International general insurance and reinsurance firm Brit Insurance Holdings PLC has announced the appointment of Neil Manser as head of Investor Relations. Manser was formerly an equity analyst with Merrill Lynch, where he was responsible for covering the UK insurance sector. Earlier in his career he worked for Fox-Pitt, Kelton as an equity analyst and [...]
ARAG, the Bristol-based legal services provider, has acquired the family and commercial before-the-event legal expenses business portfolio of Capita Assistance, a unit of the Capita outsourcing group. According to managing director, Tony Buss, ARAG’s before-the-event business has grown significantly over the past two years. However, he expects this latest purchase to substantially increase income in [...]
Independent insurance broker Giles Insurance Brokers Ltd has reached the 9th spot in The Sunday Times PricewaterhouseCoopers Profit Track 100. The Profit Track 100 is well-respected in the business sector and ranks private companies according to their average profits over the last three years. Over the period covered by the most recent Profit Track 100 [...]
UK-based insurer Hiscox has reorganised its structure to reflect its recent expansion in the US. The group has renamed its Lloyd’s Global Markets unit as Hiscox London Market, and has promoted Russell Merrett to managing director of this division. The division will now focus solely on the London market. Meanwhile, the group’s US operations have [...]
The German government is considering plans to offer credit insurance cover to small and medium sized businesses (SMEs) in the country. According to a report in the Wall Street Journal, the scheme would involve giving temporary credit protection to SMEs that would otherwise struggle to secure loans to pay suppliers. SMEs in Germany’s steel, construction, [...]
One in five women have been the victim of handbag theft, and the crime now costs UK insurers £55 million per year. Research by Direct Line home insurance found that the cost of replacing items in a handbag now averages over £100, including make-up, cash, keys, mobile phone, and medication. In addition, handbags themselves are [...]
While the importance of trade credit insurance has been in the business news, a firm that specialises in travel and wedding insurance is alerting couples planning their nuptials to the need for similar cover. According to Voyager, the credit crisis is ruining an increasing number of weddings because firms involved in creating the big day [...]
Allianz Commercial has announced a three-year tie up with R A Cowen & Partners, which names the insurer as principal provider for the broker’s SME book. The partnership is expected to generate significant premium income for Allianz, which will underwrite risks on the Midlands-based firm’s small business product offering. The deal follows similar agreements made [...]
Swinton is expanding its Norwich-based call centre, where it expects to create 250 jobs by the end of 2009. The new posts will cover a variety of roles from outbound and internet sales advisors to team managers. The move will bring the total headcount at the Norwich office to around 400 with both full and [...]
Royal Bank of Scotland (RBS) has announced the sale of its 50% share in Spanish Direct Line business, Linea Directa Aseguradora. The disposal is being made to Bankinter, the Spanish bank that owns the other half of the business, for €426 million (£375 million). RBS first revealed plans to sell its stake in the 50/50 [...]
American International Group (AIG) is selling its US car and commercial vehicle insurance business to Zurich Financial Services Group. The disposal is being made for $1.9 billion and is the twelfth but largest yet to be made by the troubled group since its near collapse in September of last year. Since then, AIG has been [...]
Beazley Group has become a member of the Centre for Effective Dispute Resolution (CEDR) in a move that will help the firm develop the use of conflict management techniques in settling claims. CEDR is an independent non-profit organisation that works in the UK and internationally. According to the Centre’s website, it aims to “cut the [...]
Global insurance broker Willis Group Holdings has announced the appointment of Staffan Larsson as chief executive officer of its operations in Sweden. Larsson is a veteran of the Swedish insurance industry, and brings to his new post 35 years of experience, the last decade of which has been spent with Willis. Before joining Willis he [...]
The ABI (Association of British Insurers) has revealed figures which show that insurers are detecting record numbers of fraudulent claims. The false claims, worth £14m a week, totalled 107,000 last year, a rise in number of 17% on 2007 and a rise in value of 30%. Home insurance was particularly prone to fraud with 55,000 [...]
Customer-oriented business software and services firm Sword Ciboodle have come to an agreement with Admiral Group to provide the motor insurer with its CRM platform to help it enhance its business flexibility. Admiral has a number of brands under its umbrella including Bell, Diamond, and elephant.co.uk, and operates with a turnover of over £800m. It [...]
UK car insurer Fortis Insurance Limited and the Insurance Services Office (ISO) have entered into an agreement for a period of five years whereby Fortis will utilise the ISO Claims Outcome Advisor (COA) solution. The deal has been signed after a pilot with Fortis Personal Injury claims team lasting six months and will enable the [...]
Kwik Fit Insurance, the UK insurance intermediary, has been given the Gold Award by the Scottish Centre for Healthy Working Lives. The award was won by Kwik Fit Insurance because of its status as one of the country’s safest and healthiest employers, and comes after a number of initiatives designed to enhance the health of [...]
The rising tide of large scale job cuts in the financial sector could lead to an increase in white collar related extortion crimes, according to specialist insurer Hiscox. Citing a report by the Organisation for Economic Cooperation and Development (OECD) which indicates many developed nations will suffer unemployment rates of over 10%, Hiscox have warned [...]
Chancellor of the Exchequer, Alistair Darling, is expected to announce a state-guaranteed credit insurance scheme in next Wednesday’s budget. Demand for such action has been increasing in recent months, with the Confederation of British Industry a leading voice. The insurance protects companies when customers fail to pay or enter administration and claims have been rising [...]
