 'opportunity' as driverless cars hit UK roads
The emergence of driverless car technology should be viewed as an “opportunity not a threat” by motor insurers, despite prospective further reductions in premiums.
Clear Insurance Management acquires Hibbert
Independent broker Clear Insurance Management has snapped up J H Hibbert.
Davies builds Irish footprint with Associated acquisition
Davies Group has acquired Irish loss adjusting and claims management business Associated Loss Adjusters.
Lloyd's approves Equinox's Dutch office
Lloyd's has officially approved cover holder Equinox Global's Netherlands office.
CPP's AIM move raises £20m
CPP Group has shifted to trading on the London Stock Exchange AIM Market with the placing raising £20m for the company.
Dutch group sells insurance arm to Chinese insurer
SNS Reaal, a troubled Dutch government owned bank and insurer, has agreed to sell its insurance arm to Anbang Insurance.
$1bn stolen from banks in cyber attack, says security firm
Security firm Kaspersky Lab has estimated $1bn (£648m) has been stolen from around 100 banks and financial institutions since 2013 in an ongoing cyber attack.
Snowball eyes next role after Suncorp
Patrick Snowball is ready for a new challenge after he leaves Suncorp later this year.
ABI slams government’s lack of young driver reforms
The Association of British Insurers has criticised the government’s lack of action on young driver reforms for “putting young lives at risk and increasing the cost of motor insurance for young drivers unnecessarily”.