COBRA annual profits up 56% on year
by David Masters
Story link: COBRA annual profits up 56% on year
Broker network COBRA has reported its annual results, with operating profits up 56%.
Total revenue increased by 68%, partly due to organic growth of 13%.
The UK summer floods last year dented profits somewhat. However, COBRA made a number of acquisitions throughout the year, including UKI and Tubbs Insurance Services.
COBRA is hoping to make more acquisitions […]
High car insurance premiums lead to concerns over honesty
by Richard Kilner
Story link: High car insurance premiums lead to concerns over honesty
Car insurance premiums are at an all-time high, causing concern that motorists may attempt to acquire lower premiums through deceit, according to Gocompare.com.
The site strongly advises drivers not to go down the road of giving misleading information, or missing out pertinent facts when filling out forms.
However, those who do so could risk rendering their car […]
Liberty International Underwriters bolsters casualty unit
by Richard Kilner
Story link: Liberty International Underwriters bolsters casualty unit
Liberty International Underwriters has bolstered its casualty unit with the appointment of Sally Newby as assistant vice president of excess casualty.
Newby leaves behind Marsh, where she held the post of US casualty vice president, responsible for the broking of liability business into the London Market.
In her new position Newby will be tasked with focusing upon […]
Brit bolsters bloodstock with Williams
by Richard Kilner
Story link: Brit bolsters bloodstock with Williams
Chris Williams has been added by Brit Insurance to the firm’s Bloodstock Team.
He brings with him over two decades of industry experience, and leaves behind SBJ Nelson Steavenson, where he has worked for a five year stint.
At SBJ he served as divisional director of its bloodstock division, where he fostered overseas business.
Williams assumes his post […]
Lusk resigns from Alea
by Richard Kilner
Story link: Lusk resigns from Alea
Alea’s chief operating officer and group chief financial officer, Kirk Lusk, has resigned.
He will be succeeded by Carl Speck.
Lusk also held the post of director of the firm, and has resigned from all positions with Alea, effective from today, the firm revealed in a statement to the London Stock exchange.
Speck, who presently holds the role […]
Towergate and Candover part ways
by Gill Montia
Story link: Towergate and Candover part ways
Towergate, the independently owned insurance intermediary, has withdrawn from negotiations over a sale of part of the business to private equity firm, Candover.
According to a report in The Sunday Telegraph, Towergate’s chairman, Peter Cullum, is abandoning plans to sell a 25% stake in the business for £800 million because of a dispute over the projected […]
Insure and Go appoints new MD
by Gill Montia
Story link: Insure and Go appoints new MD
Insure and Go, the travel insurance specialist, is seeking a new managing director.
The firm is currently headed by its co-founder, Perry Wilson, and the appointment is being made ahead of plans to enter the home and motor insurance markets.
Mr Wilson explains: “Entrepreneurs are not the best people to actually run companies. A lot […]
Co-op general insurance records 50% rise in profit
by Gill Montia
Story link: Co-op general insurance records 50% rise in profit
Co-operative Insurance’s general insurance division will be reporting 2007 profit in excess of £500 million this week, a 50% rise on 2006.
The impressive increase comes even after the insurer settled flood claims to the value of £36 million and marks the completion of a successful modernisation of the general business, prior to which it appears […]
Friends Provident receives fresh approach from JC Flowers
by Gill Montia
Story link: Friends Provident receives fresh approach from JC Flowers
Life assurer, Friends Provident, has received a fresh takeover approach from US private equity firm, JC Flowers.
Analysts are not expecting shareholders to support the £3.5 billion bid which at just under 160p a share, falls short of a proposed offer of 175p a share made by Flowers in February.
However, within the past three weeks Friends […]
Changes to car insurance cost a third of a billion last year
by Richard Kilner
Story link: Changes to car insurance cost a third of a billion last year
Price comparison site uSwitch.com has calculated that changes/amendments to car insurance policies rack up a total cost of £333m per year.
The fees are incurred when motorists fail to inform their insurers of changes to either their care or their personal information, which could potentially throw the insurance policy into jeopardy.
According to the website, approximately 14m […]
Vets bills cost over £1bn per annum
by Richard Kilner
Story link: Vets bills cost over £1bn per annum
The annual costs of taking pets on standard checkups to vets is around £1.5bn, according Direct Line Pet Insurance.
Research conducted by the insurer has revealed that a tenth of all pet owners fail to keep their pet properly immunised, which would protect them from common illnesses as well as saving the pet owner potentially hefty […]
ABI wants compensation system reformed swiftly
by Richard Kilner
Story link: ABI wants compensation system reformed swiftly
In April 2007 the government published proposed reforms to the compensation system designed to speed up the process and enhance its efficiency.
The UK insurance industry is now calling on the government to enact the proposals with all possible haste.
The ABI’s director general, Stephen Hadrill, has stated he wants to see the system reforms go through […]
AIG issues new law suit against former chief executive
by Gill Montia
Story link: AIG issues new law suit against former chief executive
American International Group (AIG), the world’s biggest insurance company, has issued a new law suit against its founder and former chief executive, Maurice Greenberg.
AIG is alleging that Mr Greenberg and six other former AIG employees “misappropriated” shares valued at $20 billion.
Howard Smith, AIG’s former chief financial officer, is among those accused.
The case centres around the […]
Equitable Life ready for a sale
by Gill Montia
Story link: Equitable Life ready for a sale
Equitable Life, the mutual insurer that came close to collapse eight years ago, is to be put up for sale.
Since the beginning of last year, the company has reshaped itself in preparation for a change of ownership, although a sale of the business would have to be approved by its 750,000 with-profits policyholders.
The firm has […]
Whittington appoints executive chairman
by Gill Montia
Story link: Whittington appoints executive chairman
The international insurance investor and services company, Whittington Group, has appointed a non-executive chairman.
The new incumbent, John Loudon, is currently chairman of both Caneminster Limited and XL London Market Ltd.
He is also a director of the management companies of three funds managed by GEMS, the Hong Kong based private equity fund manager.
Mr Loudon’s extensive experience […]
Brown appointed as Latin American adjuster by MYI
by Richard Kilner
Story link: Brown appointed as Latin American adjuster by MYI
McLarens Young International has declared that Andrew Brown is appointed to the position of liaison adjuster for Latin America.
The post will be London-based, and Brown is to report to Howard Laidlaw, the firm’s Mexico City-based Latin America regional manager.
Brown has lived and worked in a number of Latin American countries, and has acquired valuable experience […]
New finance director for Helphire
by Richard Kilner
Story link: New finance director for Helphire
Mark Adams has been named by Helphire as the firm’s new group finance director, effective from 1 April.
He succeeds David Lindsay, who will move to the post of group operations director.
Adams brings with him great experience, as he has served as finance director with Burnfield plc, Field Group plc and Prism Rail plc.
Helphire described his […]
MMC make Allen head of Kroll
by Richard Kilner
Story link: MMC make Allen head of Kroll
Ben Allen has been appointed by Marsh & McLennan Companies to the position of chief executive officer and president of Kroll.
Earlier in his career Allen held the position of president of Kroll Ontrack, MMC’s legal technologies and data recovery unit.
Allen replaces Simon Freakley as the head of MMC’s risk consulting and technology group.
Freakley is […]
LMBC elect Palmer-Brown as chairman
by Richard Kilner
Story link: LMBC elect Palmer-Brown as chairman
Jonathan Palmer-Brown, deputy chairman of Aon, has been appointed to the post of chairman of the London Market Insurance Brokers’ Committee.
Earlier in his career Palmer-Brown held the position of chairman of the Aviation Executive of the LMBC.
He joined Aon in 1997, prior to which he was chairman of Nicholson Jenner Leslie Aviation and director of […]
ABI demands 25-year flood risk strategy
by Gill Montia
Story link: ABI demands 25-year flood risk strategy
The Association of British Insurers (ABI) has published its Summer Floods 2007 report in which it calls on the Government to develop a 25-year strategy to manage flood risk in the UK.
The ABI believes the strategy should be the responsibility of a single national body, which should develop an investment programme and stronger planning controls.
The […]
