The Association of British Insurers (ABI) has described yesterday’s budget as “a mixed bag for the UK insurance industry”. Director general, Stephen Haddrill, has noted with pleasure the Government’s decision to accept the ABI’s arguments on foreign profits and the need to raise ISA limits. However, he says the decision to curtail tax relief, even [...]
Saga has enhanced its car insurance offering with an option of added healthcare cover for injuries sustained in a road accident that requires medical care. The insurer is aware that health concerns are a major source of anxiety for the over 50s and is promoting its new Accident Healthcare as offering the best chance of [...]
Iprism has embarked upon a number of strategic partnerships with a number of brokers and distribution partners, with the result of a minimum of £10m GWP extra business passing via its portal. With the extra transacted business the online SME comparative quote facility is on course to achieve a 2010 figure of £25m GWP. The [...]
Motorcyclists comprise just 1% of road traffic, yet are involved in 19% of all accidents according to figures from the Department for Transport. Hastings Direct motorcycle division, Hastings Bike Team, are aiming to support bikers by offering them up to £15,000 free Personal Accident Cover on every bike insurance policy, also including £750 or less [...]
Legal & General’s (L&G) group finance director is to be replaced, the Daily Telegraph has reported. Andrew Palmer took up the post in 2001 and is expected to step down by the end of this year. The newspaper describes investor relations as having soured in recent months; the group posted a loss of £1.5 billion [...]
Aviva shares tumbled 7.5% to 253.5p after HSBC analyst Kailesh Mistry warned that dividends could be slashed in half this year. Concerns that tax changes to pensions in today’s Budget announcement also helped to fuel the shareholder exodus from Britain’s largest insurer. Reports in the Times newspaper suggested that the 20.5p drop in share price [...]
A leading retailer has warned that government plans to provide credit insurance will fail to help the businesses that need it most. Focus DIY boss Bill Grimsey said Alistair Darling’s credit insurance top-up scheme will not help the retailers that are struggling most, because it does not provide insurance to firms that have had cover [...]
Lloyd’s of London said today that its projections for 2009 remain unchanged despite reporting that its first quarter investments were hit by volatile financial markets. “There have been no events that have resulted in any material changes to our expectations for the full year,” Lloyd’s said in a statement. Despite investments being knocked by the [...]
Government plans to make UK roads the safest in the world and cut road deaths by one-third by 2020 could impact favourably on car insurance premiums. Road Safety Minister, Jim Fitzpatrick, yesterday outlined a range of proposals, which include a review of both speed limits and the driver training and testing process. An expert panel [...]
Brit Insurance Holdings PLC has announced the appointment of John King as portfolio director – short tail, a newly created post. He brings with him 24 years of experience in the London market, and leaves behind Beazley Group to join Brit. During his five years with Brit he held a number of posts, latterly as [...]
Legal & General Investment Management (Holdings) Limited (LGIM) has announced that Hugh Cutler has been appointed as the firm’s new head of Distribution. Cutler joins LGIM from Barclays Global Investors where he occupied the post of co-head of the Global Strategic Solutions Group. He spent over a decade with Barclays, during which time he established [...]
Allianz has warned that government help would be needed if a European insurer collapsed. Helmut Perlet, Chief Financial Officer of the Germany-based insurance group, said that although the collapse of a European insurer cannot be ruled out, such an event is ‘very unlikely’. Asked if the state should intervene if an insurer collapsed, Perlet said, [...]
Marsh & McLennan Companies, Inc. (MMC) has named William Krivoshik as the firm’s new chief information officer and senior VP, with immediate effect. Previously he worked for Thomson Financial as chief technology officer responsible for worldwide supervision of the firm’s technology and information operations. Earlier in his career he spent five years with Citigroup Inc. [...]
Gary Burgess, an inspector for Cornish Mutual Insurance, has been praised for his work supporting flood victims and assisting them in their recovery. Six months ago a heavy hailstorm struck Ottery St Mary, and Burgess led Cornish Mutual’s response to the freak event. Only hours after the incident he was present at the scene, and [...]
Credit insurance claims increased 51% on year during the fourth quarter of 2008, the Association of British Insurers (ABI) revealed this week. As the credit crunch began to bite, the number of claims increased to 8,366, compared to 5,540 during the same quarter in 2007, a rise of 51%. The value of claims paid out [...]
Sainsbury’s Car Insurance has extended its motor insurance cover to include support for motorists who fall victim to road rage or car jacking. The broker’s manager, Joanne Mallon, comments: “It’s important that these victims aren’t left high and dry, which is why we offer a counselling and financial package for motorists who have been victims [...]
Lloyds TSB Insurance, part of Lloyds Banking Group, has appointed Bevan Brittan to handle its liability claims work. The law firm has been awarded an exclusive mandate for an initial two-year term with the option to extend. The work involves advising on liability claims and associated litigation brought against Lloyds TSB Insurance. Cases will be [...]
Wells Fargo Insurance Services, Inc. has acquired the assets of North Coast Surety Insurance Services and North Coast Surety Technologies, though the terms are not known. North Coast Surety Insurance Services has provided surety bonds for public works contractors for the last decade and a half. Its former owner, Dixon Wright, now works for Wells [...]
Beazley has launched an online risk map covering Africa and the Middle East which details political violence and political risks for every nation in the region. The map also offers breaking news, and gives each country’s broad economic performance in terms of GDP and growth, and its status in the United Nations’ Human Development Index. [...]
Ironshore Inc. has announced that Anthony Mammolite has been appointed to the post of executive vice president of its US Property unit. He brings extensive experience to the position, having worked in the sector for 35 years, including 20 years in property lines. Prior to taking on his role with Ironshore, Mammolite worked for Lexington [...]
