In a strange twist, former Prudential chief executive, Mark Tucker, has been named as the new head of AIA, replacing Mark Wilson. Prudential only abandoned its plans to acquire AIA in June, having initially agreed to acquire the pan-Asian subsidiary of US insurer AIG, for £24 billion. However, leading Pru shareholders were unhappy with the [...]
The Association of British Insurers (ABI) has confirmed that for personal reasons, Kerrie Kelly is stepping down from her role as director general to return to Australia. Maggie Craig, director of Life & Savings at the ABI, will serve as acting-director general while a permanent replacement is found. Ms Kelly took up the role in [...]
Protect your bubble, which is an Assurant Direct brand, has launched a new iPhone policy and is claiming that the product costs less than half the price of iPhone insurance currently offered by some networks. At £5.99 a month, the policy includes worldwide cover for accidental damage (including water damage) and theft, plus mechanical breakdown [...]
American International Group (AIG) is to pay $725 million to settle accusations of fraud brought by three Ohio pension funds. In a class action law suit, the funds allege that between 1999 and 2005 AIG engaged in share price manipulation, anti-competitive behaviour and accounting fraud that resulted in millions in losses for shareholders. Ohio Attorney [...]
Torus Executive Risks (TER) has appointed David Robinson as professional indemnity (PI) manager. Mr Robinson is moving from Lloyd’s Syndicate 3210 of Mitsui Sumitomo Insurance Group, bringing with him over 20 years’ experience in the PI market, having also held posts with DA Constable Syndicate 386 and BP Theakston Syndicate 1101. TER was established earlier [...]
Travel insurers have been spending £5.3 million a week helping Britons who fall ill abroad. According to the Association of British Insurers (ABI), the cost of becoming ill overseas hit a record high last year, with medical expenses claims having leapt by over 270%, compared with five years ago. In all 366,000 claims were settled [...]
Insurance intermediary Kwik Fit Insurance’s Flex programme won the prize for Most Effective Benefits Strategy (for organisations with more than 1000 staff) at the Employee Benefits Awards, the only event in the UK that focuses upon the rewards and benefits offered by employers. The firm was praised for using its approach to benefits to tackle [...]
Exeter Friendly Society has scooped the innovation award at the Protection Review’s 2010 annual conference. The Review, which honours the UK’s health and protection providers, made the award for the mutual’s website, which earlier this year received a similar accolade at the Media Innovation Awards. The Society’s sales & marketing director, Richard Wyatt-Haines, says the [...]
American International Group, Inc. (AIG) has announced that Robert S. Miller has become the chairman of the firm’s Board of Directors. Miller succeeds Harvey Golub, following Golub’s resignation with immediate effect. Miller was elected to the board last year, and serves as the present chairman of MidOcean Partners, and previously served as executive chairman and [...]
MMA has announced that the newly created position of head of UK Development has been filled by Peter Knowles. He was previously market director of General Insurance at the Chartered Insurance Institute and brings with him more than two decades of experience in the industry. Knowles also worked for Polaris as strategy and marketing director, [...]
Global risk and reinsurance specialist Guy Carpenter & Company, LLC has announced the appointment of Martin Pepper as head of the firm’s London-based Marine and Energy Practice. Before joining Guy Carpenter he was a director for broking firm Walsham Brothers and Company Limited, where he worked for more than three decades. Pepper, who assumes his [...]
Fortis is claiming to be the UK’s first leading personal lines insurer to invest in a new suite of computer models that can predict the relative risk of claims for a number of insured perils across the country. The Perils Insight suite from Business Insight can give a detailed perspective on the distribution of risk [...]
UK holidaymakers looking to cut costs are being advised by Post Office Travel Insurance to browse their travel insurance options thoroughly. Last year the number of overseas holidays taken by Britons declined by 14.5% as travellers sought to save money by taking fewer holidays or just staying in the UK. Regardless of the longevity of [...]
Motorists have been advised by Post Office Car Insurance to ensure that their coverage protects them against theft or damage to contents. With festival season upon us, Post Office Car Insurance suggest travellers should check their insurance arrangements prior to travelling. Should present coverage prove inadequate, the policyholder ought to contact their provider to enhance [...]
Open GI has bolstered its Open Trader Development Team with a new appointment. Andy Beardshaw is tasked with enhancing the delivery, quality and technical processes of the SME trading platform, which is currently used by over 500 UK brokers, to ensure the product continues to evolve. Mr Beardshaw has a development career spanning 25 years [...]
Commercial insurer, FM Global, has received the 2010 Risk Management Award at the annual British Insurance Awards, judges having recognised the qualities of its RiskMark web-based risk quality benchmarking tool. RiskMark is based on an algorithm modelled on FM Global’s loss prevention engineering standards, with consistent and repeatable data collection by the company’s 1,500 engineers [...]
The Insurance Manager (IM) has completed its 4th annual survey of insurance industry standards to find that the results mirror last year’s findings, or put another way are “as bad as ever”. The firm, which specialises in insurance and risk management services to the SME sector, deals with around 15 brokers and 30 insurers on [...]
PartnerRe Ltd. has announced that Executive Vice President and Chief Financial Officer Albert Benchimol is to retire from the firm, with effect from 31 December 2010. Benchimol has held both positions since he joined the firm a decade ago, and in 2007 he also became chief executive officer of the Capital Markets Group. During his [...]
Bermuda-based specialty provider of property and casualty insurance and reinsurance Endurance Specialty Holdings Ltd. has hired Gene Mason as senior vice president and head of Professional Lines for its US wholesale operations. Mason is an industry veteran, with more than two decades of working as a broker and underwriter and extensive experience of professional liability [...]
