The Financial Services Authority (FSA) has published aggregate figures showing the volume of complaints regulated firms have received from their customers. The data, which is the first of its kind to be published by the regulator, covers the period 2006 to 2008, during which time the overall number of complaints increased by 5.7%, from 1.4 [...]
The Credit, Bond and Political Risk Team of Guy Carpenter & Company enjoyed a successful night at the Review magazine’s Worldwide Reinsurance Awards 2009, scooping the award for “Reinsurance Broking Team of the Year”. It is the third consecutive year that the team has enjoyed the honour, and the fifth time in six years Guy [...]
Reflecting on the demise of SkyEurope, the Slovakia-based budget airline that has collapsed leaving thousands of passengers stranded, International Passenger Protection (IPP) is reminding travellers of the benefits of financial failure insurance. The firm, which operates the ProtectMyHoliday.com brand, points out that SkyEurope was marketing flights for this autumn as bankruptcy loomed, meaning that many [...]
The Association of British Insurers has written to Chancellor of the Exchequer, Alistair Darling, warning that the UK insurance industry may need to raise up to £50 billion from investors if proposed EU regulation is adopted in its current form. The body describes the measures under consideration in the Solvency II directive as “extreme” and [...]
The chief underwriting officer and vice chairman of Everest Re Group, Ltd. (NYSE: RE) Thomas J. Gallagher has announced he is to step down from his position with the firm from 9 October. Gallagher, who is retiring after a year as chief underwriting officer, has also been president and chief operating officer of Everest Re [...]
Crawford & Company (NYSE: CRDA; CRDB) has announced the appointment of Bob Foster to lead the firm’s strategy for its relationship with Lloyd’s of London. Until recently Foster had been group claims director with Brit Insurance, a post he occupied for six years. He initially spent a decade as a chartered surveyor prior to joining [...]
Aon Consulting has announced the appointment of Anand Shankar as chief commercial officer (Asia Pacific), a newly created post. During his lengthy career he has worked in senior positions in nations such as Singapore, India and Hong Kong. Shankar is an industry veteran with decades of experience and will be responsible for leadership of sales [...]
Asda has expanded its insurance offering with a new life policy for the over 50s, developed with mutual insurer, LV=. The move forms part of a strategy to triple the number of life insurance customers targeted by the supermarket chain. According to independent research, the over 50s place “family wellbeing” high in their list of [...]
Brit Insurance Holdings PLC has announced the appointment of Steve Richardson as group claims director. He leaves behind PricewaterhouseCoopers where he served as a director supervising insurance and claims advisory services. Earlier in his career he was head of Reinsurance (Assumed Claims) with Equitas for eight years and has also worked for KWELM. Richardson will [...]
Policyholders of Higos Insurance Services’ Home Emergency Cover are benefiting from the firm increasing its value, permitting homeowners to claim for larger sums due to home assistance or major appliance breakdown. Annually policyholders can claim up to £500 thrice, more than double the previous limit. Emergency damage is covered, as is the repair cost to [...]
Car insurance firms are exploiting a loophole in the law to discriminate against disabled drivers, according to a report in yesterday’s Observer. Many insurers are working around anti-discrimination laws by using legislation that allows them to decline cover to heavily modified boy racer cars. The Disability Discrimination Act 2005 prohibits insurers from refusing cover or [...]
Specialist business insurer Hiscox has commissioned research that reveals more than half of SMEs (54%) within the UK are confident of surviving the recession. However, 48% of SMEs have taken no special action to try and counter or mitigate the impact of recession and those who have taken steps have shied away from more extreme [...]
RSA has formed an alliance with First Assist and Drum Cussac, both of which specialise in medical and security assistance. The agreement will bolster RSA’s personal accident and business travel offering by reducing exposure to medical and security risks. The group’s personal accident manager, Toni LePine, comments: “In the current climate of heightened security risks [...]
Markel International, the London-based subsidiary of US property and casualty giant, Markel Corporation, has secured an agreement to acquire Elliott Special Risks (ESR), a Canadian managing general agent valued at around CDN $75 million. ESR, which is majority owned by Newport Partners’ Income Fund, provides underwriting and administrative services to the insurance sector, reporting gross [...]
