News
Ecclesiastical swings to UK underwriting profit as group losses shrink
Specialist insurer Ecclesiastical has seen its UK insurance business return to profit in 2013, moving from a loss of £12.3m to £9.8m profit, while group underwriting losses have also narrowed.
Brokers risking regulatory fines due to ‘misunderstanding’ of Bribery Act
Compliance experts issue warning following penalties for Besso, JLT and Aon.
Global cat losses down 44% for 2013
Global insured losses from catastrophes have almost halved in 2013, dropping to £27bn according to a new study from Swiss Re.
Regulators urged to provide value for 24% increase in costs
Commentators suggest FCA should move outside capital.
Perils hikes Windstorm Dirk loss estimate to £294m
Zurich-based catastrophe data firm Perils has increased its property insurance market loss for the windstorm which wracked the UK and France from December 23 to December 25.
Barbican to boost UK capacity with Inter Hannover deal
Barbican is to grow its UK P&C division through a capacity deal with Inter Hannover.
Lloyd’s profits up 14% following record GWP
Lloyd’s has recorded profits of £3.2bn for 2013, up 14% on a previous year equivalent of £2.8bn in 2012, after reaching a new record high of gross written premiums.
Budget 2014: pension shakeup to open the door for general insurance players
Insurers’ share prices plummet following Chancellor’s annuity vow.
Industry doubtful SRA minimum rating plan can boost solicitors’ PI market
Regulator finishes eight-week consultation on possible ‘B’ minimum.
FWD appoints industry veteran as CEO
New insurer FWD has appointed industry veteran Huynh Thanh Phong as CEO.
Government urged to introduce GDL 'without delay' by Scottish minister
Scottish transport minister Keith Brown has spoken out in favour of graduated driving licenses and called for the UK government to “take action without further delay”.
Marsh's networks division handling over £225m GWP
Marsh’s UK network’s division saw over 25% growth year on year in 2012 and 2013 and is now handling over £225m gross written premium, delegates at the broker’s networks conference heard today.
Claims Awards 2014 shortlist revealed
Insurers Ageas and LV lead the way in nominations for the 2014 Claims Awards with six and five respectively.
Ipswich motor broker Ignition Select teams up with Open GI
Software provider Open GI has confirmed it has reached a three-year deal with newly launched broker Ignition Select.
Personal injury lawyers disagree with MoJ stance on QOCS
Three quarters of personal injury law firms dispute the Ministry of Justice’s view that qualified one way costs shifting is an alternative to after the event insurance, according to a survey by law firm advisers O’Connors.
Howden unveils fine art and specie division
Howden Broking Group has launched its fine art and specie division, which will be led by managing director Mark Gregson who joins from Lloyd & Partners.
AIG UK trims COR to 84% as underwriting profit soars
AIG Europe chief executive Nicolas Aubert has heralded the “continued development” of the group’s UK business after it shaved 19 percentage points off its combined operating ratio to 84% last year.
Lloyds Banking Group accused of cutting PPI compensation
Lloyds Banking Group has been accused of cutting the level of compensation awarded to around 25% of payment protection insurance claimants.
Aviva sells Turkish GI business to PE consortium
Aviva has sold its Turkish general insurance business Aviva Sigorta A.Ş, to a private equity consortium led by EMF Capital Partners.
RSA launches £773m rights issue
RSA has launched a rights issue to raise £773m in proceeds - £748m net of expenses.
Zurich infographic: Managing modern construction challenges
The way in which work that is carried out in both the design and construction phases of a project is undergoing substantial change.
Regulators must prove value for money as costs hit £664m
The twin peaks regulatory system will need to demonstrate it is providing value for money after a National Audit Office report highlighted escalating running costs and concerns over staff capacity.
Marsh appoints Zhao as China chairman
Marsh has appointed Madam Zhao Shuxian as chairman of Marsh China. Starting this week, Zhao will be based in Beijing.
Claims Conference Asia 2014 attracts cream of claims professionals
Claims Conference Asia 2014 was held on 20 March in Hong Kong and attended by over 100 claims professionals from across the international claims market.