News
Insurance jobs go at Lloyds Banking Group amid 550 redundancies
Lloyds Banking Group is cutting 550 jobs from its risk, insurance, commercial banking, retail and wealth, asset finance and international divisions.
BGL criticises Biba over ‘prehistoric’ views
The BGL Group has slammed views expressed by Eric Galbraith, chief executive of the British Insurance Brokers’ Associations, on the transactional nature of insurance, describing these views as ‘prehistoric’.
Pakistan ponders terrorism insurance pool
Pakistan Re is in talks with the Securities Exchange Commission of Pakistan over providing terrorism reinsurance cover.
Motor fuels growth in Singapore
In 2012, profits from motor increased by 135% while overall gross written premiums grew over 5%.
Aviva denies corporate restructure will lead to separation of its UK GI business
Aviva has dismissed suggestions that separating its UK general insurance business from its international operations clears the way for the business to be spun off in the future.
Reames reunites with ex-Swiftcover colleagues at consultancy start-up
Axa’s former chief claims officer and Swiftcover executive Robin Reames has ruled out building a “Swiftcover mark II” after reuniting with three former colleagues at their new Kent-based consultancy firm Trinity M.
Industry expresses surprise as FSA probes use of private investigators
The Financial Services Authority has launched an investigation into insurance firms’ use of private investigators after becoming suspicious they are being deployed as a “tactical tool” to slash valid claims payments.
Career file: Dave Bonehill - Bonehill named CII claims chairman
Ecclesiastical claims and risk services director David Bonehill has been named chairman of the Chartered Insurance Institute's claims faculty board.
Lloyd’s players call for clarity over vision for the market
Lloyd’s is facing scepticism from market members over the progress of two of its highest-profile campaigns – infrastructure plan Central Services Refresh, previously known as Project Darwin, and Vision 2025.
Market Moves: Brokers bring in more new recruits with JLT, Marsh and Willis welcoming fresh faces
Brokers Marsh, Willis and JLT dominated the broking space this week with a raft of new appointments. Marsh created a new corporate division, JLT added three new staff to its financial institutions team and Willis recruited chief executives for its…
Ex-Broker Network boss Gladwell joins Paymentshield
Paymentshield has appointed Lee Gladwell as interim proposition director, with the move coming as the insurance provider prepares for a number of strategic developments in 2013.
Jobs at risk as KPMG feels bite of Solvency II delays
Up to 40 actuarial jobs are at risk at KPMG as the accountancy giant feels the pain of uncertainty around the timeline for Solvency II coming into force.
Mass warns against red tape resulting from medical panels
The Motor Accident Solicitors Society has backed in principle proposals put forward by the Association of British Insurers calling for accredited medical experts to assess whiplash injuries.
Zurich claims boss champions further RTA fixed cost reductions
Zurich’s casualty claims director believes reduced fixed recoverable costs for the Road Traffic Accident scheme could potentially be halved if a further consultation was to be given the go ahead.
ING unveils governance changes for insurance business
ING today unveiled changes in the governance of its insurance/investment management Europe business as it continues to push forward with its preparations for a standalone future.
Ten Insurance starts search for new chairman
Independent commercial broker network Ten Insurance is soon to start discussions to replace recently retired David Pearce, who has left his role as non-executive chairman.
Apil: Insurers will ‘call the shots’ under whiplash proposals
Insurance companies are set to “do the best for themselves” by paying less than the fair level of personal injury compensation in the small claims court, according to the Association of Personal Injury Lawyers.
SII interim measures could bring costs without benefits, warns Insurance Europe
Insurance Europe has raised concerns about the impact of interim measures in the wake of Solvency II delays, in a letter to the head of the European Insurance and Occupational Pensions Authority.
Hurst-Bannister expands Xchanging role
Former London Market Group and Travelers chairman Barnabas Hurst-Bannister has been given an expanded role at technology provider Xchanging.
Lockton expands Manchester wholesale team
Lockton has boosted its Manchester-based Lloyd's London market wholesale unit with the appointment of Greg Sands an experienced as business development executive.
Westinsure boss Erwin mulling over appeal on 20% tax ruling
Westinure is considering an appeal against a ruling upheld by the First-tier Tribunal stating that broker networks that provide better deals via larger insurers must charge members full UK VAT at 20%.
PZU sees net profit rise 40%
PZU posted a 40% rise in net profit to 3.26bn zlotys for 2012, slightly below the 3.46bn forecast by analysts, Reuters reported this morning.
ABI demands accredited whiplash examinations
Whiplash injuries would be assessed by an accredited medical expert under new proposals published by the Association of British Insurers.
Prudential gained 1m more Asian customers in 2012
On the release of its 2012 results, insurer Prudential revealed that it had added over 1m customers across Asia in 2012.