Daily Insurance Industry News
 
 
Daily Insurance Industry News
Saturday 20th of January 2018
September 25, 2008

Hiscox and Congregational enter strategic partnership

by Richard Kilner

Story link: Hiscox and Congregational enter strategic partnership

International specialist insurer Hiscox and Congregational & General Insurance have agreed to embark upon a strategic partnership together. The move will initially involve a co-insurance arrangement for Congregational’s household account. As time goes by the agreement will progress and take on other products and services. Congregational’s MD, Carlo Cavaliere, has commented on the deal, stating […]



Berkshire Hathaway invests $5bn in Goldman Sachs

by David Masters

Story link: Berkshire Hathaway invests $5bn in Goldman Sachs

Warren Buffett, one of the richest men in the world, has announced plans to invest $5 billion in global bank Goldman Sachs. The money is being invested on behalf of Buffett by his investment company, Berkshire Hathaway. Berkshire could invest an additional $5 billion within the next five years if Buffett believes it will prove […]



September 24, 2008

Birth dates correlate with motor claims and convictions

by Gill Montia

Story link: Birth dates correlate with motor claims and convictions

Motorists with unfortunate claims histories or licences peppered with points may not be wholly responsible for their track records. According to a study by elephant.co.uk, the month in which people are born can have an impact on their performance as drivers. The online insurance specialist has identified the motorists most likely to have an accident […]



Loss adjuster Merlin profits up 64%

by David Masters

Story link: Loss adjuster Merlin profits up 64%

Merlin Professional Claims Services has reported it results for the year ending 30th June 2008, with turnover up 33% and profits up 64%. The loss adjuster’s turnover for the year was £65.5 million, whilst profit was £3.4 million. This is compared to turnover of £49 million and profit of £2.07 million for the 2006/2007 financial […]



September 23, 2008

Glacier appoint Brunner as chief administrative officer

by Richard Kilner

Story link: Glacier appoint Brunner as chief administrative officer

Michel Brunner has been appointed by Glacier Group to serve as chief administrative officer. Brunner first joined the firm three years ago as legal counsel, and will occupy the newly created role with immediate effect. He left behind a Zurich-based position with Walder Wyss & Partners, before which he was a legal counsel with GE […]



ABI responds to FSA Retail Distribution Review

by Gill Montia

Story link: ABI responds to FSA Retail Distribution Review

The Association of British Insurers (ABI) has responded to the Financial Services Authority’s (FSA) interim feedback statement on the Retail Distribution Review (RDR) by saying that if the right outcome is reached, the RDR should lead to a real improvement in the way customers access and pay for financial advice. The ABI’s director general, Stephen […]



Heath Lambert renews Tipton & Coseley agreement

by Gill Montia

Story link: Heath Lambert renews Tipton & Coseley agreement

Independent insurance broker, Heath Lambert, has announced that Tipton & Coseley Building Society (T&C) has renewed its agreement to place its household insurance business with the firm. Under the new contract, the West Midlands-based building society will place business with Heath Lambert until the end of December 2011. Heath Lambert divisional director, Simon Medhurst, says […]



Jardine Lloyd Thompson launches specialist Insurance for UK Football Agents

by JLTL

Story link: Jardine Lloyd Thompson launches specialist Insurance for UK Football Agents

Europe’s largest headquartered insurance broker; Jardine Lloyd Thompson have targeted Football Agents with its latest Financial Risks Insurance product. At present FIFA regulations state that Professional Indemnity Insurance for a minimum limit of EUR 75,000 must be purchased by all FIFA licensed Football Agents. JLTs specialist product provides competitive coverage for existing and new agents […]



Helphire profits up, share price down

by David Masters

Story link: Helphire profits up, share price down

Bath-based Helphire has posted record results for the year ending 30th June 2008, with an increase in sales and pre-tax profit, yet bosses at the company say they are disappointed. Pre-tax profits for the accident claim handler increased 3.9% to £46.8 million, whilst sales rose 39.5% to £404.9 million. Despite the record result, Chairman Rodney […]



Marsh appoints technologies head

by Richard Kilner

Story link: Marsh appoints technologies head

Global insurer and risk adviser Marsh has announced the appointment of William Diaz as the new head of Marsh Client Technologies. Marsh Client Technologies is a newly created unit incorporating MarshConnect and CS STARS, (Marsh’s global client technology interface and a leading provider of risk and claims management systems and related data services respectively). Diaz […]



Lockton appoints private equity SVP in San Francisco

by Richard Kilner

Story link: Lockton appoints private equity SVP in San Francisco

Lockton has announced the addition of Robert Irvin to its San Francisco office in the capacity of senior vice president within the Private Equity and Corporate Acquisitions Practice. Irvin will bolster Lockton’s expertise in the field of transaction-related insurance, and he will play a role in expanding the firm’s presence in the San Francisco Bay […]



September 22, 2008

Beazley Group acquires Momentum Underwriting Management

by Gill Montia

Story link: Beazley Group acquires Momentum Underwriting Management

Beazley Group has acquired London-based Momentum Underwriting Management for up to $37.5 million (£20.6 million) in cash. Momentum is a specialist personal accident and life managing general agency established in 2000 by former employees of CIGNA Re Europe. The company has offices in London and Brisbane, Australia. Following completion of the transaction, the firm will […]



AXA Insurance gives contracts to seven legal firms

by Richard Kilner

Story link: AXA Insurance gives contracts to seven legal firms

Seven legal services firms have been granted three year contracts by AXA Insurance after the conclusion of a review lasting six months. AXA Insurance claims will be provided with a comprehensive range of legal services by the seven firms from 1 October, when the contracts begin. Areas such as property and personal injury as well […]



Short selling ban goes international

by David Masters

Story link: Short selling ban goes international

Last Thursday’s ban on short selling UK stocks by the Financial Services Authority (FSA) has spread around the world, stabilising financial markets, but leaving options executives furious. On Friday, the US Securities and Exchange Commission (SEC) was the first to follow the FSA’s lead, banning short selling for 10 days. Over the weekend the SEC […]



PPI successful claim rate a miserable 11%

by Gill Montia

Story link: PPI successful claim rate a miserable 11%

Which? is cautioning consumers against taking out payment protection insurance (PPI) in the current economic climate. Spokeswoman for the consumer group, Lucy Widenka, says that some sales practices for PPI, already identified by the Financial Services Authority as unsound, coupled with the economic downturn, mean that independent advice should be taken when purchasing PPI. Ms […]



September 19, 2008

AIG name Liddy as new CEO and chairman

by Richard Kilner

Story link: AIG name Liddy as new CEO and chairman

The world’s largest insurer, AIG (American International Group), has announced that its Board of Directors has chosen a new chief executive officer and chairman. Edward M. Liddy, 62, will take on the two positions, succeeding Robert B. Willumstad. The firm’s independent director, Stephen F. Bollenbach, is to retain the post which he has occupied since […]



Moneysupermarket.com appoints acting MD for Insurance and Home

by Richard Kilner

Story link: Moneysupermarket.com appoints acting MD for Insurance and Home

Moneysupermarket.com, the leading price comparison website, has announced the appointment of Andy Leadbetter to the post of acting managing director for Insurance and Home Services. Prior to working for the site, he was employed by insurer Swiftcover as an IT project manager. Leadbetter first joined the firm in October of last year, when he assumed […]



Swift to develop e-transactions industry standard

by David Masters

Story link: Swift to develop e-transactions industry standard

The world’s major insurance companies are working together to reduce their carbon footprint by agreeing upon an industry standard for paperless transactions. Interbank co-operative Swift has been appointed to develop an electronic platform for transmissions between insurers, brokers and reinsurers. Major players in the insurance industry, including Swiss Re, Munich Re, Scor, Benfield, Aon and […]



September 18, 2008

IronHealth names chief claims officer

by Richard Kilner

Story link: IronHealth names chief claims officer

Ironshore’s healthcare liability facility, IronHealth, has announced it has appointed Kristen McMahon as chief claims officer. McMahon leaves behind her position as a partner with law firm Kerns, Frost & Pearlman, where she served as a specialist in representing professional liability insurers and reinsurers in London, Bermuda and the US. In her new role she […]



Marsh appoints UK Commercial Practice chief

by Richard Kilner

Story link: Marsh appoints UK Commercial Practice chief

Insurance broker and risk advisor Marsh has named Julie Page as head of the firm’s UK Commercial Practice. The Practice caters to the small and medium-sized enterprise (SME) sector within the UK. She succeeds Chris Wallace, and will be responsible to Marsh UK’s chief operating officer, Ian Clarke. Page has held a range of senior […]