News
ABI defers decision on Flood Re participation for independent Scotland
The Association of British Insurers has refused to rule out the possibility of an independent Scotland being excluded from the insurance industry backed Flood Re scheme.
Ageas Law awarded Lexcel accreditation
Ageas Law, the alternative business structure established by Ageas in April 2013, has been awarded Lexcel status by the Law Society.
Allianz promotes Lewis to Maidstone branch boss
Allianz Commercial has handed the reins of its Maidstone office to strategic account manager Jamie Lewis.
Ryanair to remove ‘hidden’ opt out from travel insurance menu
No-frills airliner Ryanair will replace the ‘confusing’ travel insurance menu of its website by the end of the year, following pressure from consumer champion Which?
BLM appoints new PI partner
BLM has added, commercial lawyer Jagdeep Singh Hayre, formerly of Birmingham City Council, to its public sector team.
Great Lakes Australia helps Steadfast buy Calliden
Australia's largest broker network Steadfast is buying Australian managing general agent the Calliden Group for A$105m (£59.1m).
Fosun's insurance assets make modest profits in first half
Chinese conglomerate Fosun's insurance revenues climbed 8,294% over the last year in the first six months of 2014.
Allied World to double Asia book
Allied World's premiums in Asia will more than double when the RSA's Hong Kong and Singapore books are integrated.
R&Q faces large legal expenses from syndicate 102 dispute
The ongoing cost of a "significant" legal dispute on old syndicate 102 and several accounting technicalities were to blame for Randall & Quilter positing a loss in the first half of 2014, according to chairman and chief executive Ken Randall.
Flood Re exclusion a possibility for independent Scotland
An independent Scotland could be faced with the prospect of identifying an alternative to the Flood Re scheme established between the UK government and the Association of British Insurers, according to research carried out by Standard & Poor’s.
Lord Chancellor seeking expert panel for discount rate review
The Lord Chancellor is sourcing a panel of three experts to provide testimony on potential changes to the discount rate on personal injury damages.
Brightside co-founder Chase-Gardener handed commercial director role
Brightside founder Paul Chase-Gardener has been given a new role as the broker’s commercial director, with former Barbon chief executive Ian Sutherland also joining the business.
AGCS Re Brazil opens for business in Peru
Allianz Global Corporate & Specialty Resseguros Brazil is expanding its South American business by providing reinsurance solutions in Peru.
Price Forbes recruits four Gallagher financial lines leaders
Lloyd’s broker Price Forbes has recruited four new staff from A J Gallagher, including Adrian Fox, the head of the financial lines international broking and wholesale division.
Austbrokers swoops for 50% share in risk management consultancy
Sydney-based broking business Austbrokers Holdings has sealed its third acquisition in as many weeks with the purchase of equity in specialist risk management consultancy Risk Strategies.
DLG likely to win promotion to FTSE 100
Direct Line Group could win promotion to the FTSE 100 in the next quarterly reshuffle with drink can maker Rexam and construction firm Barratt Developments at risk of dropping out of the London Stock Exchange’s top tier.
R&Q posts pre-tax loss of £600 000 for H1
Insurance investor and underwriting manager Randall & Quilter posted a pre-tax loss of £600 000 for the first six months of 2014 (H1 2013: £3m profit) following an increase in legal expense reserves.
China Re and RMS unveil typhoon model
China Re and RMS have produced a model for China typhoon risk including coastal flooding in China and Hong Kong.
Nuclear power shutdown in South Korea after heavy rain
For the first time ever, a nuclear power plant was forced to close in South Korea, after heavy rain.
Allianz hampered by strong euro in Asia-Pacific
Allianz profits and revenues were flat in the first half in Asia-Pacific as the strong euro impacted the German insurer.
Indonesia considering foreign investment allowance reduction
Foreign allowance of 80% ownership under threat in Indonesia.
San Francisco rocked by magnitude 6.0 earthquake
Strongest earthquake in 25 years causes damage to buildings and three very serious injuries.
57% of motorists unaware of overseas vehicle protection
A month long survey of 402 Auto Windscreens customers has found that more than half do not know if their vehicle would be covered for travel abroad.
Iprism scythes away debts despite drooping profits
Iprism Underwriting Agency has revealed a sharply improved debt position in accounts filed with Companies House, in spite of falling post-tax profits.