Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 23rd of April 2018
November 25, 2008

CCV expands into Scotland with Moray Firth acquisition

by Gill Montia

Story link: CCV expands into Scotland with Moray Firth acquisition

Cullum Capital Ventures (CCV) has made its first acquisition in Scotland. The consolidator has expanded into the region with the purchase of Moray Firth Insurance Brokers, which has offices in Inverness and Elgin. Moray Firth has developed a strong presence in local business sectors and boasts GWP of £3.5 million. The transaction will increase CCV’s […]



Munich Re reports rise in reinsurance demand

by Gill Montia

Story link: Munich Re reports rise in reinsurance demand

Munich Re is expecting the financial crisis to increase demand for reinsurance, as lower investment returns put pressure on primary insurers’ capital positions. With capital strength challenged by market volatility, the industry is finding it increasingly difficult to support high risk exposure and the group has reported a swift increase in demand for reinsurance, as […]



Axa reviews profit forecast

by Gill Montia

Story link: Axa reviews profit forecast

Axa has been reassuring shareholders that its business model and balance sheet are sound but is nevertheless cutting its profit forecast for 2008 to between €3.6 billion and €4 billion. The group said the revision reflects lower asset fees and deferred acquisition costs. The French insurer will continue to pursue its Ambition 2012 growth plans […]



ABI: Credit insurance claims up 59%

by David Masters

Story link: ABI: Credit insurance claims up 59%

The Association of British Insurers (ABI) has reported a 59% increase in trade credit insurance claims during the third quarter. Trade credit insurance protects businesses when customers fail to pay or enter administration. Claims against trade insurance policies hit £97 million from 6,805 claims in the third quarter of this year. This is compared to […]



April Group sets up Malta-based subsidiary

by David Masters

Story link: April Group sets up Malta-based subsidiary

France-based insurer April Group has announced the launch of a new reinsurance business in Malta, Axeria Re Limited. Axeria Re is a fully owned subsidiary of April Group and is licensed in Malta by the Malta Financial Services Authority (MFSA). April Group, based in Lyon, France, has a turnover in excess of €600 million, and […]



UK Government cuts VAT rate

by David Masters

Story link: UK Government cuts VAT rate

Chancellor of the Exchequer Alistair Darling has announced a 2.5% cut in VAT, from 17.5% to 15%. The cut will remain until 2010, when VAT is expected to return to previous levels. Small business will also benefit as their 1% tax rate rise has been suspended. It was due to increase to 22%. In total, […]



Tysers launches new website

by Richard Kilner

Story link: Tysers launches new website

International insurance broker Tysers has announced the launch of its new website at www.tysers.com which is to form the cornerstone of its marketing approach. Chief operating officer Quintin Heaney explained that the firm was always looking for ways to improve communication with its business partners, including underwriters and clients. The new website is to be […]



AEGIS London forms leisure team

by Richard Kilner

Story link: AEGIS London forms leisure team

AEGIS London has continued with its strategic diversification programme by announcing the appointments of Peter Lodge and Stephen Kiedish to a new UK leisure team. In their new roles Lodge and Kiedish will underwrite risks across the entire industry, focusing on golf clubs, zoos, nightclubs, hotels and theme parks and complementing the existing non-marine property […]



Downturn provides possibility of extra legal expenses sales

by Richard Kilner

Story link: Downturn provides possibility of extra legal expenses sales

The increase in employment and legal disputes has led ABC Insurance to advise brokers to be sure they are ready to take advantage of the extra SME legal expenses over the winter season. There is an opportunity to increase sales of legal expenses coverage afforded by the current turbulent economic conditions, as firms seek to […]



November 24, 2008

CBI wants government action on credit insurance

by Gill Montia

Story link: CBI wants government action on credit insurance

The Confederation of British Industry (CBI) has written to the Prime Minister outlining a number of measurers that could be effective in supporting the UK economy during the current downturn. The ten point plan highlights the dangers of credit insurers withdrawing cover and thereby forcing some companies out of business. The Confederation is therefore calling […]



Zurich completes NASTA acquisition

by David Masters

Story link: Zurich completes NASTA acquisition

Zurich Financial Services Group has completed its acquisition of Russia-based OOO NASTA Insurance Company. Zurich, based in Switzerland, purchased a 66% stake in NASTA in February 2007, and agreed to purchase the rest of the company by 2010. The remaining 34% of NASTA has now been purchased by Zurich for $205 million (£137 million), and […]



Amlin reports decline in premiums

by David Masters

Story link: Amlin reports decline in premiums

Lloyds of London insurer Amlin has reported a 7.5% on year fall in gross written premiums for the ten months ending 31st October 2008. Gross written premiums for the period before the deduction of brokerage were £904.1 million, down from £977.2 million in the first ten months of 2007. Renewal rate reduction during the ten […]



Chinese investors seek AIG investment bargain

by David Masters

Story link: Chinese investors seek AIG investment bargain

American Life Insurance Co (Alico), an international life insurance branch of American International Group (AIG), may be acquired in part by a group of China-based investors. AIG is currently on an asset selling spree to raise funds to pay off a $152 billion bailout loan from the US Federal Reserve. However, AIG wants to keep […]



Judge rules on employers’ liability and mesothelioma

by Gill Montia

Story link: Judge rules on employers’ liability and mesothelioma

At the end of last week, a long-awaited judgement was handed down in the case of Durham v BAI and Others. The action concerned employers’ liability insurance and claims for mesothelioma, a cancer caused by the inhalation of asbestos fibres. The case, which was heard in the High Court of Justice during the summer, involved […]



NU launches online property insurance tool for brokers

by Gill Montia

Story link: NU launches online property insurance tool for brokers

Norwich Union (NU) has launched Property Market Insurance (PMI), a new online tool that aims to help brokers provide a more flexible and efficient service to property owners. PMI is a Windows-based application that operates in real time and input information is only accessible by the broker and NU. The system calculates premiums and takes […]



November 23, 2008

Giles acquires SBP Group

by Richard Kilner

Story link: Giles acquires SBP Group

Independent insurance broker Giles Insurance Brokers Ltd has announced that it has acquired specialist transport insurance broker SBP Group Ltd. SBP’s managing director, Simon Brooke, is to become regional MD within Giles. SBP has a number of offices, including ones in Leeds, High Wycombe and Bristol, and a strong regional presence which will bolster Giles’ […]



LV= offers ABC/Highway brokers dual agency agreements

by Richard Kilner

Story link: LV= offers ABC/Highway brokers dual agency agreements

LV= has written to hundreds of brokers engaged in work with ABC or Highway to offer them dual agency agreements. The letter writing initiative comes after LV= acquired Highway Insurance and is intended to enhance value for brokers. The acquisition was part of the insurer’s strategic drive to enter the top five in the UK […]



November 20, 2008

FTSE falls as investors fearful of insurance companies

by Kay Mitchell

Story link: FTSE falls as investors fearful of insurance companies

The stock market has been volatile of late due to fears of a global recession, however, today, the FTSE 100 has fallen today with well-known insurers suffering heavy falls. The latest stock market fall slump has renewed fears about the solvency ratios of the big insurance companies, as they may be forced to sell stock […]



November 17, 2008

Acumus to appoint swathe of brand names to AR status

by Richard Kilner

Story link: Acumus to appoint swathe of brand names to AR status

Acumus Insurance Solutions is collaborating with a swathe of travel companies in a bid to meet the new regulations introduced by the Financial Services Authority (FSA) before the 15 November deadline. Acumus, which specialises in travel insurance, is working with a number of well-known brands such as P&O Ferries, Jet2.com, Confetti, Debenhams Travel, Butlins, Haven […]



JLT calls for the Industry to focus on Information and Strategic Relationships

by isabellahelen

Story link: JLT calls for the Industry to focus on Information and Strategic Relationships

Following on from the involvement of Jardine Lloyd Thompson (JLT) in the Market Outlook Seminar organised by the Association of Insurance and Risk Managers (AIRMIC) in partnership with insurer AXA Corporate Solutions, JLT calls for a greater focus on information and strategic relationships within the insurance and risk industry, particularly in the current challenging economic […]