Direct Choice is closing its call centres in Newmarket and Ipswich and has given staff the option of taking redundancy or relocating to a new headquarters in Folkestone. The firm is part of the AA / Saga merged entity created in 2007 under the Acromas Holdings umbrella. The firm says it is centralising its operations [...]
Maurice ‘Hank’ Greenberg, founder and former chief executive of troubled US insurer American International Group (AIG), has claimed that he is not responsible for the problems at AIG, as they happened after he left. Greenberg, 83, retired in 2005 as AIG’s CEO after 38 years at the helm following an accounting scandal at the company. [...]
American International Group (AIG) announced Thursday that it has completed the sale of AIG Life of Canada to BMO Financial Group for $263 million. BMO Financial said it expects the acquisition to strengthen the competitive position of its life insurance business. AIG Life of Canada sells life and health insurance, including universal life and term [...]
Fortis Insurance UK has reported a doubling of profits in 2008, and has pledged to create at least 150 new jobs this year. Non-life profit before tax increased to £76 million in 2008, compared to £30 million the previous year. The increase came despite a small drop in non-life gross written premiums, down to £758 [...]
Heath Lambert Group and Fortis Insurance UK have secured a five-year commercial SME agreement with Post Office Financial Services (POFS). The companies claim the move creates the “largest SME affinity deal for commercial insurance in the UK”. POFS will be launching products for the SME market later this year and its relationship with Fortis is [...]
It has been announced by Zurich Financial Services Group that the firm’s chief growth officer, Patrick O’Sullivan, is to retire from the organisation. O’Sullivan has been with Zurich for over a decade, but will retire with effect from 30 April. Originally O’Sullivan operated as CEO of General Insurance and Banking within the UKISA Business Division. [...]
UKA, the National Governing Body for athletics in the UK, has appointed insurance broker and risk adviser Marsh to manage the UKA’s insurance and risk programmes. In this capacity Marsh will undertake a comprehensive assessment of the key risks for UKA and its membership and in response craft appropriate insurance coverage. Adrian Willmott, Marsh’s regional [...]
Gloucester-based insurer Ecclesiastical has bought a 40% stake in specialist broker Lycetts, and said it plans to increase this holding over the next few years. Lycetts offers insurance to farms, estates, historic houses, fine art, and bloodstock markets. Headquartered in Newcastle, the company controls gross written premiums of over £70 million. It has 12 offices [...]
The Life Science team at Jardine Lloyd Thompson Limited (JLT) has worked in partnership with HDI-Gerling to develop a web based application that is claimed to revolutionalise the purchasing and management of clinical trials insurance by providing a faster, more efficient service that puts the insurance buyer in control. Instant quotations and documentation, the ability [...]
The BBC has reported that Aviva is proposing to cut 1,100 UK jobs this year and at the same time “close” 590 contract positions, which will go over the next few months. Trade union, Unite, expects staff at the group’s York and Norwich offices to be in the front line, although job losses at other [...]
Over 20 million quotes were generated by brokers using the e-commerce solutions of Open GI in February, a statistic that continues to rise with the addition of new aggregator partners. InsureTECH Systems Limited-owned CheaperCover.com has become the latest to sign up to Open GI’s eAggregator panel, granting aggregator channel access to brokers selling car insurance. [...]
Swiss Re has announced plans to cut 10% of its 11,560 staff following record losses that forced the company to turn to Warren Buffett for capital. The reinsurance firm said the jobs will be axed within the next year, saving the company 400m Swiss francs ($350m) by the end of 2010. Last month the group [...]
Munich Re yesterday reported the completed acquisition of AIG subsidiary Hartford Steam Boiler (HSB) Group for $739 million. Munich Re said in a statement that the all cash deal – first announced in December 2008 – was officially completed on Tuesday, and was financed from internal resources. HSB was acquired by AIG in 2000 for [...]
Beazley Group, the London-based specialist insurer, has completed its acquisition of US underwriting manager, First State Management Group. The move will enhance Beazley’s presence in the US mid-sized commercial property sector, which normally does not come to the Lloyd’s market. First State expects to underwrite around $150 million of gross premium this year and new [...]
Global insurance broker and risk adviser Marsh has announced that it is responding to increased demand by expanding its Forensic Accounting and Claims Services (FACS) Practice in Europe, the Middle East and Africa (EMEA). Recently the EMEA has seen a surge in demand for experts in specialist claims resolution and more FACS professionals have been [...]
Brightside Group has reported a 182% rise in profit from continuing operations in 2008, to £6.2 million. Revenue increased by 42% to £33.2 million. The results compare with profit of £2.2 million and revenue of £23.3 million in 2007. The firm saw its insurance broking customer base expand to 149,381 last year (up from 131,254 [...]
Failed Belgian bank Fortis has paid its sacked chief executive Jean-Paul Votron €6.3m (£5.8m), according to reports in the Belgian media. The sum is comprised of €2.5m for the takeover of ABN Amro in 2007, a €1.3m ‘golden handshake’, and €1.9m for ensuring the Fortis share price increased during his four years in charge. The [...]
