Swiftcover.com, the online subsidiary of French insurance giant AXA, has been looking into the cost of insuring second-hand cars in the UK and come up with a list of the makes and models that attract its lowest premiums. Based on vehicles manufactured in 2003, the top ten are as follows: Smart; Fiat Seicento; Skoda Fabia; [...]
Legal & General (L&G) has announced that it is cutting final bonuses on its with-profits policies, by between 5% and 9%. The insurer says it is responding to turbulent markets and its with-profits managing director, Mark Gregory, is predicting that the change will affect around 10,000 of the company’s 800,000 policyholders. According to Mr Gregory, [...]
Leading renewable energy insurer RSA has announced the creation of a trio of “Centres of Excellence” to be based in the UK, Denmark and Canada. The three centres have been established to provide underwriting, risk management and claims support 20 renewable energy teams across the globe. The Centres of Excellence will act as worldwide hubs [...]
Hannover Re has said that it will not be seeking assistance from the German government’s financial bailout package despite reporting a nine month net loss of €140 million. The world’s fourth largest reinsurer heavily revised its 2008 outlook after its third quarter results were hard hit from dramatic falls in the value of its equity [...]
UK-based non-life insurer and reinsurer Brit Insurance has reported its results for the third-quarter with gross premiums for the first nine months of the year up 10.5%. Gross written premiums for the nine months up to 30th September were £1.12 billion, compared to £1.01 billion for the same period in 2007. Return on investments fared [...]
Norwich Union (NU) is reintroducing exit penalties for around 1.2 million customers who may need to cash in their savings before their policies mature. The insurer says that volatile stock markets have led it to apply a Market Value Reduction (MVR) on some of its with-profits plans, which could reduce the value of investments by [...]
Dutch bank, ING, is making headlines again, this time with the news that it is taking an interest in American International Group’s (AIG) sale of its Asian businesses. AIG is undertaking a rapid programme of disposals following its bail-out by the US Federal Reserve with an $85 billion loan facility, in mid-September. Prudential has already [...]
Analysts at Ernst & Young believe the UK has already hit recession, and that the economy is likely to go further downhill before it improves. The UK economy is currently going through its first quarter of negative growth since 1992, with GDP to fall by 1% over the next year. If this negative growth continues [...]
Prudential has confirmed that it is considering buying the Asian business of American International Group (AIG), the beleaguered US insurance giant. AIG is undertaking an extensive programme of disposals, following its $85 billion bail out by the Federal Reserve in mid-September, and Prudential is keen to continue its growth in Asia, which has been a [...]
Lloyd’s of London has reported that it expects to face net claims of $2.34 billion (£1.34 billion) for hurricanes Gustav and Ike. The figure covers on and offshore claims and is in line with analysts’ estimates of an aggregate $20 billion to $25 billion industry loss. The insurer has pointed out that its market is [...]
Dutch bank, ING, is selling its Taiwanese life insurance business to Fubon Financial Holdings, for around €447 million (£344 million). News of the disposal came hours after ING announced that it had agreed a €10 billion injection of cash from the Dutch Government. Fubon, which describes itself as the most comprehensive financial service group in [...]
The Association of British Insurers (ABI) has launch new principles aimed at protecting policyholders and ensuring enhanced risk based supervision. The body, which represents 90% of operators in the UK insurance market, maintains that overall the insurance industry entered the credit crisis in a strong position. It attributes this to the sound business models found [...]
Bupa International enjoyed a good night in London at the Health Industry Awards, scooping the Best International Private Medical Insurance Provider award. It marks the third consecutive occasion that the Brighton-based firm achieved recognition as the top international private medical insurer. Bupa International, which is the largest international health insurer, has taken the prize on [...]
Swiss Re and the International Development Association (IDA) had entered into an agreement whereby the insurer will pay out up to US$5m should Malawi farmers suffer a reduced maize crop due to drought. The IDA, which is part of the World Bank, is supporting the first weather-based derivative contract in Malawi. Swiss Re’s Environmental and [...]
The former dd2group of companies has undergone a makeover by chief executive David Birchenall and co-founder Douglas Gordon and been renamed as Bircroft Group. Specialist firms which provide property funding and insurance coverage for a wide spectrum of sectors in the British Isles and across the globe comprise the rebranded Bircroft Group. David Birchenall and [...]
Recently formed broker network OurNetwork has announced the seven members of its broker advisory panel. The seven are: Stephen Brennan (Stephen Brennan Insurance Brokers) Robin Young (One Risk Limited) Robin Foster-Taylor (Primo plc) Peter Faulkner (Focus) John Radford (One Call Insurance Services) David Crompton (Mercer-Jones Limited) Barry Fehler (South Essex Insurance Brokers) All seven are [...]
Marlborough Underwriting Agency, the Lloyd’s of London syndicate 1861 managing agency, is to be acquired by Flagstone Reinsurance Holdings Ltd from current owners Berkshire Hathaway. The acquisition does not include any liability written during or before or the existing Lloyd’s corporate member. Terms of the deal have not been disclosed, and must be approved by [...]
CVC Capital Partners, the Luxembourg-based private equity firm, is reported to have joined forces with Swiss re, the world’s largest reinsurer, to make a bid for the insurance business of Royal Bank of Scotland (RBS). The unit, which includes the Direct Line, Churchill, Privilege, UKI and NIG brands, was put up for sale during the [...]
Zurich has been examining the extent of public awareness over flood risk. In a recent survey of UK homeowners, the insurer found that 65% of people questioned did not feel prepared in the event of a flood occurring in their area. Forty-four per cent of respondents were not aware of what flood cover is provided [...]
Prudential is reported to have appointed Credit Suisse to advise on acquisitions it may make from American International Group (AIG), the beleaguered US insurer that has been twice bailed out by the Federal Reserve. In the current market conditions, Prudential is unlikely to attempt to raise funds for any purchases via a rights issue, particularly [...]
