Heath Lambert has announced the addition of two “big name” clients to its portfolio. Global engineering firm, Scott Wilson, and retailer, Fat Face, are now included among the broker’s clients. Scott Wilson is headquartered in the UK and has a worldwide network of 80 offices and over 6,000 employees. The firm offers strategic consultancy and [...]
Brit Insurance has revealed further details of its possible offer for Chaucer Holdings. The group has confirmed a proposal to the board of Chaucer in the following terms: 0.23 new Brit ordinary shares for every existing Chaucer share; a recommendation from the Board of Chaucer. The proposed all-share deal would result in Chaucer shareholders owning [...]
Helphire has won a legal case relating to the provision of replacement vehicles to non-fault parties involved in motor accidents. The accident assistance firm describes the ruling in the cases of Copley-v-Lawn and Maden-v-Haller, as a “landmark” in which its appeal against earlier judgments was upheld in full. The appeal considered the common situation where, [...]
Legal & General is providing a £150 million bulk annuity policy to Dairy Crest Group Pension Fund. The insurer will be responsible for around half the fund’s liability for pensions in payment. Members of the scheme will not be directly affected by the new arrangement as the policy takes the form of an investment of [...]
Ireland’s second largest motor insurer has defended its decision to blacklist parts of Dublin because of the high number of claims received from these areas. Quinn Direct this month started refusing to issue new premiums for cover in parts of Tallaght and Clondalkin, as well as deprived urban areas in Cork, Waterford, and Galway. A [...]
Two former Aon/Benfield employees this week joined SBJ Global Risks Limited. Steve Ford and Simon Laycock will form a new binding authority team at the Lloyd’s and international insurance broker. Both Ford and Laycock have over 20 years experience in the London insurance market, with a focus on business from North America and International Non [...]
Financial consultant Jelf Group has posted an operating loss for the six months ending 31 March 2009, despite revenues increasing 40%. Revenues for the interim period grew to £35.0 million, up 40% compared to revenues of £25.0 million during the same period in 2008. However, the company reported an operating loss of £0.4 million, compared [...]
Four in five risk managers at insurance firms have started measuring counterparty risks more frequently in the past 12 months, new research has discovered. The poll by AIG UK also found that insurers are measuring their risks in greater depth, using guidance from broker rating committees, stock market analysis, their own analysis, and the Credit [...]
Commercial broker Moorhouse has launched a new insurance policy for haulage firms, responding to research into brokers’ needs. Available on Moorhouses’s Xbroker quotation system, and underwritten by AXA, the policy includes CMR cover up to £250,000 for any one vehicle. Also included with the policy is £75,000 cover for goods in transit, and legal costs [...]
Allianz Re has confessed that it will be “difficult” to perform as strongly this year as in 2008, but continues to target an average growth of 10% by 2011. The reinsurance unit of Germany-based Allianz said European windstorms at the start of 2009 will squeeze operating profits. “There will be difficulties to reach the result [...]
With latest predictions on climate change warning of rising sea levels and higher winter rainfall, the Environment Agency has calculated that £20 billion will need to be spent on flood defences in England by 2035. The government department puts one in six homes at risk of flooding and wants the current annual flood defence budget [...]
Legal & General Investment Management (LGIM) is adding to the debate over regulation by defending shareholders. The Treasury Select Committee’s examination of the credit crisis earlier this year called institutional shareholders to account for not having done enough to challenge banks’ boards in the run-up to the credit crisis. LGIM is the biggest investor in [...]
Allianz Insurance has created a specialist motor insurance team and centralised its commercial motor trade claims operation in the wake of a successful pilot period of the scheme. The new team, which is to be based in Birmingham, will enhance turnaround time by presenting a single point of notification and will offer customers top flight [...]
Independent insurance broker Giles Insurance Brokers Ltd enjoyed a good night at The Sunday Times PricewaterhouseCoopers Profit Track 100 Awards Dinner, winning the Value Creation Award. The Value Creation Award is given in recognition of businessmen who create value over a three year period. Earlier in the year Giles came third in the Buyout Track [...]
UK Landlord and Tenant insurer HomeLet has launched a new contents insurance product aimed at tenants, Tenant’s Contents Insurance +, following feedback from its customer base. HomeLet has recognised that tenants increasingly frequently share the costs of renting with a friend/colleague and the new policy takes account of this by permitting up to three to [...]
A fear of risk induced by the credit crunch is causing UK firms to miss out on valid business opportunities, according to new research by RSA. Over-cautious business leaders are shunning risk despite recognising that risk taking is an important part of building a profitable business, the study warned. Nearly two thirds (63%) of business [...]
The Association of British Insurers (ABI) has urged the Chancellor, Alistair Darling, to address the gap that exists between macro-prudential policy and micro-prudential oversight in the financial regulatory system. The ABI supports the concept of a new macro prudential committee to take responsibility for areas not covered properly by the existing Tripartite structure with a [...]
Specialty insurance and reinsurance company Endurance has named James D’Onofrio as executive VP and head of Reinsurance for Endurance Reinsurance Corporation of America (ERCA). D’Onofrio joined ERCA over six years ago and was previously senior VP of Casualty Treaty. Earlier in his career he held senior positions with AXA Corporate Solutions and Gerling Global Reinsurance [...]
MORE TH>N has been carrying out city centre research aimed at making cyclists more aware of security. In its “bike snatch” experiment, which involved unsecured bicycles left in high footfall locations, the insurer found the inhabitants of Liverpool to be the most trustworthy followed by the residents of Bristol. A cycle left in Liverpool city [...]
