The Navigators Group, Inc. has reported quarterly net income of $17.3m, equating to $1.07 per diluted share, during the fourth quarter of 2010. This is almost threefold the net income of $6.1m ($0.35 per diluted share) the firm managed to make during the corresponding period in the previous year. Quarterly operating earnings were $4.7m ($0.29 [...]
Ageas Insurance Limited has announced that it has appointed three new broker account executives to cover the North East, East and West Midlands, and South West regions. The appointments are part of the firm’s strategic drive to enlarge its Commercial division and bolster its relationship with regional brokers. Jonnie Armstrong was formerly a regional sales [...]
Specialist (re)insurance broking and risk management group THB Group plc has announced that it is expanding its London Market division, part of THB’s Lloyd’s broking operation Thompson Heath & Bond Limited. THB is adding three new appointments to its 35-strong Motor Fleet and Commercial teams, and makes the announcement shortly after it revealed a 47% [...]
Aviva has appointed Martin Muir as its group asset & liability management (ALM) director, effective 11th April 2011. In the newly-created role, Mr Muir will have responsibility for the optimisation and strategic asset allocation of the company’s investment portfolio. Based at the insurer’s London headquarters, he will report to Tim Harris, Aviva’s deputy group chief [...]
The over 50s are now accounting for more than half (51%) of overseas holiday spend and 43% of all UK tourism spend, according to travel insurer LV=. Whilst the under 50s continue to struggle with belt-tightening, the over 50s spend £17.6bn on travel every year, and this figure is predicted to almost double in a [...]
Homeowners are being hit for damages totalling £246m every year due to neighbourhood botches, according to Direct Line. The insurer’s research has found that neighbours cause a wide range of woe, from smashed windows and severed electricity supplies to flooding. During the last five years, 9% of homeowners have suffered damage at the hands of [...]
Groupama Insurances has reported that during 2010 it saw its total revenues generated rise by 4.6% from £450.3m to £470.9m, partly due to rising core private car portfolio premiums. The firm saw its total UK profits increase dramatically, rising by 70% from £14.1m in 2009 to £23.7m in 2010 (before taxes). The dreadful and prolonged [...]
Swiss Re has reported its financial results for 2010, including a full-year net income of US$863m, equating to earnings per share of $2.52. Compared to 2009, this marks an improvement of 74% on the previous year, when $496m was made ($1.46 per share). The firm has also reported a very strong start to 2011, with [...]
Cyber crime costs the UK economy £27 billion per year, according to a new report launched by the Cabinet Office and information intelligence experts, Detica. UK business bears the brunt of this kind of criminal activity, at a cost of £21 billion per annum, with intellectual property theft swallowing up £9.2 billion; industrial espionage £7.6 [...]
The British Insurance Brokers’ Association (BIBA) is calling on the Financial Services Authority (FSA) to accelerate its fundamental review of the Financial Services Compensation Scheme (FSCS). The Association’s chief executive, Eric Galbraith, is clearly alarmed by recent comments from the FSA which suggest the review might not be as high a priority for the regulator [...]
The Association of British Insurers (ABI) has opined that it is time to end the legal costs which cost British consumers £2.7m every single day. The excessive legal costs have fuelled calls by the ABI for a root and branch reform of the civil litigation system. The organisation has drawn particular attention to the many [...]
The Association of British Insurers (ABI) has declared that it is time to put the brakes on the legal costs “gravy train” that is costing UK consumers £2.7 million every day. Calling for a “root and branch” reform of Britain’s civil litigation system and the high legal costs connected to personal injury claims, the Association [...]
Bike Team, Equity’s specialist motorcycle insurance brand, has won the approval of the nation’s bikers. Bike Team was voted Britain’s Best Insurer by bikers in a national poll, with the readership of Ride Magazine nominating the Colchester-based broker to the top slot in its RiDER POWER 2011 survey. In the survey bikers assessed UK motorcycle [...]
Legal & General Board Director John Pollock has responded to the rise in unemployment figures revealed today by stating it seems likely the situation will continue for some time. As the Government’s austerity measures kick in, budgets are declining and unemployment is likely to rise for several months. Meeting household bills, Pollock went on to [...]
Marsh Inc. has announced the appointment of David Bidmead to the newly created position of chief executive officer of Marsh US. Bidmead, who was formerly Marsh’s US West Zone leader and CEO of Marsh Australia, will report directly to President of Marsh US/Canada Joe McSweeny. In his new role he will assume responsibility for guiding [...]
Cotswold Geotechnical Holdings has become the first company to be convicted of the new offence of corporate manslaughter, the Crown Prosecution Service reports. Alex Wright was 27-years-old when he died on 5th September 2008. He was working as a geologist for the company when a deep trench on a development plot in Stroud collapsed and [...]
Equinox Global, the recently established specialist trade credit insurer, has appointed Gaurav Ganguly as head of risk strategy and Marian Berden as senior credit and macro analyst. Both will take up their roles on 1st March, with Mr Ganguly joining from Atradius where as chief economist, he built and led an economics unit specialising in [...]
Zurich Financial Services Group has announced the appointment of Peter Wright to the position of Group Head of Human Resources. Wright, whose appointment is effective from 21 February, replaces Peter Goerke who parted ways with Zurich in January of this year. He assumes responsibility for Zurich’s global HR function, is to be based in Zurich [...]
