News
ABI gets industry backing after L&G’s decision to withdraw membership
Trade body tight-lipped on whether L&G exit will impact membership fees.
ABI welcomes LSB delay on 'misguided' PI cover reduction
The Association of British Insurers has described the decision by the Legal Services Board to prevent a reduction in the minimum terms for solicitors’ professional indemnity insurance ahead of the October renewal period as “a victory for common sense”.
Quindell begins legal proceedings against Gotham in the US
Outsourcing company Quindell has confirmed that it has started legal proceedings against US short sellers Gotham City, as well as a blogger that repeated “defamatory” claims about the company.
AM Best concerned over reinsurance underwriting discipline
AM Best has revised its outlook for the reinsurance sector to negative citing several headwinds.
Lee joins KPMG China from Towers Watson
Anthony Lee has joined KPMG China to become director of business development, financial services, with a focus on insurance.
QBE Europe sees GWP drop 13%
QBE Europe's first half gross written premiums fell 13% to $2.69bn (£1.62bn) from $3.1bn in the same period of 2013.
Iceland raises new ash cloud warnings
The Icelandic Met Office has warned of an increased risk of volcanic ash following powerful seismic activity at Iceland’s Bardarbunga volcano.
SRA fails to gain approval for PI cover change ahead of renewals
A reduction in the limit for mandatory professional indemnity cover will not take place before the October renewals after the Legal Services Board issued a warning notice delaying its decision on the change by up to twelve months.
Swinton acquires books of business from Welsh broker
Swinton has acquired the commercial and personal lines books of Welsh broker EW Southall Insurance and Estate Agents.
ITV HR director Linares to take on identical role at DLG
Direct Line Group has appointed ITV’s group director for human resources Simon Linares as HR director.
West Midlands broker banned from financial services industry
A former West Midlands insurance broker and mortgage adviser has been banned from working in the financial services industry after a tribunal upheld an initial ruling by the conduct regulator.
Allianz Worldwide Care unveils My Health app
International health insurer Allianz Worldwide Care has launched an app that allows members to submit medical claims quicker by providing key details and taking a photo of medical invoices.
Uber’s Berlin ban overturned
A ban on smartphone taxi firm Uber operating in Berlin has been suspended until further notice following a decision by the presiding judge of the Berlin Administrative Court.
China is highly sought after market for reinsurers, says Fitch
According to ratings agency Fitch, foreign reinsurers see Asia as having great growth potential.
50% premium reductions in Australia, says Marsh
An abundance of capacity in the reinsurance market is helping keep renewal rates soft in Australia according to international broker Marsh.
Paymentshield launches house buyer's protection product
Paymentshield has launched a new protection product, designed to mitigate the risk attached to buying a new home.
Crash-for-cash pair handed prison sentences
The leader of a crash-for-cash scam and his driver have been sentenced to more than five-and-a-half years in prison.
Regulated CMC numbers down 22%
Numbers of regulated claims management companies had dropped by almost 600 as of March 2014, according to statistics from the Ministry of Justice.
Towergate hands Footman James keys to marketing director
Towergate has replaced departed Footman James boss Andy Fairchild with the specialist broker’s marketing director David Bond.
Power Place to accelerate expansion following Montagu investment
Open International chief executive Chris Guillaume has turned his attention to propelling the firm’s Power Place business into the complex commercial and SME arenas after agreeing a “long term” partnership with private equity investors Montagu.
James Hallam sells IFA business
James Hallam has sold its independent financial adviser business to focus on future investment and growth in the broking sector.
Open GI parent reunites with PE backer Montagu to complete MBO
Open International bosses have reunited with Montagu Private Equity to perform a management buyout of the Open GI, Open GI London and Power Place parent company.
RAC’s private equity owner mulls September IPO
The RAC’s private equity owner Carlyle Group is considering a stock market float in the mould of rival roadside assistance firm the AA Group.
Berlin unveils Uber ban
Smartphone taxi company Uber has been hit with a ban from the city of Berlin on concerns over insurance for passengers.