News
SRA proposes aggregation limit and run-off cut for compulsory PI cover
The Solicitors Regulation Authority has proposed cutting the limit of compulsory professional indemnity cover to £500 000 for any one claim, and introducing an aggregation limit, in its consultation on the PI minimum terms published today.
Retirement of LV Broker's Alan Rice sparks glowing tributes
Colleagues and broking clients have united in offering a fond farewell to popular LV Broker strategic account manager Alan Rice ahead of his retirement at the end of the week.
Axa posts 3% increase in P&C revenues in Q1
Axa posted revenues of €28.5bn (£23.4bn) for the first quarter of 2014, up 2% on a comparable basis, but down 1% on a reported basis.
Caravan Guard elevates Ryan Wilby to managing director
Caravan Guard has appointed Ryan Wilby as its managing director taking over from his father, Peter Wilby, who has been appointed chairman.
Markel looks to Hiscox for underwriting role
Markel UK has appointed Liam Greene as professional and management risk underwriting manager.
Direct Group swoops for iGO4's Cooper
iGO4 co-founder Tom Cooper has joined Doncaster-based insurance services business Direct Group as a consultant.
L&G points to direct sales growth in Q1 despite 2% fall in GWP
Legal & General has attributed disciplined pricing for a 2% drop in gross written premium of £84m in the first quarter of 2014 compared to £86m in the same period last year.
Novae recruits four to agriculture team
Novae has made four appointments in its agriculture reinsurance team including Robert Solloway who will underwrite business in the Asia Pacific region.
Esure reports GWP fall for Q1
Esure reported a fall in gross written premium to £123.5m in the first three months of 2014, down from £124.2m in the first quarter of 2013.
Integro appoints Clements chairman and names executive committee
US broking and risk management firm Integro has appointed John Clements as chairman of its board of directors. Rocco Nittoli has been named vice chairman of the board.
Swiss Re posts net income of $1.2bn for Q1
Swiss Re reported net income of $1.2bn (£707m) for the first three months of 2014, aided by benign natural catastrophe experience during the quarter.
First insurer with foreign investment sets-up in Shanghai free trade zone
Insurer Sino-US MetLife has become the first Chinese insurer with foreign investment to set-up in Shanghai's fledgling free trade zone.
New Zealand regulator clears IAG's Wesfarmers deal
After several delays the New Zealand Commerce Commission has agreed to Insurance Australia Group's acquisition of Wesfarmers' Lumley insurance business.
Asia-Pacific rates declined in first quarter, says Marsh
According to international broker Marsh, insurance rates declined by as much as 25% in the first quarter of 2014 in the Asia-Pacific region.
SRA ditches plans for introducing minimum rating criteria for PI players
Body’s plan for new minimum terms fails to convince
MIB plans PPO research after mortality rates found to be higher than expected
Figures suggest reinsurers are becoming ‘marginally more comfortable’ with PPOs
Clock could be ticking for Towergate boss Hodges after third loss in a row
Analysts suggest private equity backer Advent may be seeking an exit
Broking bosses warn over conduct clash after IBSC launches its own code
Executives fear IBSC’s guidelines could conflict with those of individual firms
Regulators to face enforcement decision-making review
The government has launched a review of the fairness, transparency, speed and efficiency of the institutional arrangements and processes the Financial Conduct Authority and the Prudential Regulation Authority use to make enforcement decisions.
Towergate tipped to benefit from pause in Gallagher acquisition spree
Towergate may benefit from a pause in UK retail acquisitions at Arthur J Gallagher, according to Imas managing partner Olly Laughton-Scott.
Pro-golfer to pay £8k for income protection con
A pro-golfer who fraudulently claimed more than £8000 for a knee injury that supposedly left him unable to work has been ordered to repay the money, and carry out 140 hours of unpaid work.
FM Global to pay out $465m membership credit
Commercial property insurer FM Global is to pay out a collective premium credit of $465m (£275m) to its clients when they renew their policies between 30 June 2014 and 29 June 2015.
Marsh records 5% Q1 revenue increase
Broker Marsh has reported a 5% increase in revenue for Q1 2014 up to $1.45bn (£854m) from $1.38bn in 2013.
Broker Network concludes development team expansion with twin hire
Broker Network has hired Ian Wainwright as head of broker development for the network’s premier proposition and Angus Montgomery as broker development manager for the advantage proposition.