Miller Insurance Services Limited enjoyed a strong performance at the Insurance Day London Market Awards, where it was named the Company of the Year in 2010. Chief Executive Graham Clarke accepted the award on behalf of the firm during the ceremony, which took place at Grosvenor House, Park Lane, London. Miller received the award in [...]
Novae has announced that it intends to return approximately £32.9 million of capital to shareholders, equating to 45 pence per ordinary share. Following a series of actions to improve its return on equity, the group’s FSA registered Novae Insurance Company Limited (NICL) had surplus capital of over £60 million as at 31st December 2009. The [...]
As part of its latest Solvency II update, Guy Carpenter has analysed the industry-wide impact of the natural catastrophe scenarios provided in QIS5, the European Commission’s fifth and most recent Quantitative Impact Study. The reinsurance intermediary has also conducted its own analysis to measure the industry-wide impact of these scenarios and determine whether they are [...]
With Britain in the grip of freezing temperatures and snow, the Association of British Insurers (ABI) has warned that damage caused by frozen and burst pipes and leaking water could top £650 million this winter. The ABI is therefore advising householders to: Ensure that loft water pipes and water tanks are insulated and know where [...]
Sun Life Financial of Canada, UK is closing to new business. The life and pensions provider says it has “refocused its approach” and from 3rd December 2010, will solely offer products and services to its existing customers. Put another way, although the company will continue to offer additional business to existing customers, it will no [...]
Lloyd’s has opened a new office in Toronto, having been a leading provider of commercial insurance in the Canadian market for many years. The expansion aims to build relationships and support Lloyd’s underwriters in Canada’s largest commercial centre. Also this week, Lloyd’s has warned that it is important to know the enemy to understand the [...]
Bluefin has acquired Carlisle-based broker, Ross Lloyd. The bulk of the firm’s £5 million premium business is commercial and the move will complement Bluefin’s existing position in Cumbria and the Lake District. AXA-backed Bluefin has also been urging businesses that traditionally close down over the Christmas and New Year period to ensure that premises, equipment [...]
According to latest data published by AXA, household insurance for homes in high flood risk regions is being subsidised by £511 each year. This means that homeowners in affected regions are only paying 42% of the true cost of insurance to protect their homes against flooding. The latest data was published as part of an [...]
Zurich has announced that subsidiary Zurich Insurance Company Ltd has completed the acquisition of 99.99% of Compagnie Libanaise D’Assurances SAL, a privately-owned Lebanese insurer with branch operations in the United Arab Emirates, Kuwait and Oman. The group describes the transaction as a “milestone”, allowing it to provide market-leading products to personal and commercial customers in [...]
The 2010 Atlantic hurricane season, which officially ended on November 30th, had the second-highest number of hurricanes since records began in 1851. According to an analysis by Risk Management Solutions (RMS), the season saw the formation of 12 hurricanes, five of which intensified to major hurricane status. The total number of named storms for the [...]
AXA UK has appointed Amanda Blanc as CEO of its commercial lines business which includes its distribution arm, Bluefin Insurance Group. Blanc, will report directly to Paul Evans, group chief executive of AXA UK, and will become a member of the AXA UK Executive Committee and board member*. Blanc joins from the Towergate Partnership Ltd [...]
More than half (57 percent) of European insurers expect the total cost of Solvency II compliance to be higher than they initially estimated, according to results of a survey released today by Accenture. Nearly one-third (29 percent) of the insurers surveyed said they expect to spend more than €25 million to comply with the directive, [...]
Prudential is outlining new growth and profitability targets for Asian markets at an investor conference being held today. Group chief executive, Tidjane Thiam, is unveiling plans for the company to double the 2009 value of its Asian life and asset management pre-tax operating profit in 2013 (2009: £465 million), alongside a similar achievement for new [...]
In order to meet the increased concern of multinational companies about the rise in political risks globally, Marsh today announced the launch of its innovative Mobile Asset and Commodity Expropriation (MACE) insurance facility. Available globally, the product provides up to $100 million of cover per risk for plant, equipment and inventories located in foreign countries [...]
Specialist insurer Ecclesiastical has completed the transfer of its With Profit and most of its Non Profit Life funds to Homeowners Friendly Society Limited (trading as Engage Mutual Assurance). The transfer was approved by the High Court on 26th November and took effect yesterday, 30th November 2010 at 11:59pm. Engage Mutual has acquired Ecclesiastical Life [...]
Giles Insurance Brokers has announced the acquisition of RA Rossborough Limited and its general insurance broking companies. The acquisition represents the largest acquisition by independent broker Giles to date. Rossborough is the largest broker in the Channel Islands and has key offices in Southampton and the Isle of Man. Across the group, Rossborough employs around [...]
