News
Biba raises regulatory concerns in budget submission
The British Insurance Brokers Association has asked the government for “a more dynamic regulatory regime in place that recognises the impact of regulation on our sector.”
US Risk targeting Lloyd’s brokers for marine, energy growth
US Risk chief executive Randall Goss has told Post he currently in talks to buy three Lloyd’s brokers.
Towergate sells Power Place to Open GI
Open GI has acquired Power Place from Towergate for an undisclosed sum, in a deal which will see 48 staff – including chief executive Nick Giddings – move across to the software provider.
Brit has "natural opportunity" to grow top line as it eyes new markets
Brit group chief executive Mark Cloutier said the insurer is likely to see top line growth in 2013 having repositioned the business to "opportunistically" target profitable specialist lines business.
Bluefin committed to motor after 2012 travails
Axa-owned broker Bluefin has said it remains dedicated to its motor business, despite noting that repricing its motor book had contributed to dipping revenue for 2012.
Lockton recommends reservation of rights clause
Broker Lockton has told its clients to add a clause to their insurance contracts to help counteract negative effects of the reservation of rights by insurers.
Insurers must embrace mobile to bring "dramatic change" in acquisition ratios
As acquisition costs remain high insurers must invest in mobile and social media channels to keep and capture new customers, according to Capgemini’s World Insurance report.
Markel and Alterra shareholders give green light to acquisition
The Markel acquisition of Alterra Capital Holdings has been given the go-ahead by shareholders at both firms following a vote.
Independent midwives seek cover ahead of legislation
An organisation representing independent midwives is in discussions with a broker over plans to secure affordable professional indemnity insurance, ahead of the launch of new legislation.
Bluefin Ebitda increases 27.5%
Bluefin Insurance has reported a 27.5% rise in Ebitda to £22.7m (2011: £17.8m) and a 54.3% pre-tax profit of £17.9m (2011: £11.6m).
PI law firm to expand after securing equity
A Scottish personal injury legal firm has received a "six-figure" loan from Clydesdale Bank with the view of doubling its office space.
Aviva to sell Russian life business for €35m
Aviva is selling its Russian life and pensions operation to Blagosostoyanie, a non-state pension fund in Russia, for a consideration of €35m (£30.17m).
Brit Insurance unveils Chinese intentions as post tax profit rises to £84.7m
Lloyd's insurer Brit has today announced it has developed "prudent options" to assess growth potential in China, to grow its specialty underwriting business "cautiously and profitably".
Aviva sells Russian life and pensions business to state insurer
Aviva today announced the sale of Aviva Russia to Blagosostoyanie, a non-state pension fund in Russia, for a consideration of €35m.
Esure confirms IPO intention as improved COR of 92.8% is chalked up
Esure chairman Peter Wood has this morning confirmed the intention of his firm to proceed with an initial public offering.
Brit COR improves to 93.2% in 2012
Brit has produced an operating profit of £113.6m for the full year 2012 (2011 restated: £68.4m) and an impoved combined ratio of 93.2% (2011 restated: 99.6%).
Iron ore ports close as Cyclone Rusty closes in on Australia
Cyclone Rusty is expected to bring a huge amount of rain to north west Australia and has already caused iron ore companies and ports to close.
AIA's profit hits $3bn
The Hong Kong listed insurer beat profit estimates of $2.7bn for the fiscal year ending 30 November 2012.
AIA to open office in Myanmar
Mark Tucker, the CEO of AIA, has confirmed the insurer is opening a representative office in Myanmar as AIA targets south east Asia.
QBE planning 700 job cuts: report
QBE will cut 700 jobs across its worldwide operations according to a report from a media briefing held by the insurer and reinsurer.
Top five Asian news stories
The top five Asian news stories from www.insuranceinsight.com over the past seven days.
RMS appoints former Apple marketing boss as chairman
Catastrophe modeller Risk Management Solutions has appointed a new chairman to replace Martin Morgan, chief executive of parent Daily Mail and General Trust.
Top five European news stories
The top five European news stories from www.insuranceinsight.com over the past seven days.
Kiln sees profit despite unprecedented levels of catastrophe
R J Kiln & Co, part of the Tokio Marine Group, has released the final results for its four non-aligned syndicates showing profits for the 2010 year of account.