Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 23rd of January 2018
July 31, 2008

Liverpool Victoria fined £840,000 for mis-selling PPI

by Gill Montia

Story link: Liverpool Victoria fined £840,000 for mis-selling PPI

Liverpool Victoria Banking Services (LVBS) has been fined £840,000 by the Financial Services Authority (FSA). The offshoot of Liverpool Victoria Friendly Society has been found wanting over its sale of Payment Protection Insurance (PPI). The FSA found LVBS guilty of serious failings because from 2005 to August 2007, it added the cost of PPI to […]



July 30, 2008

Ignition NBS supports brokers to meet TCF deadline

by Richard Kilner

Story link: Ignition NBS supports brokers to meet TCF deadline

Marketing and business development firm, Ignition NBS, has released an enhanced package of services designed to help brokers meet with the FSA’s Treating Customers Fairly (TCF) deadline. Business marketing consultants will provide face-to-face advice as part of the package, with brokers able to keep their clients updated with important information through a range of online […]



Achiever appoints Benson as professional services head

by Richard Kilner

Story link: Achiever appoints Benson as professional services head

Achiever Business Solutions has announced the appointment of Simon Benson as head of professional services. Benson leaves behind shipping and distribution firm NYK Logistics Megacarrier where he served as environmental, safety, security and business continuity manager. In his former role he was responsible for NYK’s compliance management on the European stage, and prior to it […]



Greenbee enters car insurance market

by Richard Kilner

Story link: Greenbee enters car insurance market

Greenbee.com is to enter the UK car insurance market. The website, which is part of the John Lewis Partnership dedicated to finance and leisure activities, will expand its present offering (which includes home, travel, life and wedding insurance) in conjunction with Fortis, the UK’s third largest car insurer. Defaqto has granted a five star rating […]



NU with-profits reattribution offers £1,000 per policyholder

by Gill Montia

Story link: NU with-profits reattribution offers £1,000 per policyholder

The lengthy matter of the reattribution of Norwich Union’s with-profits surplus looks close to a resolution, as the insurer’s parent company, Aviva, announces that it is prepared to pay a windfall that would average £1,000 per policyholder. The customers eligible for the payout are those who invested in GCNU Life or CULAC with-profits funds before […]



Pru furthers Asian endeavours with Standard Chartered

by Gill Montia

Story link: Pru furthers Asian endeavours with Standard Chartered

Prudential is expanding its partnership with emerging markets bank, Standard Chartered. The companies have been working together since 1998 in an arrangement that enables Prudential to provide savings and insurance products to Standard Chartered customers in Asia. The new agreement includes Japan and Thailand (alongside Hong Kong, Singapore and Malaysia) and will allow Pru to […]



July 29, 2008

Aon Risk Services name new US chairman and CEO

by Richard Kilner

Story link: Aon Risk Services name new US chairman and CEO

Aon Risk Services has announced the appointments of Warren Mula as chairman and Eric Andersen as CEO of its US retail organisation. Mula is a long-serving employee of Aon, having clocked up almost three decades of service. Before receiving his appointment he was executive vice president and managing principal of national service management. He will […]



Zurich appoint Global Life’s COO

by Richard Kilner

Story link: Zurich appoint Global Life’s COO

Theo Bouts has been named as Thomas Buess’ successor by Zurich Financial Services Group. Bouts is presently chief executive officer of the firm’s European Direct Business and Partnership unit, but will leave that role to assume the position of Global Life’s chief operating officer on 1 August. He first joined Zurich some three years ago, […]



BIBA secures Trade Association Best Practice Award

by Gill Montia

Story link: BIBA secures Trade Association Best Practice Award

The British Insurance Brokers’ Association (BIBA) has won the Sector Representation Award at the Trade Association Forum Best Practice Awards. The Forum exists to provide access to information about UK trade associations and business sectors. In making the best practice awards, its judges were looking for a campaign, initiative or legal matter that ended with […]



Principle launches Sharia-compliant motor insurance

by Gill Montia

Story link: Principle launches Sharia-compliant motor insurance

The UK’s first independent Islamic insurance group has been officially launched. Principle Insurance Company, trading as Salaam Halal, will initially offer motor cover and aims to grow its business among the 1.6 million Muslims living in Britain. The business is based in Cheadle and offers a multilingual service from its call centre. Policies will be […]



July 28, 2008

FSA fines Hastings £750,000 for cancelling policies

by Gill Montia

Story link: FSA fines Hastings £750,000 for cancelling policies

Hastings Insurance Services has been fined £735,000 by the Financial Services Authority (FSA). The broker has been found guilty of failing to treat its customers fairly, after it cancelled around 4,550 car insurance policies. The misdemeanor occurred between July and September of last year, when on more than one occasion, Hastings discovered that its IT […]



ACE opens Dubai office and appoints country manager

by Richard Kilner

Story link: ACE opens Dubai office and appoints country manager

One of ACE Group’s principle firms, ACE American Insurance Company, is to enter Dubai with the establishment of a representative office. The office, which is expected to be fully up and running by the end of September, is to operate with a National Agency agreement with Omeir Investments, and will permit ACE to conduct research […]



Allianz promote Rowlandson

by Richard Kilner

Story link: Allianz promote Rowlandson

Daniel Rowlandson has been named by Allianz Engineering as the firm’s new area technical & operations manager for the Midlands. Rowlandson joined the firm three years ago, assuming the role of a life and crane engineer surveyor. He brings a decade and a half of experience to his new position which gives him responsibility for […]



Catlin appoint Lyons as director

by Richard Kilner

Story link: Catlin appoint Lyons as director

Catlin Group Limited has announced that Nicholas Lyons is to take up a role as an independent non-executive director. Lyons, who will assume his position on 6 August, will be subject to election by the board of directors at next year’s AGM. He is to succeed Alton F. Irby III, who has served as non-executive […]



Munich Re issues profit warning

by David Masters

Story link: Munich Re issues profit warning

The price of insurance stocks across Europe fell dramatically yesterday following a profit warning from Germany-based insurance giant Munich Re. Munich Re, the second largest reinsurer in the world, have forecast second quarter profits of €600 million, almost 50% less than the €1,158 million profit for the same period last year. The company also issued […]



Swiss Re tempted by Barclays Life Assurance

by Gill Montia

Story link: Swiss Re tempted by Barclays Life Assurance

Swiss Re is reported to be showing an interest in the life assurance division of Barclays. Barclays Life Assurance was created from the merger of Woolwich Life and Barclays Life in 2003. It is closed to new business but has over one million policy holders and in excess of £7 billion under management. The division […]



Tesco launches car warranty scheme

by Gill Montia

Story link: Tesco launches car warranty scheme

Tesco Personal Finance has expanded its car insurance offering with a new warranty scheme. Tesco Car Warranty aims to help spread the cost of car ownership by paying out on certain repairs. To qualify, a vehicle needs to be under ten years old and have less than 100,000 miles on the clock. Premiums start at […]



July 25, 2008

PMI introduces RateQuote 2 for mortgage insurance comparison

by Brian Turner

Story link: PMI introduces RateQuote 2 for mortgage insurance comparison

PMI Mortgage Insurance Co., the primary subsidiary of the troubled PMI Group, Inc. has introduced a next generation web-based tool that allows users to obtain rate quotes and compare multiple mortgage insurance payment plans in one step. RateQuote 2.0 offers up to five payment option comparisons at one time and provides a seamless transition to […]



Amlin buys stake in Miles Smith

by David Masters

Story link: Amlin buys stake in Miles Smith

Lloyd’s of London reinsurer Amlin has acquired a minority stake in retail broker Miles Smith plc. Miles Smith is a London-based independent broker with operations covering the whole of the UK. It controls a GWP of approximately £100 million, specialising in fleet, construction, property and entertainment markets. The company has already been working with Amlin […]



Beazley first half profits down

by David Masters

Story link: Beazley first half profits down

Lloyd’s of London insurer Beazley Group Plc has reported its results for the first half of 2008, with profits down 25% due to lower investment income. Pre-tax profit for the period was £45 million, just above the average forecast of £44 million, but 25% short of last years record first half profits of £60.2 million. […]