Women starting to see diets as permanent rather than short-term
by Richard Kilner
Story link: Women starting to see diets as permanent rather than short-term
PruHealth has conducted research which reveals that British women, far from succumbing to short-term diet fads, are tending to make longterm lifestyle changes when attempting to become slimmer.
Over two-thirds of women begin diets at the start of the year, with a third of them considering it to be a permanent process as opposed to a […]
FSA undergoes raft of personnel changes
by Richard Kilner
Story link: FSA undergoes raft of personnel changes
The chief executive of the FSA, Hector Sants, has announced a raft of personnel changes in the upper echelons.
The most significant change is the departure of retail business managing director Clive Briault, by mutural agreement.
David Kenmir is to assume his vacated role on a temporary basis, with the position to be advertised.
Kenmir’s role of chief […]
Young drivers cause 50 accidents a day
by Gill Montia
Story link: Young drivers cause 50 accidents a day
New research confirms that young drivers are at high risk of being involved in a serious motor accident.
According to statistics from the Association of British Insurers (ABI), each day Britain’s roads see four fatalities or cases of serious injury resulting from accidents involving young drivers.
Meanwhile, the country’s eighteen-year-olds cause 50 collisions a day, nearly […]
L&G urges investors to keep faith in property
by Gill Montia
Story link: L&G urges investors to keep faith in property
Legal & General (L&G) is urging investors not to let the recent downturn in the UK housing market stop them investing in property, which the insurer maintains is still a worthwhile consideration.
Rob Martin, a spokesman for the company, believes property is “an excellent asset to include in any portfolio”.
He notes that a number of investors […]
Oval wins case against Berkeley
by David Masters
Story link: Oval wins case against Berkeley
Oval has reached a six-figure settlement with Berkeley Burke after former Oval employees who joined Berkeley took a number of clients along with them without getting Oval’s consent to do so.
Oval took legal action against rival broker Berkeley and against the four former employees. Success in court has seen them awarded with a six […]
AIG agrees to $13 million out of court settlement after legal battle
by David Masters
Story link: AIG agrees to $13 million out of court settlement after legal battle
American International Group (AIG) have come to a $13.5 million settlement with the Pennsylvania Insurance Department after allegations of false financial information and bid-rigging.
The allegations relate to an investigation by the department into an alleged false reinsurance deal between AIG and General Re Corp, which involved financial misreporting. Last month, a former AIG […]
Heath Lambert reports “steady and consistent progress”
by Gill Montia
Story link: Heath Lambert reports “steady and consistent progress”
Heath Lambert Limited, the independent insurance broker and employee benefit consultant, has issued a trading update ahead of the publication of its 2007 results.
Last year, the group generated recurring UK operating revenue of £113.1 million, while earnings before interest, tax, depreciation and amortisation rose 6% on 2006, to £18.5 million.
The broker recorded strong year-on-year income […]
DAS report 2007 profits up 82%
by David Masters
Story link: DAS report 2007 profits up 82%
DAS UK Holdings has announced its 2007 results, with headline profits increasing by 82% to £10.3 million.
The holding company for DAS Legal Expenses Insurance Company also reported an 8% increase in gross income, which reached £109 million. Underlying premium growth was also high, at over 20% (net of commission payments).
After exceptional items are […]
£1.9 million in profits for Manchester-based CBG
by David Masters
Story link: £1.9 million in profits for Manchester-based CBG
Manchester-based CBG Group has reported its 2007 results, with pre-tax profits hitting £1.9 million, an on year increase of 60%.
The financial services and insurance broker specialist saw revenues rise by more than 40% to £7.4 million.
The group made a number of acquisitions during 2007, and is expecting more this year.
CBG’s chairman, Laurie Turnbull, said of […]
Record profits for Hardy in 2007
by David Masters
Story link: Record profits for Hardy in 2007
Specialist insurer Hardy Underwriting Group has announced its results for 2007, with record profits in excess of £18 million.
A recent move to Bermuda has seen profits for the group soar, with pre-tax profits reaching £18.3 million for 2007, compared to £16.8 million in 2006.
Gross written premiums rose 40%, up to £147.5 million compared to £106.1 […]
Flood overtakes heat as major UK insurance risk
by Gill Montia
Story link: Flood overtakes heat as major UK insurance risk
EMB, the actuarial and business consultancy, has reported that flooding is now the major “act of nature” risk to the UK insurance industry.
According to research carried out by EMB through the country’s leading insurance companies, the hazard has moved into first place ahead of heat and wind.
Prior to 2007 UK insurers were dealing with […]
Consumers urged to be accurate when taking out insurance
by Richard Kilner
Story link: Consumers urged to be accurate when taking out insurance
Sainsbury’s Finance has conducted research revealing that a large number of consumers are putting their insurance claims in jeopardy by not providing accurate information when taking out policies.
The results of the research reveals that a staggering 12.59m policyholders have admitted to making a best guess for information, and that 1.12m have confessed to deliberately giving […]
Direct Line unveils insurance to protect small businesses
by Richard Kilner
Story link: Direct Line unveils insurance to protect small businesses
A new range of business insurance products has been unveiled by Direct Line.
The new range is designed to cater to small businesses, and provide them with comprehensive coverage.
Small businesses can be more vulnerable than their larger counterparts, as a single unfortunate incident such as fire can cause damage to the entire firm.
With the release of […]
Oxygen recruits new managing director
by Richard Kilner
Story link: Oxygen recruits new managing director
Tom Ernoult has been named by Oxygen to serve as the managing director of subsidiary firm Oxygen Insurance Brokers.
He joins Oxygen from Heath Lambert, leaving behind the post of managing director of Heath Lambert National.
In his new position Ernoult will be tasked with running the day to day operations of Oxygen Insurance Brokers.
The role of […]
L&G takes £269m longevity charge
by Gill Montia
Story link: L&G takes £269m longevity charge
Legal & General (L&G) recorded full year operating profit of £912 million for 2007, following a £269 million charge which allowed for an adjustment for the longer life expectancy of its clients. Net profit from ordinary activity fell 56%, to £718 million
Tim Breedon, L&G’s chief executive, said: “We have always expected them to live longer, […]
Pass Plus lowers young driver premiums
by Gill Montia
Story link: Pass Plus lowers young driver premiums
Young drivers can reduce the cost of their motor insurance by topping up their driving test with an additional motoring qualification.
Figures from the Association of British Insurers show that males under the age of 21 are 10 times more likely to have an accident than those over 35, and premiums reflect the increased risk.
However, taking […]
BUPA reduces critical illness premiums
by Gill Montia
Story link: BUPA reduces critical illness premiums
BUPA, the private healthcare operator, has reduced premiums on its Individual Protection insurance, with immediate effect.
Premium rates for its critical illness policies bought alongside a mortgage have reduced by around 7.3%, while for stand-alone critical illness cover the reduction is around 5.7%.
The changes mean that a female non-smoker aged 30 next birthday, taking out £75,000 […]
2007 travel insurance paid out over £400 million
by David Masters
Story link: 2007 travel insurance paid out over £400 million
Travel insurance providers InsureandGo have revealed the most-claimed-for top five of travel insurance in 2007.
Travel insurers based in the UK received a total of 1.75 million claims for the year, totalling over £400 million.
The most popular claim was for medical treatment, with over 500,000 claims insurance pay-outs totalling £242.3 million. Medical claims cost an […]
New CEO for XL Capital
by Richard Kilner
Story link: New CEO for XL Capital
XL Capital Ltd has announced that Michael McGavick is to take up the post of chief executive officer.
McGavick requires immigration approval of the Bermudan government to assume the position.
On 1 May he will succeed Brian M. O’Hara, who has spent 13 years in the top job after annoucning his retirement in the latter half of […]
Rise in weather-related complaints keeps ombudsman busy
by Gill Montia
Story link: Rise in weather-related complaints keeps ombudsman busy
Complaints received by the Financial Ombudsman Service (FOS) about weather-related insurance claims increased by one-third in 2007.
Since last summer’s flooding, insurers have been under pressure to deal with both the volume of weather-related claims and the financial losses incurred.
The 2007 floods are estimated to have cost the industry £3 billion, while claims from February’s earthquake […]
