News
Insurance Covid-Cast episode eight: What is the insurance supply chain doing to keep the sector moving during the Covid-19 lockdown?
In the latest episode of Insurance Post and Insurance Age’s new series of video casts brought to you while our journalists are in isolation lockdown we bought together a diverse group of businesses to discuss how the supply chain has forged deeper…
Hiscox raises £375m
Hiscox has raised roughly £375m through sales of shares, having announced its intention to raise on Tuesday afternoon.
Hiscox looks to capital raise through share placement
Hiscox has announced an equity placing for up to just under a fifth (19.99%) of its issued share capital.
Fears for future of care home cover as sector sees coronavirus ‘revolution’
Brokers have raised concerns over the future of care home insurance cover as insurers stop quoting new business after care home responsibilities change in light of Covid-19.
Matthew Crane joins THB from QBE as CEO
Matthew Crane has joined THB Group as CEO and president of the international division of Amwins Group.
Biba unveils six board changes
The British Insurance Brokers’ Association has made six board changes across its smaller brokers, larger brokers, MGA and networks advisory groups, its standards council and an internal appointment.
Experts warn of potential broker insolvencies due to premium finance proposals
The British Insurance Brokers’ Association and premium finance providers have warned of a possible hit to broker solvency in the event of bad debts under the proposed guidance issued by the Financial Conduct Authority last week.
SMEs face legal threats from same insurers that are not paying out on their BI policies
Exclusive: Insurers seeking to recoup losses from other classes, such as event cancellation and wedding insurance, are threatening policyholders involved in business interruption group actions against them with legal action.
Alway exits chairman role at Bravo
Alex Alway has resigned as chairman of Bravo Group, the business has confirmed.
Hiscox BI action groups join forces
The two largest Hiscox policyholder business interruption action groups in the UK have formed a strategic alliance, together representing more than 500 businesses.
Iprism growth on track after restructure, says MD Ian Lloyd
Iprism Underwriting Agency is growing its underwriting and bottom line profits after its restructure last year despite the impact of the coronavirus pandemic, according to managing director Ian Lloyd.
FCA consults on insurance payment deferral guidance
Insurers, brokers, premium finance lenders and more have been told by the Financial Conduct Authority to consider giving payment deferrals and refunds as well as waiving cancellation fees to customers hit financially by the coronavirus epidemic.
Gallagher ‘wide open’ for acquisitions despite pandemic: CEO Pat Gallagher
Gallagher CEO Pat Gallagher has urged brokers “anywhere around the globe” to consider his firm as a merger partner, despite disruption posed by the coronavirus pandemic.
UK and US insured losses could hit $80bn under year-long lockdown: WTW
The UK and US insurance markets face losses of $80bn (£64bn) if lockdowns and social distancing measures to curb the spread of the coronavirus need to be kept in place for 12 months, according to Willis Towers Watson.
FCA scrutinises insurance value for money during coronavirus crisis
The Financial Conduct Authority has ordered firms to analyse if and how the coronavirus pandemic has impacted the value of personal and commercial lines insurance products and take appropriate actions.
Pandemic has ‘reinforced’ value of Aon/WTW merger: Aon CEO Greg Case
The value of the Aon and Willis Towers Watson merger has “ironically” been reinforced by the impact of the coronavirus pandemic, Aon CEO Greg Case said on Friday.
Aon staff have ‘embraced’ pay cuts, says CEO Greg Case
Making global pay cuts was a “collective” decision that staff have “embraced” since a Monday announcement, according to Aon CEO Greg Case.
Barton plans to more than double Partners& headcount to hit five year £50m revenue target
Phil Barton, CEO of newly formed Partners&, has forecast that the business can grow from 140 staff and £65m in gross written premium to 350 people earning £50m of revenue within five years without further buys.
This week in Post: Aon, dó, trí
Business interruption, the British Insurance Awards shortlist and Q1 results kept us busy this week, but it was a move by biggest-broker-in-waiting Aon that grabbed the most attention.
FCA to put BI wordings before the courts to determine coronavirus cover
The Financial Conduct Authority will ask the courts to rule on whether a “representative sample of the most frequently used” business interruption policy wordings provide cover for Covid-19-related losses.
Double-digit Covid-19 revenue decline ‘pretty extreme’ but possible: WTW CEO John Haley
Willis Towers Watson CEO John Haley said the group could see double-digit revenue decline as a result of the coronavirus impact, as the risk giant yesterday pulled its profit guidance for the year.
Marsh and WTW decline to follow Aon’s pay cuts lead for now
Aon’s announcement that it would reduce 70% of its employees’ salaries led to some speculation that soon-to-be acquired Willis Towers Watson and rival Marsh might swiftly follow, but both brokers have since confirmed they will not follow Aon’s lead.
Broker calls on Chancellor to release Pool Re funds to break insurer BI deadlock
Leisure and hospitality broker NDML and the The Night Time Industries Association have penned an open letter to Chancellor Rishi Sunak MP calling for the release of insurer funds worth £6.6bn held in the Pool Re terrorism fund.
Insurance Covid-Cast episode seven: Empathetic, sympathetic and offering strategic guidance – how brokers are managing clients in lockdown
In the latest episode of Insurance Post and Insurance Age’s new series of video casts brought to you while our journalists are in isolation lockdown we discuss how brokers maintain their ‘trusted adviser’ status during these difficult times.