Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 20th of April 2018
March 31, 2009

ABI urges G20 against draconian regulation

by Richard Kilner

Story link: ABI urges G20 against draconian regulation

The Association of British Insurers (ABI) has warned against the dangers of an excessively stringent regulatory framework being agreed upon at the forthcoming G20 summit in London. Director general Stephen Haddrill has described the UK’s financial services future as being on a knife edge. With the UK as a leading world insurer employing 309,000 people […]



LGIM appoints Carter as non-executive director

by Richard Kilner

Story link: LGIM appoints Carter as non-executive director

Legal & General Investment Management (Holdings) Limited (LGIM) has announced that it has appointed Kevin Carter as a non-executive director. Carter joins the firm from JPMorgan Chase where he occupied the post of managing director within the EMEA Global Pensions Advisory. Earlier in his career he spent a five year stint with Watson Wyatt, where […]



Faber and Dumas appoint chief operating officer and finance director

by Richard Kilner

Story link: Faber and Dumas appoint chief operating officer and finance director

Third party wholesale insurance group Faber and Dumas have named Nigel Cotton as chief operating officer and finance director. Cotton, who assumes his two roles with immediate effect, will report directly to chief executive officer Steve Hearn. He also retains his present position as finance director of independent company Glencairn. In joining Faber and Dumas […]



Aviva’s credit rating cut

by Gill Montia

Story link: Aviva’s credit rating cut

Concerns over Aviva Plc’s exposure in the financial markets have led Standard & Poor’s (S&P) to cut the insurer’s long-term counterparty credit rating from “A” to “A+”. The ratings agency has maintained the “AA-” long-term counterparty credit and insurer financial strength ratings on Aviva’s core insurance operating subsidiaries (including Aviva International Insurance) plus a “negative” […]



Gocompare.com first site to compare 100 motor insurers

by David Masters

Story link: Gocompare.com first site to compare 100 motor insurers

Price comparison site Gocompare.com claims it is the first in the UK to compare over 100 different car insurance providers. Adding Flux Direct and Nissan Insurance to its panel brings the total number of motor insurers compared on the site to 101. Hayley Parsons, Gocompare.com’s chief executive officer, said: “Offering over 100 insurance providers on […]



Fortis’ insurance business shows profit as group posts €28bn loss

by Gill Montia

Story link: Fortis’ insurance business shows profit as group posts €28bn loss

Fortis has reported that its insurance business posted a net profit of €6 million in 2008, with earnings generated entirely by the group’s Belgium business, which had to accommodate a €534 million loss on its investment portfolio during the year. Activity across Fortis Insurance International’s other businesses achieved “break-even”. However, the troubled group, which became […]



March 30, 2009

Colemont appoints Aviation directors

by Richard Kilner

Story link: Colemont appoints Aviation directors

Colemont Insurance Brokers Limited has announced the appointments of a new director and associate director of the firm’s Aviation division. Phil Stafford, newly appointed director, brings with him a decade of experience in aviation insurance. Stafford began his career with Aon in 1998 and during his time with the firm was promoted to the post […]



Essentialtravel.co.uk retains Channel Island coverage as standard

by Richard Kilner

Story link: Essentialtravel.co.uk retains Channel Island coverage as standard

In light of the recent changes to healthcare for visitors to the Channel Islands, EssentialTravel.co.uk has reassured its customers by stating that from 1 April (when the changes take effect) medical costs will be covered by one of its standard insurance policies. Insurance director Stuart Bensusan has said that the firm recognises the importance of […]



Police seize 460 uninsured vehicles per day

by Gill Montia

Story link: Police seize 460 uninsured vehicles per day

The battle against uninsured motorists is hotting up with the Association of Chief Police Officers and Motor Insurers’ Bureau (MIB) reporting that police are seizing more than 460 uninsured vehicles a day. In addition, the number seized last year rose to more than 170,000, up from 78,000 in 2006, the first full year following the […]



Marsh bolsters advisory team in Scotland

by Richard Kilner

Story link: Marsh bolsters advisory team in Scotland

Global insurance broker and risk adviser Marsh has doubled its client advisory expertise in the Private Client practice of its Edinburgh branch. The increase in capability is a reaction to the growing demand for high net worth insurance and risk advice not only in Scotland, but also in the north of England. Marsh has announced […]



AXA finds recession has fuelled business crime

by Richard Kilner

Story link: AXA finds recession has fuelled business crime

AXA has released the results of its latest Business Crime Index, which reveals that for the second six monthly period in a row, anti-business crime has surged by 10%. Although businesses are more likely to be victims of crime, the Index shows that the overall cost has remained almost flat, declining by a marginal 0.04% […]



Lloyds Banking Group considers sale of insurance assets

by Gill Montia

Story link: Lloyds Banking Group considers sale of insurance assets

Lloyds Banking Group is reported to be considering the sale of part of its insurance business. The group, which has been created through the merger of Lloyds TSB and HBOS, includes Lloyds TSB’s life insurance arm, Scottish Widows, plus HBOS’s Clerical Medical and Halifax Life. Bearing in mind the group has already announced plans to […]



March 27, 2009

Travel insurance alert as airline industry struggles

by Gill Montia

Story link: Travel insurance alert as airline industry struggles

EssentialTravel.co.uk is urging travellers taking advantage of bargain-basement air fares to make sure they have adequate travel insurance in place. According to the travel insurance specialist, the airline industry is in trouble, suffering from what the firm’s director, Stuart Bensusan, describes as a “vicious cycle of falling passenger numbers and falling air fares”. Mr Bensusan […]



Lloyd’s of London predicts rising premiums

by David Masters

Story link: Lloyd’s of London predicts rising premiums

Insurance premiums are set to rise this year, Lloyd’s of London said this week. The increases are being driven by higher rates for windstorms, and coverage of airlines and bank executives, as well as declining returns on investments. Richard Ward, Lloyd’s chief executive officer, said: “We’re seeing sort of single-digit price movements at the moment, […]



Bank of East Asia to acquire Taiwan-based AIG unit

by David Masters

Story link: Bank of East Asia to acquire Taiwan-based AIG unit

Bank of East Asia, the fifth biggest lender in Hong Kong, is to acquire AIG’s Taiwan securities business. Financial details of the transaction were not disclosed, but analysts estimate that the deal could be worth up to $20 million. Chan Kay-cheung, Vice Chairman of Bank of East Asia, told Reuters that the deal is subject […]



Cornish Mutual appoints trio of board members

by Richard Kilner

Story link: Cornish Mutual appoints trio of board members

Insurer Cornish Mutual’s members have cast their votes and chosen to elect a trio of new board members at the firm’s AGM, which was held on 26 March. Peter Beaumont, finance director, was appointed to the board along with Ian Pawley and Leslie Baker. More than 20,000 members were written to with invitations to attend, […]



NU reports 14% rise in critical illness payouts

by Gill Montia

Story link: NU reports 14% rise in critical illness payouts

Norwich Union (NU) has published its critical illness (CI) statistics for last year. The insurer settled 1,625 CI claims during 2008, totalling almost £121 million, a rise of 14% on a year earlier. A further £216 million was paid to families who were either bereaved or had a family member diagnosed with a terminal illness. […]



March 26, 2009

JLT launches Specialist Residual Value Insurance Unit

by JLTL

Story link: JLT launches Specialist Residual Value Insurance Unit

The Financial Risks division of Jardine Lloyd Thompson Ltd (JLT) has launched a dedicated Residual Value Insurance (RVI) Centre of Excellence. Based in London, Stephen Allum will lead the new team to handle RVI business exclusively. Steve was previously the Chairman of Aon’s Global Marine Practice and during this time, he was responsible for expanding […]



Lloyd’s appoints underwriting performance director

by Richard Kilner

Story link: Lloyd’s appoints underwriting performance director

Specialist insurance market Lloyd’s has announced that its new underwriting performance director is to be Tom Bolt. He brings to the role over a quarter of a century of experience in both insurance and reinsurance on the international stage, and has recently worked with Marlborough Managing Agency as managing director. Bolt, whose appointment is effective […]



XL Insurance appoint Global Programs director

by Richard Kilner

Story link: XL Insurance appoint Global Programs director

Tony Cabot has been named by XL Insurance as the firm’s new Global Programs director. He is a veteran of the firm, having worked there for the last decade, and brings a quarter of a century of industry experience to his new post. Cabot has served as XL Insurance’s country manager for Italy, and will […]