Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 20th of April 2018
February 29, 2008

Trio of new MDs for Besso

by Richard Kilner

Story link: Trio of new MDs for Besso

Rob Dowman, Stuart Short and Russ Nichols have all been promoted to serve as managing directors of their divisions, (casualty, property and professional and financial risks respectively), by Besso. Short will become co-managing director of the professional and financial risks division, collaborating with his colleague Jason Rose. The division focuses upon the liabilities of directors […]



Millwater promoted to Willis’ President

by Richard Kilner

Story link: Millwater promoted to Willis’ President

Willis has made a range of appointments, and created a number of new positions within the firm. Grahame Millwater has been promoted from chief operating officer to the post of president. Millwater is a veteran of Willis, having spent more than two decades there. As president, he will be responsible for fostering businesses across the […]



Plumeri to stay at Willis until 2011

by Richard Kilner

Story link: Plumeri to stay at Willis until 2011

The contract of Willis’ chairman and chief executive officer has been extended. Joseph Plumeri’s employment agreement was originally set to end in late 2009, but under the new contract he will remain in place as the firm’s head until April 2011. Willis has released a statement in which is states that the extension of employment […]



Aviva profits see heavy fall

by David Masters

Story link: Aviva profits see heavy fall

Aviva, the parent company of Norwich Union, has reported its results for 2007, with general insurance profits falling 39% to £1.033 billion. This was compounded by a 6% rise in its combined operating ratio (COR), which reached 100%. The company’s net premiums also fell to £5.4 billion, a decrease of 3%. Norwich Union’s contribution to […]



Amlin breaks COR record

by David Masters

Story link: Amlin breaks COR record

Amlin has reported ‘exceptional’ results for 2007, with profits before tax of £445 million, an increase of 30% compared to the previous year. The Lloyd’s insurer broke records for both return on equity and combined operation ratio. The former was 37.8% whilst the latter was just 63%, down from 72% in 2006. Investment return for […]



Highway profits up 27%

by David Masters

Story link: Highway profits up 27%

Motor insurer Highway have reported their results for 2007, with profits rising by 27% to £24.3 million. However, the insurer’s combined ratio (COR) was also up, rising to 101.4% compared to 98.9% the previous year. Highway blamed 1.8% of the rise on exceptional claims due to the UK’s summer floods. Net assets rose 11% to […]



2007 a ‘solid’ year for AXA

by David Masters

Story link: 2007 a ‘solid’ year for AXA

French insurance group AXA have reported their results for 2007, with underlying earnings of €4,963 million (£3,788 million), an increase of 27%. Net income was up to €5,666 million, an increase of 11%, and adjusted earnings also rose to €6,138 million, an increase of 22%. The company achieved strong growth in all segments, including 10% […]



February 28, 2008

Aviva posts 1% profit rise and rebrands invesmtent business

by Gill Montia

Story link: Aviva posts 1% profit rise and rebrands invesmtent business

Aviva, the UK’s largest insurer, posted a 1% increase in operating profits, to £3.29 billion, for 2007. The group recorded strong growth in its life business, with operating profit rising 35%, to £2.75 billion. Sales in both long-term savings and life assurance products rose sharply. However, operating profit from its general insurance and health division […]



New CEO and chairman for Guy Carpenter

by Richard Kilner

Story link: New CEO and chairman for Guy Carpenter

Peter Zaffino has succeeded David Spiller as Guy Carpenter’s chief executive officer. The circumstances relating to Spiller’s parting ways with the firm are unknown. Zaffino joined Guy Carpenter seven years ago, and has been promoted from his current role as US Treaty Operations head and executive vice president. In addition, Britt Newhouse has been named […]



Brit Insurance strengthens energy team

by Richard Kilner

Story link: Brit Insurance strengthens energy team

Ernesto Berger has been named by Brit Insurance as the firm’s new energy insurance underwriter. Berger brings with him more than 10 years of experience in the industry. Assuming his new post, he leaves behind Swiss Re where he worked for a three year stint at Swiss Re Energy Onshore. In his new role Berger […]



Earthquake claims could amount to tens of millions

by Gill Montia

Story link: Earthquake claims could amount to tens of millions

In the early hours of yesterday morning, the UK experienced its largest earthquake for almost a quarter of a century, and the damage caused may cost the insurance industry tens of millions of pounds. Although injuries were minimal, claims are expected from people with structural damage to their homes and ruined possessions. The quake occurred […]



Towergate expands PMI presence with acquisition of City & Suburban

by Gill Montia

Story link: Towergate expands PMI presence with acquisition of City & Suburban

Towergate, the independently owned insurance intermediary, has continued its acquisition spree with the purchase of City & Suburban Health, a private medical insurance (PMI) provider. City & Suburban was established in 1997 and focuses on the provision of PMI cover for small to medium sized commercial enterprises. The move will strengthen Towergate’s position in the […]



Towergate acquires PMI provider City & Suburban

by David Masters

Story link: Towergate acquires PMI provider City & Suburban

Towergate has reported the acquisition of private medical insurance provider City & Suburban Health. Under the deal, City & Suburban’s staff and management will be continue to be led by the current managing director, Lee Birch. City and Suburban was established in 1997, and focuses on providing PMI cover for UK SMEs. Towergate hopes that […]



24% fall in profits for HBOS

by David Masters

Story link: 24% fall in profits for HBOS

Halifax Bank of Scotland (HBOS) has announced a 24% decrease in profits for 2007, down to £232 million. The company said that this reflects a £135 million in loss resulting from the UK floods, and wished the emphasise its growing strength in the household business. Premiums fell by 1% to £1.76 billion whilst the number […]



Royal & Sun Alliance rebranding to RSA, and report 4% rise in profits

by David Masters

Story link: Royal & Sun Alliance rebranding to RSA, and report 4% rise in profits

Royal & Sun Alliance (RSA) have reported a 4% rise in operating profit for 2007, up from £780 million in 2006 to £814 million. This is in spite of losses from the UK floods totalling £120 million. The company’s net written premiums increased by 6% from £5.48 billion to £5.84 billion. This reflects the strong […]



Ai to sponsor Broker of the Year award

by Gill Montia

Story link: Ai to sponsor Broker of the Year award

Ai Claims Solutions, the motor claims management firm, is sponsoring the Personal lines Broker of the Year award at the 2008 British Insurance Awards. Entrants will be required to demonstrate how they have responded to consumers’ demands for products relevant to their needs, whilst providing a top quality service. Brokers will also be assessed on […]



February 27, 2008

High value goods best served by specialists

by Richard Kilner

Story link: High value goods best served by specialists

According to uSwitch.com, consumers with top end property and/or possessions are best served by specialist insurers. More standard policies offer good protection for the majority of circumstances, but individual expensive items may not be well catered for. Jewellery is one such example, where specialist valuation and insurance could be suitable. It has beena dvised by […]



Couples stand to gain lower car insurance premiums

by Richard Kilner

Story link: Couples stand to gain lower car insurance premiums

With car insurance premiums rising, TescoCompare.com has revealed that couples could make a saving should they take out a joint insurance policy. The comparison site has discovered that 65% of couples are paying over the odds because their provider is unaware that they are living together. Savings can top £100, if one half of the […]



Marsh names new FACS chief

by Richard Kilner

Story link: Marsh names new FACS chief

Neil Greaves has been named by Marsh as the firm’s new UK Forensic Accounting and Claims Services (FACS) Practice chief. Greaves joined the firm three years ago, and has accrued more than two decades of experience in the industry, with knowledge of public/products liability, material damage and a range of other areas. Earlier in his […]



ACE strengthens its Glasgow presence

by Richard Kilner

Story link: ACE strengthens its Glasgow presence

ACE has bolstered its Glasgow branch with the appointment of two new, senior underwriters. Julie Dolla leaves behind Zurich, where she held the position of property underwriter for the corporate team. She brings with her a decade of experience underwriting in the sector. In her new role as senior property underwriter Dolla will be tasked […]