News
ABI lukewarm on £470m flood defence plans
The Association of British Insurers has provided a measured response to Treasury plans to spend £470m on flood defences as part of a previously announced commitment of more than £2.3bn of public spending.
Aviva finalises £5.6bn Friends Life takeover
Aviva has completed a deal to acquire Friends Life for £5.6bn, with shareholders of the new purchase taking on 26% of Aviva.
Soft market failing to whet premium appetite among risk managers
Airmic members are not buying more insurance despite declining rates and instead continue to show faith in their captive solutions, according to a survey conducted by the risk management association.
Brisbane storm claims rise to over 57,000
The number of insurance claims from last week's huge hailstorm in Brisbane have climbed to 57,970 as of Tuesday morning.
Sterling deal to boost Covéa's diversity and customer service goals
Sterling managing director John Blundell says the business' buyer Covéa is a "good fit" for the insurer and is supportive of its existing growth plans.
Insurers warned about naivety around new entrants
Insurers should not be naive about the ability of companies from other sectors to enter the market and steal market share, according Guidewire senior vice president at Guidewire Brian Desmond.
Covéa closes Sterling deal
Covéa has completed a deal to acquire high-net worth insurer Sterling from founder Nicholas Cooper.
Crawford buys GAB Robins in £45.8m deal
Loss adjusting giant Crawford & Company has completed a deal to acquire GAB Robins in a deal worth £45.8m.
Biba moots several changes to Insurance Bill
The British Insurance Brokers' Association has recommended a number of amendments in its written evidence to the Insurance Bill including around the disclosure of confidential information.
CFS boss Campbell to lead BLM's Irish business following merger
Campbell Fitzpatrick Solicitors managing partner Peter Campbell is to lead BLM’s Irish business following the completion of the merger between the two law firms.
Century Underwriting becomes 101st MGAA member
The Managing General Agents’ Association has recruited its 101st member in the shape of commercial lines specialist Century Underwriting.
Uinsure hires Berkeley Alexander director Hutchings
Manchester-based general insurance provider Uinsure has followed up on the recruitment of five former Paymentshield employees by appointing Mark Hutchings from Berkeley Alexander as national account manager.
Russian market facing 'significant challenges' despite premium growth
A predicted 10% rise in non-life Russian premiums in 2014 would be largely a result of inflation and masks the inherent problems faced by the profession in the country, according to Axco Insurance Information Services.
French floods force more than 3000 evacuations
Floods in Southern France have forced more than 3000 to evacuate their homes, while five people have lost their lives.
Trio sentenced after LV and Esure hit back at £145k crash for cash scam
A trio of crash for cash fraudsters have been handed custodial sentences following collaboration between LV and Esure to bring down a criminal ring.
14% of EU insurers fail 'baseline' EU stress tests
A test of more than half of Europe’s insurers by market share has found that one in twelve are currently likely to fail to meet solvency capital requirements when the Solvency II regime launches in just over a year.
Former LAS COO Dunworth resurfaces at Direct Line
The former chief operating officer of LAS found a new role helping Direct Line manage its supply chain after nine months out of the industry.
Hastings hires from Allstate for underwriting management role
Broker Hastings Direct has hired Ed Biemer from US giant Allstate in a new role as managing director, underwriting services.
Ace shuffles Australian financial lines team
Insurer Ace has promoted two staff and recruited a former broker in its Australian financial lines division.
Premiums in 'emerging Asia' to grow 12.8% in 2015, says Swiss Re
According to reinsurance giant Swiss Re general insurance premiums in 'emerging Asia' countries are set to grow 12.8% on average in 2015.
Almost 40,000 claims from Brisbane storm
Last week's supercell storm in Brisbane has led to 39,677 insurance claims and will cost insurers over A$200m (£108m).
Markel hires two to financial risks division
Markel has made two appointments in its financial risks division including hiring Catlin's Martin McCarron as financial institutions head.
Towergate bondholders declare support
A group of Towergate’s creditors have declared their support for the embattled business as it seeks to resolve its future.
Brightside tipped to dip into £350m warchest for 2015 acquisitions
Brightside is poised to make multiple acquisitions next year from a £350m fund, according to a well-placed market source.