Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 18th of January 2018
February 23, 2010

Towergate acquires John Charcol

by Gill Montia

Story link: Towergate acquires John Charcol

Towergate Partnership has acquired independent mortgage broker, John Charcol, via its Towergate Financial unit. Under the terms of the deal, all John Charcol staff and directors will be making the move to Towergate Financial and CEO, John Garfield, will then work closely with Towergate Financial CEO, Ian Darby, to grow the business. The acquisition supports […]



Thornside selected to provide Sainsbury’s pet insurance

by Richard Kilner

Story link: Thornside selected to provide Sainsbury’s pet insurance

Capita Insurance Distribution’s pet insurance division Thornside has been selected by AXA to provide and adminster Sainsbury’s pet insurance. Thornside is a third party administrator for AXA and will handle claims, sales and fulfilment of Sainsbury’s pet insurance products. AXA’s corporate partnerships Managing Director Gary Stott explained that Thornside had been chosen because AXA believed […]



Five-year-old cars excel in claims ratings

by Gill Montia

Story link: Five-year-old cars excel in claims ratings

Drivers of cars that have passed their fifth birthday are being alerted to the fact that they belong to the UK’s “most likely to claim” group of motorists. According to Virgin Money Car Insurance, 9.6% of all motor claims processed by the firm were from drivers of five-year-old cars, with four-year-old cars following closely behind. […]



February 22, 2010

Bennetts Commercial hires Lowe

by Richard Kilner

Story link: Bennetts Commercial hires Lowe

Insurance broker Bennetts Commercial Ltd has announced the appointment of Carole Lowe as a director and member of the senior management team. She joins Bennetts from The Jelf Group where she worked as director for the Southern Region. Lowe brings with her more than a quarter of a century of experience in the sector, during […]



Arista Insurance promotes Foulds

by Richard Kilner

Story link: Arista Insurance promotes Foulds

Commercial lines underwriting specialist Arista Insurance has announced the promotion of Anthony Foulds to the post of regional underwriting manager for the South East. He joined the firm four years ago as senior underwriter, prior to which he worked for RSA as a senior development underwriter. Foulds will be handed responsibility for managing the property, […]



Torus raises $185m to support expansion

by Gill Montia

Story link: Torus raises $185m to support expansion

Torus has secured a $185 million injection of cash that will be used to support continued expansion. Subject to regulatory approval, the move will increase the speciality insurer’s equity capital to over $1 billion. US-based Corsair Capital is providing $150 million of the cash, which will be topped up from private equity funds managed by […]



AEGIS London expands into reinsurance treaty market

by Gill Montia

Story link: AEGIS London expands into reinsurance treaty market

AEGIS London is moving into the reinsurance treaty business and has appointed Chris White as property treaty underwriter. Mr White joins from Odyssey Re, where he has spent the last ten years underwriting property treaty reinsurance business, as well as direct and facultative reinsurance and retro. In his new role, he reports to John Chambers, […]



Abbey Life secures BMW pension longevity insurance

by Gill Montia

Story link: Abbey Life secures BMW pension longevity insurance

Abbey Life has announced that it has secured the “largest ever” longevity insurance transaction. The Deutsche Bank-owned firm will provide the BMW (UK) Operations Pension Scheme with a hedge for life expectancy risks associated with nearly £3 billion of pension scheme liabilities relating to around 60,000 pensioners. The deal involved Abbey Life making use of […]



Bupa revamps intermediary platform

by Gill Montia

Story link: Bupa revamps intermediary platform

Bupa has revamped its online trading system for the intermediaries who sell its individual protection products. The new system should make transactions smoother by allowing users to tailor products to suit their clients’ needs and upload multiple product applications in a single action. Intermediaries can now also make alterations up to the point when a […]



Royal London and Royal Liver explore merger

by Gill Montia

Story link: Royal London and Royal Liver explore merger

Royal London is reported to be in talks with Royal Liver regarding a takeover. Established as a friendly society in 1850, Royal Liver offers a range of financial products including mortgage and insurance services, whereas Royal London is recognised as the UK’s largest mutual life and pensions provider. The idea of a merger between the […]



Could using Facebook increase your insurance premiums?

by David Masters

Story link: Could using Facebook increase your insurance premiums?

Home insurance providers could start hiking premiums for users of social networking sites such as Facebook and Twitter. Price comparison site Confused.com issued the warning after it revealed that users of social media websites make themselves vulnerable to thieves by posting information about their location online. Potential criminals could use information posted on Twitter, Facebook […]



February 21, 2010

Sterling launches business policy with “lotto win” cover

by Gill Montia

Story link: Sterling launches business policy with “lotto win” cover

Sterling Insurance has launched a new commercial product available at fixed rates for three years, for selected clients. Twelve months in its development, the Executive Business policy claims a number of innovative features such as crisis containment and covering the cost of PR professionals to mitigate reputational damage. The policy also provides “lotto win” cover […]



Swinton acquires CBG Group personal lines business

by Gill Montia

Story link: Swinton acquires CBG Group personal lines business

CBG Group has announced that it has sold certain parts of its personal lines business to Swinton. The unit currently generates annual revenue of £370,000 and is break even at the operating level. The Manchester-based broker and financial services specialist says the move is in line with its strategy of focusing on its corporate insurance […]



Right insurance essential for empty retail units

by Gill Montia

Story link: Right insurance essential for empty retail units

The recession has left plenty of empty shops on the UK’s High Streets and Aviva is reminding property owners of the importance of having the right insurance in place. According to research by Local Data Company, retail property vacancy rates across Britain have risen to 12%, with some towns seeing as much as 24% of […]



Pearl Group arises as Phoenix Group Holdings

by Gill Montia

Story link: Pearl Group arises as Phoenix Group Holdings

Pearl Group has announced that it is changing its name to Phoenix Group Holdings, following a “reconstruction” that provided the group with “fresh momentum”. In a trading update, the closed life consolidator also revealed that its 2009 operational cash generation will exceed its £500 million target, and that it continues with preparations for a Premium […]



February 19, 2010

Meyenhofer steps down from PartnerRe Global

by Richard Kilner

Story link: Meyenhofer steps down from PartnerRe Global

PartnerRe Ltd. has announced that the chairman of PartnerRe Global, Bruno Meyenhofer, has chosen to retire effective from 31 March 2010. Meyenhofer joined the firm some 12 years ago during the acquisition of Winterthur Re, and led the integration of the underwriting oeprations (outside the US) of PartnerRe, SAFR and Winterthur Re. During his time […]



Endurance achieves record net income in 2009

by Richard Kilner

Story link: Endurance achieves record net income in 2009

Endurance Specialty Holdings Ltd has announced its financial results for Q4 and 2009. In Q4 the firm made net income of $154.8m, equating to $2.56 per diluted share, a substantial rise on the Q4 2008 net income of $16.9m, or $0.22 per diluted share. For 2009 as a whole Endurance achieved a record net income […]



Endurance names new CEO and president

by Richard Kilner

Story link: Endurance names new CEO and president

Endurance Specialty Holdings Ltd. has announced that from 1 March 2010 David Cash will assume the post of chief executive officer. In another move at the top of the firm, William M. Jewett will become president and report directly to Cash. The two men will also be nominated for election to the board of directors, […]



Allianz launches online safe deposit for travellers

by Gill Montia

Story link: Allianz launches online safe deposit for travellers

Allianz has joined forces with Mondial Assistance to develop an online safe deposit and assistance solution for Air France travellers. Allianz Protect claims to be a first in this area of protection, combining as it does the secure storage of electronic documents with Mondial’s emergency services. The safe deposit system is accessible from www.airfrance.com and […]



Family income benefit sales soar at Scottish Provident

by Gill Montia

Story link: Family income benefit sales soar at Scottish Provident

Scottish Provident has reported a four-fold increase in sales of its family income benefit plan, which pays out a regular income to claimants. The life and pensions provider observes: “As the economic instability remains in the UK the security offered by this kind of product is becoming ever more popular as consumers seek products that […]