News
KPMG: Competition Commission reforms superseded by price battles
A combination of technological change and competitive market forces will likely exert greater pressure on the cost of motor insurance than reforms proposed today by the Competition Commission, according to KPMG.
Gallagher acquires Bergvall Marine
Arthur J. Gallagher has acquired Norway-based marine broker Bergvall Marine for an undisclosed fee.
Mobile phone cover complaints down 20%: Ombudsman
Complaints on mobile phone cover have dropped by a fifth for the year to date according to the Financial Ombudsman Service, which has paid tribute to willingness from insurers to collaborate on complaints.
Novae plays down speculation of imminent Antares deal
Novae has attempted to pour cold water on speculation linking the firm with a bid for fellow Lloyd’s player Antares by stating that “there is no certainty” of a deal taking place.
Zenith teams with Broker Direct on household cover
Broker Direct has inked a deal for Zenith to underwrite all of its Home Options business from 2014.
ABI boss claims CC findings on motor repairs contain 'fundamental flaws'
The Competition Commission’s findings on vehicle repair is at odds with insurers’ own complaints data, the Association of British Insurers has claimed.
Bluefin subsidiary partnership offers tailored diving products
Bluefin subsidiary Bishop Skinner Marine has partnered with the British Sub-Aqua Club to launch two insurance products tailored for the club’s members.
DVLA cuts insurance checks on tax renewals
Motorists will no longer need motor insurance policies to be checked when getting their vehicle tax after changes by the Driver and Vehicle Licensing Agency.
Credit Hire Organisation slams CC motor proposals
The Credit Hire Organisation has criticised the Competition Commission’s motor proposals saying they would disadvantage non-fault drivers and reduce competition by favouring insurers.
S&P points to 'weak management' at RSA following downgrade
Standard & Poor’s has attributed a succession of profit warnings at RSA culminating in the resignation of chief executive Simon Lee for its decision to downgrade its ratings on the company and its core subsidiaries to 'A-' from 'A'.
Senior Wright Indemnity to rebrand as MGB following sale
Lloyd’s broker Senior Wright's indemnity business will change its name to MGB Insurance Brokers following its acquisition by Manchester Underwriting.
Zurich swoops for Swiss Re CFO Quinn
Zurich Insurance has confirmed the recruitment of Swiss Re’s chief financial officer with effect from May 2014.
Crawford surveyors receive RICS accreditation
Adjusting giant Crawford & Company has seen its surveying services division handed accreditation by the Royal Institute of Chartered Surveyors.
Credit hire process adds £150m to motor premiums says CC
Motor insurance premiums are being unnecessarily inflated by the complex chain for the settlement for non-fault claims, the Competition Commission has found after a yearlong review.
LAS targeting claims response times with scheduling software
LAS Claims has unveiled new scheduling software that it boasts will radically improve claims response times.
Torus expanding Lloyd’s syndicate in 2014
Specialty insurer Torus is to grow its Lloyd’s syndicate 1301 next year after having its business plan approved by the London market’s authorities.
AIG sells aircraft leasing unit for $5.4bn
AIG has sold its aircraft leasing unit International Lease Finance Corp to Dutch leasing company AerCap for $5.4bn.
Crawford partners with private investigator in Australia
Global loss adjuster Crawford & Co and private investigator Ramsey Investigation Services International have signed a memorandum of understanding to help detect motor claims fraud in Australia.
Ace makes two key appointments in Asia-Pacific
Ace has appointed Glen Browne to lead its accident and health business in Asia-Pacific and Edward Kopp as the country president of Korea, Ace American Fire and Marine Insurance.
Markerstudy puts 120 ex-Capita staff at risk of redundancy
Markerstudy has placed 120 staff it inherited following its takeover of five Capita businesses last month at risk of redundancy.
Truell bolsters GI presence with stake in 'game changing' tech business
City financier Edmund Truell has acquired a significant minority stake in technology business Regulatory Efficiency Gains, which he believes will “completely change” the way the insurance market operates.
Lloyd's names Canopius’ Beale as chief executive
Lloyd’s has named Canopius chief executive Inga Beale as its new chief executive, replacing Richard Ward from January 2014.
Fitch puts RSA ratings on negative watch
Fitch has placed RSA’s 'A' insurer financial strength rating on watch negative following the announcement of further reserve strengthening in relation to its Irish business.
Keycare unveils three board appointments
Lost and stolen keys insurance provider Keycare has made three board appointments.