United Kingdom (UK)
L&G appoints Darren Prior as head of broker
Legal & General has promoted Darren Prior to head of broker within its general insurance division.
Editor's comment: Broker rebellion?
May is upon us and that means that thousands of insurance brokers are preparing for the annual camp out in Manchester to hear what their trade body the British Insurance Brokers’ Association is doing for them, plans to do for them and how insurers can…
Interview: Michael Rea, Gallagher
With Gallagher re-entering the M&A game after a four year hiatus, Michael Rea spoke to Harry Curtis about what makes a good deal, how consolidation is changing, why restrictive covenants need to be upheld and the Ardonagh court case
Urban Jungle secures £2.5m in seed funding round
Urban Jungle, an insurtech targeted at “generation rent”, has raised £2.5m in a seed funding round.
Esure turns to reinsurance to improve solvency coverage
Esure improved its solvency capital coverage ratio to 149% over the first quarter of 2019, having seen it drop to 108% at the end of last year.
Failed insurer Gable faces claims of £328m
Total claims against failed insurer Gable could add up to £328m, the company's liquidator said.
Industry body calls for clarity over 'secret' plans for small claims portal
The Association of Consumer Support Organisations has urged the Justice Committee to investigate the establishment of the small claims portal.
Bloody Bay files counterclaim in near $10m Besso ‘secret profits’ lawsuit
Exclusive: The litigation group claiming Besso owes a Carribean hotel group almost $10m in concealed brokerage has filed a counterclaim in an ongoing lawsuit.
Discount rate: Are insurers being too optimistic?
In anticipation of the new discount rate announcement, expected by 5 August 2019, many insurers have already started to price and reserve at 0%
Brightside's Brendan McCafferty on whether Saga’s writedown heralds a shift in the tectonic plates?
Providers with books that are skewed to heavily discounted year one are facing a quandary about whether to change their strategy before the dual pricing review outcomes or wait until after. Either way Brendan McCafferty, CEO Brightside Group, believe…
Regulators form working group to tackle 'phoenix' companies
Financial services regulators have formed a working group to collaborate on tackling ‘phoenixing’ in the sector, whereby companies or individuals avoid liabilities or penalties by shutting down businesses only to re-emerge as new legal entities.
Canopius attracts investment from Samsung
Canopius has partnered with Samsung Fire & Marine Insurance to offer “innovative customer-focused” insurance solutions across the globe.
This week: The Godfathers of insurance return
Just when they think they’re out, insurance pulls them back in. This week, two big names from the recent past, Stephen Catlin and Steve McGill, returned to the fold.
Blog: What the FCA market study means for brokers
Despite giving the broker market a clean bill of health Richard Burger, head of financial services regulatory investigations warns brokers should expect the FCA to continue to explore key areas it has identified that are in need of improvement.
Blog: Why mediocrity shouldn’t be accepted
Would you give a contract to a software firm that says it will be complacent with your business? Why accept it when it happens then, argues André Symes, chief operating officer of Genasys Technologies.
Senior departures at RSA as it announces management shakeup
RSA has announced a number of senior role changes in its UK and international business.
Eldon Insurance director no longer at the broker
Jacobus Coetzee no longer holds a directorship at Arron Banks’ Eldon Insurance.
GRP brokers make three acquisitions
GRP-owned Cavendish Munro has made one acquisition, while Green Insurance Group has bought two businesses.
Blog: Why perfection is unobtainable for driverless cars
Trials for driverless cars are moving up in the UK, while they have stalled in some parts of the US due to reported deaths. Mark Hemsted, partner at Clyde & Co, argues that the public looking for perfection in this area could be misguided.
Abbey Legal BTE rebrands to Markel Legal Expenses Insurance
Abbey Protection Group and its associated branding, including Abbey Legal Before the Event Services, has rebranded to Markel.
Allianz proposes office closures that put 97 staff at risk of redundancy
Allianz has proposed shutting its Woking and Luton offices, which could lead to 97 people being made redundant.
Covéa strikes up motor insurance deal with John Lewis
Covéa has arranged a deal with John Lewis Finance that will see it act as the sole insurer for the company’s motor insurance offering.
Claims costs drive an increase in van insurance premiums
Claims costs have driven an average premium increase of 35.1% since April 2014, Consumer Intelligence has found.
BMS appoints Nick Moss as chief financial officer
BMS has appointed Nick Moss as chief financial officer of the group.