News
Broker Assistance forced into administration
The Credit Hire division of Broker Assistance has been forced into administration by government owned Lloyds TSB.
Hastings posts 150% EBITDA surge
Hastings Insurance Group has increased its combined EBITDA from £11m to £27m for the 2010/2011 financial year.
Hodges makes first mark on Towergate with Barr and Rea moves
Towergate’s new group chief executive Mark Hodges has made his first mark on the business he took over at the start of September.
AIR estimates Hurricane Jova losses
Catastrophe modelling firm AIR Worldwide says category 2 Hurricane Jova will have caused less than $52m of damage as it hit a sparsely populated stretch of Mexico’s Pacific coast.
FSA approves Haverford’s Omega bid
Haverford (Bermuda) has secured approval from the UK Financial Services Authority for its proposed acquisition of up to 25% of troubled Lloyd’s insurer Omega.
AJAG exposes extent of insurance industry credit hire “rip off”
Research published today by the Access to Justice Action Group has revealed the extent to which the insurance industry itself inflates claims for the credit hire of replacement vehicles after road accidents.
Biba announces 2012 theme
The British Insurance Brokers’ Association has announced that ‘Shaping our Futures’ will be the theme for its 2012 conference and exhibition to be held at Manchester Central on 16 and 17 May 2012.
Ace Bermuda launches D&O policy in the Netherlands
Ace Bermuda International has launched an executive liability policy for corporate officers and directors assurances in the Netherlands.
88% of cases are under-insured
Around 88% of cases are under-insured, Barrett Corp Harrington’s Roger Corp told delegates at the Agrical conference.
London market claims performance improvements not being seen across the board
The London insurance market’s claims service has improved year-on-year since 2009 but inconsistency means that some in the market still offer poor claims service.
Ageas investigation lands 10 crash for cash fraudsters
A gang of 10 fraudsters involved in a crash for cash conspiracy to cheat insurance companies out of almost £500 000 have been sentenced following an investigation led by Ageas.
BGL Group appoints Hewitt as non-exec director
BGL Group has expanded its board with the appointment of Debbie Hewitt, former CEO of RAC, as a non-executive director.
Openwork appoints former Zurich CFO
Openwork has today confirmed the appointment of chief financial officer Simon Clifford, who joins the firm from Zurich Financial Services International Life where he held the same position.
Weak technical results threaten profitability in French, German and UK motor
Motor insurers in Germany, the UK, and France face an uphill struggle for profitability and are unlikely to break even on their underwriting results for several years, according to a report by Standard and Poor’s.
Clear gears up for GWP push with Taylor appointment
Clear Insurance Management has today announced the appointment of executive director Simon Taylor as part of the firm’s long-term strategy to hit £50m gross written premium by 2014.
PwC names chair of actuarial services network
Richard Batty is to chair PwC’s actuarial services network.
PwC names chair of actuarial services network
Richard Batty is to chair PwC’s actuarial services network. In his new role, Batty will work with Bryan Joseph, PwC’s global actuarial leader, to develop the company's global actuarial consulting practice.
MGAA recognition leads to FSA fees instalment deal
Full members of the Managing General Agents’ Association can now pay their FSA fees by instalments at a discounted rate.
XL estimates cat losses of up to $120m
Insurer XL has estimated its catastrophe losses for Q3 at between $90m (£57.2m) and $120m.
Career development: Dewpoint training academy wins City & Guilds accreditation
Dewpoint, the training brand of construction company Gelder Group, has gained City & Guilds accreditation for its million-pound training academy.
Editor's comment: No news is bad news
Is it just me or are others growing tired of ‘news’ on the seemingly omnipresent – and supposedly incoming – Solvency II regime that adds nothing to the uncertainty over implementation deadlines?
Ecclesiastical shakes up property owners market with Crown Estate win
Property owners’ insurance brokers are benefiting from heightened competition between business-hungry insurers, with the entry of Ecclesiastical in May and the former Axa team starting to write business for Mistui Sumitomo at Lloyd’s this week.
BGL gears up European expansion plans
Compare The Market owner BGL has turned down acquisition opportunities in Europe, but continues to look to grow its presence on the Continent, with discussions in Italy and Spain ongoing.
FSCS funding review ro recommence as brokers push for separation
Brokers could secure separation from insurers and bankers as early as April 2013, with the British Insurance Brokers’ Association focusing its efforts on the reopened Financial Services Compensation Scheme funding review.