Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 19th of January 2018
October 30, 2009

One in ten fail to take out travel insurance

by Richard Kilner

Story link: One in ten fail to take out travel insurance

One in ten of travellers are not taking out travel insurance, according to new research commissioned by Check Safety First. Chief Executive Officer Mark Harrington has called on the insurance industry to educate consumers about the importance of travel insurance, pointing out that the average medical claim is around £2,500, and clearly worth spending £20 […]



Hiscox bolsters claims operation

by Richard Kilner

Story link: Hiscox bolsters claims operation

Specialist insurer Hiscox has bolstered its claims operation with the creation of two new, senior positions. Joanne Musselle becomes head of UK Claims for Hiscox UK, and Tony Rai has been named as head of London Market Claims, within the London Market division. Musselle has been with the firm for the last seven years, joining […]



Pru reports “robust” group sales

by Gill Montia

Story link: Pru reports “robust” group sales

In a trading update, Prudential has report “robust” nine month group-wide sales of just over £2 billion. In the third quarter of 2009, retail sales came in at £699 million, up 10% on a year earlier and reflecting “powerful momentum” in US retail sales which soared 66% year-on-year. Asian sales rose 4% in Q3 and […]



October 29, 2009

Co-op considers “resilient” flood repairs

by Gill Montia

Story link: Co-op considers “resilient” flood repairs

Co-operative Insurance has put out a rallying call to the insurance industry, the Environment Agency and local authorities to work together in combating the growing flood risk in the UK. The mutual says it supports the ABI campaign to ensure that flood insurance remains widely available and is considering the use of “resilient” repairs, looking […]



Heath Lambert scoops PHI ward

by Gill Montia

Story link: Heath Lambert scoops PHI ward

Heath Lambert has won an award for its health cash plan cover, which aims to reduce the cost of permanent health insurance for employers. The broker worked with not-for-profit health cover specialist, BHSF, to create its offering and has received the “Best Use of Cash Plans by an Intermediary” accolade at the 2009 Health Insurance […]



Swinton fined £770,000 for PPI mis-selling racket

by Gill Montia

Story link: Swinton fined £770,000 for PPI mis-selling racket

The Financial Services Authority (FSA) has fined Swinton Group £770,000 for serious failings in the sale of single premium payment protection insurance (PPI). The high street broker will also be contacting over 350,000 customers who paid for the cover and offer a full refund. The regulator found that between December 2006 and March 2008 the […]



October 28, 2009

HomeLet see sales surge by 121%

by Richard Kilner

Story link: HomeLet see sales surge by 121%

Over the course of the last half-year HomeLet has managed to double the number of policies it has sold, partly due to the new Tenants Contents Insurance + product and also because of the rising demand. In addition, landlords are turning more and more to Rent Guarantee Insurance to protect them against the possibility of […]



ERM advance continues amongst (re)insurers

by Richard Kilner

Story link: ERM advance continues amongst (re)insurers

Guy Carpenter & Company has released a study indicating that the shift towards stronger enterprise-wide risk management (ERM) is continuing to gather pace within the insurance and reinsurance industry. In the six months since the firm’s initial Risk Tolerance Benchmarking study ratings agencies have increased the importance of ERM-related disciplines in a bid to improve […]



October 27, 2009

Marsh appoints UK Affinity CEO

by Richard Kilner

Story link: Marsh appoints UK Affinity CEO

Insurance broker and risk adviser Marsh has announced the appointment of Simon Markey as chief executive officer of its UK Affinity business. Prior to joining Marsh he served as managing director of the Lifestyle Services Group, and earlier in his career held a number of management positions with Lloyds Group’s retail bank. Markey will be […]



PartnerRe reports Q3 profits

by Richard Kilner

Story link: PartnerRe reports Q3 profits

PartnerRe Ltd. (NYSE:PRE) has reported that it made net income of $567m in the third quarter, equating to $9.44 per share on a fully diluted basis. This compares very favourably to the net loss of $151.7m, or $3.01 per share, incurred during the same quarter last year, and is also better than the net income […]



Affiliated FM opens Amsterdam office

by Gill Montia

Story link: Affiliated FM opens Amsterdam office

Affiliated FM, which describes itself as a middle-market commercial property insurer, has opened an office in Amsterdam, increasing its worldwide presence to 20 locations. The expansion is in response to positive feedback from the Benelux market and requests by regional brokers and clients for a broader international offering. The firm, which forms part of the […]



Willis releases third quarter financial results

by Richard Kilner

Story link: Willis releases third quarter financial results

Global insurance broker Willis Group Holdings Limited (NYSE: WSH) has released its financial results for the first nine months of 2009 and for the third quarter of this year. For Q3, Willis made earnings per diluted share of $0.46, with total net income of $78m, compared to the same period last year when it made […]



Endsleigh opts for ntl:Telewest upgrade

by Gill Montia

Story link: Endsleigh opts for ntl:Telewest upgrade

Endsleigh has appointed ntl:Telewest Business (part of the Virgin Media Group) to help support its online operations. The personal lines specialist calculates that over 80% of its insurance and financial services business now originates from the Internet and the forthcoming upgrade should speed up quotations and policy production for both Internet and telephone customers. ntl:Telewest […]



Aon acquires Carpenter Moore Insurance

by Gill Montia

Story link: Aon acquires Carpenter Moore Insurance

Aon Corporation has agreed to acquire New-York based brokerage, Carpenter Moore Insurance Services. The latter was formed through the merger of Carpenter Moore and NASDAQ Insurance Agency, in 2005, and specialises in executive liability, Internet liability, and risk management services. The firm’s clients are to be found in the technology, pharmaceuticals, healthcare, durable goods, transportation, […]



New Rent Guarantee section in jml website

by Richard Kilner

Story link: New Rent Guarantee section in jml website

As the British recession stubbornly persists and unemployment continues to climb, more and more landlords are finding that their tenants are incapable of paying their rent. To counter this, many consider taking out a Rent Guarantee Insurance policy from providers such as HomeLet and Letsure to acquire some protection should such a situation arise. Landlords […]



Standard Life Bank sold to Barclays

by Gill Montia

Story link: Standard Life Bank sold to Barclays

Standard Life has sold its retail banking business to Barclays, for £226 million. Under the terms of the transaction, Barclays will acquire a savings book of approximately £5.5 billion and a mortgage book with outstanding balances of around £8.8 billion (both figures as at 30th June 2009). The unit, which was set up in 1998, […]



October 26, 2009

Groupama Healthcare scoops another award

by Richard Kilner

Story link: Groupama Healthcare scoops another award

Groupama Healthcare enjoyed a good night at the Health Insurance Awards, winning the Best for Customer Service award. The event, held at London’s Grosvenor House Hotel, was attended by over 900 healthcare professionals. Managing Director Laurent Matras has described the success as a fantastic achievement for Groupama’s healthcare team, especially as the winner was selected […]



Chubb announces Q3 profits

by Richard Kilner

Story link: Chubb announces Q3 profits

The Chubb Corporation [NYSE: CB] has reported its third quarter results, including net income of $596m, equating to $1.69 per share. This marks a significant increase on the Q3 2008 net profit of $264m, or $0.73 per share, and also marked an increase from Q2 2009, when the firm made a net profit of $551m. […]



Christie’s launches insurance business

by Gill Montia

Story link: Christie’s launches insurance business

Christie’s has launched an insurance services business for clients based in the UK and European customers serviced from London. The world-famous art dealer says it can offer a unique service for the sophisticated collector, in partnership with Heath Lambert and Chubb Insurance. The trio aim to provide private clients with “bespoke, seamless insurance, that encompasses […]



Malicious damage claims about to rise

by Gill Montia

Story link: Malicious damage claims about to rise

AXA is highlighting the increased risk of malicious damage at Halloween and on Bonfire Night. Malicious acts to property rise throughout the week starting 31st October, peaking on 5th November when claims involving incidents of this sort increase 350% against the average, compared with a 270% rise at Halloween. This year, Halloween falls on a […]