The average consumer could be wasting thousands of pounds every year on insurance products that aren’t really worthwhile, according to consumer group Which? today, which suggested that many of the mainstream policies offered by insurers may not provide value for money and may not in fact prove to be the wise move. Which? argued that [...]
Recent research conducted by the Nationwide Building Society has revealed that a large number of homeowners are failing to purchase the correct home insurance for their needs. A fifth of those surveyed would not be covered for house fires, flooding or storms due to lack of buildings insurance. A quarter of those who do have [...]
The Nationwide Building Society has raised the interest rates for its tracker mortgages. The move comes in spite of a lack of recent rate change from the Bank of England. The rise will be between 0.05% and 0.15% for new customers and comes into effect immediately. Nationwide’s fixed rate mortgages will not see their rates [...]
James Muller has been appointed by Assurant Solutions Intermediary as chief operating officer. Muller leaves behind Assurant Solutions, which he joined in 2005, and where he held a range of different positions. Earlier in his career he worked at GE Capital (now named Genworth Financial) covering a variety of roles. The position has been created [...]
International Space Brokers has appointed Jared Ball as the firm’s new director of risk engineering. Ball brings with him over a decade of experience in the space industry. He will report to chief operating officer Jeff Poliseno, and be based in Washington DC. The firm’s chief executive officer, Roger Bathurst, has welcomed Ball to International [...]
Insurer RJ Kiln & Co. has today confirmed the acquisition of International Marine Insurance Managers, the South African based underwriting firm for an undisclosed sum in yet a further expansion of its operation in what will increase its international marine cargo business and help further cements its stronghold within the market. The acquisition was announced [...]
Prudential is rumoured to be of interest to a Chinese insurer and shares in the life and pension provider jumped again today, on speculation that Ping An Insurance has plans to take a non-controlling stake in the group. Latest reports suggest that Ping An is close to taking a $13.8 billion stake in Prudential and [...]
A new company, Protean Investment Risks (PIR), is launching its first insurance product, which is aimed at those investing in hedge funds. The product, which Protean claims is the first of its kind in the world, will protect investors from losses that are a direct consequence of fraudulent actions by a fund manager or any [...]
The Financial Services Authority (FSA) is to investigate claims that price comparison websites are encouraging consumers to buy the wrong kind of insurance. The British Insurance Brokers Association (Biba) has asked the regulator to review its rules governing price comparison sites, arguing that many such sites are in effect giving financial advice. The association believes [...]
Niche insurance firm Ecclesiastical has today announced that it has renewed its partnership with DAS to provide cover for legal expenses insurance over its specific client base, in a deal thought to be worth £2 million to the legal insurer over the duration of the agreement. The terms of the agreement will see DAS, which [...]
Insurer Friends Provident was today amongst the hot picks for traders and market analysts following an announcement from high profile US private equity outfit JC Flowers that it would be looking to make an offer to acquire the firm, pending further investigations into its available options, driving the share price up and inspiring investors nationwide. [...]
A new pet insurance product is to be launched by LV=. Two policies, Essential and Premier, will cover both cats and dogs aged 8 weeks or older with starting prices of £5 for cats and £7 for dogs. Neither policy will have an upper ceiling age limit. Vet’s fees will be covered by the new [...]
Prudential has conducted research that reveals people would sooner relinquish non-essential goods/services such as mobile phone contracts before surrendering their payment protection or life insurance policies. Recent fears regarding the credit crunch and rising energy and foods costs has led to people looking for ways to cut back, especially given the new worries about the [...]
Robert Brown has been named by Aon as the firm’s new corporate division chief executive. The division covers Commercial Insurance, Professional Services Group and Trade Credit operations. Brown has worked for Aon since 2001, and, prior to his new appointment, held the post of risk transfer chief for Aon Global UK. He succeeds John Thornton, [...]
BDML has announced Tony Martin’s appointment to the board, with responsibility for sales and marketing. Prior to his appointment, Martin was responsible for BDML Insurance Solutions, a subsidiary of BDML. In addition, Lisa Joy has been named as the new senior accounts manager. Joy leaves behind Premium Credit to join the firm. Mark Townsend, the [...]
Willis Energy, the energy consulting firm, has warned that high commodity prices have increased exposures to energy insurers. Loss levels in the energy insurance sector remained low for the second successive year in 2007, a period of welcome respite following 2005, the worst year on record. However, there is now a level of apprehension in [...]
Scottish Widows has imposed restrictions on withdrawals from two of its commercial property funds. The company, which forms part of the Lloyds TSB group, is writing to around 200,000 policyholders to informing them of changes to withdrawals from its £1 billion Life Property fund and £1.1 billion Pension Property fund. Both will require a 180-day [...]
A new report from moneysupermarket.com warns that insurers are likely to penalise motorists who are banned from driving for speeding, for a number of years. Research by the price comparison website also indicates more than one speeding conviction can result in a sharp increases in motor premiums. For example, two speeding convictions can increase the [...]
Lloyd’s insurer Heritage has today announced that the proposed takeover bid from Ironshore has collapsed following the rejection of two initial offers from the company as a result of the cash valuation placed on the approach, paving the way for a number of other interested parties to declare their interest in the insurer. Ironshore made [...]
Security group ArmorGroup International has today published research which shows an underlying lack of insurance cover for employees and company assets based outwith the UK, reflecting a significant minority of companies exposing themselves to potentially business-threatening damages. The alarming report published today also showed that the majority of those companies don’t provide cover even where [...]
