Aviva gives SSP brokers access to Personal Best
by Gill Montia
Story link: Aviva gives SSP brokers access to Personal Best
Aviva has teamed up with IT company, SSP, to give 600 additional brokers access to personal lines products.
The move means that SSP brokers can now access Personal Best from Aviva via an extranet portal.
SSP is the second software house to integrate with Aviva’s rating engine following on from Insurecom, and there are plans for Open [...]
Prudential to acquire AIG’s £15bn Asian business
by Gill Montia
Story link: Prudential to acquire AIG’s £15bn Asian business
Prudential is looking to acquire AIA, the Asian business of embattled US insurance giant, American International Group (AIG), the BBC has reported.
Talks are understood to be at an advanced stage and a statement from Prudential on a £15 billion deal is expected in the days ahead.
The group’s ambitions in Asian markets are well known; last [...]
Cornish Mutual appoints inspectors
by Gill Montia
Story link: Cornish Mutual appoints inspectors
Exeter-based Cornish Mutual has appointed two new inspectors to service members across Devon.
Nick Wales and Janet Bailey are joining a team that provides general insurance services to rural communities across Cornwall, Devon, Somerset and Dorset.
Mr Wales is taking over from Gordon Chapple, who has retired after 21 years with the company, and will be [...]
Brit Insurance announces 2009 results
by Richard Kilner
Story link: Brit Insurance announces 2009 results
Brit Insurance has revealed its preliminary financial performance figures for 2009.
The firm made pre-tax profits of £171.3m (excluding the effect of foreign exchange on non-monetary items), more than threefold the 2008 pre-tax profit of £39.6m.
Earnings per share rose by 32% from 86p to 113.2p.
Gross written premium was also up, rising 21% to £1,696.4m (a rise [...]
AIG reveals Q4 and annual results
by Richard Kilner
Story link: AIG reveals Q4 and annual results
American International Group, Inc. (AIG) has announced its financial results for the fourth quarter and full-year 2009.
In Q4 the firm incurred a net loss of $8.9bn, equating to $65.51 per diluted common share, which is vastly improved on the $61.7bn loss of Q4 2008 ($458.99 per diluted common share).
It does, however, mark a return to [...]
Know Your Flood Risk campaign gains momentum
by Richard Kilner
Story link: Know Your Flood Risk campaign gains momentum
The Environment Agency has issued a report indicating that the terrible floods of 2007 affected some 48,000 homes.
The cost per house was up to £30,000, with businesses having to fork out £112,000 to get their firm back up and running.
As the dangers of flooding become more widely known, 150 persons have signed up to the [...]
ARAG UK announce three new hires
by Richard Kilner
Story link: ARAG UK announce three new hires
ARAG UK, the legal insurance firm, has announced the appointment of Lindsey Morgan, Tom Moreton and James Morgan to the firm.
James Morgan leaves behind Alico UK to join ARAG UK, where he will work within the underwriting team as an ATE assistant underwriter.
Lindsey Morgan brings with her seven years of experience with Ericsson, and will [...]
ELSA promises Code of Practice for life policy securitisation
by Gill Montia
Story link: ELSA promises Code of Practice for life policy securitisation
The European Life Settlement Association (ELSA) has announced that it is developing a Code of Practice for sellers of traded life policy investments.
The body has also welcomed an address given by the Financial Services Authority (FSA) earlier this week at the ELSA/LISA European Life Settlement Trade Mission in London.
The regulator raised concerns over the [...]
Ansvar Insurance appoints sales director
by Richard Kilner
Story link: Ansvar Insurance appoints sales director
Ansvar Insurance has announced the appointment of Richard Lane to the newly created position of sales director.
He brings to the post a wide range of experience and skills, and earlier in his career worked for RSA and Zurich.
Lane was hired following a series of in-depth interviews, and has been warmly welcomed to the firm by [...]
FSA calls brokers to account over capital resources
by Gill Montia
Story link: FSA calls brokers to account over capital resources
The Financial Services Authority (FSA) has written to insurance intermediaries outlining concerns that “many firms” do not have adequate financial resources.
The regulator says its supervisory work “regularly shows” that brokers are not paying sufficient attention to threats to their financial viability.
For example, one firm failed to make adequate provision for its obligations to fund additional [...]
Comparethemarket.com makes trio of appointments
by Richard Kilner
Story link: Comparethemarket.com makes trio of appointments
After experiencing a brilliant year of 160% growth comparethemarket.com has increased its team to keep up with demand.
David Jackson has been appointed to the post of director of Insurance Partners and will be responsible for leadership of the team which handles managing car, home, commercial vehicle and motorbike insurance.
He formerly worked for Yorkshire Building Society [...]
RSA sees decline in annual profits
by Richard Kilner
Story link: RSA sees decline in annual profits
RSA has released its financial performance figures for 2009, describing the year as one that saw the firm enjoy a strong performance.
Net written premiums rose by 4% to £6.7bn, and RSA achieved an operating result of £777m.
Pre-tax profits were recorded at £554m, a decline of 27% from 2008’s pre-tax profits of £759m.
Profits after tax [...]
Lloyd’s named top insurance Superbrand
by Richard Kilner
Story link: Lloyd’s named top insurance Superbrand
The reputation of Lloyd’s has been further enhanced with the news that it has been named the top Business Superbrand in the insurance sector.
The firm also achieved a record high in the 2010 Business Superbrands survey, with a ranking of 40th overall.
The highest ever ranking and top spot in the insurance sector are indications of [...]
Aviva promotes life and critical illness coverage
by Richard Kilner
Story link: Aviva promotes life and critical illness coverage
New research commissioned by Aviva has revealed that the British household would only have enough money to cover bills for a fortnight should they or a partner suffer critical illness or death.
According to the research 24% would be able to access only £100 without borrowing, and that without borrowing the average household would have access [...]
Insurers urged to prepare for Solvency II now
by Richard Kilner
Story link: Insurers urged to prepare for Solvency II now
The vice president of Insurance at Capgemini, Andy McQuade, has commented upon the incoming new regulations of the Solvency II framework.
McQuade has said that the new focus on risk will means insurers within the EU will have to study the detail of data at a more in-depth level than ever before.
He went on say that [...]
FM Global commemorates 175th anniversary
by Richard Kilner
Story link: FM Global commemorates 175th anniversary
FM Global, which is amongst the largest business property insurers in the world, has announced that 2010 will see a year long commemoration of its 175th anniversary.
The commemoration will underline the firm’s leading role in engineering innovation and information sharing in the past and future.
In addition, a range of new initiatives will be launched including [...]
1 Answer launches non-standard household cover
by Gill Montia
Story link: 1 Answer launches non-standard household cover
1 Answer Network has teamed up with specialist insurer, Avantia, to offer its members access to non-standard household insurance.
The personal lines network is confident that homeprotect will enable brokers to meet the needs of many property owners who are refused cover or face high premiums.
Those with previous flood claims, properties built on flood plains or [...]
Over two-thirds of UK drivers hazy on “fronting”
by Gill Montia
Story link: Over two-thirds of UK drivers hazy on “fronting”
Large numbers of motorists could be deceiving their car insurers by naming themselves as the main driver of a vehicle when they are not.
An example of this would be a parent insuring a car and declaring themselves the main driver in order to reduce the premium, when in fact their son or daughter will be [...]
XL Insurance hires Maag
by Richard Kilner
Story link: XL Insurance hires Maag
XL Insurance has announced the appointment of Seraina Maag as chief executive of its North America Property & Casualty (P&C) unit.
Maag will succeed Dennis Kane in the role, who is retiring at the end of the year.
Her most recent post prior to this appointment was leading the Zurich North America Commercial, Specialties Business Unit, and [...]
Five year old cars the worst for claims
by David Masters
Story link: Five year old cars the worst for claims
Motorists with five year old cars are the most likely to make a claim on their car insurance, according to research by Virgin Money.
The insurance provide found that 9.6% of all claims were from drivers with five year old cars.
This compares to ten year old cars, which account for just 6% of claims, and cars [...]
