News
Vital that valid BI claims are settled quickly after test case, ABI chair Jon Dye tells insurers
The dispute over business interruption cover has undoubtedly been difficult and most people will have only seen one set of headlines about the insurance industry during the pandemic, Allianz UK CEO and Association of British Insurers chair Jon Dye told…
Half of Lloyd’s market workers still do not feel comfortable speaking up
Lloyd’s latest culture survey has found that 50% of employees still do not feel comfortable raising concerns about behaviour in the insurance market, though overall the results demonstrated a level of progress.
UK government plans to swerve EU Vnuk law
The British government is planning to avoid the European Union’s controversial Vnuk law, which requires compulsory insurance for vehicles including golf buggies and mobility scooters even on private land.
LMG starts hunt for CEO as Lebecq moves to SRG
London Market Group CEO Clare Lebecq will be stepping down at the end of April to become group chief operating officer at Miles Smith-owner Specialist Risk Group.
Allianz BI claims came from broker wordings says CEO Jon Dye as insurer reveals 2020 results
Allianz was hit by £175m of UK Covid-19 business interruption claims in 2020, net of reinsurance, the insurer has said, as LV confirmed 300 redundancies from its Legal & General integration.
For the Record: Ardonagh’s Australian M&A push; Axa in Co-op Bank tie-up; Rock diversifies with new MGA and SSP takeover gets FCA greenlight
Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Record £10.5bn of M&A in 2020 and smaller deals on the up, says Imas
There was a record £10.5bn of UK insurance distribution mergers and acquisitions in 2020, according to research by Imas, Post can reveal.
GRP strikes biggest deal since Searchlight investment with Marsh Networks buy
Global Risk Partners has agreed to buy Marsh’s UK networks for an undisclosed sum in a deal expected to close next quarter.
Concerns flagged that directors' liabilities under audit reform may be uninsurable
Forthcoming audit reforms that will make directors, rather than boards, personally responsible for the accuracy of company financial statements might not be insurable, the Forum of Insurance Lawyers has warned.
Hiscox Action Group warns insurers may seek to ‘read down’ BI ruling
Insurers have responded to draft declarations regarding the Supreme Court’s January business interruption ruling, with the Hiscox Action Group flagging concerns that they may seek to “read down” the judgment.
Kingfisher refutes 'bad faith' dismissals accusation in High Court case
Kingfisher has responded to claims by the sellers of Fresh Insurance that it exited key directors in “bad faith” in a further filing at the High Court.
Ex-FCA boss Chris Woolard joins EY
Former interim CEO of the Financial Conduct Authority Chris Woolard will join EY this April to lead its Europe, Middle East, India and Africa financial services regulatory capabilities and chair the EY global financial services regulatory network, the…
Ratings agencies see ‘meaningful debate’ between insurers and reinsurers over Covid-19 recoveries
Experts have reiterated that insurer ratings are unlikely to be hit by the outcome of the Supreme Court’s Covid-19 business interruption claims ruling but noted that there will “meaningful debate” over how much insurers can claim from their reinsurers.
For the Record: Jensten moves closer to £500m target; Laka unveils European HQ; start-up Mosaic opens for business and SRG acquires again
Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Be Wiser consults with 280 staff over restructure
Broker Be Wiser is consulting with its 280 staff on a business reorganisation programme, with some job losses expected.
Eldon and Leave EU appeals in ICO case dismissed by Upper Tribunal
Three judges in the Upper Tribunal Administrative Appeals Chamber have dismissed all five appeals made by Leave EU and Arron Banks’ Eldon Insurance Services (now known as Somerset Bridge) in a case with the Information Commissioner’s Office.
Engineers carrying out cladding assessments will be able to avail of state-backed PI cover
The government has committed to a state-backed indemnity scheme for fire safety engineers who are unable to obtain professional indemnity insurance, as it announced an additional £3.5bn in funding for the removal of cladding from buildings 18m in height…
Canopius names Neil Robertson deputy CEO
Neil Robertson, formerly Axa XL CEO, global specialty, is to join Canopius as deputy CEO ahead of becoming CEO in due course.
Whiplash pre-action protocol progressing through CPRC
Some progress is being made on getting whiplash portal rules in front of the Lord Chancellor for approval, Civil Procedure Rule Committee meeting minutes suggest.
Insurance affordability and availability issues do not equate to market failure: ABI's James Dalton
The Covid-19 pandemic has not led to market failures in the UK insurance sector, James Dalton, director of general insurance policy at the Association of British Insurers, has said.
PI firms and insurers clash on direct pre-medical offers
Solicitors have called for more regulation around insurers contacting claimants that have legal representation with pre-medical offers, as law firms allege that claimants may be missing out on higher compensation awards.
Disputes over furlough deductions from BI claims continue as adjusters and assessors call for clear guidance
Loss adjusters and assessors have called on the government and regulators to publish clear guidance on how government support received by businesses is to be treated in respect of lockdown-related interruption claims.
Biba unveils 'resilience' theme for 2021 manifesto
The British Insurance Brokers’ Association has launched its 2021 manifesto with the heading of ‘Resilience’ as it highlighted the ways it said brokers can help as the UK adapts to a post-pandemic normal after Brexit.
Kelly Lyles joins insurtech Cytora
Cytora has added Kelly Lyles former CEO of client and country management at Axa XL to its advisory board.