Atradius profits up 56%
by David Masters
Story link: Atradius profits up 56%
Netherlands-based trade credit insurer Atradius has reported its 2007 results, with net profits up 56% to €164.2 million (£131.7 million) compared to €105.3 million in 2006.
This is the fifth consecutive year that Atradius have increased their net profits.
Gross insurance revenues were up by 6.4% to €1,261.2 million, while trade credit insurance grew by 4.7%.
Total revenue […]
Giles acquires Midlands-based David Moore
by Gill Montia
Story link: Giles acquires Midlands-based David Moore
Giles Insurance Brokers has acquired David Moore, a West Midlands based corporate insurance specialist, with offices in Wolverhampton and Newport.
The move forms part of Giles’ ambitious expansion strategy which is currently focused on the Midlands and North East England.
The firm has recently acquired Midlands Risk Management of Birmingham and Elliott Garden, a Tyne and […]
Allianz ups premiums for drivers on mobiles
by Gill Montia
Story link: Allianz ups premiums for drivers on mobiles
Allianz has become the first motor insurer to raise premiums specifically for drivers convicted of using their mobile phones whilst at the wheel.
Previously, the insurer treats points on a licence for mobile phone use as equivalent to a speeding a conviction.
The new regime will increase premiums by 30%, the same hike as applied to motorists […]
S&P reports positive outlook for UK insurers
by Gill Montia
Story link: S&P reports positive outlook for UK insurers
Standard & Poor’s (S&P) has described the outlook for the UK insurance sector this year as better than in 2007, baring any catastrophic events and consequent major losses.
However, in a recent report, the credit ratings agency refers to the increased risk of recession in the UK.
The agency sees the UK economy as one of the […]
MIB assists in seizure of 100 uninsured vehicles
by Gill Montia
Story link: MIB assists in seizure of 100 uninsured vehicles
The Motor Insurers’ Bureau (MIB) has assisted police in an operation against vehicle crime that took place across south-west England and Wales, last week.
Over 900 vehicles were stopped, 58 people arrested and 156 vehicles seized.
Of the vehicles seized 100 had no insurance and over 50 had no tax. Fifteen arrests were made for driving whilst […]
Health Lambert launches Driving Risk Manager
by Gill Montia
Story link: Health Lambert launches Driving Risk Manager
Heath Lambert Group, the independent insurance broker, has formed a joint venture with health and safety specialist, Matrix Global Services, to provide an online resource for managing work road risk.
Using the facility, companies can download driver records, driver questionnaires, risk reduction action plans, and policy and process documentation.
Once data input is complete, the system can […]
Fitch downgrades MBIA credit rating
by Gill Montia
Story link: Fitch downgrades MBIA credit rating
Credit rating agency, Fitch, has downgraded the financial strength ratings of bonds insurer, MBIA, from “AAA” to “AA”.
Fitch placed MBIA on “rating watch negative” in early February and has now changed this to “rating outlook negative”.
MBIA’s reserves of around $16 billion are between $3.4 billion and $3.8 billion short of the level needed for Fitch […]
BUPA enhances Lifeline expatriate cover
by Gill Montia
Story link: BUPA enhances Lifeline expatriate cover
BUPA International, which provides health insurance for expatriates worldwide, is improving the cover provided under its Lifeline policy.
In cases of chronic disease, new customers will not only be covered for diagnosis but also for the control of diseases such as diabetes, hypertension and asthma, all of which are becoming more prevalent.
Diabetes in particular is […]
ABI advocates kitemark for floodplain homes
by Gill Montia
Story link: ABI advocates kitemark for floodplain homes
The Association of British Insurers (ABI) is recommending the creation of a kitemark for housing developments planned on floodplains.
The voluntary code would indicate the flood resilience level of homes by setting minimum construction standards, such as the use of water-resistant building materials.
Stephen Haddrill, the ABI’s director general, explains: “We need new homes, but the UK […]
Liberty International appoints two new underwriters
by Gill Montia
Story link: Liberty International appoints two new underwriters
Global insurer, Liberty Mutual Group, has recruited two new members of staff to its Liberty International Underwriters’ division.
Katie Dumenil will be joining the group’s Bristol office as an Assistant Professional Indemnity Underwriter and will report to Rich Mason, the UK regional professional indemnity manager.
Ms Dumenil was formerly an account handler with The Oval Group and […]
LFC Group acquires Shield Policies
by Gill Montia
Story link: LFC Group acquires Shield Policies
LFC Insurance Group, the commercial broker based in South-East England, has acquired R S Hayworth & Co Ltd, which trades as Shield Policies.
Shield was set up as an underwriting agency in 1923 and operates from offices at Feering, near Colchester.
It sells its range of SME targeted commercial policies through around 200 agents across the UK. […]
Baggage delay cover a must for travellers
by Gill Montia
Story link: Baggage delay cover a must for travellers
Defaqto, the independent financial research company, is advising travellers to check that their luggage is fully insured before they fly abroad.
The firm has recently been examining single-trip insurance policies to establish what cover is provided for delayed baggage and found that 14% of policies did not offer this type of cover.
Baggage delays can be costly. […]
Towergate receives £100m investment boost
by David Masters
Story link: Towergate receives £100m investment boost
Towergate’s executive chairman, Peter Cullum, has sold a £100 million stake in his firm to U.S.-based hedge fund Och-Ziff Capital Management Group.
Och-Ziff is to buy preferred ordinary shares in Towergate. This adds to the £100 million of preference shares that Och-Ziff purchased along with Reservoir Capital in November 2006.
Towergate’s board of directors and […]
CBG acquire Howgud Ltd for £2.3 million
by David Masters
Story link: CBG acquire Howgud Ltd for £2.3 million
CBG, a community broker based in Eccles, Manchester, has acquired Oldham-based general insurance group Howgud Ltd in a deal worth over £2.3 million.
CBG is to pay an initial consideration of £1.2 million in cash up. This will be followed by a deferred consideration £1.125 million over the next two years if targets are met.
The […]
JC Flowers revises Friends Provident bid
by Gill Montia
Story link: JC Flowers revises Friends Provident bid
According to a report in The Sunday Times, JC Flowers is working on a revised takeover bid for Friends Provident.
Last week, the Takeover Panel intervened after the US private equity group’s informal offer of £3.5 billion was rejected by the life assurer.
Flowers now has until the end of this month to table a forma bid […]
Ex-finance director costs Standard Life £1.3m
by Gill Montia
Story link: Ex-finance director costs Standard Life £1.3m
Standard Life has paid over £1.3 million to settle a legal dispute with its former finance director, Alison Reed.
Ms Reed left her post last year after working for the insurer for two years.
According to the company’s annual report and accounts, she collected an agreed payment of £1,135,000, which included £97,500 towards her legal fees.
In 2005 […]
FirstAssist bolsters sales team with Knott
by Richard Kilner
Story link: FirstAssist bolsters sales team with Knott
FirstAssist Legal Protection has announced the appointment of Chris Knott to the post of new business sales manager.
Knott leaves behind his role as client acquisitions manager with RBS Insurance.
Earlier in his career he served as a regional manager for Marsh’s affinity division, in addition to stints with RAC Insurance and Orion.
FirstAssist’s business development chief, Andy […]
Bolton Hospital collaborates with Grace to bolster care advice provision
by Richard Kilner
Story link: Bolton Hospital collaborates with Grace to bolster care advice provision
Ivan Lewis, health minister, has raised the issue of care advice, and the lack of provision made for it.
The minister, speaking in the House of Commons, explained that he and others had been told by a large number of elderly people and families that the difficult choices they are faced with regarding are compounded by […]
Horovitz XL Insurance’s new chief underwriting officer
by Richard Kilner
Story link: Horovitz XL Insurance’s new chief underwriting officer
Bernard Horovitz has been appointed by XL Insurance to serve as the firm’s new chief underwriting officer for XL’s global professional business lines.
Earlier in his career Horovitz served as chief actuary for XL.
In his new role Horovitz will be directly responsible to John Glancy, chief underwriting officer for the firm.
He will be tasked with the […]
Dancaster joins Brit as motor underwriter
by Richard Kilner
Story link: Dancaster joins Brit as motor underwriter
Phil Dancaster has been appointed to the post of motor underwriter by Brit Insurance.
Dancaster leaves behind Norwich Union and brings with him over two decades of industry experience.
Whilst at Norwich he spent decades working in the field of motor fleet insurance, in addition to a stint as trading underwriter.
He assumes the Birmingham-based position with immediate […]
