Customer experience firm Global Reviews has conducted research which reveals that the best online motor insurance is delivered by Churchill and Sheila’s Wheels, whereas the best home insurance online is from Lloyds. Global Reviews measured the responses from customers when perusing a dozen car insurance websites and 15 home insurance sites. The websites were scored [...]
American International Group (AIG) renamed its auto insurance business this week in preparation for its sale. Aigdirect.com – which sells motor insurance policies over the internet – was renamed a more neutral 21st Century Insurance to attract buyers. AIG is currently selling off businesses – including life insurance units, retirement services, and overseas businesses – [...]
Saudi Arabia’s Riyad Bank yesterday announced plans to launch a new insurance business. The new company – named “The Global Company for Cooperative Insurance” – will be set up in conjunction with UK-based Royal & Sun Alliance, and will be partly floated on the Saudi stock exchange. It will be launched with 200 million Saudi [...]
Italy’s leading insurer Generali could end up as part of an Italian megabank if a rumoured merger between two Italian banks goes ahead. Shareholders of Italian banks UniCredit and Mediobanca are reported to be considering a merger. If such a merger went ahead, Generali would have to be part of it because Mediobanca is its [...]
Lloyd’s of London has been granted a licence to write direct insurance business in Guernsey. The licence allows Lloyd’s underwriters to establish service companies on the Channel Island, and to write business locally through cover holders and managing agents. Previously Lloyd’s insurers were only permitted to write insurance business in Guernsey as ‘recognised insurers’, working [...]
Global aviation claims management and consultancy firm Airclaims has announced two new appointments. Tan Soon Keat joined the firm’s Singapore office two months ago, bringing with him almost two decades of aviation experience. He left behind AAR Landing Gear Services where he worked as sales director to join Airclaims. Earlier in his career Tan Soon [...]
THB Professional and Financial Risks has announced that it is establishing a new Delegated Underwriting Authority (DUA) for Professional Indemnity Insurance with CNA Insurance Company Europe Limited. THB’s veteran account executives will be permitted by the DUA to quote new business and renewals in-house. Broker director Kate Lewis has stated that the step was taken [...]
Independent insurance broker Giles Insurance Brokers Ltd has begun 2009 with the acquisition of LRG Insurance Services Ltd. Ashley Cooper, presently managing director of LRG, will become a regional director within Giles. The acquisition follows Giles’ successful year in 2008 which saw it make 21 acquisitions. LRG is a regional broker located in Rickmansworth, in [...]
Willis International has named Adam Garrard as the new chief executive of Willis Continental Europe. The vacancy left by Garrard at Willis Australasia will be filled by Bill Donovan, who previously served as managing director for retail at Willis’s Australasia office. Both appointments are effective from 1st January 2009, and both executives will report to [...]
AXA yesterday launched Bluefin, a new financial advisory and insurance service. Following successful integration, a number of AXA-backed companies will now work together under the Bluefin brand. Bluefin Advisory Services combines a number of advisory businesses, including Thinc Group, PIFC, EB Consultants, Orbit Benefits and SBJ Benefit . Meanwhile, insurance businesses Stuart Alexander, Smart & [...]
The worst effects of the credit crunch will not be over until 2010, a survey of risk management professionals has revealed. The return to normality will take even longer; six years was the average prediction for those who believe this will happen. Almost a quarter of respondents, however, said the economy will never return to [...]
A leading broker has warned that car insurance premiums could rise by a record 20% during 2009. Swinton Group’s chief executive, Patrick Smith, believes that premiums are seriously adrift and 20% lower than they should be. He is expecting a significant correction this year, which could see the cost of the average motor policy rise [...]
Insurance companies and brokers operating in Saudi Arabia will soon be required to have a comprehensive risk management strategy in place. The Saudi Arabian Monetary Agency’s (SAMA) insurance supervision department last month published the risk management Code, which will be effective from 18th January. The Code’s objective, said SAMA, is to encourage high standards of [...]
PartnerRe US’ chief executive officer and president, Scott Moore, is to retire from the firm. Tad Walker, presently chief underwriting officer, is to replace him as head of the firm’s US operations. Although relinquishing his post as CEO and president, Moore will retain his position as deputy chairman of PartnerRe US until March of this [...]
Legal expenses provider, MSL, has reported that it has secured contracts with two independent brokers: Lorica General Insurance and Profile Insurance. Lorica is a commercial insurance and risk management consultancy with four branches in England and a London-based subsidiary. Profile Insurance, which is based in Northamptonshire, specialises in cover for modern and classic motorcycles and [...]
MetLife Limited and MetLife Insurance Limited, the UK protection business of MetLife, has made a deal with Direct Group whereby the latter firm will, for a five year period, handle MetLife’s administration and claims handling operations. The agreement for administration will include a wide spectrum of products such as Mortgage PPI, Credit Card PPI, Income [...]
AIM-listed insurance runoff firm Randall & Quilter Investment Holdings Plc yesterday announced the acquisition of Bermuda-based Quest Group for $6.9 million. The all-cash deal includes a further bonus payment if Quest meets its performance targets for the next year. Randall & Quilter is funding the acquisition using its existing cash pool. A statement from the [...]
Aon has launched a credit insurance service for small and medium sized enterprises (SMEs), in partnership with Euler Hermes UK. The broker’s trade credit director, Elizabeth Jenkin, says Aon Tradeability is designed to give peace of mind and reinforce the credit management functions of small businesses. Tradeability includes components normally offered to larger clients and [...]
