More than two-thirds of drivers aged between 18 and 24 owned their first car as a teenager, research by AA Insurance has discovered. This is compared to just 28% of drivers aged over 65 who owned their first car in their teens. As well as buying cars at a younger age, newly qualified drivers are [...]
Liberty International Underwriters Europe (LIU Europe) has made a brace of appointments to help drive a new civil construction risks product line. Richard Williams becomes VP of Civil Construction, backed up by Paul Hampshire as Assistant VP. Williams has spent nearly two decades in the London insurance market, most recently working for a major global [...]
Insurance broker and risk adviser Marsh has announced the appointment of Nicholas Bacon as the new chief executive officer of Bowring Marsh. Bacon replaces Mark Gregory as CEO of the specialist international placement broker, with Gregory moving to a senior post with a major insurance carrier. Bacon will assume his new position on 1 November, [...]
Amlin has entered into an initial three-year partnership with ERC, the body that organises European club rugby’s two cross-border tournaments. Under the agreement, the Lloyd’s of London insurer will support the growth and development of elite European Club rugby across Europe, becoming a Premium Partner to the Heineken Cup and the new Title Partner of [...]
Aviva’s RAC unit is attempting to improve the behaviour of the British motorist by launching a Road Respect campaign. Research by the insurer has established that a third of drivers get mad at other road users three times in a week. For drivers who are unaware of possessing any bad habits, the survey has also [...]
The British Insurance Brokers’ Association (BIBA) has announced that its online “find a BIBA broker” facility is to feature in Aviva’s next advertising push. The TV campaign, which begins in October, will encourage commercial customers to contact their local broker for advice, through an Aviva branded version of the BIBA search facility. BIBA is therefore [...]
Global insurance broker Willis Group Holdings Limited has announced its Board of Directors has approved the proposed change to move its place of incorporation from Bermuda to Ireland. The move still requires shareholder approval for the redomestication to occur, and they will be asked to back the move in three or four months time. It [...]
Marsh & McLennan Companies, Inc. (MMC) has announced that the firm’s president and chief executive officer, Brian Duperreault, is to have his contract extended to last until January 2014. The extension is three years in size, with the contract now ending on 29 January 2014 having been designed to help facilitate a smooth transition should [...]
Lloyd’s of London insurers have thumbed their noses at hedge funds and private equity investments, Bloomberg reports. Catlin Group, Brit Insurance, Chaucer and Beazley have withdrawn or issued redemption requests on as much as £434 million of investments after returns fell by more than half. “The premise we and the rest of the world looked [...]
France-based BNP Paribas and Belgium-based Fortis have agreed terms to take a majority stake in the non-life insurance business of Italy’s UBI Banca. Fortis and BNP will pay €120 million in cash for a 50% plus one share stake in UBI Assicurazioni, which provides property and casualty insurance in Italy. A further payment of €40 [...]
Hiscox has commissioned the ‘Fashionable Finances’ study, research which reveals that 69% of British adults have no idea how much the contents of their wardrobe is actually worth. This exposes them to the risk of under-insuring their home contents, especially as the average British adult spends a hefty £1,000 on their wardrobe each year. For [...]
Specialty insurer Hiscox has announced an appointment to the technology, media and telecoms (TMT) claims team, with James Webster joining the firm as UK & International Claims Underwriter. Webster will be directly responsible to UK and International TMT Claims Manager Ian Birdsey. He is to be based in the firm’s London office, and will be [...]
Specialty insurer Torus has announced the appointment of Richard Girden as vice president, senior underwriter within the construction team. From the firm’s new Chicago office Girden will report directly to senior VP and head of Construction Steven Norcliffe. In his new post Girden will be tasked with handling Torus’ US portfolio, and will bring to [...]
Standard Life is among a handful of companies to have received the Pension Quality Mark (PQM) of the National Association of Pension Funds (NAPF). The initiative, launched today, is the first quality mark for defined contribution pensions and aims to give workers a better insight into their employees’ schemes. The award is only given where [...]
HSBC insurance staff based in Bournemouth are being given an opportunity to transfer to AXA, following the signing of a ten-year agreement under which AXA will provide insurance products to the bank’s small and medium-sized business customers. From 1st January 2010, the French insurer will offer its range to new business customers and existing customers, [...]
Aviva and Legal & General have been named in connection with potential investment in large-scale developments of private rented housing. According the Homes and Communities Agency (HCA), which has been seeking out institutional investors for such projects, a consortium of potential investors is being led by Aviva and CB Richard Ellis, the commercial property and [...]
Aviva has been successful in securing High Court approval for the proposed reattribution of its with-profits surplus. With-profits policyholders holding CGNU and Culac policies that were in force on November 21st 2006 should now receive between £200 and £1,000 before the end of the year, tax free. In return beneficiaries will surrender any future interest [...]
Fortis Insurance is celebrating the success of its first ever apprentice programme that has seen twenty-one graduates finish the City & Guilds Level 2 programme. The scheme has been shortlisted by the Insurance Times Awards in the training Programme of the Year category, with the ceremony itself to be held in December. Claims Director Rob [...]
Insurance broker and risk adviser Marsh has commissioned research which has revealed 73% of Europe’s leading transportation firms plan to review their risk management in response to the economic decline. When questioned almost four in five of respondents stated that the downturn had made risk management a more important factor in their business, and over [...]
Britain’s cycling boom has prompted a rise in bicycle thefts, with an estimated 540,000 bikes stolen last year, an increase of 22% compared to the previous year. The figures, released by the British Crime Survey, also show that bike thieves are the most hot-fingered in September, with 29% more bikes stolen than during an average [...]
