Marsh & McLennan Companies, Inc. (MMC) has reported its financial results for the fourth quarter and full-year 2010. In Q4, consolidated revenue rose 9% to $2.8bn (year-on-year) and increased by $0.3bn from the Q3 2010 result. Quarterly net income was recorded at $203m (equating to $0.37 per share), an improvement from the Q4 2009 net [...]
Auto Windscreens Limited has been placed in administration and all operations have been temporarily suspended, although joint administrators, M J Cowlishaw, D L Z Wong, and C J Farrington of Deloitte LLP hope they will resume shortly. In the interim, customers are advised to direct queries in relation to either a previously scheduled appointment, rectification [...]
At a time when insurers are getting tougher on paying out household insurance claims, Claim Experts is calling on policyholders to take some simple steps to improve the chances of a full payout, should disaster strike. The loss adjusting firm’s chairman, Richard Hanson-James, explains: “Because some insurers are choosing to go through the policy line [...]
The British Insurance Brokers’ Association (BIBA), in conjunction with the DVLA and the Motor Insurers’ Bureau (MIB), is reminding motorist that a new law, to be rolled out in late Spring, will mean that they must keep a vehicle insured unless they have notified the DVLA that it is being kept off-road. Details of the [...]
Proposed cuts to legal aid and restrictions on conditional fee agreements (CFAs) will create a “perfect storm”, denying proper access to justice for some of the most seriously injured people, warns the Association of Personal Injury Lawyers (APIL). Having issued in-depth responses to the Government’s consultation on legal aid and civil litigation funding, APIL is [...]
As couples up and down the country enjoy the most romantic day of the year, research from The Co-operative Insurance has revealed that frisky behaviour is the single biggest distraction behind the wheel. One in five UK drivers in a relationship have stated that amorous behaviour whilst driving has led to either an accident or [...]
ACE has announced the appointment of Graham Chesman as multinational claims client executive of ACE European Group. Reporting to Peter Murray, claims director for ACE European Group and senior vice president claims for ACE Overseas General, Mr Chesman will provide leadership and co-ordination within Europe for the insurer’s claims service, to all multinational clients. He [...]
Standard Life has partnered with GoldMoney to allow its SIPP clients to invest in gold. Under the agreement, new and existing clients of the Standard Life SIPP will be given online access to Goldmoney’s website 24 hours a day, seven days a week. They will be able to buy or sell a total of 2,000 [...]
In a trading update covering the six months to the end of December 2010, Insurance Australia Group (IAG) says it expects to report an insurance profit of $470 million (1H10: $488 million), representing an insurance margin of 12.7% (1H10: 13.4%). The group estimates gross written premium for the period at $3.9 billion, which equates to [...]
Aon Benfield has been named “Model Insurer” by international strategy consultant, Celent, at its recent awards ceremony in New York. The accolade acknowledges Aon Benfield’s FAConnect technology, which allows clients to manage their own facultative risk placements via an Internet-enabled device and helps users enter new markets. Since its launch in January 2010, FAConnect has [...]
New research from LV= suggests that staged car accidents are taking place in record high numbers. Questioning motorists involved in accidents in the past two year, the insurer found that over one in 20 believed they had been a victim of a “crash-for-cash” scam, with “rear-ending” (when a fraudster brakes sharply causing the driver behind [...]
Allianz Retail has announced that it has signed a multi-year deal to provide pet insurance to The Co-operative Insurance. The Co-operative Insurance will be underwritten by Allianz for its provision of comprehensive cover with a range of optional extras to enable customers to enjoy a tailored insurance policy. The milestone agreement markes the Corporate Partner [...]
Endurance Specialty Holdings Ltd. has reported that in the fourth quarter of 2010 it made a net income of $111.2m, equating to $2.09 per diluted common share. This is a fall from the $154.8m ($2.56 per common diluted share) the firm made in the corresponding period the year before. The quarterly net income was also [...]
Specialist home insurer Hiscox has urged homeowners to ensure that their home contents insurance is up to date and affords them appropriate levels of protection. Recent years have seen the value of gold and platinum rise, and with Valentine’s Day rapidly approaching couples up and down the country will doubtlessly buy one another expensive gifts [...]
ACE has announced a number of senior changes to its Southern Europe team, including the appointment of Maurizio Ferrario, formerly country manager for ACE Italy, to the post of senior adviser. In his new role Ferrario will focus upon sales and distribution, supporting specific sales and distribution initiatives at the European level as well as [...]
Small and medium-sized businesses (SMEs) are putting their livelihoods at risk by not taking the time to prepare disaster recovery and business continuity plans (BCP), claims Aviva. In a recent survey by the insurer, half of SME owners asked about BCPs stated that they had no such plan in place, and a further 16% said [...]
Keoghs has announced a brace of senior hires, with disease specialist Carrie Hoey joining the firm, along with new commercial director Andrew Spice. The senior appointments follow a year of swift expansion for the firm, which saw 88 new jobs and a 12% rise in headcount to 827 at its sites in Bolton, Coventry and [...]
International specialty property/casualty insurer and reinsurer Catlin Group Limited has reported its financial results for 2010. The firm saw pre-tax profits decline from a record $603m last year to $406m, a drop of around a third. The net underwriting contribution rose, year-on-year, from $651m to $683m, but return on net tangible assets in US dollars [...]
