Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 21st of January 2018
October 31, 2007

Global Events Practice launched by Marsh

by Richard Kilner

Story link: Global Events Practice launched by Marsh

A Global Events Practice has been launched by Marsh to offer risk management and insurance for sports and events on a global basis. The Practice is led by Warren Harper and will offer crisis management, risk management programme design and contingency planning in addition to insurance for events organising committees, sports federations and governing bodies. […]



Bank errors cost insurance industry over £280,000 every year

by Richard Kilner

Story link: Bank errors cost insurance industry over £280,000 every year

According to research by Travelex, delays and errors by banks are costing insurance companies in the UK over £280,000 every year due to the extra time required to chase up the mistakes and delays. International businesses making transactions into or out of the UK are more likely than not to have problems, 60% experience delays […]



Legal Services Act Rubber Stamped

by Stewart Douglas

Story link: Legal Services Act Rubber Stamped

The arrival of an independent body for dealing with legal complaints in England and Wales is now even nearer following the Royal approval of a new Act of parliament designed to take control of consumer complaints away from the legal profession. The new Act, entitled the Legal Services Act will also pave the way for […]



New Year shock for uninsured motorists

by Gill Montia

Story link: New Year shock for uninsured motorists

Latest figures from the Government suggest that over two million vehicles (or one in 15 motorists) on UK roads are uninsured. According to the Department for Transport the number of uninsured drivers has risen by 100,000 in just one year, with the total figure now amounting to 6.5% of all vehicles in the UK. However, […]



BIBA Urge Caution Against Online Travel Policies

by Stewart Douglas

Story link: BIBA Urge Caution Against Online Travel Policies

BIBA, the British Insurance Brokers Association, have today released a report suggesting that online travel insurance policies may not provide adequate cover, and may offer consumers poor value for money as compare to traditional policies. The announcement reflects the fact that BIBA believe online policies to provide less cover than what consumers are used to […]



October 30, 2007

Lancashire Holdings Profits Up On Year

by Stewart Douglas

Story link: Lancashire Holdings Profits Up On Year

Insurer Lancashire Holdings has today unveiled strong profitability for the third quarter ended September, as a result of its continued growth through exsting markets and growing leverage in expanding sectors. Additionally the firm reported strong performance over the nine months to September as compared to previous three quarterly and year end figures, as well as […]



Willis appoint new leaders in life science and technology

by Richard Kilner

Story link: Willis appoint new leaders in life science and technology

A trio of key appointments has been announced by Willis, two of whom will be tasked with driving forward its life sciences and technology/telecommunications businesses with the third taking a more over-arching leadership role. Sara Benolken has been named as Industry Leader of the firm’s Technology/Telecommunications Practice, and as Executive Vice President of North American […]



Munich Re acquires MSP Underwriting

by Gill Montia

Story link: Munich Re acquires MSP Underwriting

Munich Re, the global reinsurance business, is acquiring UK-based MSP Underwriting Ltd. The latter owns Beaufort Underwriting Agency, the Lloyd’s managing agency that manages the business of Lloyd’s Syndicate 318. MSP also owns Evergreen Underwriting Services, the Lloyd’s service company that underwrites commercial business. Munich Re has reinsured Syndicate 318 since 2002 and the acquisition […]



Standard Life rapped by Resolution Takeover Panel

by Gill Montia

Story link: Standard Life rapped by Resolution Takeover Panel

Standard Life has been reprimanded by the Takeover Panel for suggesting that it might increase its bid for Resolution, the closed life funds consolidator, and failing to do so. The panel has ruled that Standard Life is in breach of the Takeover Code, after the company announced that it may change the structure of its […]



October 29, 2007

Advent Capital Profits Up To £13m

by Stewart Douglas

Story link: Advent Capital Profits Up To £13m

Lloyd’s insurer Advent Capital has today unveiled a 50% rise in profit figures for the third quarter of the year, reflecting a significant rise in revenues with more efficient operative cost centres for the period. The firm announced today an increase in profits from £8.2 million over the third quarter last year to £12.9 million […]



BGL Group Profits Increase Strongly On Financial Period

by Stewart Douglas

Story link: BGL Group Profits Increase Strongly On Financial Period

Insurance intermediary the BGL Group has today announced strong growth and profit figures for its accounting period to the end of June in what has seen it set new record highs in both areas. The group formerly known as the Budget Group today released their accounts for the accounting period ended June ’07, which saw […]



Morley’s head of Asian business announced

by Richard Kilner

Story link: Morley’s head of Asian business announced

Nick Ridgewell has been announced as Morley’s latest appointment, joining the firm as head of the property business in Asia. Ridgewell has experience in the area, formerly working in Hong Kong as the MD of Macquarie Bank’s real estate business, when his duties included managing both listed and unlisted real estate funds, transactions throughout Asia […]



Ark completes its Casualty Re team

by Richard Kilner

Story link: Ark completes its Casualty Re team

Ark Syndicate Management has appointed two new members to its casualty reinsurance team; David May joins as head of casualty reinsurance and the new senior underwriter has been named as Andrew Aldwinckle. Both men join from Aspen Re, and their appointments complete the platform for casualty reinsurance at Ark for 2008 (the third member being […]



Pearl increases Resolution holding

by Gill Montia

Story link: Pearl increases Resolution holding

Following Standard Life’s £4.9 billion bid for Resolution at the end of last week, Pearl, Resolutions largest shareholder, increased its stake in the company from 16.5% to 24.18%. Last Friday, Resolution announced that it had agreed to Standard Life’s cash and shares bid, but within the hour Pearl returned with a revised bid and at […]



General insurers warn of November 5th risks

by Gill Montia

Story link: General insurers warn of November 5th risks

As we draw to the end of October, general insurers are keen to remind property owners about the perils of Bonfire Night. The truth is that letting off explosives in the dark, whilst surrounded by valuable property, is a high risky activity. Norwich Union research shows that claims for fire damage increase 50% on 5th […]



October 26, 2007

Ombudsman To Investigate 4,000 PPI Claims This Year

by Stewart Douglas

Story link: Ombudsman To Investigate 4,000 PPI Claims This Year

The Financial Ombudsman has today announced that it is continuing to investigate some 4,000 claims of mis-sold payment protection insurance despite moves made to clamp down on rogue selling of incomplete and inadequate cover to consumers. The announcement follows an ongoing battle by the Financial Services Authority to eradicate unscrupulous policy sellers and to clear […]



Corporate Manslaughter Act To Impact On Insurance Industry

by Stewart Douglas

Story link: Corporate Manslaughter Act To Impact On Insurance Industry

A legal loophole that presents a grey area in company car accident deaths looks set to be closed with the introduction of the Corporate Manslaughter Act, that will see companies throughout the UK being held more accountable for criminal consequences of their actions, with the potential to increase insurance claims on company liability policies. When […]



Willis move Gale to lead in Ipswich

by Richard Kilner

Story link: Willis move Gale to lead in Ipswich

Ian Gale has been announced by Willis as their new strategic leader in Ipswich. He has been with the firm for more than three decades, mostly as chief operating officer for the UK with Willis Re. Since the start of 2007 Gale has led a number of projects in the Shaping Our Future programme which […]



Six new appointments for Marsh’s affinity business

by Richard Kilner

Story link: Six new appointments for Marsh’s affinity business

Marsh has announced six new appointments in its consumer and commercial affinity teams in their continuing developmental drive. Marsh’s London-based affinity practice specialises in the creation of affinity schemes aimed at personal lines insurance for the telecommunications, financial services, retail and manufacturing sectors. The practice includes consumer affinity (brands/warranty) and commercial affinity (Voluntary Employee Benefits, […]



Resolution considers £5 billion Standard Life bid

by Gill Montia

Story link: Resolution considers £5 billion Standard Life bid

Resolution, the closed life fund manger, is today considering a £5 billion conditional offer for the company, from Standard Life. If accepted, the cash and shares bid will bring an end to existing proposals for a merger between Resolution and Friends Provident. The Standard Life offer was made yesterday, only hours before the deadline set […]