News
UK insurance industry need not fear EU exit, says City minister
The UK’s insurance industry has little to fear from a potential European Union exit, according to economic secretary to the treasury Andrea Leadsom MP, who has also called for more evidence from the London market on its challenges.
CMA publishes draft order from motor market report
The Competition and Markets Authority is consulting on a draft order explaining how changes resulting from its investigation into the private motor insurance market will be introduced.
Aon UK awaiting approval for new CRO
Aon UK is awaiting regulatory approval for a new chief risk officer following the depature of Carol Richmond after more than five years leading the function.
100mph+ winds forecast to batter Scotland
Winds of more than 100mph have been forecast for Scotland later this week, with the Western Isles, Orkney and the north and north-west of the country set to bear the brunt of the weather.
European insurers expected to continue bolt-on acquisitions in 2015
Dividends and capital returns are likely to remain the hot topic for the insurance industry over the next twelve months, according analysts at German investment bank Berenberg.
R&Q completes Norwegian portfolio transfer
Randall & Quilter has completed a portfolio transfer from Norway-domiciled captive Aker Insurance to R&Q's EU run-off consolidator in Malta.
NIHL claims down by 10% for 2014
Claims for noise induced hearing loss are set to drop to £361m for 2014 for the UK’s most exposed insurers, down marginally from a 2013 equivalent of £402m, according to an investor report.
Quinn sees legacy liabilities portfolio pass to Catalina
Catalina Holdings has reached an agreement with Quinn Insurance for the portfolio transfer of legacy insurance liabilities.
Canopius recruits from Delta Lloyd for renewable energy team
Canopius has unveiled a new renewable energy division following the recruitment of a team of specialists from Delta Lloyd.
Toscafund boosts shares in Quindell north of 5%
Hedge fund Toscafund has boosted its stake in beleaguered outsourcer Quindell to 5.4% of the share capital after purchasing an additional 1.9 million shares in the firm.
Soft reinsurance market fueled by low 2014 cat losses
Declining catastrophe losses in 2014 has been cited as a major factor behind the softening rating environment at the January renewal period, according to global reinsurance broking players.
China mandates injury cover for construction workers
China's government has said no construction permits will be given to projects which fail to provide workers with injury insurance.
Wang leaves Marsh for XL China aerospace role
XL is offering aerospace insurance in China and has appointed former broker Catherine Wang as an underwriter.
Former Axa marketing chief heads digital start-up
Matthias de Ferrieres has left his position as chief marketing officer, general insurance, Axa Asia to head up start-up Stark Group.
Bushfires in Adelaide Hills to cost over A$13m
As a result of bushfires in Adelaide so far 350 claims have been lodged with insurers, with insured losses of more than A$13m (£7m).
Gable stock price climbs 4% on takeover rumours
Rumours of an imminent takeover have boosted Liechtenstein-domiciled Gable’s share price in trading on the London Stock Exchange.
European insurers paid out £2bn per day through 2013
Insurers across Europe paid out an average of £2bn (€2.6bn) every day in claims and benefits through 2013, according to new figures from the European Insurance and Reinsurance Federation.
Welsh MGA and broker first to go live with My Licence
North Wales-based Staveley Head is the first managing general agent and broker to use the My Licence scheme.
BLP recruits former Keelan Westhall MD Tonge
BLP Insurance has recruited the former managing director of Arthur J Gallagher-owned Keelan Westhall as its new head of sales.
RFIB looks to Willis for hull hire
RFIB has appointed former Willis marine executive director Steve Hughes as its hull and war divisional director.
FOS forecasts fee freeze for 2015/16
The Financial Ombudsman Service has announced plans for a freeze on standard case fees and levies for 2015/16 as it lowers targets for overall income in a consultation document published today.
Norway's Gard on P&I cover for Hoegh Osaka
Norwegian insurer Gard has confirmed it is the P&I insurer for the Hoegh Osaka cargo ship that has run aground off the Isle of Wight.
BMS returns to Cooper Gay to beef up specialty reinsurance team
Cooper Gay & Co reinsurance division director Steven Herbert has joined BMS where he will take on the role of director of the specialty reinsurance division.
Acappella launches at Lloyd's
Willis-funded Acappella Group Holdings has confirmed its launch as an insurance holdings company.