News
Towergate tipped for future sale despite debt-for-equity deal
There is “no question” Towergate will be up for sale once again in the coming years, according to market insiders, who believe the swift appointment of a CEO is paramount following this week’s debt-for-equity deal.
Video: Chairman of UK Spill Stewart Ower
OHES Environmental founder and chairman of UK Spill Stewart Ower speaks with Post about raising the profile of UK Spill, the benefits of good spill response, and life as part of Arthur J Gallagher.
Low cat losses sees XL record best COR in over 15 years
XL Group has chalked up its best property and casualty combined operating ratio in more than 15 years after benefiting from one of the lowest catastrophe years in recent times.
Insurance industry failing to engage on social media as UK lags behind US
UK companies are being outperformed by their US counterparts in their use of social media for corporate communications, according to an Investis review, which ranked the insurance industry as one of the lowest performing sectors.
India's Insurance Bill could open door for Lloyd's
Lloyd's is keen for India's long awaited Insurance Bill to be ratified by Parliament.
Pacific Prime hails Axa Singapore medical product
Axa's product for pre-existing conditions is a "major shift" in the market, according to the broker's Pacific Prime manager Singapore, Olivier Zeller.
Huge loss for Chinese tyre manufacturer in Thailand
According to Verapong Chaiperm, the Industrial Authority of Thailand governor, a fire on Sunday in Sriricha, Chonburi has caused $40m (£26.6m) in losses.
RSA moves Slingsby to new role
RSA has appointed Steve Slingsby as operations and change director for global specialty lines UK.
Swinton updates TV advertising campaign
Swinton Insurance is to launch a new advertising campaign as part of a three-year £75m business transformation programme.
BLM re-elects Brown as senior partner
Insurance law firm BLM has re-elected Mike Brown as its senior partner for a further three years.
Other offers undervalued Towergate, claims interim boss
Rival bids for Towergate were lodged but all undervalued the business, the company's interim CEO Alastair Lyons has said.
ABI index shows average motor premium is down by 4% in 2014
The average price paid by motorists for private comprehensive motor insurance during 2014 fell by 4% compared to 2013, according to figures published by the Association of British Insurers today.
ERS recruits Innovation Group to manage repair and engineering network
Motor Insurer ERS has inked a three year deal with Innovation Group that will see the claims specialist manage its repair and engineering network for cars, light and heavy commercial vehicles.
Ifed welcomes DCI Angie Rogers to anti-fraud hotseat
The Insurance Fraud Enforcement Department has confirmed the appointment of Detective Chief Inspector Angie Rogers as DCI Dave Wood’s successor as head of the City of London Police unit.
LV focusing on profitability
LV group CEO Mike Rogers has insisted the firm is focusing on “profitability rather than top line income” after the business recorded a reduction in annual general insurance gross written premium to £1.39bn last year from £1.45bn in 2013.
Towergate Financial facing £85m mis-selling bill
Towergate expects to pay up to £85m in redress costs for the mis-selling of two financial products to the end of 2012.
New IRM chair outlines priorities
Raising awareness of the Institute of Risk Management’s professional standards for members and championing its new certification scheme are among the priorities of the institute’s new chief executive.
Age UK offers 'goodwill gesture' to reverend after discrimination dispute
Age UK has denied accusations it discriminated against a Christian minister by threatening to void her motor insurance policy after she put religious slogans on her car.
Towergate's EBITDA down 24% in 2014
Earnings before interest, tax, depreciation and amortisation at Towergate fell 24% last year to £110m from £145m in 2013.
Towergate agrees restructuring as senior creditors take control
Towergate has agreed a new capital structure which will see existing shareholders wiped out.
Anbang Insurance's New York Waldorf acquisition approved
Chinese insurer Anbang Insurance's $1.95bn (£1.3bn) proposed deal to buy the iconic New York hotel the Waldorf Astoria has been approved.
Australia's National Construction Code available for free
The Insurance Council of Australia has welcomed the availability for free of the National Construction Code.
Das UK remains on negative watch as it conducts internal investigation
Standard and Poor’s has confirmed that Das Legal Expenses, the UK arm of the Munich-Re owned legal protection insurer, remains on credit watch with negative implications, as it completes its internal investigation.
P&I club Thomas Miller unveils ABS
Thomas Miller has expanded its claims and consultancy services through the launch of an alternative business structure Thomas Miller Law.