UK
Admiral CEO and co-founder David Stevens to step down
David Stevens, group CEO and co-founder of Admiral, will leave the role and board in 12 months’ time, the insurer has confirmed.
L&G pegs sale of loss making GI business to Allianz at £255m
Legal & General has booked an estimated consideration of £255m for the sale of its general insurance business to Allianz as the division reported an operating loss of £35m for 2019.
Analysis: Broker M&A pace picks up again
Acquisitions in the UK distribution space rose 13% last year, according to research by Imas Corporate Finance. Post investigates what is driving the increase in consolidation and the challenges buyers are facing in their traditional hunting grounds
Interview: Aon’s Jane Kielty, Tracey Threlfall and James Fell
Just over two years since the takeover of Henderson by Aon its leaders met with Emmanuel Kenning to discuss how the deal came about, why now is the right time to rebrand after the heavy lifting of the integration has been completed and what comes next…
Manchester and Williams call on MGAs to sign up to chartered status
Managing general agents have been called on to apply for the Chartered Insurance Institute's chartered title, which launched yesterday.
Pukka owner Freedom Services Group buys Homelyfe
Exclusive: Freedom Services Group has bought insurtech business Homelyfe from Aventus for an undisclosed sum in a deal that closed last week.
Covéa boosts paternity pay programme
Covéa Insurance has enhanced its paternity pay by offering six weeks fully paid leave for dads of new babies.
Hiscox profits dive 61% in 2019
Hiscox Group has reported a slump in pre-tax profits to $53.1m (£41.6m) in 2019 as catastrophe costs of $165m took their toll despite a significant rise in investment income.
ERS posts record profit under Aquiline ownership of £13.9m
ERS has recorded profit of £13.9m for 2019, its best performance since being bought by Aquiline in 2013.
Blog: Whither next or wither next for Pool Re?
Post senior reporter Emmanuel Kenning asks if Pool Re is facing an existential crisis after the Office for National Statistics’ judgement that the mutual reinsurer should become part of the government.
Pool Re development a 'massive change': Biba
Graeme Trudgill, executive director at the British Insurance Brokers’ Association, has pledged to support Pool Re during consultations about the future of the mutual reinsurer.
ABI flags 'potentially serious implications' as Pool Re classified part of government
The Office for National Statistics has judged that Pool Re should be classified as part of the central government subsector in a surprise move that has raised questions about the future of the mutual reinsurer.
Trade Voice: John Ludlow of Airmic on using the harsh market to forge closer relations with clients
John Ludlow, CEO of Airmic, argues that 2020 should be the year where insurance moves from a tripartite to roundtable relationship.
Egan hails UK underwriting profit at RSA
UK & International CEO at RSA, Scott Egan, has hailed the provider’s underwriting profit for 2019, its first since 2016.
RSA moves back to underwriting profit in UK
RSA has delivered an underwriting profit of £3m in the UK for 2019, reversing the underwriting loss of £93m the year before.
Direct Line to cut 800 jobs
Direct Line Group is cutting 800 jobs over the next two years, the insurer has confirmed.
Kennedys spins out inhouse innovation team as stand-alone business
Law firm Kennedys has spun out part of its innovation function as a separate wholly-owned limited company in order to speed up product development and attract staff more suited to its technology/software focus.
FSCS declares CBL Insurance Europe in default
The Financial Services Compensation Scheme is now stepping in to protect the majority of policies sold in the UK to individuals and small businesses by CBL Insurance Europe having declared the insurer to be in default.
ABI calls for annual government flood defence spending to rise to £1.2bn
Jon Dye, the chair of the Association of British Insurers, has called for government flood defence investment to rise to at least £1.2bn a year.
Allianz UK operating profit drop driven by 'large number of factors': Jon Dye
There was “a very large number of factors” behind the significant drop in operating profit at Allianz UK in 2019, according to CEO Jon Dye.
Operating profit down one third at Allianz UK
Allianz UK has reported profit of £138.1m for 2019 supported by investment gains as operating profit fell.
Gunter replaces Hendrick as Axa XL CEO
Scott Gunter has been appointed as CEO of Axa XL joining from Chubb to replace Greg Hendrick who is leaving to pursue other opportunities.
Government delay to claims portal expected within days
Industry experts have predicted that the government is ready to delay the upcoming launch of the claims portal with an announcement expected “very soon”.
Call Connection creditors set to share £246,000 as claims hit £4.7m
Call Connection creditors will share a payout of around £246,000 as claims from secured and unsecured creditors total £4.7m, administrators BDO have estimated.