News
Lloyd's recruits Asia-Pacific broker head
Lloyd's has appointed Chris Rummery in a newly created role - senior market development manager for Asia-Pacific.
China's solvency regime to provide mixed blessings for reinsurers, says Peak Re
Hong Kong-based reinsurer Peak Re believes new risk solvency regime will modernise China's market after an initial period of pain for insurers.
Former AIG and MetLife CEO Benmosche passes away
Robert Benmosche, former CEO and president of AIG, has passed away at the age of 70 after suffering from lung cancer.
CMA proposes August 2016 deadline for no claims bonus remedy
The Competition and Markets Authority appears to have heeded industry pleas to extend the deadline for implementing its no claims bonus remedy.
5 things we didn't know this time last week
It's been a busy week in the news with Towergate and Gallagher swapping staff and insurers puffing out their chests to reveal their results so you might be forgiven for missing other news that has happened this week.
Ambant to extend MGA offering following Heritage investment
Guernsey-based Heritage Group has acquired a 33% stake in managing general agent launch specialist Ambant Underwriting Services.
Prosight authorised to launch managing agency at Lloyd's
Prosight Specialty Insurance has received final authorisation from Lloyd’s, the Prudential Regulation Authority and the Financial Conduct Authority for its own Lloyd’s managing agent to manage Prosight’s Syndicate 1110 at Lloyd’s.
Laspo 'unwinding' will impact motor rates, claims Dye
The long-term success of the Legal Aid, Sentencing and Punishment of Offenders Act 2012 could be in doubt, with signs showing an “unwinding” of the reforms designed to tackle motor claims inflation, according to Allianz UK CEO Jon Dye.
Lloyds Bank GI profits hit by early 2014 storm claims
The impact of storm claims in the first quarter of 2014 and the continued run-off of legacy books resulted in Lloyds Banking Group posting a £41m drop in underlying profit for its general insurance business last year.
Besso CEO Marshall resigns
Besso CEO Colin Marshall has resigned from his post after 30 years with the company.
NFU Mutual names Vizion as approved repair network manager
Rural insurer NFU Mutual has selected Vizion as its approved repairer network manager for the next three years.
Profits down at Allianz UK despite 12% increase in 2014 GWP
Allianz UK CEO Jon Dye has heralded his firm's 2014 results as being "well ahead of our expectation", despite seeing operating profit before tax fall and the retail business suffer an underwriting loss.
MGA Century opens Chelmsford office
Managing general agent Century Underwriting has opened a Chelmsford office alongside the transfer of its policy administration in house.
Cold-calling and claims regulation on taskforce agenda
Cold-calling and the regulation of the claims sector are two further areas to come under the microscope of the government fraud taskforce.
Biba poll finds 29% of SMEs not reading full policy terms
More than a quarter of British SMEs are failing to read the terms of their insurance policy in full, according to a poll carried out by the British Insurance Brokers’ Association.
FM Global reports 79.4% COR for 2014
FM Global reported a combined ratio of 79.4% in 2014 alongside a 2% increase in net premiums to $3.6bn (£2.3bn).
Quindell review 'taking longer than originally anticipated'
Quindell has told investors that an independent review into its main accounting policies, certain strategic decisions and cash generation policies for 2015 is taking longer than originally thought.
Insurance fraudsters given community orders
A married couple have been given community orders and a legal curfew after pleading guilty to two counts of false representation in an attempt to con insurers RSA and Legal and General.
FCA whistleblowing proposals to cost large firms £280,000
A Financial Conduct Authority consultation that would require insurers to implement formal whistleblowing procedures has an indicative annual cost of £280,000 for large firms.
Marsh calls for universal all-risk business interruption
Marsh has urged the insurance industry to work towards establishing an all-risk business interruption policy.
Rea leaves Towergate as executive team unveiled
Towergate chief operating officer Michael Rea is exiting the broker as the company today confirmed its executive team.
Lewis rules out motor market exit for RSA in the current climate
RSA's UK CEO Steve Lewis has confirmed the insurer's commitment to the motor sector.
Landmark judgment on credit hire sees court adopt “lowest reasonable rate” approach
A Court of Appeal’s judgment today has been hailed as a major breakthrough for insurers, putting a stop to the inflated rates that credit hire organisations have been allowed to charge in recent years.
Allianz sees property and casualty GWP grow 3.7% in 2014
Allianz Group saw gross written premiums for its property and casualty segment increase 3.7% to €48.32bn in 2014, driven by strong growth in its global insurance lines and the UK business segments.