Specialist insurer Ecclesiastical has taken part in an odd marriage between insurance and poetry to become the first British insurer to compile a booklet of specially-commissioned poetry. The pamphlet (People Who Care) features work from a quartet of fresh new poets to celebrate the vitally important work done by British carers. The poems were composed [...]
Jonathan Palmer-Brown is to join Jardine Lloyd Thompson (JLT) to take up a position in its team of senior managers. He will join the firm once he is at liberty to do so, at which time he will take a place on JLT’s Executive Committee. Palmer-Brown will come to the firm equipped with many years [...]
The Association of British Insurers (ABI) has launched a three-month consultation on changes to its Statement of Best Practice for Critical Illness Cover. The Association is proposing to replace the Total Permanent Disability (TPD) clause included in critical illness policies with a set of carefully worded definitions. The aim is to ensure clarity for consumers [...]
Adding1, the insurance marketing firm, has launched Excess Protect through its panel of UK intermediaries. The new product allows customers to keep motor premiums down by opting for a higher policy excesses, while protecting themselves against the risk of extra cost. According to Adding1 the policy will be of particular interest to brokers’ motor fleet [...]
Chaucer Insurance has awarded a three-year contract extension to Teceris, the claims services firm. The move means Chaucer will continue to use Teceris’ claims screening service, which is based on a combination of Voice Risk Analysis and Conversation Management. According to the Lloyd’s insurer, the system delivers benefits to genuine customers by allowing legitimate claims [...]
Nearly half a million motorists claim for rear-end bumps every year at a cost of over £500 million to the insurance industry, Admiral said this week, blaming the high number of claims on “aggressive” drivers. The motor insurer calculated that rear-end bumps account for 420,000 claims per year, equivalent to one in four of all [...]
The Competition Commission (CC) has set out proposals on the implementation of new measures aimed at increasing competition in the Payment Protection Insurance (PPI) market. PPI, which is intended to cover repayments on unsecured loans if the borrower loses their job or becomes too ill to work, has been the subject of controversy for years [...]
Insurance Services Office (ISO) has reported that its ISO Claims Outcome Advisor (COA) is now the leading personal injury claims evaluation solution for the UK motor insurance market. According to the group, the majority of the UK’s top 25 motor insurers use one or other system to assist in evaluating personal injury claims and 70% [...]
XL Insurance has announced it has expanded its US Aviation team with four new hires in its underwriting team, based in New York. Armand Ferranti, Jr., Eileen Mitchell and Charles Koehler all become class underwriters, and Isabel Marin takes up the role of business analyst. Ferranti joins the firm from Global Aerospace, leaving behind his [...]
International specialty property/casualty insurer and reinsurer Catlin Group has announced it is bolstering its London market aviation underwriting team with the additions of Richard Power and Mark Stanley. Power’s appointment to senior underwriter is effective from 1 August and he will lead the firm’s airline underwriting team. Previously he worked for C.V. Starr & Company [...]
Specialist insurer IGI Insurance has hired Steve Devine to drive forward a move into the payment protection market. Devine, who chairs the UK creditor insurers association Protect, will also be made responsible for IGI’s existing GAP insurance and warranty business. He brings with him a quarter of a century of experience in the insurance sector. [...]
Chubb could be forced to pay out up to $2 billion on directors and officers (D&O) insurance policies due to a surge in litigation in the wake of the financial crisis, an insurance expert cautioned this week. Jay Gelb, analyst at Barclays Capital, warned investors that “given a potential for a wave of D&O litigation, [...]
Two in five households could save money by choosing buildings and contents insurance from separate providers, research by AA Insurance has discovered. An AA survey of 25,000 home insurance quotes in April, May and June 2009 found that 41% of households are better off buying buildings and contents insurers from separate providers. This figure rises [...]
Heath Lambert Group has announced that it has been appointed as the sole provider of cover for Debenhams Retail’s home insurance. The deal extends over the next five years and the new offering will be available across the group’s 154 stores in the UK and Ireland and via its Debenhams Direct online shopping facility. The [...]
The British Insurance Brokers’ Association (BIBA) has announced that Patrick Smith is to become its new chairman. Mr Smith, who is also chairman of Swinton, will be confirmed as chairman elect at BIBA’s annual general meeting later this month and will take up the role in September, replacing Derek Thornton. In addition to 38 years’ [...]
Clients of financial fraudster Allen Stanford are suing London-based insurance broker Willis over claims that the broker helped Stanford with an alleged $7 billion fraud. The class action suit complaint was filed in Dallas last week by Mexican investors who claim Willis violated Texas securities laws by vouching for Stanford in letters he used to [...]
Omega has reported that it is now one of seven non-life insurers on the Main Market of the London Stock Exchange, with a market capitalisation of £310 million. The Bermuda-based firm, which was previously AIM listed, raised £130 million in January and last week doubled its stake in Lloyd’s Syndicate 958. The Syndicate has an [...]
Guy Carpenter & Company has received the “Non-Life Transaction of the Year” award at Trading Risk magazine’s annual awards, held in London. The accolade recognised the reinsurance intermediary’s work on Blue Coast, a new 144A catastrophe bond programme developed for Allianz Risk Transfer (Bermuda) Limited in partnership with Deutsche Bank. The three-tranche note issuance provides [...]
Insurance broker and risk adviser Marsh has announced that John Nicholson has been appointed as Risk and Governance director in the UK. Nicholson has spent over three decades as a risk adviser and insurance broker, the last 11 years of which have been spent occupying senior positions within Marsh. He will retain his position as [...]
