Two years after the launch of its fostering agency product commercial broker Bollington has achieved a 30% share of the UK market. The product has been nominated for two separate awards recently, and offers a single package that provides all the essential cover. The firm, which distributes its product via the Bollington Care brand, is [...]
The facultative reinsurance arm of Aon Global, Aon Re Global Fac, has launched a new unit dedicated to Alternative Solutions. The unit has been formed to offer the full breadth of Aon Re Global Fac’s non-standard product range. The unit will be headed by Paul Cousins and serve to bolster the firm’s present capabilities by [...]
Reinsurance Group of America (RGA), a leading international life reinsurance provider, has reported its results for the third quarter, with profit down 67% on year. Net income for the three months ending 30th September was $25.2 million, or $0.40 per diluted share. This is compared to $76.5 million, or $1.19 per diluted share, in the [...]
Struggling US-based insurer American International Group (AIG) has warned that its $120 billion loan from the US government may not be enough. The warning came as two new executives were appointed to oversee the restructure of the company. AIG has already spent $90 billion of the rescue package, and CEO Edward Liddy believes that more [...]
The UK’s Federation of Small Businesses (FSB) has told the government that small businesses in the country will struggle to survive during the oncoming recession. Many small businesses are likely to go bankrupt unless the government steps in with a rescue package, the FSB warned. To avert a crisis, the FSB has proposed that the [...]
UK-based life insurance firm Prudential is looking to take over more than just the Asian operations of American International Group (AIG), according to a report in the Financial Times. Prudential, Britain’s second largest life insurer, last week made it clear that it would be bidding for AIG’s Asian business. Chief Executive Mark Tucker later told [...]
Research from Moneysupermarket.com has identified the UK’s top 20 postcodes where residents are most likely to claim on their home insurance, as the result of a burglary or theft. Residents of Horsfield in Bristol’s BS7 and Dunscroft in Doncaster’s DN7 postcodes are most at risk, with almost six per cent of households in these areas [...]
Research from Aon Consulting indicates the extent to which the credit crisis has impacted on the pension pots of Britons who are not members of final salary schemes. According to Aon, turbulent markets and plummeting share prices have wiped billions of pounds of the value of employees’ defined contribution pension funds. Around four million people [...]
Norwich Union (NU) has withdrawn its unemployment-only cover, provided through its partnership with Paymentshield, which claims to be the UK’s largest independent supplier of mortgage related insurance products to the intermediary sector. The withdrawal has been made with immediate effect and analysts expect other insurers to follow suit, given that both the Prime Minister and [...]
The recent turmoil in the financial markets has led to speculation that Norwich Union’s (NU) long-awaited reattribution of its with-profits surplus could be shelved. In July, NU’s parent company, Aviva, announced that it would be prepared to pay a windfall that would average £1,000 per policyholder, to customers who had invested in GCNU Life or [...]
The former chief executive of AIG, Martin Sullivan, is to have his severance payments and bonuses frozen by the company he used to control. Around £11.7 million in compensation payments to Sullivan will be frozen by the US-government backed company. Sullivan can take comfort in the fact that he is in good company. AIG plans [...]
Direct Line Home Insurance has calculated that in the past five years, one in ten UK households has either been burgled or experienced a failed break-in attempt. In number terms, 2.4 million homes across the UK have been affected. Recent research on security behaviours by Direct Line found that Londoners suffered the most burglaries or [...]
US-based insurer Willis Group Holdings has reported its results for the third quarter with profits down 46% on year. The company was hit hard by an increase in operating expenses. Net income for the three months ending 30th September dropped to $36 million, or $0.25 per share, compared to $67 million, or $0.46 per share [...]
AIG’s Philippine unit, Philippine American Life and General Insurance Co (Philamlife), may be taken over by the country’s largest lender, Metropolitan Bank & Trust Co. Metrobank has expressed interest in taking over Philamlife’s insurance, banking and credit card businesses. It faces competition from the Philippine’s richest businessmen, including Henry Sy and the Ayala clan. Banco [...]
Aon Consulting has announced the appointment of Mark Arian as leader of the Aon Consulting Corporate Transactions group, with a particular focus on mergers and acquisitions. In addition to this, Arian will also become an executive vice president. He brings with him over two decades of experience in supporting clients address issues of human capital [...]
Homeowners are being advised by Cheshire Building Society to check their home insurance as Bonfire Night approaches. Cheshire, which provides home insurance by RSA, is offering a 25% discount on its contents insurance premium, for a limited period, for those who buy its Select buildings and contents insurance policy. Although a great annual festival, Bonfire [...]
Cooper Gay & Co Ltd has announced the appointment of Chris Butcher FCII to the post of managing director for wholesale UK broking business FSJ Broking. He brings with him over a quarter of a century of experience in both the UK and global markets, and recently formed a European network on behalf of a [...]
China recently relaxed its financial laws to allow banks to enter brokerage, insurance, and fund management businesses. Now China-based Bank of Beijing has expressed interest in buying a 50% stake in Chinese life insurance company ING Capital Life Insurance Co from Beijing Capital Group Co. The two sides have yet to agree terms. The other [...]
Bermuda-based Platinum Underwriting Holdings, has reported its results for the third quarter with a net loss of $45.3 million. This is equivalent to a loss of $0.99 per basic common share. Last year, Platinum made a third quarter profit of $91.3 million. This year’s loss is being largely attributed to storm losses from Hurricane Gustav, [...]
