British drivers should acquaint themselves with the laws of the road abroad if they intend driving whilst on holiday, says Insurancewide.com. In addition, drivers should not simply assume they will be covered by their insurance policy abroad, but should check to confirm this is the case and, if necessary, rectify it. Financial penalties and many [...]
Helphire Group, which works alongside insurance companies to provide replacement vehicles after accidents, has acquired Cab Aid, a specialist provider of replacement vehicles to the taxi market. Cab Aid has been trading since 2004 and can offer a full range of licensed vehicles including hackney carriages, private hire, wheelchair accessible and multi-seater models. In addition, [...]
Insurer JLT has today announced it is looking to buy back capital equity to the value of £40 million, as part of a wider share buy back strategy designed to manage the capital makeup of the firm with a view to funding future strategic investment moves. The news comes following several other similar moves by [...]
R K Harrison Holdings have today announced they have succeeded in their bid to acquire insurance group Indemnity & Risk Management and their held subsidiary International Risk Consultants (Europe) in a move that will see the group extend its reach into diverse insurance markets. R K Harrison Holdings, parent of brokers R K Harrison Insurance [...]
Mortgage debts could be reduced if they are taken out in a foreign currency. Alexander Associates Group’ CEO, David Alexander, has stated that individuals considering taking out such a mortgage, on the basis that sterling will rise in value compared to other currencies, can take out a managed currency mortgage. Alexander went on to say [...]
Richard Cirsch has been appointed by PWS Holdings to be its new managing director for the marine division. Cirsch has more than two decades of experience in the London insurance market, specialising in marine broking during his long career. He leaves behind his post on the board of SBJ, the Lloyd’s broker. PWS described the [...]
Coface has announced two new appointments for its business in the Republic of Ireland. The firm’s new sales director for the republic is Bob Frewen, who has been with the firm for 16 years. From now on he will have responsibility for developing Coface’s current services, (including credit insurance, business information and collections management), and [...]
Eugenio Paschoal has been named as Willis Group Holdings’s new CEO for Latin America. He replaces Jose Ribeiro, who left the firm earlier this year to take up a senior post with Lloyd’s. For the last decade Paschoal has worked for Willis Brazil as a member of the senior Latin America management team. Latin America’s [...]
Cassidy Davis Insurance Group, the personal lines insurer backed by Lloyd’s, has launched a number of improvements to its web-based payment protection insurance (PPI) sales platform. The move is aimed at increasing the flexibility of product options for customers of intermediaries, intermediary networks and lenders. The changes will enable distributors to manage the entire PPI [...]
Leading insurance organisation BIBA has today suggested that its members, comprising of a number of high profile national insurance brokers, could be expected to prop up some of the costs associated with compensation payments if troubled bank Northern Rock were to become insolvent, according to provisions under the Financial Services Compensation Scheme. The British Insurance [...]
Insurer Swinton has today announced it is to ringfence some £100 million in order to fund direct acquisitions from within its dedicated takeover team within the coming twelve months, as part of its ongoing ambition to extend the range of its broker reach. The leading insurance broker said that they would separate the funds for [...]
A loophole has emerged which could be advantageous for first time buyers. People who borrow 90% of the property’s value are subject to higher lending charges from lenders. Research conducted by Fool.co.uk indicates that this leads to an typical cost of £26,296 for an individual who pays a 5% deposit on a fixed two year [...]
Sabre Insurance has named its new head of business systems as David Hall. This is the second time Hall has held the position, with the 7 year interlude occupied by stints at Jubilee and Markerstudy. Sabre’s chairman, Keith Morris, said that Hall would be an excellent addition to the already good team of business systems, [...]
Mike Fine has been recruited by Miller Insurance Services Limited to become the new director of its Corporate Risks team. Fine has worked in the insurance industry for more than 30 years. He joins Miller from HSBC where he held the post of client director, working in the major risks team. Fine has a range [...]
The in-house IT team for Only Group has been expanded in the wake of the financial service provider’s swift growth. The firm’s web development team, which creates bespoke websites and software applications, has grown to ten members. Only Group’s head of IT and project manager, Jude Joseph, explained that the presence of an in-house IT [...]
Pearl Group and Resolution have agreed the terms of a takeover that will create a combined group with assets of £85 billion. The management boards of both closed life fund managers have formally consented to the terms of the Pearl bid, under which Resolution shareholders will receive 720p per share. The agreement values Resolution at [...]
Former Home Secretary David Blunkett has today offered assurances to company officials in light of the new Corporate Manslaughter Act, suggesting that those that look out for the health and safety of the public and their employees would have nothing to worry about. The Corporate Manslaughter Act, coming in to force in April 2008, is [...]
Reinsurance giant Swiss Re has announced today that it is anticipating losses in excess of £500 million on insurance cover linked to declining values in its client’s sub-prime mortgage debt exposure, which has resulted in its shares trading strongly down on the morning. The world’s biggest reinsurer today announced that its losses could amount to [...]
The Corporate Manslaughter Act is nothing to fear for companies committed to protecting their employees and the public, David Blunkett MP said today, speaking at Aon’s seminar on the Act. The Act will be introduced next April and there are those, including Aon’s Thomas Sheffield, who have some concerns it may end up promoting frivolous [...]
Willis Group Holdings conducted its quarterly Willis Environmental Index survey recently, quizzing London Market Environmental. It asks insurers about their experiences over the last three months and their expectations for the next three. According to the survey, in the third quarter environmental liability insurance’s premium levels are showing signs of steadying. Coverage for customers has [...]
