First Title bolsters its CEE team
by Richard Kilner
Story link: First Title bolsters its CEE team
First Title Insurance plc has announced two senior appointments today.
Christian Court and David Yearn will both seve the firm as business development executives.
Court has spent more than 15 years in Moscow, working in a range of business/sales development roles.
Prior to his time in Russia he worked for Courtaulds as a sales and marketing executive.
Yearn also […]
MarketGuard to launch mortgage interest-rate insurance
by Gill Montia
Story link: MarketGuard to launch mortgage interest-rate insurance
MarketGuard, the derivatives trading company, has announced plans to launch the first interest-rate insurance product this year.
It will cover homeowners against rises in their mortgage payments resulting from a hike in the Bank of England’s base rate.
The standalone interest rate insurance (Sari) works by covering a mortgage holder against rises in the base rate […]
Caswell recruited by Brit
by Richard Kilner
Story link: Caswell recruited by Brit
Brit Insurance has recruited Christopher Caswell to serve as e-Trading Schemes Underwriter.
Previously Caswell held the post of e-Consultant for AXA Insurance, responsibly for establishing broker accounts and creating new e-Trade products.
Earlier in his career he served as a commercial underwriter with AXA.
In his new Birmingham-based position, Caswell will be directly responsible to Andrew Jackson, the […]
Cooke named as Marsh’s Global Markets chief
by Richard Kilner
Story link: Cooke named as Marsh’s Global Markets chief
Jeremy D. Cooke has been named by Marsh as the firm’s first Global Head of Market Relationship Management.
Previosuly he was a senior advisor in Marsh’s Global Markets Practice.
In his new London-based post, Cooke will be tasked with supporting Joe McSweeny, Alex Moczarski and Sandy Vietor, the presidents of the US/Canada Division, International Division and Global […]
Direct Line accused of mistreating loyal customers
by Gill Montia
Story link: Direct Line accused of mistreating loyal customers
Direct Line has been taken to task by a national newspaper which suggests that the firm is taking unfair advantage of its loyal customers.
According to a report in The Guardian, the company is issuing renewal premiums significantly above the rates than can be purchased online.
One Direct Line customer claims to have been quoted a renewal […]
Pru chief rules out Asian flotation
by Gill Montia
Story link: Pru chief rules out Asian flotation
Prudential’s Asian business is booming, raising the possibility that the insurer could relocate its corporate headquarters to the region at some point in the future.
However, Pru’s chief executive, Mark Tucker, has made it clear that he will not be spinning off the Asian unit, although there may be a secondary listing for the group on […]
Allianz restructures Dresdner Bank
by Gill Montia
Story link: Allianz restructures Dresdner Bank
Munich-based insurance group, Allianz, is restructuring its Dresdner Bank subsidiary, which includes the investment division, Dresdner Kleinwort.
Allianz acquired Dresdner Bank in 2001 and now has plans to create “two fully functioning banks under the Dresdner Bank umbrella”.
The move is aimed at giving Allianz “the necessary flexibility in order to play an active role in the […]
Novae profits rise 31%
by David Masters
Story link: Novae profits rise 31%
Novae has announced its results for 2007, with profits before tax of £41 million, an increase of 31% compared to 2006.
However, the group’s gross written premiums fell by £1.3 million compared to 2006 to £302.6 million, and combined ratio saw a heavy increase, from 81.4% in 2006 to 90.4%.
Matthew Fosh, Novae’s chief executive, said of […]
Homeowners urged to get garden coverage
by Richard Kilner
Story link: Homeowners urged to get garden coverage
According to new research conducted by Nationwide, 35% of homeowners value their garden contents at between £250 and £1,000.
By definition, garden contents are almost always exposed and not under lock and key, and therefore it is vital that homeowners have the proper insurance should thieves strike.
Nationwide provides insurance of up to £1,000 for garden contents. […]
Motorists going green
by Richard Kilner
Story link: Motorists going green
The AA has released fresh research suggesting that the environmental impact of a vehicle is growing in importance amongst the factors considered by motorists.
Two years ago when asked if they intended to purchase a ‘green’ car this year, a mere 6% of respondents said that they were.
However, the new research reveals that this figure has […]
No profit in sight for private motor business
by Gill Montia
Story link: No profit in sight for private motor business
AA Insurance is not in agreement with a recent assessment of the profitability of private motor insurance business by market analyst, Datamonitor.
The latter is predicting that private motor insurance will show a profit in 2009, for the first time in 14 years.
However, AA Insurance thinks this is unlikely because of inflation and the strongly competitive […]
L&G scoops top “eee” rating
by Gill Montia
Story link: L&G scoops top “eee” rating
Legal & General (L&G) has received the top ‘eee’ rating of the Financial Technology Research Centre.
The accolade takes into account all four categories of the insurer’s annual protection e-Excellence study, which assess the quality of a provider’s e-commerce service to financial advisors.
L&G is one of only two providers to have achieved the ‘eee’ rating in […]
Aiston appointed as commercial director of Cunningham Lindsey
by Richard Kilner
Story link: Aiston appointed as commercial director of Cunningham Lindsey
Cunningham Lindsey has recruited David Aiston to serve as commercial director for the firm’s loss adjusting services.
Aiston joins from AXA, and earlier in his career he worked for Commercial Union/CGU.
In his new position he will be charged with ensuring the firm’s UK-wide business development operations work in concert.
Aiston’s particular emphasis will be upon the regional […]
Weak dollar leaves Benfield 7.5% down on profit
by Gill Montia
Story link: Weak dollar leaves Benfield 7.5% down on profit
Benfield Group, the independent reinsurance and risk intermediary, has recorded a 7.5% drop in operating profit for 2007, to £69.3 million, down from £74.9 million in 2006.
Revenue for the year fell by £16.1 million, to £339.2 million, and the group’s trading margin reduced from 21.1% to 20.4%. Net income declined from £38.34 million in 2006, […]
Prudential posts 25% profit rise on strong Asian growth
by Gill Montia
Story link: Prudential posts 25% profit rise on strong Asian growth
Prudential has recorded a 25% rise in full-year operating profit, to £2.5 billion (£2.1 billion) for 2007.
The insurer’s sales in Asia expanded rapidly last year, accounting for more than half of all new business.
During the year, total new business rose 22% to £1.2 billion. New business profit in Asia rose 34% to £653 million; in […]
Omega reports increase in profits of over 150%
by David Masters
Story link: Omega reports increase in profits of over 150%
Bermuda based Omega Insurance has announced its 2007 results, with profits before tax up 163% compared to 2006.
The insurance and re-insurance group reported profits of $59.5 million. This is compared to 2006 profits of $22.6 million.
Gross written premiums were also up, increasing by 110% from $115.6 million in 2006 to $242.9 million […]
AA says car insurance to remain unprofitable in 2009
by Richard Kilner
Story link: AA says car insurance to remain unprofitable in 2009
Datamonitor today claimed that in 2009 the UK motor insurance industry will make a profit.
However, it has been refuted by AA Insurance who cite rising claims costs coupled with high competitiveness which provide twofold pressure to both increase costs to cover the higher payouts and to lower costs to maintain a competitive edge.
The firm’s chief […]
Insurance to remain competitive, according to ABI
by Richard Kilner
Story link: Insurance to remain competitive, according to ABI
Despite rising claims costs the insurance industry is set to remain competitive, according to the Association of British Insurers (ABI).
Speaking to BBC Radio Five Live, the ABI’s Malcolm Tarling has stated that over the last eight years the cost of accidental damage claims has risen by 67%, and boidly injury claims by 75%.
The increasing cost […]
RFIB recruits Turnbull
by Richard Kilner
Story link: RFIB recruits Turnbull
Jonathan Turnbull has been named as RFIB Group’s new chief financial officer, taking effect from 6 May.
He leaves behind RK Carvill, where he served for an eight year stint as group chief financial officer, and chief operating officer.
Turnbull brings with him decades of industry experience, in addition to his qualification as a chartered accountant.
The firm’s […]
Wilson joins Abbey’s board
by Richard Kilner
Story link: Wilson joins Abbey’s board
Abbey Protection plc’s board is to be bolstered by the presence of Paul Wilson, who is to assume the position of non-executive director.
It has been proposed that he sit on a number of committees, including those responsible for Audit and Nomination.
Wilson is presently an advisor to Bain & Company, in addition to holding the post […]
