News
CBG reacts to drop in profits with rebrand
CBG is to undergo a “total rebrand” and change of chairman after posting a reduced profit for 2009. The Manchester-based broking group saw adjusted pre-tax profits halve to £1.02m (2008: £2.46m) while revenue fell to £8.96m in 2009 (2008: £11.15m).
Co-op GI boss hails the "renaissance" of the group
The Co-operative Financial Services' increase in general insurance premiums of £29.9m in 2009, is part of the "renaissance of the overall group", according to David Neave.
L&G puts "too cheap" tag to bed with 6% rises
Legal & General's general insurance managing director had hailed its actions in the broker channel as the key behind its return to black in 2009.
Editor's comment: The managerial merry-go-round spins again
Last week's announcement from Giles of another senior departure would appear to the casual observer to be the latest in what seems a regular rolling cast change at the private equity-backed broker.
Validus to cross-check claims
Insurance service business Validus has launched a system it claims can save insurers millions by tackling the fraudulent practice of overlapping hires in the credit hire industry.
BGL targets new insurer partners
Junction is to target home and motor insurers keen on going direct by providing them with additional distribution capabilities, according to managing director Peter Thompson.
New evidence emerges in Autofocus case
A crucial case in the legal wrangle between Accident Exchange and Autofocus could be expedited at the Court of Appeal due to newly discovered evidence.
Oval appoints Rothschild to consider future options
Oval has made Gloucester-based broker JL Fisher & Co its first acquisition of 2010, adding it would also consider a "transformational deal" to take it past its £200m target.
Ecclesiastical chief expects difficult 2010
Ecclesiastical group chief executive Michael Tripp has admitted 2010 could be tougher after posting improved profit for 2009.
IFB and MIB to strike deal
The Insurance Fraud Bureau is set to strike a support services deal with the Motor Insurance Bureau, allowing it to expand into new services and product lines.
Laser technology could reduce premiums
The introduction of new anti-pirate laser technology aimed at commercial shipping firms could lead to marine insurers reducing premiums.
Birmingham tops list for motor fraud
Birmingham has topped a list of the areas with the highest level of motor insurance fraud across England.
Medicals Direct targets £40m turnover by 2013
Medicals Direct Group has signalled its intent to become a major UK absence management and rehabilitation player after a trio of acquisitions last week boosted its turnover to more than £25m.
MMA to open three new branches as others downsize
MMA has outlined "phase two" of its commercial roll out with the establishment of three new regional trading centres.
CGS quartet moot start-up after departure from Merlin
The founders of commercial loss adjuster Carr Greenwood Smith have not ruled out re-establishing their own business after announcing plans to leave their current roles at Merlin at the end of the month.
Brit
Brit Insurance has established an Australian office in Sydney's financial district, to be headed by Mike Davidson, who takes up the position of managing director.