News
Downstream energy sector suffers worst loss in nearly a decade
The downstream energy sector suffered its worst loss record for nearly a decade in 2017 with low rating levels exacerbated by one of the worst catastrophe loss years on record.
Former LV GI boss O'Roarke joins Aviva
Exclusive: Former LV general insurance boss John O’Roarke has taken a role as a non-executive of the Aviva general insurance and life businesses.
Ardonagh backers complete Compass acquisition
MDS and HPS Investment Partners have completed the acquisition of Compass Broker Holdings following approval from the Financial Conduct Authority.
Broker leaves SSP for Open GI
Islands Insurance Group has left SSP for rival provider Open GI, after a fresh round of outages at the software platform.
PIB capture sees GWP rise to half a billion
PIB Group has acquired commercial broker Wilby, the group’s 14th acquisition in 21 months.
Insurers still failing to meet FCA renewal rules
The Financial Conduct Authority has warned it will take action against general insurers who fail to implement rules introduced to encourage shopping around at renewal time.
McLarens Aviation targets European expansion with German office
McLarens Aviation has launched a German office after recruiting a team of aviation adjusters in Frankfurt.
This week in Post: Caution, doubt and selling out
This week in Post, there was news of sales, incompetence and unprecedented losses.
Magenta takes minority stake in Eaton Gate
SME growth investor Magenta Partners has taken a minority stake in Eaton Gate Holdings and Vigilis Holdings, collectively known as EGV.
Integro snaps up Lloyd’s broker Tysers
Private equity-backed broker Integro has acquired specialist Lloyd’s broker Tysers.
The Hanover eyes Chaucer sale
The Hanover is considering a sale of Chaucer, its Lloyd’s specialty insurance business.
Ombudsman complaints data overshadowed by TV investigation
A recent investigation that exposed the undertraining of staff at the Financial Ombudsman Service has cast doubt over a report into the UK’s most complained about insurers.
Minor discount rate revision could lead to £44m bounce for LV
LV could make a profit of £44m if the discount rate was revised even fractionally, the company said.
LV to remain ‘vigilant’ on home business ahead of Allianz deal
LV will take a cautious approach to the home market following the acquisition of Allianz’s personal lines portfolio.
LV GI sees huge profit rise from underwriting discipline
LV’s general insurance business saw a pre-tax profit of £164m in 2017, up from a loss of £30m the previous year.
Zurich to buy Oak Underwriting from RSA
Zurich has reached an agreement to acquire Oak Underwriting from RSA Insurance for an undisclosed sum.
Flood Re to freeze premiums for first time
Flood Re is set to freeze the premiums it charges to insurers for the first time.
City watchdog to probe Aviva preference shares plan
The Financial Conduct Authority has launched a review into whether Aviva broke market abuse regulations following plans to cancel its high yielding preference shares.
Aviva's Phil Bayles reveals plans for UK GI growth
Aviva started the year in its healthiest shape in recent memory, shaking off the impact of the Ogden rate reform to return to profit.
Wilson sees earnings slashed despite Aviva profit
Aviva CEO Mark Wilson has seen total earnings fall despite the company returning to profit this year, continuing a trend of ongoing executive pay cuts.
CBL-owned broker struggling to get approval in France
SFS France, which is owned by CBL, is having difficulties getting approval from Orias, the French association registering and approving brokers.
Grenfell insurer almost doubles premium following ‘unprecedented loss'
A Spanish insurer that covers leaseholder building insurance for the Royal Borough of Kensington and Chelsea will raise premiums by 86% as a result of the Grenfell fire.
RSA’s Hester takes home £5m package
RSA CEO Stephen Hester took home a £5m package from the business last year, despite the firm suffering losses last year in the UK.
Trump signs flood programme extension despite veto threat
The National Flood Insurance Programme would be extended to 31 July as part of a $1.3trn federal spending package signed by President Trump on Friday despite threatening to veto the bill earlier the same day.