News
FCA proposes £34.5m fine for Homeserve
Homeserve UK is facing a £34.5m fine after receiving a draft warning notice from the Financial Conduct Authority.
London market must meet challenges to retain top position says IUA
Four key issues must be tackled for London to maintain its position as a pre-eminent centre for international insurance risks, the International Underwriting Association has warned.
Independent midwives PI deadline extended to February
The deadline for independent midwives to have mandatory professional indemnity cover in place has been extended to the end of February.
Lloyd's syndicate backs Bitcoin storage unit
A Lloyd’s syndicate has become the first to provide coverage for digital currency Bitcoin, Post understands.
R&Q completes Chevanstell transfer
The business of Chevanstell, which traded in the UK as Tryg-Baltica International UK before going into run-off, has become part of R&Q Insurance (Malta) following a part VII transfer.
Ace acquires majority stake of bank's insurance arm in Thailand
Ace has taken a 60.9% stake in the general-insurance division of Siam Commercial Bank for $185m (4.5bn baht).
Zurich eyes bancassurance in Malaysia
Zurich has signed a memorandum of understanding with the Bank of China to explore bancassurance opportunities in Malaysia.
China's Fosun buys Portuguese insurer
Fosun International of China has acquired an 80% stake in Caixa Seguros e Saúde, the insurance arm of Portugese state bank Caixa Geral de Depositos SA for €1bn ($1.36bn), beating out Apollo Management International.
Escott welcomes chance for CPP to 'move on'
CPP chief executive officer Brent Escott has welcomed the outcome of a consumer vote on compensation saying it will mean the firm can “move on as a company”.
Liability onus placed on captive operators by Court of Appeal ruling
Captive operators have been warned the Court of Appeal’s decision to uphold the ruling of the Commercial Court in Astra Zeneca Insurance Company v XL Insurance (Bermuda) and Ace Bermuda will place increased onus on liability policies.
Covéa insourcing Cunningham Lindsey property and liability claims
Covéa is taking management of all property and liability claims in-house, moving work away from adjusting giant Cunningham Lindsey, Post can reveal
IFR live with 'significant proportion' of insurers signed up
The Insurance Fraud Register is now live with the first group of insurers having loaded records onto the database.
Thomas Carroll opens new Swansea office
Welsh broker Thomas Carroll has acquired a new headquarters building in Swansea.
Gallagher tipped to enhance global stature with Oval acquisition
A take-over of broker Oval would see Arthur J Gallagher cement its position within the top echelons of the broking world, according to Bluefin executive chairman Stuart Reid.
Sterling appoints Jackson as regional manager for South West
Sterling Insurance has appointed Oliver Jackson as development manager for the South West Region, reporting to James Guthrie.
Arag appoints Hurley to lead amalgamated ATE unit
Legal expenses insurer Arag has launched a combined claims, underwriting and sales support case management unit for after the event business.
Progress made in delay over new-build flood feature maintenance
A long-running deadlock on rules designed to protect new housing developments against flooding could be broken amid reports that a deal has been reached over who pays to maintain anti-flood features.
Marketform recruits Novae’s Bellanca to PI team
Specialist Lloyd's insurer Marketform has recruited Novae’s professional indemnity specialist Antonio Bellanca.
CPP customers back £1.3bn compensation scheme
Credit card insurer CPP will refund seven million customers who were mis-sold insurance for their bank and credit cards to tune of £1.3bn after 98% of those affected backed the compensation proposal.
KPMG promotes Daly to global insurance tax lead
KPMG International has appointed Brian Daly as global insurance tax lead.
Willis acquires specialist broker Charles Monat
Willis has acquired Charles Monat, a life insurance broker to high net worth clients, to bolster its Global Wealth Solutions operation.
Zurich appoints global chief marketing officer
Zurich has promoted Monika Schulze to the position of chief marketing officer across the group.
Brimecome to chair united Tokio Marine Kiln
Tokio Marine and Kiln have this week been shown the green light to complete the creation of a combined entity with Ian Brimecome serving as chairman, Post can reveal.
RSA shares inch down after PWC blames execs for Ireland woes
Shares in RSA have dropped marginally 2.73% in the first full day of trading after a PWC report concluded that a small group of executives were to blame for claims and reserving errors in its Irish unit.