News
Nationale Suisse sells Belgian travel portfolio to Mapfre
Swiss insurer Nationale Suisse has agreed to sell the travel insurance portfolio of its Belgian subsidiary L'Européenne to Mapfre Asistencia, a subsidiary of Spanish insurer Mapfre, for an undisclosed fee.
CII group talks up role of brokers in future of care home cover
The potential rise in claims related to care home abuse has sparked a report into the availability and future market for liability cover for such institutions.
IBSC launches best practice guide for members
The Insurance Brokers Standards Council has launched a consultation paper on a good practice guide for IBSC members serving commercial clients.
L&G 2014 GI profits hit by £12m cost of last winter's storms
Adverse weather at the start of 2014 has been cited as a major factor behind a £10m reduction in operating profit within Legal & General’s general insurance business.
Novae posts record GWP figures for 2014
Lloyd’s insurer Novae Group posted a 1% drop in profit before tax and foreign exchange in 2014, despite delivering record gross written premium of £638.5m last year (FY 2013: £590.3m).
Marcia makes Suncorp exceed natural catastrophe provision
Australian financial services group Suncorp has said Cyclone Marcia will cost its insurance arm at least A$120m (£61m).
Hobrow helps Nexassure ready Hong Kong MGA
Insurance entrepeneur Tony Hobrow is helping Malaysia insurance firm Nexassure establish a reinsurance MGA in Hong Kong.
Geddes rules out further disposals or large acquisitions for DLG
Direct Line Group's CEO Paul Geddes has told the market not to expect anymore disposals or large-scale acquisitions in the foreseeable future.
Apil calls for insurers to be investigated as part of child abuse inquiry
The Association of Personal Injury Lawyers has called for the inquiry into historic child abuse to investigate the behaviour of insurers following allegations certain firms had encouraged councils to cover-up child abuse claims.
Credit hire firms tipped to focus on repair costs following landmark ruling
The Court of Appeal ruling on credit hire costs for pecunious claimants will trigger an increase in exaggerated credit repair costs, according to market commentators, who have warned the judgment is not as wide-reaching as insurers might hope.
Applied Systems boss highlights broker benefits of My Licence tie-up
Applied Systems has reached an agreement with the Motor Insurers’ Bureau that will see the software provider’s brokerage management system Applied TAM UK connect to the MIB Hub to use the My Licence service.
Purchase of Gibraltar-based Ultimate boosts Markerstudy GWP by £30m
Markerstudy has been granted approval to complete the acquisition of Gibraltar-based niche personal lines insurer Ultimate Insurance Services and its UK administrative arm Ultimate Pet Partners.
Tangiers Group acquires Maltese aviation insurance specialist
Tangiers Group has acquired Osprey Insurance Brokers, Malta's largest aviation insurance and risk management specialists for an undisclosed amount.
Insurers advised to cut FOS complaints by avoiding technical jargon
The number of consumer complaints lodged against general insurers with the Financial Ombudsman Service can be reduced by cutting down on the extent of technical jargon in responses to policyholders, according to compliance experts.
Solvency II NEDs told to ‘up their game' in face of increased regulation
The risk of a decreased talent pool has been highlighted by market players as a potential ramification of “onerous” regulation targeting non-executive directors at Solvency II insurance companies.
JLT heralds 2014 growth in face of 'marked decline' in rating environment
JLT has delivered a 3% increase in pre-tax profits for 2014 to £159.7m (FY 2013: £154.6m) and a 13% rise in total revenue to £1.10bn (FY 2013: £979.2m).
Money Supermarket 2014 insurance revenue grows 8%
Money Supermarket's insurance division has seen an 8% rise in revenue to £138m for the year ended 31 December 2014.
DLG hits all four 2014 targets despite reduced motor profits
A £50.6m year-on-year reduction in operating profit from ongoing operations within Direct Line Group’s motor business was the main driver behind a marginal dip in the insurer’s group-wide operating profit for 2014.
Lloyd's Asia to switch Singapore office
Lloyd's Asia will move out of Asia Square in the final quarter of 2015 to new offices in Raffles Place.
RK Harrison and Hyperion seal merger agreement
The long awaited merger between RK Harrison and Hyperion has been agreed between the two brokers.
Hiscox eyes bolt-on acquisitions to boost growing retail book
Hiscox is keen to complete more bolt-on acquisitions as it looks to continue growing its retail book, according to chief underwriting officer Richard Watson.
TSC report expected to call for greater focus on telematics
The drive to improve road safety is in danger of running off course as a result of the government’s failure to introduce a strategic plan to exploit emerging technologies, a parliamentary report will warn this week.
BLM to move to insurance district
BLM will move its entire London operations to a single office in the heart of the insurance district on 10 March.
MA Group launches high value property repairs service
Cipher UK, a new national property repairs service for insurers has been launched today (2 March) by the MA Group, specialising in complex and high value repairs up to £500,000.