News
IPT to blame for increase in building and contents premiums
The cost of buildings-only and contents-only insurance rose 3.5% in the most recent quarter, which can be largely attributed to the Insurance Premium Tax hike, according to the Association of British Insurers.
L&G partners with SSP for digital change programme
Legal & General has partnered with software provider SSP to deliver its new technology platform, including using a cloud-based quote system and an administration platform.
Further defendants added in Gallagher court case
Arthur J Gallagher has expanded its legal proceedings against Alex Skriptchenkov and Portsoken Limited to include five more defendants.
Willis GB commissions and revenues slump in 2015
Willis GB has reported a drop in revenue to $641m (£443m) for the 12 months to 31 December 2015 while, at group level, the broker reported a $24m net loss for Q4 2015.
Brit opens Singapore office on Lloyd’s platform
Brit is to open a Singapore office on 1 March 2016 after receiving approval to begin underwriting from both Lloyd’s and the Monetary Authority of Singapore.
XL Catlin partners with Ventus on SME offering
XL Catlin has partnered with Ventus Risk Management to allow the managing general underwriter to provide commercial property insurance for SMEs.
#PostPeople: 9-15 February 2016
All the latest insurance industry market moves between 9 and 15 February 2016 in full and in one place.
The Post Power List 2016 is revealed
Post is delighted to reveal its 2016 Power List, a carefully (wine) crafted list of movers and shakers both within and without the insurance industry who we at Post Towers – with our experience, knowledge and independent view – believe will either have…
Aon seeks partners for SME affinity growth
Aon Risk Solutions is seeking to expand its SME broker distribution channel through more Aon-appointed representatives for its Aon affinity division.
Axa extends travel insurance deal with Lloyds
Axa Insurance has extended its existing travel insurance agreement with Lloyds Banking Group to include a new deal to provide the same cover to the group's Halifax customers.
RSA’s Bristol office to close with jobs at risk
RSA will close its Bristol office, with up to 15 jobs put at risk of redundancy as the insurer moves to a commercial trading site.
Advertising costs and competition major deterrents to insurers entering aggregator space
Sky-rocketing advertising costs and an already competitive market have been cited as potential deterrents for any insurers considering entering the aggregator space after an Accenture report estimated 83% of UK firms were contemplating such a move.
Brightside dips toe in pet insurance market with Markerstudy
Broker Brightside will trial a pet insurance product, acting as an introducer for Purely Pets Insurance, owned by Markerstudy.
UK authorities right to flag Solvency II concerns prior to 2018 review
Wide-ranging criticism of the nascent Solvency II regime by the UK has received initial support, despite the fact that the regulatory system is little over a month old.
Slovenian insurers could see lower capital ratios under Solvency II
Capital ratios for Slovenian insurance companies could be lower under Solvency II than they were under the Solvency I regime, according to Fitch Ratings.
Tokio Marine Kiln expands Birmingham-based underwriting team
Tokio Marine Kiln has appointed Mark Bradshaw from Zurich and Owen Shelley from Aviva to underwriting roles in the Midlands.
Signal Iduna implements Friss solution for fraud detection
German insurer Signal Iduna has introduced a software solution from Friss to fight fraud in a more structured and effective way within the claims process.
Senior Ace executive Tim Mardon shot in Essex robbery
Tim Mardon, division president of Ace Tempest Re Bermuda, has been shot and wounded at his house by two armed robbers.
Towergate's Nathan takes on Primary Group role
Former Towergate Underwriting CEO Clive Nathan is to join Primary Group leading its investment in specialist underwriting and distribution across the UK and Europe.
Industry CEOs concerned by market entrants, PWC survey finds
New market entrants are seen as a threat to growth for established industry players, according to 65% of insurances CEOs surveyed by PWC.
PIB reels in Fish Insurance from Capita
PIB Insurance Brokers has made its first acquisition since The Carlyle Group’s capital injection, with the group buying specialist Fish Insurance from Capita.
MGA venture by Cunningham Lindsey gets MGAA backing
Cunningham Lindsey will support managing general agents with a new service designed to assist with regulatory requirements and back office functions, a move that has been welcomed by the Managing General Agents’ Association.
IFB joins SRA and insurer talks over 'consistent' approach to claimant firm fraud
High level discussions are taking place between the insurance industry and the Solicitors Regulation Authority towards establishing a consolidated process for submitting evidence of fraud perpetrated by claimant law firms.
Duffy named group CUO as Sompo Canopius reshuffles management
Mike Duffy has been appointed group CUO of Sompo Canopius as part of a wider reshuffle of its executive team.