The Association of British Insurers (ABI) has responded to the violent storms and tornadoes that have swept across the country today with the following advice to those who have sustained property damage: Damage caused to homes and businesses will be covered by buildings insurance. Household policies will cover the cost of alternative accommodation (up to [...]
Stefan Allesch-Taylor, the entrepreneur and financier, has formed a joint venture with Sir Peter Burt, former chief executive of Bank of Scotland, to offer companies insurance cover for their pension deficits. They are launching a new company, Tactica Insurance, which will be headed by Wai Au, a former deputy chief executive of Barclays’ British retail [...]
Prudential has extended it partnership with the South African group, Discovery, to form Pru Protection Holdings, which aims to secure an initial 10% share of the UK life insurance and protection market. In the next few days, Prudential is launching 25 protection plans covering life insurance, critical illness, income protection and disability insurance. The policies [...]
Saga and the AA insurance have fiercely denied claims made today by the GMB that they could be poised to lay off around 2,000 staff in the coming months, as a result of slimming down from the recent multi-billion pound merger. The claims made by the GMB put over 2,000 jobs at risk from a [...]
Leading insurer Norwich Union has today announced its innovative underwriting academy, designed to facilitate more advanced staff training and product knowledge development to promote better all round service for policy holders. The academy will be set up to handle 130 staff initially, and contains some of the most advanced training facilities in the industry. The [...]
The sum total of claims from Typhoon Wipha is likely to come in at around $250million, according to risk modelling firm AIR Worldwide estimates announced today based on state of the art claims estimation projections. The company, specialising in modelling the level of damage from catastrophes like severe weather patterns and storms and in predicting [...]
Following the £6.15 billion merger of Saga and the AA, four senior AA executives are being replaced by senior managers from Saga. The AA posts vacated are: financial director, human resources director, information systems director and head of insurance. Saga’s Stuart Howard has been named group finance director, Janet Thompson will become director of human [...]
The insurance industry will now be more responsive to emergency incidents after a cooperative agreement with recuse services and local authorities was announced today, allowing more rapid response to claims management. Under the agreement announced today, the Association of British Insurers will be informed as to the extent of damage at any emergency scene by [...]
Insurer Crawford & Company have today announced they are preparing to launch a new insurance product in the environmental sector, to cope with changing legislation from the EU in that area and to provide businesses and domestic polluters with coverage in the event of any environmental liability. The so called Environmental Pollution Claims Service (EPCS) [...]
The AA Insurance senior management structure has undergone a significant overhaul today following the completion of its merger with Saga worth approximately £6.2 billion, which will see the companies controlled by a single entity with establishing cross platform selling a priority. The move is designed to allow easier integration of both Saga and the AA’s [...]
Motor insurers are tightening up on parents who add children as drivers on their policies, to save costs. The practice is known in the insurance industry as “fronting” and Royal Bank of Scotland, which owns Churchill, Privilege and Direct Line, is reviewing its underwriting criteria to exclude the loophole. Churchill will still provide “young additional [...]
The Countrywide Network, the UK’s largest broker network, has extended its Partner Broker initiative to include commercial business. The launch of Partner Broker Commercial is in response to continuing demand from Countrywide’s members and will provide a range of products covering the majority of brokers’ commercial needs. These include commercial combined, packages, property owners’, liability [...]
Insurer Brit Insurance has today announced it is establishing a small underwriting division within Gibraltar as a facilitator to insurance operations in the UK and reinsurance companies dealing with external claims. The team is to be located in Gibraltar mainly for tax efficiency reasons, as well as to gain access to offshore markets, and will [...]
The Countrywide insurance group has today announced its intention to widen the reach of its Partner Broker scheme to cover commercial insurance divisions, in line with rising demand from independent brokers nationwide. The insurance group is extending its focus on developing broker relations through opening a wider range of products to market, as it continues [...]
Post Office Financial Services have announced an expansion in its insurance division, which has seen a 300% growth in staff numbers since its inception in 2004. The insurance division of the Post Office has been subject to rapid expansion plans over the last few years, which look set to continue as the insurance arm of [...]
Standard Life is reported to be reviving its interest in making a bid for Resolution, the specialist manager of in-force UK life funds. It is rumoured that Standard Life’s chairman has recently held several informal meetings with his counterpart at Resolution and analysts predict that any bid by Standard Life would exceed £4.5 billion. Pearl [...]
Resolution Plc, the specialist manager of in-force UK life funds, has recorded a strong rise in interim profit. The insurer, which is in the process of merging with Friends Provident, recorded operating profit for the six months to the end of June at £395 million (on a European Embedded Value basis). The result compares with [...]
Using a mobile phone whilst driving may be as dangerous as driving under the influence of alcohol as reaction times can be significantly slowed and concentration adversely affected, according to a study by insurance group yesinsurance.co.uk. The study into various risks associated with driving for insurance purposes found that the majority of the UK’s driving [...]
UK insurer Resolution announced today a significant increase in interim profits over the first half of the year, after strong performance from the former Abbey insurance operation which it acquired earlier in the year. The insurance arm of the Abbey has been a strong performer for Resolution since it acquired the business, having a significant [...]
Newly de-listed Aquilo has sold off the home contents replacement arm of its insurance operation as part of an ongoing streamlining process since last week’s withdrawal from their securities exchange. The insurance company, Aquilo, boasted several distinct operations servicing the insurance market on an independent level. Today’s transaction sees one such branch sold off, along [...]
