Redundancies
Creditors set to lose out amid Plexus collapse
Documents show Plexus Group, which has entered administration, owes creditors about £21.5m, and that some are unlikely to receive the full payout, with most unlikely to receive anything at all.
Could a motor insurance crisis become a political storm?
Content director's view: As Zurich pulls out of the personal lines broker market, and with motor far from being flavour of the month for investors and capacity providers, Jonathan Swift asks could a combination of withdrawals and lack of new competition…
Covéa puts jobs at risk with company restructure
After reporting a loss of £145m for 2022, Covéa Insurance UK is currently undergoing a company restructure, entering a consultation process with employees, Insurance Post can reveal.
Legal wrangling prompted further breakdown of CII and PFS relations
Don MacIntyre, interim CEO of Personal Finance Society, has revealed a breakdown in mediation talks between the professional body for financial advisers and the Chartered Insurance Institute led to the latter seizing control of the PFS board.
Zego withdraws job offers and makes 17% of staff redundant due to increased costs
Motor insurance provider Zego withdrew job offers it had extended due to increased costs, which also led it to make 17% of its staff redundant.
Briefing: With the sale of its commercial book to Axa, Ageas has gone full circle to return its old self again
Post content director Jonathan Swift looks at the journey Ageas has been on over the last 13 years and concludes it has done an awful lot - but now looks more like its 2009 incarnation than ever.
Staff at risk as A-Plan owned Endsleigh opens restructure consultation
Endsleigh has confirmed that people are at risk of redundancy from its restructure plans as it opened a 30-day consultation.
FCA yet to fully investigate more than half of Covid whistleblowers’ reports
Exclusive: The Financial Conduct Authority has yet to close investigations into more than half of the reports made by Covid whistleblowers in the first year of the pandemic, with general insurance businesses among firms that have faced allegations.
RSA targeting motor and SME, says CEO Scott Egan as takeover completes
RSA is in a “cracking place” and ahead of where it would expect to be, according to Scott Egan CEO for the UK and international.
Brendan McCafferty exits Markerstudy's Brightside with rest of senior leadership team to follow
Former Brightside CEO Brendan McCafferty has left the broker following its purchase by Markerstudy, with the rest of Brightside’s leadership team to follow and the possibility of role reductions for more junior staff, Post can reveal.
Up to 115 people at risk as Aviva reveals IT restructure
Aviva has confirmed that up to 115 people could be hit by changes to its IT teams as it moves to automate certain processes and increase use of outsourcing.
Insurdata reorganisation sees UK company enter liquidation
Insurdata Limited, the UK company of US based Insurdata Corporation, has been placed in liquidation, with members of the team having left the business due to restructuring, Post can reveal.
Staveley Head administrators reveal £27.7m in claims
Unsecured creditors have submitted £27.68m in claims against motor broker and managing general agent Staveley Head Limited, far in excess of the £9.98m on the company’s books when Duff & Phelps were appointed as administrators in February 2020.
For the record: Wilson’s insurtech Abacai acquires Dayinsure; 250 job losses at BGL; GRS recruits Advanta team; and Howden acquires STA Group
Post wraps up the major insurance deals, launches, investments and strategic moves of the week not covered elsewhere on www.postonline.co.uk
Be Wiser consults with 280 staff over restructure
Broker Be Wiser is consulting with its 280 staff on a business reorganisation programme, with some job losses expected.
RSA employee reps seek ‘urgent’ clarity on takeover redundancies
Clarity on the potential for 200 UK job losses, and more in Scandinavia, is being sought by RSA employee representatives.
Co-op and Markerstudy: A deal 22 months in the making
Late on 25 November, the Prudential Regulation Authority and Financial Conduct Authority at last approved Markerstudy’s takeover of the Co-op’s underwriting business – 675 days on from when the deal was first announced.
Blog: Insurers must act urgently to prevent health insurance affordability crisis
Employees have received a raw deal on health insurance for decades. Covid-19 is a time for change, argues Trevor Davis, Instanda managing director for life and health.
Blog: Why insurers should sign the #FairRedundancy pledge
The #FairRedundancy pledge calls for employers to promise transparency when making redundancies during the pandemic and to share details on how they impact diversity. Han Law founder Hannah Strawbridge explains why she believes it is critical that…
Zurich to retrain 3000 UK staff over five years
Zurich’s analysis of its UK workforce has shown that the future impact of technology could mean 270 jobs go unfilled in the next five years if its team is not reskilled.
One in ten jobs at risk as MIB begins latest cutbacks
One in ten jobs at the Motor Insurers’ Bureau are at risk of being cut, with the organisation citing among other factors the need to minimise costs due to challenges posed by the current economic climate.
Six MPs back early day motion calling for Co-op to rethink Markerstudy deal
Tony Lloyd, Labour MP for Rochdale, filed a motion in House of Commons on 1 September calling on Co-op to review its decision to sell the Manchester-based insurance business to Markerstudy.
Co-op faces union protest against Markerstudy job losses
Today members of trade union Unite the Union gathered outside the Rochdale Pioneers Museum in Greater Manchester to oppose incoming job losses at Co-op insurance and the de-recognition of the independent trade union on its sale to Markerstudy.
Brokers urge Biba not to spread itself too thin after redundancies
Brokers have voiced their support for the British Insurance Brokers’ Association but urged the trade body to continue to cover all the issues as the association made five staff redundant.