Legal & General (L&G) may sell off its investment arm in a bid to raise much needed capital, the Financial Times reports. Chief executive Tim Breedon is considering selling off L&G Investment Management (LGIM), which manages a fund of £260 billion. The report follows complaints by Breedon that the value of LGIM is not fully [...]
Groupama Insurances has formed a cognitive interviewing team to help enhance its counter-fraud department. The members of the new team have each undergone specialist training in the interviewing technique which involves taking detailed information regarding the circumstances of a claim. The method is particularly effective against opportunistic fraudsters who often buckle under the forensic examination [...]
Specialist insurer Hiscox has announced the appointment of Ross Dingwall to the post of sales director in Hiscox UK with effect from 1 August. Dingwall has been with the firm for the best part of a decade, starting off in Glasgow where he was involved in expanding Hiscox’s Art and Private Client account by more [...]
New research from moneysupermaret.com puts the average annual premium for male motorists across all age groups at £743, compared to just £454 for women. According to the price comparison website, male drivers can therefore expect to pay around £17,000 more than women for car insurance during a motoring lifetime. Several factors play a part in [...]
P J Hayman has announced changes to its Free Spirit policy in a move that should allow more people with pre-existing medical conditions to travel abroad. The specialist travel insurer has removed age limits, which were previously 85 years and 79 years respectively, for single trip and annual multi-trip policies. The firm has also reduce [...]
LV= has extended its offer to remove the normal 60 day exclusion clause for new customers switching their existing unemployment cover. The offer now extends to 31 December 2009 for those signing up to LV=’s Mortgage & Lifestyle Protection product. The friendly society is making a stand against a trend for insurers to increase premiums [...]
Insurance firm Bright Grey has been named employer of the year at the National Business Awards for Scotland. The insurer beat off competition from eight other finalists to scoop the much sought-after award. Employer of the Year is given to the business that demonstrates best practice in applying its human resources to achieving commercial success. [...]
Hannover Re’s newly appointed chief executive said he expects the firm to hit its earnings targets for 2009 despite an estimated payout of €30 million for the recent Air France plane crash. Ulrich Wallin said he is confident the reinsurer will meet its target of a €600 million net profit after a good first half. [...]
Travellers booking their flights over the internet have been warned to be cautious by Direct Travel Insurance. The warning follows media coverage of some sites contravening EU law by automatically adding the costs of travel insurance when flights are booked online. Direct Travel Insurance has recommended that those going abroad browse thoroughly and when booking [...]
Setanta Insurance is on course to achieve 100,000 policyholders by the end of the year, cementing its position as one of the most rapidly growing insurance firms in Ireland. Setanta Insurance is based in Malta and Dublin and in May its policyholders numbered 45,000 with over €25m written premiums. The firm is less than two [...]
MORE TH>N is raising awareness about cash-for-crash insurance fraud, having discovered that 41% of drivers have never heard of the crime. The firm describes cash-for-crash as form of “highway-banditry” and while cases have fallen by 11% in the past two years as the result of actions by the police and insurers, awareness levels among drivers [...]
Prudential has announced that Nick Prettejohn, chief executive for the UK and Europe, is departing in September after serving three-and-a-half years on the board. Prior to joining the life and pensions provider, Mr Prettejohn held the post of chief executive of Lloyd’s of London, having joined the Corporation of Lloyd’s in 1995 as head of [...]
International general insurance and reinsurance firm Brit Insurance Holdings PLC, has named Malcolm Beane as chief operations officer. Beane will take up his new post on 21 September and also acquires a seat on the Executive Management Committee. He will report directly to Dane Douetil, Brit Insurance’s chief executive officer. Beane leaves behind XL Capital, [...]
International specialty property/casualty insurer and reinsurer Catlin Group Limited (‘CGL’; London Stock Exchange) has announced the appointment of Heinz-Walter Haas as chief underwriting officer for Continental Europe. Haas joins the firm to take up the post and is to be based in Cologne. Previously he held positions with a number of firms including Basler, Generali, [...]
Germany-based Allianz, the world’s second biggest insurance firm, is preparing to launch itself as a consumer brand in the UK. The company currently sells insurance products to British consumers through Cornhill, which it acquired in 1986, and pet insurer Petplan. David Keel, marketing and communications manager, said the company is registering a number of product [...]
Global risk and reinsurance specialist Guy Carpenter & Company, LLC, has announced that Henry Keeling has been appointed to serve as president and chief executive officer of International Operations. He began his career in London and spent almost two decades as an underwriter and broker with Lloyd’s and the London market before moving on to [...]
Insurance advice from Top Gear presenters should not be taken seriously, a financial expert has warned. In this week’s episode of the popular motoring TV show, presenter James May advised young drivers that they could slash their insurance premiums by getting their mum or dad to insure their car for them. “The only realistic way [...]
Pirate attacks off the coast of Somalia on the rise and could cause a significant increase in the price of shipped goods, according to a new report commissioned by Lloyd’s of London. “(The) piracy risk is likely to get worse before it gets better,” the report said, echoing “serious concerns” over piracy voiced last month [...]
