Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 21st of January 2018
April 30, 2009

Legal & General Property hire veteran strategy adviser

by Richard Kilner

Story link: Legal & General Property hire veteran strategy adviser

Gerry Blundell has been named by Legal & General Property as the firm’s new strategy adviser. In his new post Blundell will support the research team and its head, Robin Martin, as well as working across the funds of the firm. He joins Legal & General after a three decade career with LaSalle Investment Management, […]



Willis reports Q1 profits

by Richard Kilner

Story link: Willis reports Q1 profits

Global insurance broker Willis Group Holdings Limited has announced its financial performance for the first quarter of 2009. Earnings per diluted share from continuing operations stand at $1.15 with commissions and fees up almost a fifth (19%). Reported net income totalled some $192m for Q1 2009, up from the Q1 2008 figure of $166m, and […]



Standard Life reports 20% slide in sales

by Gill Montia

Story link: Standard Life reports 20% slide in sales

Standard Life has reported a 20% fall in sales during the first quarter of 2009. Worldwide life and pensions sales declined to £3.6 billion, down from £4.5 billion in the same period in 2008, while in the UK new business sales fell 27% to £2.5 billion. However, the company said its first-quarter figures were better […]



WeatherBill secures “Taste of Antwerp” contract

by Gill Montia

Story link: WeatherBill secures “Taste of Antwerp” contract

US firm, WeatherBill, has secured a contract to provide weather coverage for a major event in Belgium, due to take place in August. “Taste of Antwerp” is the country’s largest outdoor culinary festival, involving 25 renowned chefs and caterers. The event relies on day-of-attendance revenue and under the terms of the agreement, WeatherBill will pay […]



FSA gives Reale approval

by Richard Kilner

Story link: FSA gives Reale approval

The Financial Services Authority (FSA) has given its approval to new insurance broker Reale Insurance Brokers Limited, which is part of the Market insurance Brokers (MIB) group of companies. Reale Insurance’s chairman is Derek Ford, and its chief executive officer is Mike Lewis. Lewis has expressed his delight that the reinsurance and wholesale insurance broking […]



Everest Re profits rise on soaring reinsurance rates

by David Masters

Story link: Everest Re profits rise on soaring reinsurance rates

Everest Re has posted a 40% increase in first quarter profits. The Bermuda-based reinsurer reported net income of $108.6 million for the first three months of 2009, up from $77.9 million for the year ago period. Everest attributed the increase in profit to smaller investment losses and booming reinsurance rates. Since suffering heavy investment losses […]



April 29, 2009

Guy Carpenter makes raft of hires

by Richard Kilner

Story link: Guy Carpenter makes raft of hires

Global risk and reinsurance specialist Guy Carpenter & Company, LLC has announced a raft of hires across the Latin America and Caribbean regions. Albert J. Fischl joins the Latin America and Caribbean treaty team, and will be tasked with further fostering the firm’s business relationships as well as enhancing Guy Carpenter’s regional presence. He will […]



Swiftcover welcomes musicians as Iggy ads increase sales

by Gill Montia

Story link: Swiftcover welcomes musicians as Iggy ads increase sales

True to its name, Swiftcover has reacted immediately to the Advertising Standards Authority (ASA) ban on its advertisements fronted by Iggy Pop, by announcing that it will in future insure musicians. Earlier today, the ASA ruled the campaign was misleading for consumers “because the [car insurance] policy was promoted by a well-known musician, which might […]



Endsleigh appoints MD as incumbent moves across to Zurich

by Gill Montia

Story link: Endsleigh appoints MD as incumbent moves across to Zurich

Zurich-owned Endsleigh has appointed a new managing director. Ian Passmore will take over from Mike Alcock on 1st May moving from his current position of sales and marketing director for Endsleigh, held for the past 12 years. Mr Alcock has endorsed the appointment by saying “Endsleigh will maintain its clear focus on delivery and provide […]



Alan Gray opens London office and appoints European director

by Gill Montia

Story link: Alan Gray opens London office and appoints European director

Alan Gray, Inc. has set up London offices that will serve as a headquarters for European expansion. The US claims audit company has also appointed Julian Ward, a former chief executive officer of JTW Reinsurance Consultants, as its director of European operations. Mr Ward’s initial task is to build on Alan Gray’s presence and reputation […]



Darling’s ‘death warrant’ credit cover

by David Masters

Story link: Darling’s ‘death warrant’ credit cover

Steve Dowdle, managing director of Sony UK, said the government’s credit insurance top up scheme has “effectively signed the death warrant” for retailers across the UK. The top up scheme – announced in last week’s Budget by Chancellor Alistair Darling – aims to support businesses that have had their credit insurance cover reduced. A government […]



‘Document Wastage’ costs UK Insurance Industry £159 million

by Pitney

Story link: ‘Document Wastage’ costs UK Insurance Industry £159 million

UK businesses are losing an estimated £2 billion pounds a year due to “document wastage”, the inefficient and sometimes unnecessary printing of work-related and personal materials in offices, and the insurance sector is one of the big losers, a new Europe-wide study by mailstream technology specialist Pitney Bowes reveals. The UK’s insurance industry presents a […]



Swiftcover’s Iggy Pop campaign banned

by Gill Montia

Story link: Swiftcover’s Iggy Pop campaign banned

Swiftcover’s advertisements featuring ageing pop star, Iggy Pop, have been banned by the Advertising Standards Authority (ASA). Concerns about the £25 million campaign were raised by people in the entertainment and music industries in February, when it emerged that Swiftcover did not provide insurance for musicians. However, the television adverts include Iggy proclaiming “I got […]



Admiral reports 18% rise in turnover

by Gill Montia

Story link: Admiral reports 18% rise in turnover

Car insurer, Admiral, has reported an 18% year-on-year increase in turnover during the first three months of the year, to £270 million. Customer numbers also rose by 18% (to 1.85 million) and the number of vehicles insured in the UK increased 16%. The group’s chief executive, Harry Engelhardt, said: “Against a backdrop of price increases […]



NIG to close eight offices; job losses anticipated

by Gill Montia

Story link: NIG to close eight offices; job losses anticipated

NIG has announced plans to close eight of its 18 offices. The restructure should be completed by the first quarter of 2010 and will involve job losses among the insurer’s 900 staff. The property and casualty insurer forms part of the Royal Bank of Scotland (RBS) group, which is in the process of selling its […]



April 28, 2009

Car insurance premiums show unexpected first-quarter rise

by Gill Montia

Story link: Car insurance premiums show unexpected first-quarter rise

The AA’s latest British Insurance Premium Index shows a 1.3% rise in the average quoted premium for annual comprehensive car insurance over the first quarter of 2009. Notably, premiums tend to fall during the first three months of the year as most car insurance renewals take place during this period and competition is therefore strong. […]



Legal & General team up with Merlin Claims

by Richard Kilner

Story link: Legal & General team up with Merlin Claims

Legal & General and Merlin Claims have signed a three year agreement to enhance the service provided to Legal & General’s household insurance claims customers. Upon notification by the customer of a claim, the Legal & General and Merlin Claims teams will collaborate with one another in a bid to deliver a more effective and […]



LIU Europe appoints Dr. Weis to head up German operations

by Richard Kilner

Story link: LIU Europe appoints Dr. Weis to head up German operations

Dr Wolfgang Weis has been named by Liberty International Underwriters Europe (LIU Europe) as the firm’s new branch manager for Germany. He brings with him two decades of industry experience, having begun his career in commercial lines sales and underwriting in 1989. Dr. Weis is to be based in LIU Europe’s Cologne officer and in […]



Sales dive 40% for Friends Provident

by Gill Montia

Story link: Sales dive 40% for Friends Provident

Friends Provident recorded a 40% fall in sales during the first quarter of 2009, to £147.9 million. The insurer attributed the decline to a “new strategy and a tough economic environment”, adding that UK individual protection sales strengthened in March but remained 8% lower than during the final quarter of 2008 because of challenging housing […]



XL Capital Q1 profits down 99%

by David Masters

Story link: XL Capital Q1 profits down 99%

Bermuda-based XL Capital this week posted its third successive quarter of falling results. Net income for the first quarter dropped 99% on year to $3.1 million, down from $244.4 million in the year ago period. Losses on investments and a fall in premiums were blamed for the drop in profits. Gross premiums written declined 31% […]