Insurance giant American International Group (AIG) has named Monika Machon as senior vice president and chief investment officer. Responsible for insurance company portfolio management, she will report directly to AIG chairman and CEO Edward Liddy. Machon replaces Win Neuger, who will keep his position as AIG Investments chairman and CEO, and will continue to head [...]
Arch Capital Group has reported that it has received approval in principle from the Lloyd’s Franchise Board and the Financial Services Authority to establish a new managing agent and syndicate at Lloyd’s. According to Arch, which writes insurance and reinsurance worldwide through its operations in Bermuda, the US, Europe and Canada, the move will enhance [...]
US-based insurance broker and risk insurer Marsh has appointed Kenneth Kwok to the newly created role of Hong Kong chairman. Kwok will be responsible for unlocking Marsh’s potential in Hong Kong. He plans to do this by forging new relationships with local businesses and strengthening the current Hong Kong team. Kwok’s experience in the insurance [...]
Moneysupermarket.com has published the results of a study on car insurance which suggests that companies with a specialist bent, such as those offering cover for female or elderly drivers, do not always provide the best premiums. The price comparison website found that such brands often offer extras, such as handbag cover and female-friendly garages, which [...]
Empire, an electrical goods replacement business used by many UK insurers, has gone into administration. Ironically, the company’s failure to survive is attributed to its suppliers being refused credit insurance. Insurance companies used Leeds-based Empire to replace damaged electrical appliances in the homes of policyholders. Empire Direct, the company’s internet based retail business, was one [...]
Allianz Insurance Plc has appointed TIA Technology as a core insurance solutions provider in a move that forms part of a strategy to consolidate the company’s systems applications across several lines of business. The insurer, which forms part of the Allianz SE group and owns the Cornhill and Petplan brands, will use TIA’s software to [...]
Standard Life is proposing to reimburse some customers whose savings have lost value because they were invested in the insurer’s Sterling Fund. The £2.4 billion fund has had 5% of its value wiped out by the credit crisis, or around £1,237 per investor. The company is acknowledging that some people who put money in the [...]
Two High Wycombe-based insurance brokers have announced plans to merge. J. Bennett & Son (Insurance Brokers) and D G Carr & Co will merge on 1st February, and will trade as J. Bennett & Son (Insurance Brokers). It is J. Bennett & Son’s fifth acquisition in 20 years. Peter Sutcliffe, proprietor of D G Carr [...]
Road safety minister, Jim Fitzpatrick, has announced new measures that will make life more difficult for uninsured drivers. The Government plans to create an offence of keeping an uninsured vehicle, to sit alongside driving when uninsured. The minister accuses a selfish minority of drivers who refuse to insure their cars of increasing premiums for other [...]
Motoring group the RAC is able to offer more competitive car insurance deals after changing its distribution model from direct proposition to an affinity partnership. Previously RAC car insurance was solely underwritten by its owner, Norwich Union. Now, however, RAC has signed a contract with affinity specialist Junction. Junction will run a panel of up [...]
Amlin chief executive Charles Philipps said the price of storm cover in the US has increased by an average of 9.6% Lost capital and poor returns on investment has strengthened the insurer’s focus on making sure prices charged are right for each product, Philipps said. Insurance is one of the few sectors that has a [...]
Paymentshield has been appointed sole supplier of buildings and contents insurance and mortgage payment protection insurance to Home of Choice (HoC), the UK multi-tied specialist mortgage network formed in 2005. Paymentshield is part of the Towergate group and supplies mortgage related general insurance products exclusively to the intermediary sector. At the same time, the firm’s [...]
Aviva-owned Norwich Union (NU) has cut bonuses on its with-profits policies. Effective 1st January, 2.3 million policyholders will receive payouts worth up to 15% less than a year earlier. As a result, a 25-year Norwich Union endowment mortgage costing £50 per months is worth £42,322, compared to £45,911 at the beginning of 2008. In the [...]
UBS Investment Bank has entered an agreement with insurer AIG to purchase the commodity index business of AIG Financial Products Corp (including the rights to the DJ-AIG Commodity Index). The commodity index business is made up of funded notes (based on the benchmark Dow Jones-AIG Commodity Index (DJ-AIGCI)) and a product platform of commodity index [...]
International health and care firm Bupa had made a brace of senior appointments in its marketing team. Fiona McAnena takes up the post of group brand director and Sue Moore becomes marketing director of Bupa’s UK health insurance business. McAnena assumes responsibility for enhancing the firm’s brand on the global stage, across all of its [...]
Independent insurance broker Heath Lambert Group is collaborating with Manufacturing Technologies Association (MTA) to offer the members of MTA a new service. MTA is a trade association with over 250 members involved in manufacturing and machine tools. MTA’s membership stands to benefit from a product specifically tailored to the manufacturing sector, enhanced with a range [...]
Insurers will flourish during the recession, according to the Economist magazine. Fewer claims and reduced claims costs mean that the economic downturn is a big positive for insurance firms. In particular, recession pushes down motor accidents because people drive less. Injury claims also fall because the most dangerous industries – construction and manufacturing – are [...]
Former AIG executive Rich Merski has transferred to Zurich Financial Services Group. He was appointed this week as Zurich’s vice president and head of federal affairs in the US. Merski’s most recent role was as manager of AIG’s government affairs activities. He joined AIG in 1985. At Zurich, Merski will provide strategic direction to Zurich’s [...]
Risk and reinsurance specialist, Guy Carpenter, has appointed Charlie Higham as chairman and chief executive officer of Reinsurance Solutions LLC (RSL). Mr Higham will replace Sal Zaffino, who has previously headed the wholly owned subsidiary, and will be working alongside Theresa Zlotnik, the firm’s existing president and chief operating officer. The new incumbent moves from [...]
