Insurer
MIB and Experian agree five year MID partnership renewal
Experian has put pen to paper on a five year partnership renewal with the Motor Insurers’ Bureau to maintain the Motor Insurance Database.
Defra dismisses reports of Flood Re exclusion U-turn
The Department for Environment, Food and Rural Affairs has denied reports David Cameron is considering a U-turn on excluding high-net-worth homeowners from the Flood Re scheme.
Europe: Pet insurance opportunities
With around $1bn premium volume, the pet insurance market in the UK is by far the world's biggest - but increasing competition and rising vet fees over the past few years have seen what was once fertile ground become a highly contested area, with a large…
Xchanging boss rolls out investment ahead of 2015 growth plans
Xchanging chief executive Ken Lever has described 2014 as a “year of investment” and has pledged £40m across the group with a prominent focus on insurance and technology.
Allianz group profits hit £8.3bn in 2013 as UK income dips
Allianz Group chalked up 7.8% growth in operating profit of €10.1bn (£8.3bn) in a year in which revenues grew by 4.1% to €110.8bn.
Xchanging 'transformation' progress sparks 10% profit rise
Xchanging increased its operating profit by 10.1% to £55.5m last year alongside a 56% net cash increase to £120.1m.
Icelandic regulator revokes Eric's licence on solvency grounds
The European Risk Insurance Company has had its operating licence withdrawn by the Icelandic Financial Supervisory Authority as the unrated insurer no longer complies with minimum solvency requirements.
UK and Ireland at the core of Hester's 'self help' action plan
RSA group chief executive Stephen Hester has vowed to “grasp the nettles of both underperformance and undercapitalisation” by launching a strategic action plan in a bid to transform the insurer’s fortunes following “poor” 2013 results.
RSA's Asia division under review
RSA's Asia division is potentially up for sale after new group CEO Stephen Hester excluded the region from its core business strategy going forward.
RSA reports £244m loss as Hester says UK 'needs to improve'
RSA Group this morning reported a pre-tax loss of £244m in 2013 (2012: £448m profit).
RSA launches £775m rights issue
RSA is aiming to raise £775m in a rights issue, dispose of several geographic divisions and will not pay a dividend for 2013 after a pre-tax loss of £244m.
Ace rings senior changes in Asia-Pacific as it targets emerging markets
John French, Ace's country president of Hong Kong, Taiwan and Macau is leaving his role after seven years to move to Australia with the insurer.
DLG boss Geddes admits 2014 COR expectation is weather dependent
Direct Line Group chief executive Paul Geddes has conceded hopes of achieving a combined operating ratio of between 95% and 97% for 2014 will hinge on the weather improving for the remainder of the year.
Royal London replaces finance director and intermediary CEO
Royal London has appointed Tim Harris as its new finance director and Isobel Langton as the new chief executive of its intermediary business.
CII report highlights insurance industry and regulator mismatch
Insurance industry leaders have highlighted a mismatch of expectations between insurers and the Financial Conduct Authority in three key areas in a report by the Chartered Insurance Institute and management consulting firm Oliver Wyman.
UK P&I increases renewal premiums 7%
The UK P&I Club has announced boosted figures following the close of renewals for 2012, witnessing a 7% estimated increase of renewal premium.
Post has moved
The Post team has now moved to swanky new offices on Haymarket.
LMA calls for industry standard on drones
The Lloyd’s Market Association has provided input for a European Commission study on the liability and insurance requirements generated by Remote Piloted Aircraft Systems.
Capita takes second MGA stake
Capita has taken an equity stake in a managing general agent for the second time, investing in Infinity Agency Limited.
AIG promotes Cloughley to bolster UK private client group
AIG has boosted its UK private client group with the appointment of Patrick Cloughley as senior business development manager.
Add-on sales top the agenda in Competition Commission talks
CHO critical of commission’s credit hire cost calculations,
DLG profits raised 14% by boosted reserve releases
Direct Line Group has reported profits boosted by 14% for 2013, resulting from substantial increases in reserve releases.
Insurers reject campaign to include previous premiums on renewal letters
Swiftcover is only firm in Which? survey to inform customers of last year’s price.
Editor's comment: Pressing the advantage home
Prime Minister David Cameron told the nation “money is no object” when he declared the recent floods a national emergency and staked his personal authority on rebuilding damaged UK regions to make them more resilient to extreme weather.