News
Arag expands BTE sales team
Legal expenses insurer Arag has added a corporate account manager to its before-the-event sales team.
Household fraudster profile revealed
The typical household fraudster is likely to be a first claimant, claiming under £500 for accidental damage to a technological device and aged between 31 and 50, according to a report.
Tesco Underwriting COR fails to drop below 100%
Tesco Underwriting’s combined operating ratio has remained above 100% despite seeing net profit rise in line with where it should be, according to Ageas chief executive Andy Watson.
RSA says Italy segment on track to break even in 2013
RSA posted 5% premium growth for the year ended December 2012, however its underwriting result was flat at €375m owing to adverse weather and earthquakes in Italy.
Dual strengthens board with non-executive appointment
Hyperion’s underwriting arm, Dual, has appointed Alan Grant as non-executive chairman of the international board of directors and non-executive director of Dual’s UK operating companies.
RSA's UK profit falls 37% as commercial losses take toll
RSA blamed adverse weather in the first half of 2012 and a weak marine and commercial liability performance on UK underwriting profit tumbling to £39m (2011: £62m) while the combined ratio was 98.2% (2011: 97.3%).
Esure IPO to be filed ‘within days’
Esure is considering filing a formal intention to float within days, according to the Financial Times.
Energy firms face increasing cyber threat exposure: Marsh
Oil and gas firms should brace for a wave of cyber threats according to Marsh, citing convering technological, terrorism and political risks.
Jakarta flood losses not expected to trigger solvency problems
Flooding in Jakarta, Indonesia in January expected to cause economic losses of IDR32trn (€2.46m) according to official government reports, but only IDR3trn of that is expected to be insured.
BP heads for two-step Deepwater Horizon civil trial
BP is to face a civil trial over the 2010 Deepwater Horizon oil disaster, after talks on a settlement with US authorities collapsed.
Ageas reports £82.9m profit as income exceeds £2bn
Ageas UK has increased profit by 11% to £82.9m in 2012 compared to the 2011 figure of £74.7m and a combined ratio of 99.8% (2011: 99.9%)
RSA increases premium by 5% and cuts dividend
RSA Group has reported operating profit of £684m (2011: £727m) for 2012 including an entirely flat underwriting result of £375m.
Northdoor launches cloud platform for Asian start-ups
UK-based IT consultancy Northdoor has launched a cloud-based system for insurance start-ups in Asia.
China readies for first online insurer
The Chinese Insurance Regulatory Commission is set to approve the first internet only insurer which will be owned by nine shareholders including internet firm Alibaba and insurer Ping An.
Utley settles on Lloyd’s Equity charges
Former Equity chief executive Neil Utley has been barred from applying for Lloyd's director positions for two years under terms agreed in a settlement on charges of detrimental conduct.
China allows insurers to sell mutual funds
Chinese insurers will be allowed to sell mutual funds to the public as regulators look to increase the role of institutional investors in its capital markets.
Equity adds Dacia to partnerships roster
Equity’s affinity arm has struck a three year deal to offer insurance to purchases of all new Dacia cars.
Autoglass calls for windscreen standards after fears insurers are cutting corners
Insurers may be awarding windscreen replacement jobs to technicians who lack the proper skills or use inferior materials in order to cut costs, according to Autoglass.
DLG’s international units “attractive to third parties”
Direct Line’s German and Italian businesses could prove attractive to a variety of third parties, according to Investec Securities.
Russian meteor explosion 30x more powerful than Hiroshima bomb
The explosion of a meteor above the Urals in Russia generated a force 30 times greater than the Hiroshima nuclear bomb, according to the European Space Agency.
Top five European news stories
The top five European news stories from www.insuranceinsight.com over the past seven days.
Bailey named Prudential Regulation Authority CEO
Andrew Bailey has been named deputy governor for the Bank of England, which will also make him chief executive of the Prudential Regulation Authority.
Admiral 2013 earnings forecast falls by £30m
Insurer Admiral has seen earnings forecasts slashed in an investor report from Investec as the motor referral fee ban approaches.
UIB hires associate director for its marine arm
United Insurance Brokers has appointed Spencer Crane as associate director to its Marine Division.