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Penny Black's Social World: August 2020
Claims & Fraud Awards, charity challenges and sustainability week
RSA cutting 300 roles
RSA has announced a voluntary redundancy programme as part of a process designed to reduce its headcount by the equivalent of 300 full time roles.
Business enquiries down 14% on last year at Allianz
While market conditions are slowly recovering in the wake of the coronavirus lockdown, the volume of new enquiries for commercial policies remain substantially lower than were last year, according to Allianz Insurance.
Hastings agrees £1.66bn takeover
Finnish insurer Sampo and South African financial services firm Rand Merchant Investment Holdings have agreed a £1.66bn takeover with the directors of Hastings.
Analysis: Legal expenses insurers: Rising to the challenge
Legal expenses insurers saw at least double-digit increases in call volumes as the government moved to combat the outbreak of the coronavirus by locking down the UK. Providers rose to the challenge and believe they are well placed to meet any further…
Direct Line open to acquisitions and partnerships: CFO Tim Harris
Direct Line Group remains open to inorganic growth from acquisitions and partnerships despite the Covid-19 impact, DLG chief financial officer Tim Harris has confirmed.
AIG adds $458m of Covid-19 losses in Q2
AIG reported an underwriting loss of $343m (£262.8m) for general insurance business in the second quarter of 2020.
PE firms circle AA for takeover talks
Motoring group The AA has confirmed holding takeover talks with three private equity parties as it discusses “a wide range of potential refinancing options”.
RSA to exit wedding insurance in early 2021
RSA will cease to underwrite wedding insurance when its John Lewis contract ends at the beginning of next year, Post has learned.
Further cost-cutting expected at RSA UK
RSA will look to cut further costs in its UK arm, RSA CEO Stephen Hester confirmed as the insurer released it first half results for 2020.
FCA vulnerability guidance ‘far from enough’ warns former retail GI boss
The Financial Conduct Authority's guidance to help firms understand and assist vulnerable customers may be a start "but is far from enough”, the watchdog's former retail general insurance boss has cautioned.
Alex Williams promoted to MD at i-Wonder
Alex Williams has been appointed at the first managing director of technology firm i-Wonder.
Interview: Michael Lee, First Central
A year into his role and Michael Lee, CEO of First Central, explains to Jen Frost what he believes are the three elements needed to be successful in motor insurance
BI court case judges aiming for draft judgment in mid-September
Lord Justice Flaux has confirmed the middle of September as the target date for a draft judgment in the business interruption court case brought by the Financial Conduct Authority against UK insurers.
Connected claims is the driver to take telematics closer to the mainstream, says Trak Global CEO Corrie
The next generation of telematics will involve low cost hardware coupled with smart phones and be based around the connected claims journey.
Future Focus 2030: The future of property podcast - how IoT sensors, automation and granular data will shape the next decade
It is the year 2030. The explosion of internet of things devices has really taken hold impacting both the personal and commercial property markets.
Briefing: Is it time to lock up your employees as Amazon comes a-calling?
News that Amazon is expanding in the Indian insurance market coupled with its recent recruitment in the UK could leave insurers feeling a bit worried for their staff and their business.
Claims Apprentice 2020: Episode three - Podcast challenge part two
With topics decided, guests lined up and vox pops taped it is time for Team Empower and Team KDA to enter the studio to record their podcasts.
ABI seeks to ‘tell the full story’ on industry’s Covid response: Huw Evans
The industry should not shy away from the business interruption insurance issue but equally it is not “the be all and end all of the Covid crisis”, according to Huw Evans, director general of the Association of British Insurers.
Hastings confirms cash offer approach
Hastings has confirmed it has been approached by Sampo and Rand Merchant Investment Holdings with a potential cash bid for the business.
Complete Cover deal saw £108.7m written off
The net liability position of Complete Cover’s ultimate holding company Key Topco improved from a deficit of £93.4m at the end of 2018 to just £1.7m by the end of March 2020 after the takeover by Sun Capital Partners at the start of this year.
Sun Capital injected £7m into Mulsanne as SCR fell below 100%
The new backers of Mulsanne Insurance Company had to invest £7m into the Gibraltar-based underwriter this April to meet solvency capital requirements.
Trade Voice: Mass chair Paul Nicholls on delivering for claimants during Covid-19 and beyond
Paul Nicholls, chair of the Motor Accident Solicitors Society, addresses the insurance and legal industries’ responses to Covid-19 but warns the pandemic has delayed progress on the numerous issues that need to be tackled ahead of the implementation of…
Carter hails 'trampoline bounce back' after lockdown hit H1 volume at Sabre
Motor specialist insurer Sabre was pleased overall with the half-year results as the coronavirus pandemic pushed premiums down 14% to £86.9m, CEO Geoff Carter told Post.