News
Plum extends home product to cover landlords
Plum Underwriting has extended its home works product to cover landlords undertaking extensive building extension projects and renovations.
Millburn unable to pay claims after entering administration
Millburn Insurance Company has become the first UK regulated insurance firm to enter administration since 2009, three months after it stopped writing new business following a review by the Prudential Regulation Authority.
Lloyds Banking Group firms hit with £28m FCA fine
The Financial Conduct Authority has fined Lloyds TSB Bank and Bank of Scotland, both part of Lloyds Banking Group more than £28m for serious sales incentive failings including protection products.
Independent Inspections hopes to cut claims cycle with prepaid card scheme
Claims management company Independent Inspections has signed up to Tuxedo Money Solutions’ prepaid card scheme in a bid to reduce the lifecycle of a home insurance claim and enhance policyholder experience.
Bid to cut red tape set to enhance UK insurance market’s competitive position
Insurance Growth Action Plan aims to remove barriers for UK insurers overseas.
Adjusters sceptical over ‘organic growth’ plans after Davies seals Garwyn deal
Sources say Davies CEO Saulter’s background points to further M&A activity.
Credit hire portal set for 2014 launch as backers put faith in motor inquiry
Committee confident Competition Commission will draw ‘right conclusions’.
Industry plays down impact of St Jude and Xaver storms on full-year results
Losses expected to be ‘in tens of millions, not high hundreds of millions’.
Howden expands Nordic footprint with deal for Finnish broker
Howden Broking Group has acquired of a majority share in Finnish broker Colemont Finland Oy from AmWins subsidiary Colemont Global Group.
Chilton tipped to help Gallagher overcome previous reinsurance failings
‘Challenger brand’ expected to benefit from former Benfield CEO’s expertise.
Insurance Technology Conference: Insurers must wake up to the risks of misusing data
Data presents huge opportunities for insurers but the potential for misusing it is a serious risk for the industry, according to speakers at Post's Insurance Technology conference.
Insurance Technology Conference: SSP director Waring criticises ‘naive’ insurers for lacking digital strategies
Insurers vastly overestimate their digital capabilities and risk losing customers to better-equipped competitors, according to SSP director David Waring.
European PI market to be worth £6.27bn by 2017
The professional indemnity insurance market across 10 European countries - Austria, Belgium, France, Germany, Italy, Netherlands, Poland, Spain, Switzerland and the UK- will be worth around €7.5bn (£6.27bn)by 2017.
Dutch non-life market “stable” says Fitch
Non-life insurers in the Netherlands face a stable environment in 2014, in spite of continued pressure on the health market.
Fitch Ratings expects further Malaysia market consolidation
In an outlook report, Fitch Ratings believes the requirement for composite insurers to segregate operations into life and general insurance units could mean further consolidation in the market.
Geneva Association head to step down
The Geneva Association’s Secretary General, John Fitzpatrick, has informed the board that he will not stand for reelection at its general assembly in May 2014.
First Singapore riots in 30 years
27 people were arrested in Singapore yesterday after a riot in Little India was triggered by the death of an Indian national.
HKFI raises doubts on Hong Kong government health scheme
The Hong Kong Federation of Insurers has hailed the progress made by private medical insurance in Hong Kong and says it has doubts over the effectiveness of the proposed Health Protection Scheme.
Lloyd's MGA Lime Underwriting to offer financial lines
US Risk (UK), which owns Oxford Insurance Brokers and James Hampden International, has started Lime Underwriting, a managing general agent at Lloyd’s, for the UK and international financial lines sectors.
UK leads Europe for PI cover
The UK has the largest market for professional indemnity insurance in Europe according to research by Finaccord.
L&G GI head Diane Buckley to leave insurer
Legal & General's general insurance managing director Diane Buckley, pictured, is to leave the business amid a company restructure.
Liberty Mutual wholesale manager Goodearl joins XL
XL Group has appointed Lewis Goodearl as chief underwriting officer UK property and casualty for its Lloyd’s business.
Open GI appoints insurer relations exec
Open GI has grown its insurer relations team with the appointment of Siân Nicholls as insurer relations executive.
Barbon finance boss to depart in 2014
Barbon finance director Kevin Withington will leave the broker early next year after turning down the opportunity to relocate to Lincoln.