News
Late payment on the increase in all industry sectors
Companies now take 60.8 days to pay their bills – the longest time since the introduction of The Late Payment of Commercial Debts (Interest) Act six years ago. According to Experian, in November 1998, it took companies an average of 57.5 days to pay…
PlusOne wins GI contract with Dial4aloan
Loan broker Dial4aloan has this week selected PlusOne as its principal provider of general insurance products.
Aascent moves closer to brokers at BIBA House
Aascent, the commercial lines premium finance specialist, is moving its London City head office to BIBA House, Bevis Marks, on May 3 to accommodate its growing business and provide free drop-in facilities for brokers.
ABI urges TUC action over EL claims
The Association of British Insurers today urged the TUC not to ‘sit on the sidelines’ in the reform of workplace compensation. The insurance industry trade body also expressed disappointment at the TUC’s recent decision to pull out of the Government’s…
Lloyd's insurer in takeover talks
Heritage Underwriting Agency today anounced it has received approaches from parties who have expressed interest in potentially acquiring the company.
Absolute claims motor fraud boost
Claims fraud specialist Absolute Customer Management has revealed that every car insurance claim that is referred to it will now be run through the Car Data Check database from Experian.
Spitzer and contingent commissions affect Willis profits
Willis Group Holdings has reported net income for the first quarter of 2005 of $72m (£38.1m), compared with $148m a year ago.
Liquidators in at Whiteley Insurance Consultants
The High Court in London has appointed provisional liquidators Dan Schwarzmann and Nicholas Reed of Pricewaterhouse Coopers LLP to Whiteley Insurance Consultants (Whiteley), a firm of travel insurance intermediaries which also trades as Kingfisher Travel…
Cox sees reduced underlying profit
Cox Insurance today announced a pre-tax operating profit of £6.6m for the 12 months to 31 December 2004. It added that after accounting for the expected, and previously advised, reduction of £6.8m in contribution from the Crowe run-off contract, it saw a…
Utley to take Cox private after £297.9m deal agreed
The buyout of Cox lead by former managing director Neil Utley has been accepted by the insurer's board and he has confirmed plans to take the company private. The offer of 92p in cash for each Cox share values the existing issued share capital of Cox at…
Aon captives hires new director
Aon has announced the appointment of Alex Hindson as associate director within the Enterprise Risk Management (ERM) unit of IRMG, part of Aon Captive Services Group.
Rhodes to head up NIG arm
Julian Rhodes has joined NIG’s commercial business as regional manager of its London City office.
JLT issues warning over falling rates
In a statement today broker Jardine Lloyd Thompson said the continued fall in rates and the dollar were giving it continued grounds for caution.
Market given two weeks' notice for reform challenge
A blueprint to help London market firms meet the Financial Services Authority’s (FSA) deadline for delivering contract certainty by the end of 2006 was issued by the reform leaders of the London insurance market today.
Munich Re optimistic about year ahead
Munich Re has announced that it has an optimistic outlook for the business year 2005.
Moody’s downgrades GE Insurance Solutions
Moody's Investors Service has downgraded the senior debt ratings of GE Insurance Solutions Corporation to Baa1 from A1. In the same action, Moody's downgraded the insurance financial strength rating of Employers Reinsurance Corporation to A1 from Aa2. GE…
Kwik Fit put up for sale
The owner Kwik-Fit is to sell the business after deciding not to float it on the stock market, according to reports.
Aviva receives 56.8% issued share capital of RAC
Aviva has announced that it has received valid acceptances to a total of 67,495,276 RAC ordinary shares representing approximately 56.8% of the issued ordinary share capital of RAC.
Winners and Losers: Post Magazine's monthly round-up of job cuts and gains
WINNERS Home emergency and warranty services provider Homeserve claims it will keep the 210 employe...
CII forum will emphasise FSA training needs
Meeting the Financial Services Authority training and competence requirements, without bankrupting t...
Garwyn looks to second jobbers
Garwyn Liability Adjusters plans to launch a trainee liability adjuster programme in September. The...
Firms unite for London market training push
Navigant Consulting has teamed up with Absolutely Training to launch a new internet-based training s...
Biba request PI meeting
The British Insurance Brokers' Association has invited professional indemnity insurers to a meeting ...
Allianz spared payout
Insurers have received a welcome boost against compensation claims from holidaymakers blaming resort...