News
Masojada urges changes to 'flawed' Flood Re scheme
Hiscox chief executive Bronek Masojada has heaped further criticism on the government’s “flawed” Flood Re scheme following the firm's full year 2013 results.
PPI claims 'yet to peak' warns FSCS boss
Claims numbers for payment protection insurance are yet to reach their zenith according to the head of the Financial Services Compensation Scheme.
Brightside CEO Williams plotting MGA launch
Brightside chief executive Paul Williams has outlined a number of measures designed to improve profitability at the specialist broker, including the potential launch of a managing general agent.
LMA to launch Lloyd’s claims review
The Lloyd’s Market Association has unveiled plans for a review into the quality of claims management in the London market.
JLT opens second shared service centre in Asia
Jardine Lloyd Thompson has launched its second shared service centre in Asia to help improve efficiency at the international broker.
Airclaims to embark on Asia-Pacific recruitment drive
McLarens-owned aviation loss adjuster Airclaims is planning to embark on a recruitment drive in Asia-Pacific following increased demand for its services in Singapore, Australia, New Zealand and India.
Hiscox 2013 profits jump £27m
Hiscox has reported a £27m improvement in its profits for the full year of 2013, in spite of drooping results in London and minimal improvement in the wider UK market.
RSA admits weighing rights issue plans
RSA has admitted it is weighing plans to strengthen its balances sheet through a rights issue, but stressed that no final decision has been made.
IAG performed strongly in first half
Insurance Australia Group lifted its first half net profit to 31 December 2013 by 39.3% to A$642m (£346.5m) over the same period in 2012.
Lowered credit hire costs remain 'unacceptable' says ABI
The impact of credit hire on motor premiums remains unacceptable according to the Association of British Insurers, in spite of revised figures being issued by the Competition Commission this week.
Axa UK on track for 96% COR by 2015, claims CEO Evans
Axa UK and Ireland group chief executive Paul Evans is confident the business will achieve a combined operating ratio of 96% by 2015 after pointing to an improving motor COR of 99.1% as an indication transformation plans are paying off.
Axa’s global P&C revenues up 2%
Axa has seen group-wide revenues for its property and casualty business increase 2% in figures for 2013.
Personal injury CMCs numbers almost halved since December 2011
Numbers of personal injury claims management companies have dropped 45% since December 2011 following a Ministry of Justice clampdown on rogue firms.
DAS UK appoints Percy as chief actuary
Legal expenses insurer, DAS UK, has appointed Richard Percy as chief actuary, with effect from 10 February 2014.
Haven joins Insurance Fraud Bureau
Gibraltar-based specialty motor insurer Haven has become the latest insurer to join the Insurance Fraud Bureau.
BMS names reinsurance veteran head of US broking business
BMS has appointed Andrew Bustillo as president and chief executive of its US broking arm BMS Intermediaries.
RSA partners with Caravan Guard on fifth wheel cover
Caravan Guard has responded to an increase in fifth wheel caravan enquiries by extending its portfolio to include the niche cover.
Skuld records 13% premium growth following P&I renewals
Skuld has achieved 13% premium growth following protection and indemnity renewals completed yesterday.
Business transformation bearing fruit as Axa UK GI COR dips below 100%
Axa UK and Ireland’s general insurance business recorded a combined operating ratio of 98.9% in 2013, despite reserve strengthening contributing 0.8 percentage points and a reduction in revenues to £3.7bn (2012: £3.8bn).
Swiss Re's 2013 profits reach $4.4bn
Reinsurance giant Swiss Re increased profits and premiums last year.
AIA's profits rise 16%
Hong Kong-based life and health insurer AIA has posted operating profit after tax up 16% to $2.5bn for 2013.
Guy Carpenter launches cyber practice
Guy Carpenter has launched a cyber-solution specialty practice to develop cyber reinsurance to address the increasing risks associated with cyber security.
Generali Spain appoints Villa as CEO
Generali’s Spanish unit has named former Generali Seguros director general comercial Santiago Villa as its new chief executive.
Ace adds two to Nordic property teams
Ace has bolstered its Nordic property operations with an appointment in Norway and a promotion in Stockholm.