Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 23rd of July 2018
December 30, 2008

Consumers not keen on shopping around for PPI

by Gill Montia

Story link: Consumers not keen on shopping around for PPI

Proposals by the Competition Commission to ban the sale of payment protection insurance (PPI) alongside the sale of a loan or credit card do not meet with widespread approval among consumers. PPI is intended to meet payments on personal loans should the borrower be unable to work through illness or lose their job and the […]



Britons see pensions as priority in financial planning

by Gill Montia

Story link: Britons see pensions as priority in financial planning

Halifax has been questioning consumers about their need for financial advice and while 51% of respondents said they thought seeing a personal financial adviser would be of benefit, only 16% have been in contact with one over the past 12 months. Fifty-three per cent of people questioned relied on friends and family for advice rather […]



Japanese insurers consult on merger

by Gill Montia

Story link: Japanese insurers consult on merger

Three of Japan’s largest insurers are understood to be in merger talks. According to reports, Mitsui Sumitomo Insurance Group Holdings Inc, Aioi Insurance Co and Nissay Dowa General Insurance Co are working towards an agreement that could be in its final form by March of next year, although an actual merger would not be complete […]



Morning-after drink driving rampant, AA discovers

by David Masters

Story link: Morning-after drink driving rampant, AA discovers

Four in five UK drivers believe they may have driven the morning after a night’s drinking when the level of alcohol in their blood was still too high for them to drive legally, a survey by the AA has discovered. The online poll, conducted by Populus, also found that almost half of Brits know someone […]



December 29, 2008

RBS may abandon insurance arm sale

by David Masters

Story link: RBS may abandon insurance arm sale

Royal Bank of Scotland (RBS) may call off the £7 billion sale of its insurance unit, which includes the Direct Line and Churchill brands. The Sunday Times reported yesterday that RBS, the UK’s second largest banking group, has already rejected an offer for its insurance business from private equity group CVC Capital Partners. RBS said […]



December 24, 2008

Fortis tripped up by currency transactions

by Gill Montia

Story link: Fortis tripped up by currency transactions

Fortis, the insurance and banking group that in October had to be rescued by the Dutch and Belgium governments, has reported that it has lost €295 million in currency trading. The group has agreed the sale of its Belgian assets to French bank, BNP Paribas, however earlier this month a Belgium court of appeal suspended […]



December 23, 2008

ABI detects rise in “front end” fraud

by Gill Montia

Story link: ABI detects rise in “front end” fraud

The Association of British Insurers (ABI) has warned that Britons are increasingly putting their insurance cover at risk by cheating, in the hope of getting a better deal. Insurers are uncovering a growing number of cases of “front end fraud”, or incidents where the customer has lied or failed to disclose material information to get […]



Marsh warns of rise in fraud claims

by Gill Montia

Story link: Marsh warns of rise in fraud claims

Marsh has warned that fraud claims will rise steeply in 2009, as the global economy continues to deteriorate. According to the broker and risk management specialist, reported fraud cases in the UK are up 15% on 2007 and more companies will therefore be buying fraud protection insurance next year. The firm’s managing director of financial […]



Swiss Re takes out $1.5bn loan

by David Masters

Story link: Swiss Re takes out $1.5bn loan

Swiss Re has agreed a $1.5 billion credit deal with JP Morgan. Switzerland’s reinsurance giant will use the letter of credit to make acquisitions at favourable prices during the current global economic crisis. The company said it is in a strong position to take advantage of significant opportunities that have emerged from the unprecedented turmoil […]



US private equity firms look for reinsurance opportunities

by Gill Montia

Story link: US private equity firms look for reinsurance opportunities

US private equity firms are looking for opportunities in the reinsurance market, according to a report by Reuters. The 2008 Atlantic hurricane season was particularly active, following two relatively quiet years that prompted a drop in insurance premiums and led to predictions of consolidation amongst brokers and underwriters. However, earlier this month Swiss Re reported […]



Prudential to expand Malaysian Takaful business

by David Masters

Story link: Prudential to expand Malaysian Takaful business

Malaysian Islamic insurer Prudential BSN Takaful Bhd (PruBSN) is set to invest over $2 million (£1.4 million) to launch seven new branches. The joint venture firm is 51% owned by Malaysian lender Bank Simpanan Nasional Bhd and 49% owned by UK-based Prudential Plc. It plans to set up two new branches in Malaysia’s capital Kuala […]



NU reunites customers with £10 million in unclaimed cash

by Gill Montia

Story link: NU reunites customers with £10 million in unclaimed cash

Norwich Union (NU) has issued an update on its promise to return £40 million of unclaimed assets to 40,000 customers, who have forgotten about their investments with the insurer. So far NU has returned £10 million to elusive policyholders with the help of Assets Reunited, which it has appointed to do the tracing. The company’s […]



December 22, 2008

Heath Lambert reappointed by Calthorpe Estates

by Gill Montia

Story link: Heath Lambert reappointed by Calthorpe Estates

Heath Lambert Group has confirmed that it has been reappointed as broker to Calthorpe Estates, the residential and commercial property investor. The companies have worked together since 1997 and Heath Lambert secured its reappointment after a competitive review, in which Aon, JLT, Lockton and Marsh all made pitches. The broker’s managing director of real estate, […]



Bruce Willis stars in Aviva rebranding ads

by David Masters

Story link: Bruce Willis stars in Aviva rebranding ads

To transform itself into a globally recognisable brand, Norwich Union is changing its name to Aviva, and it is paying £9 million for the privilege. A-list celebrities have been recruited to headline the TV-ad driven rebranding campaign, which will launch on Boxing Day. Bruce Willis, Ringo Starr and Elle Macpherson are among the line up […]



Munich Re buys Hartford Steam Boiler

by David Masters

Story link: Munich Re buys Hartford Steam Boiler

Germany-based Munich Re today agreed terms to acquire AIG’s Hartford Steam Boiler Inspection (HSB) and Insurance Co unit. The agreed purchase price for the 100% acquisition was $742 million (£497 million), funded entirely using Munich Re’s existing capital. Connecticut-based HSB Group is a wholly owned subsidiary of struggling insurance giant American International Group (AIG). It […]



December 19, 2008

Moneysupermarket.com founder and CEO steps down

by David Masters

Story link: Moneysupermarket.com founder and CEO steps down

Price comparison site Moneysupermarket.com has announced that its founder and chief executive, Simon Nixon, is to move into a new role as executive deputy chairman. Nixon’s new job – which he will move into by February – will be to focus on strategic innovation and development. Meanwhile, Peter Plumb, currently managing director of the company, […]



THB acquires Globesure

by David Masters

Story link: THB acquires Globesure

Specialist insurance and reinsurance broker Thompson Heath & Bond (THB) Group PLC today announced the acquisition of reinsurance broker Globesure Holdings Ltd. THB will pay for the acquisition in both cash and shares. An initial consideration at completion of £206,000 cash will be paid ,in addition to 80,455 new ordinary THB shares at £0.10 each. […]



Income down 92% for US P&C insurers

by David Masters

Story link: Income down 92% for US P&C insurers

US property and casualty (P&C) insurers have reported a 91.8% fall in net income for the nine months ending 30th September 2008. Net income for the period was $4.1 billion, down from $49.6 billion in the same period last year. Overall profitability in the industry dropped to 1.1% for the nine month period, compared to […]



Insurance Australia sells UK branch network to Swinton

by Gill Montia

Story link: Insurance Australia sells UK branch network to Swinton

Insurance Australia Group (IAG) has agreed to sell certain UK businesses for a total of £73.5 million. Swinton is acquiring the group’s branch network, which comprises 91 High Street outlets across England and Northern Ireland, for £50 million. The outlets are branded Equity Insurance and Open+Direct. IAG’s Hastings and Advantage businesses are subject to management […]



Helphire struggles as RTAs decline

by Gill Montia

Story link: Helphire struggles as RTAs decline

Helphire Group, the motor accident assistance company, has warned that profit for the current financial year will be substantially below expectations because of a fall in road traffic accidents (RTAs). The company provides replacement vehicles to innocent parties in car accidents and it would seem that higher petrol prices have impacted on average mileage and […]