Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 22nd of January 2018
March 27, 2010

Commission ban on investment advice in 2012

by Gill Montia

Story link: Commission ban on investment advice in 2012

The payment of commission to financial advisers who recommend specific investment products is to be banned in 2012. New rules published by the Financial Services Authority (FSA) mean that from the end of 2012, firms will have to be upfront about how much they charge for their services. The changes also mean firms offering independent […]



March 26, 2010

CII calls for independent professional standards board

by Richard Kilner

Story link: CII calls for independent professional standards board

The Chartered Insurance Institute (CII) has commissioned research which has revealed that there is strong support for an independent professional standards board, rather than internal FSA governance. The research came in two parts, the first half conducted with members and the second half with a wider spectrum of IFAs, with both segments showing a backing […]



Towergate announces pair of senior promotions

by Richard Kilner

Story link: Towergate announces pair of senior promotions

Towergate Partnership has announced a brace of senior management changes as part of its strategic and succession plans. Jonathan Walker is promoted from divisional chief operating officer for Towergate Retail to MD of the Retail Division. Walker will be directly responsible to deputy group CEO Amanda Blanc, and acquires daily operational responsibility for the firm’s […]



March 25, 2010

MMA to open three new regional offices

by Gill Montia

Story link: MMA to open three new regional offices

MMA is opening three new regional offices. The intermediary-only insurer is supporting growth in its commercial lines business by establishing operations in Newcastle, Chelmsford and Bristol. The Newcastle office will be the first to open and will be headed by Ian McIntire, who has been based at MMA’s Glasgow office since 2008. The group aims […]



Markel International appoints specialty co-MDs

by Richard Kilner

Story link: Markel International appoints specialty co-MDs

Specialty property and casualty insurer Markel International has announced the double appointment of Robin Ungless and Wayne Paternoster as joint managing directors of the firm’s specialty division. Ungless has worked for the firm for the last four years, focusing upon property treaty, whereas Paternoster has focus on contingency during his three years with Markel. Both […]



ABI laments missed opportunities in the Budget

by Richard Kilner

Story link: ABI laments missed opportunities in the Budget

The Director General of the ABI, Kerrie Kelly, has expressed relief that yesterday’s Budget did not contain any further moves that would damage pension saving following the damaging and over-complicated reductions in tax relief due to take effect next year. Kelly called on the Government to help encourage a culture of saving, praising the raising […]



Miller announces brace of appointments

by Richard Kilner

Story link: Miller announces brace of appointments

Specialist independent insurance and reinsurance broker Miller has announced the appointment of Issy Homan as the firm’s new head of Human Resources. She most recently worked for Barclaycard as interim head of Human Resources, prior to which she worked for UBS in a range of senior roles including global head of Career and Performance Management. […]



Lloyd’s reports record £3.9bn pre-tax profits

by Richard Kilner

Story link: Lloyd’s reports record £3.9bn pre-tax profits

Lloyd’s of London has reported its financial performance results for 2009, a year which saw it make pre-tax profits of £3.9bn. This marks a more than doubling of the £1.9bn made in 2008, and is a best ever pre-tax profit margin for the firm, exceeding the £3.8bn made in 2007. Central assets increased marginally, up […]



Aviva settles £300,000 car repair bill

by Gill Montia

Story link: Aviva settles £300,000 car repair bill

Aviva has setted a car repair bill of £300,000. The group insured a Pagan Ronda S, which collided with a telegraph pole and passed through a fence in the Aberdeen area, in September 2009. The vehicle, which cost in excess of £500,000, was badly damaged and sent for repair to Pagan’s Mokena factory in Italy, […]



Zurich in breach of Data Protection Act

by Gill Montia

Story link: Zurich in breach of Data Protection Act

Zurich Insurance has been obliged to sign an undertaking with the Information Commissioner’s Office (ICO) agreeing to improve security. The insurer lost an unencrypted back-up tape containing personal financial information belonging to over 46,000 of its policyholders, and has been found breach of the Data Protection Act. Customers of Zurich Private Client, Zurich Special Risk […]



Oval acquires Gloucester-based J L Fisher

by Gill Montia

Story link: Oval acquires Gloucester-based J L Fisher

Oval has strengthened its presence in the South West with the acquisition of Gloucester-based broker, J L Fisher & Co Ltd. Employing 20 staff and with annual GWP of around £20 million, J L Fisher offers insurance services to a wide range of business sectors including engineering, manufacturing, construction, charities, education and property investors. Following […]



March 24, 2010

Driving tests 75 years old

by Richard Kilner

Story link: Driving tests 75 years old

The driving test is 75 years old this month, and over that time motorists have become well aware of the need for caution around learner drivers. Provisional Marmalade, the new driver’s champion, has collaborated with Halfords to provide an innovative car insurance product that provides provisional drivers with fully comprehensive insurance on a family or […]



Ecclesiastical romps home with £79m profit

by Gill Montia

Story link: Ecclesiastical romps home with £79m profit

Ecclesiastical Insurance has reported a strong overall performance for 2009, with pre-tax profit of £79 million, compared with a loss of £22.5 million in 2008. Underwriting profit totalled £27 million and good premium growth across the group resulted in an 11% rise in GWP, to £427.7 million. Furthermore, a rise in the value of UK […]



Motor claims supported by iPhone apps

by Richard Kilner

Story link: Motor claims supported by iPhone apps

Comparison site Constructaquote.com has said that policyholders can benefit from taking advantage of mobile devices such as the iPhone during claims. AXA recently released research showing that barely over a third of British motorists knew the proper procedure in case of a claim, with over a quarter unlikely to swap vital information such as names, […]



Easter travellers urged to take out insurance

by Richard Kilner

Story link: Easter travellers urged to take out insurance

The travelling public have been urged by Direct Travel Insurance not to forgo travel insurance this Easter. Although the economy appears to have emerged from recession, the recovery is gradual and consumers remain highly aware of the importance of value for money. This has led some to consider going without travel insurance, as many view […]



New car buyers must check replacement cover

by Gill Montia

Story link: New car buyers must check replacement cover

With the Car Scrappage Scheme ending this month and the imminent release of the new “10” registrations, the final weeks of March could see a rush of new car sales. Defaqto is therefore warning consumers to check out the cover provided under their comprehensive car insurance. According to the financial analyst, motorists perceive comprehensive policies […]



March 23, 2010

Markel International appoints Hull and War underwriter

by Richard Kilner

Story link: Markel International appoints Hull and War underwriter

Specialty property and casualty insurer Markel International has announced that it is bolstering the capabilities of its Marine and Energy Division with the appointment of Daniel McCarthy to the Hull and War team as an underwriter. McCarthy brings with him over ten years of experience in marine insurance and formerly worked for Allianz as a […]



Legal & General report 2009 profits

by Richard Kilner

Story link: Legal & General report 2009 profits

Legal & General has reported its financial results for 2009, including an IFRS operating profit of £1.1bn, up 87% from the £592m made in 2008. Final dividend was up a third to 2.73p per share, with net cash more than doubled from £320m in 2008 to £699m. The firm also exceeded its cost cutting target […]



Canada’s SCM acquires AXIS Adjusters Europe

by Gill Montia

Story link: Canada’s SCM acquires AXIS Adjusters Europe

SCM Insurance Services, which claims to be Canada’s largest insurance services provider, is acquiring AXIS Adjusters Europe Ltd. Following completion of the transaction, AXIS will be the London-based European division of ClaimsPro, SCM’s claims management and adjusting business division. The acquisition should serve as a springboard for SCM’s long-term growth and expansion plans in international […]



1 Answer Network launches Selfsure

by Richard Kilner

Story link: 1 Answer Network launches Selfsure

1 Answer Network is collaborating with Selfnet to provide its membership with the all-encompassing Selfsure product. The product is designed to simplify the buying of insurance for both brokers and customers, and is aimed at mid-high net worth customers. Brokers will be able to provide customers with a single, full-cycle policy that covers home, motor, […]