News
Quindell placing to raise £30m
Brand extension company Quindell Portfolio has raised £30m through an oversubscribed placing with institutional investors.
Spanish Supreme Court ruling puts paid to 14-year dam legal battle
The Supreme Court in Spain has ruled that the 1998 rupture of the Aznalcollar tailings dam near Seville, Spain, was not caused by a fault in the design of the dam.
Axa Germany appoints CEO
Axa has named Thomas Buberl as chief executive officer of Axa Germany, subject to approval by regulatory authorities.
Moody’s takes action against insurance groups exposed to Italy and Spain
Moody's has taken action on several European insurance groups and related entities to reflect the increased financial risks stemming from their operating and investment exposure to weakened European sovereigns and banks, and the ratings agency's…
THB buys AFL commercial wholesale account
THB has acquired AFL Insurance Brokers' UK commercial wholesale account.
Zurich and Travelers plead guilty to data protection breaches
Zurich, Travelers and FBD have pleaded guilty to illegally using social welfare information on individuals obtained through a private investigator.
House rebuilding costs show signs of moderating
The annual rise in the UK's index of house rebuilding costs produced by the Building Cost Information Service of RICS is showing signs of moderating.
Quinn Direct name dropped for Liberty Insurance
The new owners of Quinn Insurance have ditched the Quinn Direct brand, according to the Irish Independent.
Cooper Gay UK MGA undergoes an MBO
Cooper Gay & Co has rebranded its MGA platform, Oliva, as Globe Underwriting as part of a decision to refocus on international business.
Zurich sees 19% drop in GI profits after US$1bn cat losses in 2011
Zurich recorded a general insurance business operating profit of US$2.3bn in 2011, a decrease of US$403m or by 15% in US dollar terms and 19% on a local currency basis.
Law firm unsurprised by FSA Cole depature
Pinsent Masons is "not surprised" by Financial Services Authority boss Margaret Cole's departure because Martin Wheatley was appointed to chief executive of consumer protection and markets authority last year.
Aon Limited appoints Pettigrew as non-executive director
Aon Limited, the UK risk management and reinsurance business of Aon Corporation, has appointed Jim Pettigrew as a non-executive director, with immediate effect.
Zurich proposes changes to name and board
Zurich Financial Services Group is to propose a name change to reflect its strategic focus on insurance – Zurich Insurance Group Ltd.
Zurich reports $256m (£163m) UK operating profit
Zurich's UK general insurance business combined ratio improved 2.7% to 97%.
Zurich proposes changes to name and board
Zurich Financial Services Group is to propose a name change to reflect its strategic focus on insurance – Zurich Insurance Group Ltd.
FSA boss Margaret Cole quits
Financial Services Authority managing director and board member Margaret Cole will leave the organisation later this year after seven years to seek "a fresh challenge".
Cooper Gay UK MGA undergoes an MBO
Cooper Gay & Co has rebranded its MGA platform, Oliva, as Globe Underwriting as part of a decision to refocus on international business.
Methodology: Post Intelligence Benchmarking Finpro
One hundred and fifty-seven commercial brokers completed an online questionnaire addressing the service they got from their financial and professional lines insurers.
Zurich sees 19% drop in GI profits after US$1bn cat losses in 2011
Zurich recorded a general insurance business operating profit of US$2.3bn in 2011, a decrease of US$403m or by 15% in US dollar terms and 19% on a local currency basis.
Axa UK returns to profit with 98.9% GI COR but still at a loss in motor
Axa returned to profit in 2011 reporting underlying earnings of £133m (2010: loss of £63m; restated to exclude the contribution from sold activities).
Career file - Scott Egan: Towergate swoops in for Brit CFO as Patrick exits
Scott Egan will leave his role at Brit Insurance Holdings to join Towergate as group finance director, subject to FSA approval. Egan has been group chief financial officer at Brit since 2011.
Motor claims: Insurers must 'get their own house in order' over motor claims
Amid the public furore regarding escalating premiums and calls for greater consumer education on the rising cost of motor claims, some have suggested that the emphasis must be shifted back on to behaviour within the industry.
Video is next step for telematics
Technological advances in the world of telematics are expected to continue apace, following the claim that miniature in-car cameras could soon be installed to identify the number of potential claimants.
Rate rises could see upturn in market performance
The industry could see an upturn in the motor market this year, if rates continue to rise faster than claims inflation, but it ultimately hinges on whether insurers release or strengthen reserves.