Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 20th of April 2018
May 31, 2008

Ping An withdraws from RBS Insurance sale

by Gill Montia

Story link: Ping An withdraws from RBS Insurance sale

Bidders for Royal Bank of Scotland’s (RBS) insurance business are now down to five. Ping An, has withdrawn from the contest, leaving Zurich, Allstate, Travelers, AIG and Allianz to battle it out. Ping An had been tipped as a strong candidate for a successful acquisition of the business, which could have provided the Chinese insurer […]



May 30, 2008

L&G’s Dynamic Bond Trust records good first year

by Richard Kilner

Story link: L&G’s Dynamic Bond Trust records good first year

Legal & General’s Dynamic Bond Trust has recorded a successful initial year. The £57.8m Trust, which was launched 30 April last year, achieved the 7th percentile of the Other Bond sector. Its approach is based on flexibility and unconstrained investment, and utilises the UCITS III investment powers. Legal & General’s sales director, Ben Waterhouse, has […]



Willis appoints Latin American benefits leader

by Richard Kilner

Story link: Willis appoints Latin American benefits leader

Willis Group Holdings has announced that Renato Cassinelli has been appointed to the post of employee benefits practice leader for Latin America. He joined the firm two years ago as vice president and operations director of Multinational Benefits & International Healthcare. Earlier in his career, he served with Old Mutual Financial Network and AIG. Cassinelli, […]



FSA reminder on travel insurance regulation

by Gill Montia

Story link: FSA reminder on travel insurance regulation

The Financial Services Authority (FSA) is reminding insurers and travel agents that new regulations regarding the sale of travel insurance come into force in January 2009. The Authority already regulates the sale of travel insurance that is not connected to any particular travel arrangements and bought direct from an insurer, or through an insurance broker. […]



May 29, 2008

Motamed parts ways with Chubb

by Richard Kilner

Story link: Motamed parts ways with Chubb

The Chubb Corporation’s chief operating officer and vice chairman, Thomas Motamed, is to retire from the firm on 6 June. Just over a year later he will assume the roles of CEO and chairman of CNA Financial Corporation. It is over three decades since Motamed first started working for Chubb. Working his way up through […]



LV= launches Mortgage & Lifestyle Protection

by Gill Montia

Story link: LV= launches Mortgage & Lifestyle Protection

Friendly society, LV=, has launched Mortgage & Lifestyle Protection, a new policy that provides cover against accident, sickness and unemployment. The policy offers level mortgage cover and customers can choose between level or index-linked living expenses protection. Mortgage repayments and living expenses cover can be arranged over different terms, taking into account the fact that […]



May 28, 2008

Insurance sector complaints to Ombudsman double

by Gill Montia

Story link: Insurance sector complaints to Ombudsman double

The Financial Ombudsman Service (FOS), which resolves disputes between consumers and financial services businesses, has published data covering the 12 months to March 2008. Complaints about insurance providers doubled during the period, however disputes over mortgage endowment products fell, by 70%. The number of customers dissatisfied with their payment protection insurance increased six-fold to almost […]



Admiral officially a great place to work

by Gill Montia

Story link: Admiral officially a great place to work

The Great Place to Work Institute UK has placed Admiral tenth in its annual listing for 2008. The group took highest place for any organisation in the insurance and financial services sector and has been awarded laureate status for having achieved a top fifty placing for five consecutive years. According to Great Place to Work, […]



Aon Risk recruits senior vice president

by Richard Kilner

Story link: Aon Risk recruits senior vice president

Aon Risk Services has announced that Christopher Scontras has been appointed to the post of senior vice president of the New England office. He has spent 27 years accumulating experience in the industry, and leaves behind the Bank of America to join Aon. In his previous job, Scontras served as senior vice president at Bank […]



May 27, 2008

Willis appoint New York VP

by Richard Kilner

Story link: Willis appoint New York VP

Willis Group Holdings has appointed Neil Getter to the position of executive vice president of Willis of New York Inc., working with the Willis Aerospace Leadership team with immediate effect. He brings with him over three decades of experience in the aviation industry. Getter leaves behind Aon, where he served as a regional practice leader […]



BIBA adds Gocompare.com to its ranks

by Richard Kilner

Story link: BIBA adds Gocompare.com to its ranks

Gocompare.com has joined the British Insurance Brokers’ Association (BIBA). BIBA has said it would like to see every other comparison site copy the Gocompare model. The comparison website, which was launched two years ago, tailors its search results based on an individual’s specific needs and price. It also fits in perfectly with BIBA’s desire for […]



Fresh! backs online expansion with Open GI

by Gill Montia

Story link: Fresh! backs online expansion with Open GI

Fresh! Insurance, the broker founded in 2002, has transferred its trading system to Open GI, having previously been enabled by CDL. Under the terms of a four year contract, Open GI will provide support from its core back-office system in addition to certain new products such as Open-i, OpenWord and OpenAttach. The move is linked […]



Heath Lambert joins forces with Citation to improve SME offering

by Gill Montia

Story link: Heath Lambert joins forces with Citation to improve SME offering

Heath Lambert Group, the independent insurance broker and employee benefits consultant, has formed a joint venture with Citation plc. The move will support the broker’s increased focus on affinity related business and at the same time expand its offering to SME (small and medium-sized enterprise) clients. Under the agreement, Heath Lambert’s clients will be able […]



Scottish Widows accused of misadvising pension schemes

by Gill Montia

Story link: Scottish Widows accused of misadvising pension schemes

Scottish Widows has denied reports that advice it has given to a number of pension schemes could land it in the law courts. Reports in the national press this weekend have repeated allegations that Scottish Widows has been negligent in its role advising around 100 company pension schemes, which are now considering claiming compensation of […]



Churchill and Direct Line bidders line up

by Gill Montia

Story link: Churchill and Direct Line bidders line up

Royal Bank of Scotland’s (RBS) auction of its insurance businesses, which include Churchill and Direct Line, is reported to have attracted seven bidders so far. The bank’s advisers, Goldman Sachs and Merrill Lynch, have excluded private equity firms from the sale, which is expected to raise around £6 billion. Zurich, Allianz and Generali of Italy […]



May 23, 2008

AIG credit rating downgraded to As3

by Gill Montia

Story link: AIG credit rating downgraded to As3

Credit rating agency, Moody’s, has downgraded the senior unsecured debt rating of American International Group (AIG), to Aa3 from Aa2. Downgrades have also been applied to a number of the group’s subsidiaries, particularly businesses that rely on the financial support of their parent company and those exposed to the residential mortgage market in the US. […]



Heath Lambert bolsters Commercial Affinity division

by Richard Kilner

Story link: Heath Lambert bolsters Commercial Affinity division

Heath Lambert has announced that Richard Woodall is to join the Commercial Affinity and Select Business Division as a business development executive. Woodall joins the firm from Aston Scott Ltd, and brings with him a great deal of experience in the sector. The division was launched just three weeks ago and combines sales, marketing, and […]



Fortis names new underwriting manager

by Richard Kilner

Story link: Fortis names new underwriting manager

Fortis Insurance has named Ron Munro as the firm’s new underwriting development manager. Munro, who is to report directly to Adam Clarke, the director of underwriting, will be tasked with the development of new insurance products to bolster the firm’s offering. It was earlier this year that Munro joined Fortis, becoming a non-executive director of […]



Catlin appoint new UK chief executive

by Richard Kilner

Story link: Catlin appoint new UK chief executive

Catlin Group Limited has announced that David Ibeson has been appointed to the post of chief executive of Catlin UK. His appointment requires the green light from the FSA (Financial Services Authority). Ibeson, who is presently chief executive of Catlin Syndicate at Lloyd’s, joined the firm two years when Wellington Underwriting plc was acquired. He […]



IFS and Abbey sign training deal

by Richard Kilner

Story link: IFS and Abbey sign training deal

Abbey and the IFS School of Finance have agreed a unique deal to train and accredit the entirety of Abbey’s underwriting staff. Workplace activities and e-learning will be involved in the qualifications, as will face-to-face courses and assessments. Abbey’s underwriters will have two possible options to choose between. The first is the Certificate level qualification […]