News
James Hallam acquires Motor Race Consultants
James Hallam has completed the acquisition of Motor Race Consultants Insurance Services.
Discount rate change could cost motor insurers £4.9bn
Motor insurers and reinsurers could face reserve charges of £4.9bn as a result of changes to the Ogden discount rate.
Hailstorm hits Sydney's insurers for A$40m
Over 17,500 claims have been lodged after an intense hailstorm hit Sydney on Saturday 18 February, according to the Insurance Council of Australia.
Solvency II driving demand for reinsurance
January renewals show that Solvency II will increase demand for reinsurance products as European insurers attempt to strengthen their capital position through risk transfers, according to Fitch Ratings.
Axa launches rolling news app for mid-market brokers
Axa has unveiled a rolling news app aimed at helping commercial brokers in the mid-market space better understand their clients.
FCA orders firm to reimburse 330,000 customers sold unnecessary insurance
The Financial Conduct Authority has ordered a direct mail order business with permission to sell general insurance products to pay £12.5m redress to approximately 330,000 customers.
Markel to enter surety market in March
London-based specialist insurer Markel International will enter the surety market in March this year, following the appointment of two senior underwriters.
Brit reports 2016 slight dip in profit
Brit has reported profits falling slight, with a slip in its combined operating ratio from 91.7% in 2015 to 96.4% in 2016.
Hanjin Shipping declared bankrupt
South Korean shipping giant Hanjin Shipping has been declared bankrupt months after creditors lost patience with the debt ridden company.
IAG to open insurtech incubator in Singapore
Australian-headquartered insurer IAG is opening an insurtech hub in Singapore later this year.
Zurich restructures Asia-Pacific commercial business
Swiss global giant Zurich is reorganising its commercial business in Asia-Pacific, headquartered in Hong Kong, following the worldwide decision to integrate its global corporate and commercial divisions.
Allianz's global P&C profit falls 4.2% in 2016; P&C COR improves to 94.3%
German global insurer Allianz finished the year with a strong fourth quarter to meet its profit expectations for 2016 despite weaker investment returns in its P&C business.
Aegis Syndicate 1225 posts £56m profit
Aegis London’s Lloyd’s Syndicate 1225 delivered profits of £56m for the year ending 31 December 2016.
Tokio Marine Kiln syndicate hits 2014 forecasts
Tokio Marine Kiln’s Lloyd’s Syndicates have delivered profits for the 2014 year of account, with 510 and 557 achieving their highest return on capacity in recent years.
Bishopsgate creates international binders division
Bishopsgate has made three appointments and revealed the creation of an international binders division.
Ex-Autofocus employees standing trial drop application as court case continues
Council representing six of the seven ex-Autofocus employees standing trial for contempt of court have withdrew an application to limit the scope of the case against their clients.
Robert Organ leaves amid Bluefin/Marsh management restructure
Robert Organ will leave Bluefin under a revised management team, following the business’s acquisition by Marsh.
Zurich paid out almost £2bn in claims in 2016
Zurich paid out almost £2bn in UK claims payments over the course of last year, the group has revealed.
Building Block signs distribution deal with Icelandic broker Tryggja Ehf
Malta-based protected cell company Building Block has signed a distribution deal with Icelandic broker Tryggja Ehf for a Tenant Default product.
Watchstone issues claim against Aviva Canada
Watchstone Group’s Canadian subsidiary Hubio Solutions has issued a claim in the Ontario Superior Court of Justice against Aviva Canada.
Lancashire Holdings reports unchanged return on equity despite a ‘turbulent’ 2016
Bermuda insurer Lancashire Holdings reported unchanged return on equity despite a ‘turbulent’ 2016 but has predicted difficulties within the market for the foreseeable future.
Half of insurers to acquire digital assets, says Willis Towers Watson
Global advisory firm Willis Towers Watson is expecting almost half (49%) of global insurers to acquire digital technologies in the next three years.
Aviva UK embarks on executive reshuffle
Aviva's UK CEO Andy Briggs has reshuffled his executive team following last month's business restructure.
Football dementia link could open door to claims
Former footballers facing dementia in later life could seek compensation from insurers as a result of evidence linking the disease to heading the ball.