Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 17th of August 2018
June 24, 2010

THB Group reports strong six months

by Richard Kilner

Story link: THB Group reports strong six months

Specialist insurance and reinsurance broker THB Group plc has released its interim (unaudited) results for the six months to 30 April 2010. Fees and commissions were up by 5%, with broking profit increased by more than a fifth, up 21%. The surge in broking profit marks a continuation of the pattern established recently, following the […]



Tax rises will affect brokers and policyholders

by Richard Kilner

Story link: Tax rises will affect brokers and policyholders

Groupama Insurances’ Personal Lines director, Kevin Kiernan, has suggested that the rises in Insurance Premium Tax (IPT) and VAT will have more profound consequences than the immediate financial impact on consumers. Kiernan stated that, whilst unsurprising, the tax rises were disappointing and warned that the changes would create a new range of costs for brokers […]



AXA agrees £2.75bn life & pensions sale to Resolution

by Gill Montia

Story link: AXA agrees £2.75bn life & pensions sale to Resolution

AXA has today announced that it has agreed to sell its UK-based traditional life and pensions businesses, its IFA protection and corporate pension businesses and its annuity businesses to Resolution Ltd, for £2.75 billion. The French group says the move is consistent with its intention to focus on growing its wealth management business in the […]



AEGON warns of UK job losses

by Gill Montia

Story link: AEGON warns of UK job losses

AEGON has warned of job losses at its UK life and pensions business. The division employs around 2,400 in Edinburgh, 670 at Lytham St Annes, and 630 in sales roles across the country. Earlier this week, the Dutch insurer, which owns Scottish Equitable, announced a restructure that would target 25% cost reductions in the UK […]



June 23, 2010

Willis appoints group CFO

by Richard Kilner

Story link: Willis appoints group CFO

Global insurance broker Willis Group Holdings has announced the appointment of Michael K. Neborak as executive vice president and group chief financial officer. Neborak will join Willis on 6 July, and report directly to Chairman and Chief Executive Officer Joe Plumeri. He will be based in New York, as well as working from the firm’s […]



Over 55s most concerned about road rage

by Richard Kilner

Story link: Over 55s most concerned about road rage

Independent financial research company Defaqto has commissioned research surveying 5,000 consumers and finding that the over 55s are far more concerned than younger motorists about the traumatic effects of road rage and car jacking. However, this is not typically covered by 90% of insurance policies available. Road rage is not covered by 91% of comprehensive […]



Insurers urged to take note of IPT rise

by Richard Kilner

Story link: Insurers urged to take note of IPT rise

FiscalReps, the independent consultancy firm, has warned that the increase in Insurance Premium Tax (IPT) should not be ignored. The rise in IPT, announced in yesterday’s austerity Budget, sees the basic rate move from 5% to 6% and the higher rate from 17.5% to 20%, a significant measure according to FiscalReps’ founder, Mike Stalley. Stalley […]



Marsh announces pair of EMEA leadership appointments

by Richard Kilner

Story link: Marsh announces pair of EMEA leadership appointments

Marsh has announced the appointment of Caroline Woolley as Property Practice leader, and the appointment of Alain Petit-Lambotte as Casualty Practice leader for Europe, the Middle East and Africa (EMEA). Woolley joined the firm fours years ago as accountancy leader of Marsh Risk Consulting’s Forensic Accounting and Claims Services (FACS) team. Petit-Lambotte brings more than […]



Allianz Commercial applies new smartphone technology

by Gill Montia

Story link: Allianz Commercial applies new smartphone technology

Allianz Commercial’s risk assessment business has successfully trialled a bespoke solution from systems integrator, LAN2LAN. The new technology allows the insurer’s Risk Control Team to replicate data from its in-house IBM Lotus application, directly onto BlackBerry smartphones. By removing the need to transfer information manually onto company laptops and then into the central corporate system, […]



June 22, 2010

IPT rate increases from 2011

by Gill Montia

Story link: IPT rate increases from 2011

In today’s emergency Budget, Chancellor of the Exchequer George Osborne announced that the higher rate of Insurance Premium Tax (IPT) will increase in line with VAT, from 17.5% to 20%, on 4th January 2011, while the standard rate will increase from 5% to 6%. The hikes are expected to raise £0.5 billion a year for […]



Single trip insurance could save travellers money

by Richard Kilner

Story link: Single trip insurance could save travellers money

Defaqto, the independent financial research firm, has reported that travellers enjoying a single holiday this year could benefit more from single trip insurance, rather than an annual policy. Head of Research and report author Brian Brown has said that it makes sense to cut back spending whilst retaining an adequate level of coverage. Brown pointed […]



LIU appoints North Asia regional leader

by Richard Kilner

Story link: LIU appoints North Asia regional leader

Liberty International Underwriters (LIU) has announced the appointment of Richard Head as regional leader in North Asia. As well as taking on his new role, Head will retain his present responsibilities as SVP of Specialty Casualty products in the Asia Pacific region. In his new position he will be tasked with spearheading LIU’s growth into […]



Allianz launches Defaqto broker comparison service

by Gill Montia

Story link: Allianz launches Defaqto broker comparison service

Allianz Insurance has launched an online comparison service for brokers, on its eBroker website. The insurer is making use of the latest Defaqto Compare comparison tool which uses a traffic light system to allow brokers to compare the cover provided by Allianz’s “Clear” household range against a number of providers in the UK. The move […]



Beazley bolsters contingency team

by Richard Kilner

Story link: Beazley bolsters contingency team

Beazley has made a pair of new appointments to bolster its UK and Australian contingency capabilities. In the UK, Michael Price joins the contingency team, with Alastair Dart joining Beazley’s office in Brisbane. Beazley’s contingency team leader Chris Rackliffe explained that the importance of event cancellation insurance had become better known recently due to a […]



Allianz Insurance launches Defaqto Compare

by Richard Kilner

Story link: Allianz Insurance launches Defaqto Compare

The eBroker website of Allianz Insurance has been enhanced with the addition of an online comparison service, utilising the latest independent Defaqto Compare comparison tool. Using the new tool, brokers will be able to easily compare Allianz’s Clear household product range with rival products in the UK. The Compare tool also enables brokers to shift […]



Willis to open Kazakhstan office

by Gill Montia

Story link: Willis to open Kazakhstan office

Willis Group has received official approval from local authorities to open a representative office in Kazakhstan, the third such office to be opened by the group in the former Soviet Union, in addition to its branches in Russia and the Ukraine. The broker’s London-based Eastern Europe executive director, Simon Aubrey-Jones, is leading the venture, having […]



AEGON looks for 25% UK cost reductions by 2011

by Gill Montia

Story link: AEGON looks for 25% UK cost reductions by 2011

AEGON has announced that it intends to restructure and re-focus its UK business, targeting cost reductions of 25% by the end of 2011. In a series of measures aimed at increasing long-term returns and improving its risk profile, the Dutch group also intends to explore strategic options for it life reinsurance business, Transamerica Reinsurance, including […]



June 21, 2010

Call for action on public sector pensions

by Richard Kilner

Story link: Call for action on public sector pensions

Professor Philip Booth, Editorial and Programme Director at the Institute of Economic Affairs, has called for urgent action to be taken regarding public sector pensions. Professor Booth welcome the recent surprise appointment of former Labour Cabinet minister John Hutton to the new Coalition Government’s pensions commission. Professor Booth added that whilst the commission itself may […]



Evolution and Cardinus launch SME promotion

by Gill Montia

Story link: Evolution and Cardinus launch SME promotion

Commercial specialist, Evolution Underwriting Group, is sweetening up its brokers and policyholders with a deal on a range of online products from Cardinus Risk Management. All Evolution policyholders are being offered a free £100 initial purchase on a number of services that can be purchased at a co-branded version of Cardinus’s SME portal. Evolution’s 300 […]



Fortis expands Gloucester office

by Richard Kilner

Story link: Fortis expands Gloucester office

Fortis Insurance UK has unveiled a new 11,000 square foot extension to its office in Gloucester Business Park, Brockworth. The additional room provides enough space for an extra 250 staff, with nearly 600 already working in the firm’s Gloucester office. The extra space has been necessitated by increasing organic growth, particularly fuelled by commercial lines […]