News
NIHL overcrowding leading to claims 'backlog' as new entrants flood market
The noise induced hearing loss arena is producing a logjam of claims and is becoming overcrowded with new entrants, according to members of both the defendant and claimant legal fraternities.
FCA slaps Clydesdale Bank with £20.7m PPI fine
Clydesdale Bank has been fined more than £20.7m for serious failings in its payment protection insurance complaint handling processes; the largest ever PPI-related fine imposed by the Financial Conduct Authority.
Applied Systems relocates Brighton HQ
Applied Systems has relocated its UK headquarters to Invicta House in Trafalgar Place, Brighton's flagship business development centre.
Outgoing MP Evans becomes non-exec chair of Allied World MGA
Veteran parliamentarian Jonathan Evans will take on the role of non-executive chairman of Allied World Assurance’s Lloyd’s managing agency after stepping down as MP for Cardiff North.
Ex-RSA CDO Hood resurfaces in asset management sector
Former RSA chief digital officer Ian Hood has resurfaced in the asset management sector after joining Fidelity Worldwide Investment as head of digital for the UK business.
Dual launches Netherlands marine operation
Hyperion's underwriter Dual has opened its first Netherlands office writing marine and energy lines.
IUA brands Scottish plans to recover asbestos costs 'an abuse of process'
The Scottish government’s proposal to recover medical costs for treating asbestos diseases is unequitable, could prove unlawful and would drive up the cost of liability insurance, according to the International Underwriting Association.
Vienna Insurance Group hails ‘major increase' in profit
Vienna Insurance Group has reported a 46% increase in profits to €514m (£373m) for 2014, as well as reduction in COR.
Hodges appointed British Gas MD
Former Towergate CEO Mark Hodges has been appointed managing director of British Gas with a base salary of £625,000.
Williams to succeed Moorse as Quindell finance boss
Quindell group finance director Laurence Moorse is to step down from the company's board at the completion of sale of the professional services division to Slater and Gordon.
Seasonal competition triggers marginal drop in Q1 motor rates
Motor insurance rates are expected to continue upwards despite a slight reduction caused by seasonal competition during the opening quarter of the year.
Snowball to leave Suncorp in October
Patrick Snowball is set to relinquish his role as CEO of Suncorp in October with Michael Cameron, CEO of property group GPT, replacing him.
Generali hires from Prudential for Asia GI and life role
Generali has appointed Jack Howell as regional officer for Asia after Sergio di Caro was promoted to global head of employee benefits.
Axa expands Singapore post office offering
Axa is to increase its insurance offering to 44 SingPost branches and will include general insurance.
Euler Hermes names new UK CEO
Trade credit insurance firm Euler Hermes has appointed Valerio Perinelli as the new CEO of its UK operation.
Markerstudy GWP to move north of £900m following Chaucer deal
Markerstudy has reached an agreement to acquire Chaucer’s UK motor business in a deal that will extend the insurer’s grow written premium to in excess of £900m and increase its headcount by 430.
Non-Solvency II insurers to avoid PRA regulatory burden
Smaller insurers will not be over-burdened with excessive regulation under the Prudential Regulation Authority's proposals for companies outside the scope of Solvency II, according to market observers.
XL Group launches Shariah-compliant equine policy
XL Group, together with Cobalt Underwriting, has launched the first Shariah-compliant product to be available through Lloyd's of London.
Shareholder concern sees Aviva revise remuneration awards
Aviva group CEO Mark Wilson and chief financial officer Tom Stoddard have decided to reject the long term incentive plan awards proposed for the year ended 2014 after concerns were raised by a shareholder voting agency.
Hiscox CFO Bridges to exit
Hiscox chief financial officer Stuart Bridges is to the leave the insurer after 16 years to join ICAP as group finance director.
Fraudster ordered to pay costs after phantom trip
A Wembley man has been found guilty of trying to defraud the London Borough of Brent after trying to claim damages for a fictitious injury.
Digital strategy key for Co-op after 'transition' year
The 2014 financial year was “a transition year” for The Co-operative’s general insurance business as it took action to improve its loss ratio, according to chief financial officer Kieran O’Keefe.
Next government urged to take long-term approach by industry
Industry figures have implored the next government to take a long term approach to issues affecting insurance and to resist the temptation to unpick reforms that are starting to have a positive impact.
Peter Cullum departs Towergate
Towergate founder Peter Cullum has left the firm, along with former CEO Andy Homer.