Aon to cut 700 jobs in merger with Benfield
by Gill Montia
Story link: Aon to cut 700 jobs in merger with Benfield
Having completed its acquisition of the UK-based Benfield Group Ltd, Aon Corporation has announced plans to reduce its global headcount by 700, as the businesses integrate.
Benfield is the world’s third-largest reinsurance broker and Aon, the world’s largest insurance broker.
Benfield will merge with Aon’s existing reinsurance operations, to form Aon Benfield.
The transaction will extend Aon’s presence [...]
Resources in Insurance Group launch 2 new initiatives
by Richard Kilner
Story link: Resources in Insurance Group launch 2 new initiatives
The Board of Resources in Insurance Group has announced a pair of new initiatives.
The first of these is a new division, named Verify. This division is a claims investigation solution which has been created to offer factual reporting on losses less than £10,000 in cases where a comprehensive start to finish enquiry is not necessary.
Verify [...]
French state offers credit insurance to SMEs
by David Masters
Story link: French state offers credit insurance to SMEs
The French government has unveiled plans to offer credit insurance to small and medium sized businesses (SMEs) in the country.
As global markets enter recession, insurers are becoming increasingly wary of offering credit insurance, which covers companies against non-paying customers or if they enter administration.
A number of European insurers have started pulling cover from companies, increasing [...]
Aviva announces £9m rebrand campaign
by David Masters
Story link: Aviva announces £9m rebrand campaign
Aviva, the world’s fifth largest insurer, has announced plans to launch the UK’s biggest ever financial services rebranding campaign in a bid to shed it’s Norwich Union brand name.
The £9 million advertising offensive will start Boxing Day with the aim of completing the rebrand by June 2009.
TV adverts will feature celebrities who have changed their [...]
Equitable Life drops sale of with-profits fund
by Gill Montia
Story link: Equitable Life drops sale of with-profits fund
Equitable Life, the troubled mutual life insurer that came close to collapse eight years ago, has dropped the sale of its £6.8 billion with-profits fund.
The company put itself up for sale in March of this year, having already transferred the bulk of its fixed pensions business to Canada Life.
However, the insurer says it has been [...]
Lloyd’s chief expects ransom payment for Sirius Star
by Gill Montia
Story link: Lloyd’s chief expects ransom payment for Sirius Star
The Chairman of Lloyd’s of London, Lord Levene, has told Channel Four news that he thinks the owners of the highjacked oil tanker, Sirius Star, are highly likely to pay a ransom.
He likened the hijackers to terrorists and the risks they present to commercial vessels as similar to the U-boat menace in the Atlantic during [...]
Fightback against motor insurance fraud continues
by Richard Kilner
Story link: Fightback against motor insurance fraud continues
Law firm Dolmans has issued a stark warning that motor insurance fraud has soared by some 70% over the course of the last three years.
The cost averages out to around £5m per week, but there is good news with Dolmans stating that there are some positive indications that the increased criminality is being tackled.
The rise [...]
Open GI appoints business development director
by Richard Kilner
Story link: Open GI appoints business development director
Open GI has appointed David Kelly to serve on the board as business development director.
He leaves behind his prior post as national sales manager to assume the role, and has worked for the organisation for over two years.
Prior to joining Open GI he had a lengthy career spanning over two decades in financial services, when [...]
Glemham Underwriting moves to larger premises
by Richard Kilner
Story link: Glemham Underwriting moves to larger premises
Glemham Underwriting Limited has announced that from 1 December they are relocating to new, larger premises.
Underwriting director Tim Lockwood has stated that the move has been made due to an increase in administrative staff, which in turn placed a squeeze on available space at the firm’s offices.
The hirings meant the underwriting team was more efficient [...]
Moorhouse makes operational efficiency appointment
by Richard Kilner
Story link: Moorhouse makes operational efficiency appointment
Commercial broker Moorhouse has announced the appointment of Joe Sultana to the board in the capacity of operations director.
Before joining the organisation he was a founding partner with A.J.O. Insurance Services, where he worked for 12 years (six of which after selling to Morgan Financial Group).
Sultana will be tasked with driving forward efficiency and effectiveness [...]
Marsh recommends BCM during recession
by Richard Kilner
Story link: Marsh recommends BCM during recession
Insurance broker and risk adviser Marsh has stated that business continuity management (BCM) can prove helpful for businesses trying to negotiate their way through the current economic difficulties.
Firms (particularly those in manufacturing and retail) can benefit from conducting a business impact analysis which can yield a more comprehensive appreciation of the situation and thereby deliver [...]
QBE sees rich pickings in financial turmoil
by David Masters
Story link: QBE sees rich pickings in financial turmoil
QBE Insurance Group Ltd, Australia’s biggest insurer by premium income, has announced the acquisition of ZC Sterling Corp, a US-based underwriting agency, for $575 million.
QBE also said that it plans to acquire three other underwriting agencies, including two in the US and one in Europe.
Capital to fund the acquisitions – and to shore up the [...]
Zurich appoints CEO for Americas Global Life
by Richard Kilner
Story link: Zurich appoints CEO for Americas Global Life
Kevin Hogan has been named by Zurich Financial Services Group as the firm’s new chief executive officer for Global Life in the Americas.
He joins the firm from AIG, where he served as chief distribution officer of AIG Foreign Life and Retirement Services.
Hogan spent over two decades with the firm, during which time he occupied a [...]
Nearly half of Britons go without protection insurance
by Gill Montia
Story link: Nearly half of Britons go without protection insurance
Barclays has been researching the UK protection insurance market and has concluded that nearly one-half of British adults have no policies in place to cover events such as illness and redundancy.
According to the survey 47% of UK adults have no protection insurance, while 52% are without life insurance.
Seventy-five per cent of those questioned said [...]
FSA feedback statement on Retail Distribution Review
by Gill Montia
Story link: FSA feedback statement on Retail Distribution Review
The Financial Services Authority (FSA) has published a feedback statement on its Retail Distribution Review (RDR).
The proposals are aimed at giving more confidence to consumers and also set out reforms to the investment market.
They include providing greater clarity for consumers about the advice service being offered by making a distinction between independent advice and sales [...]
Disciplinary board to investigate Equitable Life actuaries
by Gill Montia
Story link: Disciplinary board to investigate Equitable Life actuaries
The Accountancy and Actuarial Discipline Board (AADB) is to investigate the way in which government actuaries advised the regulators of mutual life insurer, Equitable Life.
The board will focus its enquiries on the advice given by the Government Actuary’s Department (GAD), between December 1990 and April 2001.
Equitable Life was founded in 1762 and grew [...]
Munich Re plan Asian expansion through AIG
by David Masters
Story link: Munich Re plan Asian expansion through AIG
Germany-based Munich Re, the world’s largest reinsurer, has expressed interest in buying the Asian life insurance operations of crippled US insurance giant American International Group (AIG).
Munich Re revealed yesterday that it is seeking to enter new markets in Asia, and admitted that acquiring AIG’s Asian operations would be an effective way of achieving this goal.
AIG [...]
AIG boss agrees $1 annual wage
by David Masters
Story link: AIG boss agrees $1 annual wage
Ed Liddy, CEO of embattled US insurer American International Group (AIG), is to receive an annual wage of $1 this year and next because of voluntary restrictions placed by the company on executive compensation.
AIG’s seven most senior executives will not receive bonuses for 2008, whilst fifty executives have had their salaries locked until the end [...]
Central Insurance acquires performance car specialist
by Gill Montia
Story link: Central Insurance acquires performance car specialist
Aberdeen-based Central Insurance Services has acquired Peart Insurance Brokers, a specialist in insuring high performance cars.
Peart and its trading arm, Performance Marque, is based in Kendal, where 12 members of staff are employed servicing around 7,000 policyholders.
Customers include over 25-year-olds in possession of Porsches, Aston Martins, Lamborghinis, Ferraris and Maseratis.
On completion of the transaction, the [...]
Homeserve warns of falling profit
by Gill Montia
Story link: Homeserve warns of falling profit
Homeserve has warned that operating profit for 2008 could be down by between £2 million and £3 million.
The company, which specialises in emergency cover and repairs for homeowners, says it has 6.66 million policies in force but is mindful that the recession could lead to cancellations, despite the value of insurance cover for domestic essentials [...]
