Fortis launches UK life business
by Gill Montia
Story link: Fortis launches UK life business
Fortis has launched Fortis Life UK, in a bid to expand its UK business.
The new division will be headed by Martin Werth, former business development manager with Munich Re.
Shanti Duggal, former head of e-business for Friends Provident Life & Pensions, has been appointed operations director.
Although Fortis currently sells protection products to markets outside the […]
Hyperion ranked as one of UK’s fastest growing companies
by David Masters
Story link: Hyperion ranked as one of UK’s fastest growing companies
Having recorded 27% year on year growth in profits, from £5.2 million in 2005 to £8.3 million in 2007, the Hyperion Insurance Group has been hailed as one of the UK’s best private equity backed companies.
The insurance group was ranked 90th in the Sunday Times Deloitte Buyout Track 100 league table, and was one […]
2007 net income of $168 million for Flagstone
by David Masters
Story link: 2007 net income of $168 million for Flagstone
Flagstone reinsurance has reported its results for 2007, with net income for the fourth quarter of $51.4 million, compared to $63.6 million for the same period in 2006. Whole year net income was $167.9 million, compared to $152.3 million for 2006.
Fourth quarter gross premiums written totalled $65.1 million, up 145.5% from the $26.5 million […]
Drivers urged to check their overseas coverage
by Richard Kilner
Story link: Drivers urged to check their overseas coverage
Britons driving overseas have been urged to make sure their policy coverage is comprehensive by Ian Crowder, AA’s PR manager.
At present EU rules mean that all insured British drivers are covered for third party damage.
Unfortunately, coverage is not necessarily comprehensive, and could be costly should the Briton be judged to have been an accident’s cause.
Research […]
Consumers advised to browse for best travel insurance
by Richard Kilner
Story link: Consumers advised to browse for best travel insurance
Research conducted by moneysupermarket.com has discovered that annual travel insurance can be friendlier on your wallet than single trip coverage for individuals who enjoy winter sports whilst on holiday.
Insurance research chief, Peter Gerrard, explains that the myth of single trip policies being cheaper has been destroyed by the research, and advises consumers to browse thoroughly […]
Hastings gets a makeover
by Richard Kilner
Story link: Hastings gets a makeover
Hasting Direct has undergone rebranding, which it will herald with a multi-channel advertising campaign.
In an attempt to bolster the firm’s online activity its armoured mascot, Harry, has been redesigned.
Hasting’s growth and capabilities have been undergoing review since late 2006, when it was acquired by Insurance Australia Group.
Nick Potts, MD, said that every facet of the […]
Gerrish recruited by AIG UK
by Richard Kilner
Story link: Gerrish recruited by AIG UK
David Gerrish has been appointed by AIG UK to leads it commercial motor team, within the liabilities division.
Gerrish brings with him over two decades of experience in the British motor insurance sector.
He leaves behind the head of motor post at Marsh, which he held from 1996 until last year.
In his new role Gerrish will be […]
Werth to lead new Fortis business
by Richard Kilner
Story link: Werth to lead new Fortis business
Martin Werth has been named the leader of Fortis’ new venture, life insurance business Fortis Life UK.
Wert has previously held the post of business development manager with Munich Re.
He will be supported by Shanti Duggal, who will assume the position of operations director. Duggal has previously worked with Friends Provident Life & Pensions as e-business […]
Willis launches CyPro to cover data loss
by Gill Montia
Story link: Willis launches CyPro to cover data loss
Willis has launched a new range of products that cover business interruption and recovery costs caused by malicious and accidental loss of data.
CyPro is designed to protect businesses against having to absorb the cost of data recovery and disruption and has been specifically developed to help clients reduce their exposure to risks associated with technology […]
Underinsurance in the oil industry
by Richard Kilner
Story link: Underinsurance in the oil industry
With oil prices around the world reaching all time highs, oil companies have been warned by Marsh about the potential pitfalls of underinsurance.
Andrew George, Marsh’s managing director, has stated that any loss from the oil industry would be costlier than ever before to replace.
The high price of oil has meant that projects, such as offshore […]
Market reform supported by underwriters
by Richard Kilner
Story link: Market reform supported by underwriters
Lloyd’s has conducted research which revals that 82% of responding underwriters back market reform of business processes.
Last month new statistics from the Market Reform Group showed that business process reformation had been making substantial advances.
The single most pressing matter revealed by the new research is the management of the insurance cycle, cited by over nine-tenths […]
New homes at risk of not being insured, warn ABI
by Richard Kilner
Story link: New homes at risk of not being insured, warn ABI
The ABI has warned that planning regulations need tightening up, if the government wants flooding insurance to be as widely available as is the case currently.
The ABI’s statement, made last week, also said that one million homes would be built on flood plais in the next decade, a full one third of the government’s three […]
FGIC joins other bonds insurers in credit downgrade
by Gill Montia
Story link: FGIC joins other bonds insurers in credit downgrade
Financial Guaranty Insurance Company (FGIC), the world’s third-largest bond insurer, has had its credit rating downgraded.
Moody’s has downgraded FGIC Corporation, including Financial Guaranty Insurance Company and FGIC UK Limited to A3, from Aaa.
As with its competitors, Ambac, MBIA and MBAC, the insurer is facing a rise in claims resulting from the US sub-prime mortgage crisis.
FGIC […]
Rise in pension scheme acquisitions
by Gill Montia
Story link: Rise in pension scheme acquisitions
Aon consulting has reported that the value of closed pension schemes sold by employers to specialist insurance firms rose sharply at the end of 2007.
The number of schemes sold in the last three months of the year stood at 75, a similar figure to the previous nine months.
However, a few large sales meant […]
Zurich UK sees 72% fall in profits
by David Masters
Story link: Zurich UK sees 72% fall in profits
Zurich UK’s General Insurance business has announced operating profits for 2007 of £91 million, representing a 72% fall compared to 2006.
The business recorded premiums of £2.06 billion for 2007, only marginally less than the £2.065 billion for the previous year.
Zurich UK’s combined ratio, however, rose to 104.8%, largely as a result of the UK floods. […]
Trio of appointments for Willis
by Richard Kilner
Story link: Trio of appointments for Willis
Jamie Simmons, Stephen Bartlett and Chris Bhatt have all been recruited by Willis.
Simmons joins from Heath Lambert and Bhatt leaves behind PIFC Consulting.
The two of them bring decades of experience to bear in their new roles.
Simmons and Bhatt will be based at the firm’s London office, where Simmons will hold the post of Client Relationship […]
Springett made power and utility chief for Marsh
by Richard Kilner
Story link: Springett made power and utility chief for Marsh
Gordon Springett has been named by Marsh as the firm’s new power and utility chief for the EMEA (Europe, Middle East and Africa) region.
He takes over from Mark Pollard, who has been moved to lead the EMEA’s industry division.
Springett joined the firm in 1990, prior to which he served as the UK Central Electricity Generating […]
Bradshaw becomes chief executive of IIB
by Richard Kilner
Story link: Bradshaw becomes chief executive of IIB
Barbara Bradshaw has been appointed as the chief executive of the board of the Institute of Insurance Brokers.
She assumes the post immediately, and replaces Andrew Paddick, who died last month.
The chairman of the board, Graham Gomm, explained that the board was intent on maintaining the very best level of service for its members.
Gomm went on […]
Financial Ombudsman inundated with PPI complaints
by Gill Montia
Story link: Financial Ombudsman inundated with PPI complaints
The Financial Ombudsman Service (FOS) has reported a sharp rise in complaints about payment protection insurance (PPI) and is calling on banks and other lenders to act more speedily to compensate customers who have been mis-sold PPI.
In January, the FOS received 1,499 complaints about PPI compared with 1,832 for the whole of the 2006/07 […]
Kiln shareholders approve Tokio Marine takeover
by Gill Montia
Story link: Kiln shareholders approve Tokio Marine takeover
Shareholders of Kiln, the Lloyds insurance group, have passed a resolution approving the takeover of the company by Tokio Marine; 99.77% of shareholders were in favour of the merger.
Kiln is an international insurance and reinsurance group that underwrites mainly property-related risks. Its holding company is Bermuda-based.
It is the fourth-largest Lloyd’s managing agency with a capacity […]
