News
Brightside’s H1 pre-tax profit up 80%
Broking group Brightside has reported half-year revenue up 50% to £39.8m (2010: £26.6m) and pre-tax profit up 80% to £7.2m (2010: £4.0m) on the back of its buyout of eCar and eBike.
Jardine Matheson increases JLT stake
Broker Jardine Lloyd Thompson has said its London-listed, Bermuda registered, Chinese founded backer Jardine Matheson is to take an extra 10% of the company for £166.27m.
RBSI partners with Coutts
Royal Bank of Scotland Insurance has landed its first affinity partnership with private bank and wealth manager, Coutts, following the launch of Select from Direct Line this year.
Website review: Castle Cover
Web performance specialist Gomez looks at Castle Cover’s website.
Colosso and Barr leave Gallagher Heath as Hodges starts new role early
A week of departures and early arrivals within the broking community has resulted in former Heath Lambert bosses Adrian Colosso and Graham Barr leaving Gallagher Heath, while ex-Aviva UK CEO Mark Hodges has started work at Towergate earlier than expected.
Loss adjuster hit with year-long jail term for £18 500 Zurich theft
A loss adjuster has been sentenced to a year in prison for theft and deception, owing insurer Zurich up to £18 500.
MoJ to split referral ban enforcement role between industry regulators
The Ministry of Justice has confirmed the government’s proposed ban on referral fees is likely not to be centrally administered, but instead enforced by a collection of disparate regulatory authorities.
Editor's comment: The devil is in the detail
Just when consensus was building across the insurance industry that banning referral fees alone will not cure the UK civil litigation system of all its perceived ills, reduce car insurance premiums, or single-handedly wipe out personal injury claims…
Mooted HSBC GI sale a sign of the times
HSBC’s mooted plan to sell its general insurance arm is part of a growing trend of banks “retrenching”, according to an analyst.
Penny speed meets... Andy Miller, CEO of Brokerbility Information Gateway.
Being an insatiable socialite, Penny Black is always eager to probe the personalities behind the professional veneer of her industry friends. What better way to squeeze in and share as many intimate revelations as possible than her very own ‘speed…
Concerns sparked over quality of insurer supply chains
Leading insurers have raised “serious concerns” over the industry’s ability to handle water perils claims, with restoration companies shouldering a large proportion of the blame.
Insurers vow to pay squatting claims if informed of extended absence
Insurers have vowed to pay claims to policyholders whose properties are invaded by squatters — as long as they inform them if their home will be empty for long periods of time.
MGA data requests rise as Solvency II bites
Managing general agents will have to provide insurers with more detailed data to drive down the costs of implementing Solvency II, according to an underwriting and claims director at Towergate.
Career file - Peter Matson
Argo sets sights on expansion with Matson hire.
Career file - Greg Lawson
New head of retail at Collinson Insurance Group.
Firms warned over ‘hiatus’ in approval of alternative business structures
Insurance firms seeking to become alternative business structures should beware an over-regulated business environment by an “under-resourced” Solicitors’ Regulation Authority.
Time is running out to influence VAT exemption debate
A European tax expert has issued a stark warning to insurers stating that they have just 12 months to influence the debate surrounding the EU Commission’s tax review, which could spell the end to a long-held VAT exemption.
Explosion in whiplash claims highlights the need to tackle cause not symptoms
Last week’s Claims Club meeting saw a heated debate on referral fees, a call for members to lobby against the EU tax review and heavy criticism of the SRA
Zurich appoints new CFO
Global insurer Zurich has appointed Pierre Wauthier as Chief Financial Officer and member of the group executive committee, effective 1 October 2011.
MYI and Airclaims merge
McLarens Young International has merged with provider of claims, risk and asset management services to the aviation community, Airclaims.
Tiger Risks becomes first US broker since 2003 to open in London
Tiger Risk Partners has announced the opening of a UK subsidiary headquartered in London.
Mid-range UK technology companies feel exposed to cyber crime
More than a quarter (26%) of Britain’s mid-size technology companies feel they are highly exposed to the risk presented by cyber crime, according to new research commissioned by Zurich.
Medical experts challenge Straw’s “unfair generalisation”
Dr Simon Margolis, CEO of Premex Group, said that Jack Straw has presented an "unfair generalisation" of independent medical experts, who represent both claimant and defendant sides in personal injury disputes.
MoJ to split referral ban enforcement role - Insurance News Now
Post senior reporter Amy Ellis outlines this week's major general insurance stories including confirmation from the Ministry of Justice that the government’s proposed ban on referral fees is unlikely to be centrally administered, and instead enforced by…