Life and pensions provider, Friends Provident, has reported a 20% fall in first-half profit. New business profit fell just under 30% to £67 million, down from £95 million in the first six months of 2007. Pre-tax profit on a European embedded value basis declined to £211 million, from £264 million a year earlier. UK sales [...]
Aon Re Global has hired Christer Pehrson as executive director. He joins the firm from Guy Carpenter, where he was managing director in New York, as well as deputy of the international department. In his new role Pehrson will be tasked with focusing upon the firm’s global clients that are based in Europe. Aon Re [...]
P&I Club Steamship Mutual has announced the appointment of Stephen Quartermaine as head of underwriting. He takes over the position from Gary Rynsard, Steamship Mutual’s chief operating officer. Quartermaine assumes the role with immediate effect, and is tasked with the supervision and co-ordination of the firm’s underwriting strategy on the world stage. The organisation is [...]
Ever since the terrible flooding of last summer and the lesser floods at the turn of the year, flood defences and insurance coverage for flooding have been uppermost in the public consciousness. An agreement was reached between the Association of British Insurers (ABI) and the Government to the effect that flood insurance should remain widespread, [...]
The jml-insurance.co.uk website has created a new specialist category, wherein ex offenders and household insurance in Northern Ireland can be found. Despite the happy advent of peace in Northern Ireland it remains an area of deep complexity for insurance. Because of the lack of players in the insurance market, compared to the rest of the [...]
Insurance broker Willis Group Holdings has added three new appointments to its reinsurance arm, Willis Re. The appointments have been made in an effort to strengthen the global strategic Shaping Our Future programme which aims to deliver growth and performance through a series of initiatives. The president of Willis Re US, John Ehinger, has been [...]
Standard Life has announced that it has added BlackRock’s UK Absolute Alpha fund to its insured product range. The fund, which is specially designed to give investors a positive absolute return in all market conditions, has been available from 5th August within the FundsNetwork Investment Bond. Managed by Mark Lyttleton and with £1,301.4 million in [...]
Standard Life has reported a 51% rise in first-half operating pre-tax profit and says that the outlook for its net flows, sales and profitability remain positive, despite difficult market conditions. Under European Embedded Value rules, profit rose to ££534 million, ahead of most analyst predictions. Life and pension sales on a present value of new [...]
Giles Insurance Brokers now has a presence in Ipswich, following its acquisition of Henley Risk Management. Henley Risk Management was established in 2000 and specialises in the construction, manufacturing, motor, printing, leisure and food sectors. The broker employs 11 staff at offices on the town’s Sandy Hill Lane and director, Robert Shurety, believes that the [...]
Kaupthing Singer & Friedlander (KSF) has sold its Insurance Premium Finance business to Close Brothers Group, for £2.4 million, with goodwill arising on acquisition also anticipated to be £2.4 million. The division, which has a loan book of around £80 million, posted a pre-tax loss of £100,000 in 2007. Close Brothers is refinancing the existing [...]
Aon Consulting has appointed two new consultants to strengthen its Scottish benefit solutions team. Together Richard Strachan and Tom Clark have accumulated over three decades worth of experience in the sector. Clark and Strachan will be tasked with expanding and retaining Aon’s growing benefit solutions client base. They have both worked for Standard Life Client [...]
Willis Group Holdings has named its new Global Sales & Marketing director as Allan Gribben, who is presently the chief executive officer of Willis International. In his new role, Gribben will be responsible for attracting new clients, and will be heading up the team dedicated to this purpose. He will also be tasked with fostering [...]
At the weekend, the Sunday Telegraph reported that private equity firm, Stone Point Capital, is in the process of negotiating a stake in RK Carvill, the Lloyd’s broker. RK Carvill was founded in 1977 by insurance entrepreneur and current chairman, Rory Carvill. The business, which has offices in London, Atlanta, Chicago, New York and Bermuda, [...]
Allstate, the US insurance group, is reported to have submitted a bid for Royal Bank of Scotland’s (RBS) insurance business, which includes the Direct Line, Churchill, Privilege, UKI and NIG brands. The deadline for second-round offers was Friday of last week and according to the Financial Times, Allstate will be offering less than the £7 [...]
European reinsurance firm Glacier Reinsurance AG has named its new specialty treaty underwriter as Doris Pöpplein. She brings ten years of experience in the reinsurance sector, and leaves behind ACE where she has worked for the last three years to join Glacier Re. Whilst at ACE Pöpplein was part of the Outwards Reinsurance department, and [...]
Lloyd’s insurer, Amlin plc, has announced that Syndicate 2001 has acquired renewal rights from HCC Underwriting Agency Ltd. The business, which comprises approximately £20 million of general commercial motor fleet insurance, will be integrated into the firm’s UK commercial division, Amlin Insurance Services. Divisional underwriter, Brian Carpenter, says the acquisition demonstrates Amlin’s commitment to its [...]
