Post - 2010-05-13
Articles in this issue
Curtain falls on Quinn PI book
Quinn Insurance will not reopen its professional indemnity business in the UK despite the likelihood it will recommence underwriting other commercial lines.
Perseverance places KGM up for sale
Lloyd's motor insurer KGM has become the latest in its sector to be put up for sale.
Marsh opens network arm
The former managing director of Broker Network, Martyn Denney, has joined Marsh to head up a new network division.
NIG facing more cutsas RBSI sheds 2000
Broker-only insurer NIG could face a further rationalisation of staff and offices as part of a wider review of Royal Bank of Scotland Insurance, which will see its parent offshore for the first time.
Approval of Chubb's move into Lloyd's market imminent
US insurance giant Chubb is set to enter the Lloyd's market almost a decade after its failed bid to buy Hiscox. According to sources, Chubb has received conditional approval for market entry with full authorisation following a Financial Services…
Aviva boss hails Q1 results as sign of revival
Aviva's UK general insurance boss has hailed its quarter one results as a sign the business has turned a corner.
Bodies meet over ash
The British Insurance Brokers' Association, the Association of British Insurers, the Financial Ombudsman Service and the Financial Services Authority met on Tuesday to discuss the fallout from claims complaints arising from the volcanic ash disruption.
Octagon offers van cover
Octagon Insurance has launched a van policy that will be sold via price comparison site Go Compare.
Solvency II fears
One third of UK insurers are not confident that the industry will be able to achieve compliance to the Solvency II rules by the 2012 European Union deadline.
CGS founders outline £2m plan for Quadra
The founders of Carr Greenwood Smith have vowed to win back old clients after returning to the market following their split from Merlin.
Allianz looks within to replace Axa defectee
Allianz commercial property manager Tony Hutchins is leaving the business to join Axa next month, Post has learnt.
Election result raises concerns over insurance reforms
The lack of a clear election result has raised concerns of delays to much-needed insurance industry reform and thrown existing initiatives into doubt.
Top 5 Post stories
The five most popular stories from Postonline over the last seven days were:
Dismore loses seat
Insurance issue campaigner Andrew Dismore has lost his Hendon seat to the Conservative candidate, Matthew Offord, by 106 votes following a recount.
Oil spill could cost $3.5bn
The Deepwater Horizon oil slick approaching the Louisiana coastline could cost the insurance industry $3.5bn (£2.3bn).
Interview - Alex Alway: A real sense of community
Jelf chief executive Alex Alway speaks to Stephanie Denton about market speculation, Quinn, consolidation and why he still has a lot to learn about insurance.
Intermediaries team up to make PMI sales push
Two independent health insurance intermediaries have teamed up to offer a range of cover for children and people who travel abroad for medical or cosmetic treatment.
RBSI cuts are needed to keep up with others
The past seven days have seen two telling announcements from Royal Bank of Scotland Insurance.
Solvency II could see MGA rise
The rise in capital requirements due to Solvency II could drive up the number of managing general agents in the UK market.
Round table - E-trading: Progress through technology
Technology plays an important role in delivering products efficiently and in a more economic fashion. A panel of experts debate why take up of e-trading has, therefore, been so slow in commercial lines. Amy Ellis reports.
XL boss bemoans 'heavy' Q1 catastrophe claims hit
XL Capital's property & casualty business's combined ratio slipped to 100.5% (Q1 2009: 92.1%) following what chief executive Mike McGavick described as "one of the heaviest levels of first quarter catastrophe activity in history".
Markel growth despite quake
Markel International reported a 13% growth in gross written premiums in the first quarter of the year to $208.2m (Q1 2009: $185.0m). However, the insurer's combined ratio deteriorated to 109% (Q1 2009: 97%), which it attributed to $17m or 12 points of…
Oil spill costs Catlin $40m
Catlin has estimated its exposure to the Deepwater Horizon oil disaster is approximately $40m (£27m) net of reinsurance and reinstatements.
RSA "ahead of curve" with cuts
RSA UK chief executive Adrian Brown has said the insurer's swingeing job cuts last year meant it was "ahead of the curve" in responding to the tough economic conditions.
Brokers targeted in £8m SME new business drive
Following the launch of its large corporate private medical insurance offering last May, National Friendly is set to take on the traditional cash plan market while setting its sights on expansion into long-term care.
Jelf CEO admits it will not lead on e-trading
Jelf chief executive Alex Alway has said the company will be a "fast follower" rather than a "first mover" in the development of an electronic trading proposition in the future.
Co-op offers claims service
Co-operative Legal Services is to target small and medium-sized brokers with its first outsourcing product.
One Call strikes Malta deal
Doncaster-based broker One Call insurance has become the latest intermediary to set up its own risk carrying captive insurer, Post has learnt.
New IFB director seeks new income streams
Generating more income for the Insurance Fraud Bureau will become the top priority of newly appointed director Glen Marr, according to IFB chairman David Neave.
Industry rails against SMS claims farming
Insurers have reacted angrily to the growing number of unsolicited claims farming text messages being sent by claims management firms.
Lorega hires ex-CILA head for new adjusting arm
Lorega has vowed to tackle the lack of new blood entering the loss adjusting sector after recruiting former president of the Chartered Institute of Loss Adjusters, Angus Tucker, to spearhead its own skills academy.
Beware of benchmarking pitfalls warns Axa chief
Axa Canada has been benchmarking for years — the only problem was that none of its three measures were giving the insurer what it needed to improve both processes and costs.
Flaws found in current evaluation methods
The three methods UK insurers typically use to evaluate their performance relative to industry peers all have failings. That was the key message of Paul Tomlinson, director at Deloitte UK Consulting, who outlined the major benchmarking challenges…
External comparisons can create unexpected outcomes
External benchmarking can deliver unexpected and additional results, it emerged during a question and answer session. Jeff Rieder, president of the Ward Group, said experience has shown that, when looking at the top quartile of performers, those…
Lowest common denominator curb
Although modern software systems can potentially track and monitor an almost infinite number of metrics, the ability to externally benchmark these against competitors will always be constrained by the "lowest common denominator effect", said Eugene Lee,…
Five is magic number for benchmarking
Challenged as to whether there is a an ideal number or critical mass of companies that need to take part in external benchmarking exercises to render them effective, Jeff Rieder, president of the Ward Group, suggested five is the magic number.
Broker support: Personal services
Networks, managing general agents and other partnerships continue to find plentiful support from brokers and insurers alike. Ana Paula Nacif looks at why.
Comment: Everything to play for
Solvency II has created a cloud of uncertainty over captive insurance companies. Alan Fleming explains.
Commission options: Getting your money's worth
To exist in today's market conditions, brokers must continue to focus on the remuneration they receive from insurers. Jane Bernstein looks at the options.
Biba 2010 countdown: Heartland of the business
As the final days of countdown to the 2010 Biba conference begin, participating claims and insurer professionals reveal the part they hope to play in proceedings.
Professionalism pros
I am delighted the theme of next week's British Insurance Brokers' Association conference is professionalism.
Postbox: BDMA founder Charlton speaks out
The report that Rainbow will be the first national restoration contractor to "guarantee" restoration work to exceed British Damage Management Association standards is interesting (www.postonline.co.uk/post/news/1601738).
Insurer ratings: The rate debate
With the troubles that have beset Quinn recently, Daniel Dunkley asks whether brokers should take more notice of whether an insurer has a rating or not.
Fraud - MOJ reforms: Against the clock
With the MoJ's 15-day timeframe for insurers to make liability decisions on third-party injury claims from road accidents now in force, Veronica Cowan examines whether the increased time pressures risk rendering the reforms little more than a cheat's…
Risk management: Understanding risk
The difference between insurers and banks is being increasingly ignored and Adrian Brown says this is making risk management even more important.
Fraud - Customer knowledge: Getting to know you
With identity fraud a growing problem, Stephen Teeling argues the case for insurers to follow banks in validation techniques and ask for more information.
Biba preview - speakers' views: Excel-lent adventure
This year's British Insurance Broker's Association conference held in London on 19 and 20 May will see 2810 attendees descend on the Excel conference centre where 168 exhibition stands await. We caught up with some of the event's speakers to find out…
Public sector - benchmarking: Join the club
A new club set up by Alarm and Cipfra will allow public sector organisations to assess their risk management processes. Sam Barrett reports on the formation of this useful service.
Public sector - emerging risks: Built for endurance
With sustainability now a buzzword for central and local governments, Jo Hardcastle looks at the emerging associated risks it brings.
Public sector - Private legal actions: Lack of immunity
The case of Erica Connor v Surrey County Council has shaken the previously safe ground local authorities have been on against private legal actions, reports Peter Wake.
Career development & CSR news: 40 artists make up Catlin Art Prize shortlist
The shortlist has been announced for the 4th annual Catlin Art Prize, celebrating the work of recently graduated artists.
Career development & CSR news: Salary offers fall back as vacancies climb higher
The number of positions that employers are seeking to fill within the general insurance sector has risen to its highest level since December 2009, according to recruitment firm Reed.
Time to test yourself: A selection of topical questions from the question banks of ED.Learn - The CII's online training resource
Whether studying for Chartered Insurance Institute exams, or just to test yourself, see how you do. The following is a selection of self-test questions fro mIF1, the certificate in in surance, within the ed.LEARN online learning module. For more details…
One Group assists charity with £25 000
Travel claims specialist One Group has backed the Willow Foundation, a charity set up by football legend Bob Wilson and his wife Megs to provide special days for seriously ill 16 to 40-year-olds, and pledged to raise £25 000 in 2010.
Antares appoints non-executive director
Antares has appointed Ewen Gilmour as non-executive director of Antares Holdings, the group's Bermuda-based holding company.
Evolution appoints commercial underwriter
Commercial underwriting specialist Evolution Underwriting has appointed James Curtin as a commercial underwriter working within the new business team.
New MD for Towergate Underwiritng Financial Risk
Towergate Underwriting has appointed Peter Newson as managing director of Towergate Underwriting Financial Risk.
William Russell expands global sales team
International expatriate insurance specialist William Russell has restructured and expanded its global sales team with the appointment of six new sales professionals.
Miller enahnces financial institutions business
Insurance and reinsurance broker Miller has enhanced its financial institutions business with the appointment of Alexander Dreyer.
Kennedys promotes five solicitors
Kennedys has promoted five solicitors to partner within the UK, and two Hong Kong partners to the global partnership.
50 years ago: No need for legislation on bad drivers
Looking back through Post's back catalogue points a unique picture of more than 150 years of insurance news, as this story from 50 years ago reveals.
20 years ago: Lloyd's offers training for EU working
Looking through Post's back catalogue paints a unique picture of more than 150 years of insurance new, as this highlight from a past-articles reveals.
5 years ago: Licence issue for industry investigators
Loss adjusters and claims investigators may have to be licensed from next year, under the plans to regulate private investigators.
Penny Black's insurance week
Penny was amused to see a video on the MCE Insurance webpage featuring none other than TV adventurer Charlie Boorman fraternising with the broker's mascot Big Ed at the London Motorcycle show at Excel.
Post Magazine - 13 May 2010
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