UK
Go Compare urges 28 day cooling off period for auto-renewals
Go Compare has called for a doubling of the cooling off period for auto-renewals from 14 to 28 days during which time insurers should take “all reasonable steps” to make customers aware their insurance has been auto-renewed.
Somerset Bridge sells Business Choice Direct
Arron Banks-backed Somerset Bridge Insurance Services has sold its commercial insurance subsidiary Business Choice Direct Insurance Services to Somerset-headquartered Lloyd & Whyte Group for an undisclosed sum.
Ken Randall to step down from R&Q
R&Q has recruited William Spiegel as executive director and deputy group chairman ahead of co-founder Ken Randall stepping down in around 12 months’ time.
Former Iprism holding company moves towards liquidation with small payout
Unsecured creditors of Spectrum Bidco are in line to get a £216,112 payout as the former holding company of Iprism Underwriting Agency moves from administration into creditors’ voluntary liquidation.
CII ready to be 'held to account' over corporate chartered status refresh
The Chartered Insurance Institute is ready to be held to account, having rolled out its priorities for refreshing corporate chartered status last year, professional standards director Melissa Collett told Post.
GRP adds Birrell Group as Midlands hub
Global Risk Partners has taken a majority stake in the Birrell Group, based in Lutterworth, Leicestershire. The group consists of Kingsway Insurance Services and Bausor Hall Associates.
Allclear appoints Cameron Jack as group CFO
Allclear has recruited Cameron Jack as group chief financial officer from retail group TFG London where he spent five years as CFO.
BHIB launches online freelancers brand Create Insurance
BHIB has rolled out Create Insurance an online offering targeting freelancers in the creative industries, from photographers to script writers.
Thomas Cook collapse drives bad debt claims to record levels
Trade credit insurers received a record £271m in claims during the third quarter of 2019, driven by the demise of Thomas Cook, according to the Association of British Insurers
Ransomware attack victim Travelex has cyber insurance
Foreign exchange provider Travelex, which has been offline since New Year’s Eve after a cyber attack, has cyber insurance in place.
Gefion ordered to correct reporting error
Unrated Danish Gefion Insurance has been ordered by the Danish Financial Supervisory Authority to publish information supplementing or correcting the company’s 2018 annual report, after it was adjudged to have wrongly recognised the value of a…
Integro rebranded as Tysers and RFIB deal completes
Integro has completed the rebrand of its trading names as Tysers, having bought the broker in June 2018.
Rightindem appoints Amanda Blanc as chair
Amanda Blanc has joined digital claims provider Rightindem as non-executive chair of the board of directors.
FCA unveils reforms to become highly data-driven
The Financial Conduct Authority has refreshed its Data Strategy, first published in 2013, and set out a “transformation plan” to become a highly data-driven regulator.
Martin Kelsh joins HW Wood
Martin Kelsh, the former production and distribution director of Neon, has joined Lloyd’s broker HW Wood as head of the international non-marine team.
Neon goes into run-off
Neon Underwriting has been put into run-off by owner American Financial Group.
Bollington buys Ashgrove
Bollington Insurance has bought North-West based broker Ashgrove Insurance Services for an undisclosed sum.
Be Wiser promotes Sharon Beckett to CEO with Bower-Dyke as chairman
Sharon Beckett has been promoted to CEO of Be Wiser, with Mark Bower-Dyke ending his dual role at the broker and remaining as chairman.
Enough capital in 'asymmetrical' reinsurance market: Guy Carpenter
There was adequate capacity to meet rising demand in the reinsurance sector during the 1 January 2020 renewal period, according to Guy Carpenter, however the results for buyers were mixed depending on a range of factors.
Optio buys Newbridge Risk Partners
Managing general agent Optio has bought specialist political-violence and terrorism MGA Newbridge Risk Partners for an undisclosed sum.
Sure Thing cut losses to £2m in year before sale
Motor broker Sure Thing Insurance Services made a loss of £2.1m in its final year ahead of the sale to Qmetric Group’s Policy Expert last June.
FCA fines total £392m in 2019
The Financial Conduct Authority levelled £392.3m of fines last year including one in the general insurance sector and its first against a claims management company.
UK motor reinsurance rates rise by up to 35%, says Willis Re
UK motor liability reinsurance rates for some accounts rose by up to 35% in the annual January renewal season, according to Willis Re.
Compliance experts and trade bodies praise outgoing FCA boss Andrew Bailey
The market has hailed Andrew Bailey as having run a steady ship at the Financial Conduct Authority and congratulated him as he heads to the Bank of England to replace Mark Carney.