Britain’s over-55s have a growing problem with debt, according to Aviva’s fifth Real Retirement Report. Twenty-three percent of those questioned did not expect to be debt-free until the age of 75 and 15% did not believe they would ever be free of debt. More than a fifth (21%) are still making mortgage payments and 30% [...]
Aspen US Insurance has announced the creation of a Surety insurance unit to be led by Executive Vice President Michael Toppi. Toppi will be supported by Commercial Surety Vice President Matthew Raino and Commercial Surety Assistant Vice President Ryan Field. The Surety team will be based in Rocky Hill, Connecticut and take a niche approach [...]
Ageas UK has reported its financial results for 2010, including a 27.2% rise in total income, compared to 2009, to £1,035.2m. However, the firm did make a loss of £24.8m for the year, after the exclusion of bad weather events and one-off costs. Ageas UK recorded a pre-tax profit of £51.5m, excluding bad weather events [...]
Specialist insurer Hiscox has announced that it has bolstered its UK Technology and Media team with a brace of underwriting appointments. Jiveen Lal has been named as senior Technology and Media underwriter (North) with Matthew Webb occupying the same position for the South. Both Lal and Webb will be directly responsible to Alan Thomas, head [...]
CNA Europe has announced the formation of a combined France & Italy operational region, with offices in Paris, Lyon and Milan. Headed by Danilo Saitta, who previously ran the Milan office, the region will employ 42 underwriting, support, claims, risk and finance staff, in total. The new structure is in alignment with the group’s neighbouring [...]
Lloyds Banking Group has announced that its executive director for insurance and Scotland, Archie Kane, is retiring. Mr Kane joined the bank in 1986 and has been a member of the group’s board since 2000. Lloyds’ insurance business will in future be managed in two separate divisions: life, pensions and investments, and general insurance. The [...]
False insurance claims presented a “fairly stable” picture last year, according to the latest Fraudscape report from CIFAS. Overall, the number of false claims detected dropped, compared with 2009, with the decline occurring gradually during the course of 2010. The decrease was driven by a fall in recorded household insurance frauds, which were down by [...]
Miller has announced that it has become an Airmic Associate Partner. The announcement brings Miller closer to Airmic members and affords the firm the opportunity to engage in a number of events, such as the Airmic Academy (a risk training programme for risk and insurance managers). Airmic Chairman John Hurrell has said that the firm [...]
Marine insurance buyers are likely to see continuing softening in the market, according to Marsh’s latest Marine Market Monitor. Abundant capacity, a slowing of world trade and light claims experience saw the rates of marine insurance decline in 2010. Marsh’s Marine Practice Chairman Marcus Baker explained that lower demand meant fewer ships carrying less cargo, [...]
Bupa has today announced a new multi-million pound campaign launched to complement the firm’s repositioning to offer products and services beyond core health insurance. The Helping You Find Healthy campaign, which begins TV advertising from 10 March, is a multi-platform campaign and replaces the animated shapes that formed Bupa’s previous advertising series. The new campaign [...]
RSA has today announced the appointment of Mark Coffey as trading director, personal lines broker, with effect from 1st April 2011. Mr Coffey joins Danny Venner and Vicky Symms as a third trading director, reporting to the group’s managing director, personal lines broker, Steve Kingshott. The appointment completes the restructure of the team, which has [...]
AEGON has appointed Adrian Grace as chief executive officer of AEGON UK, replacing Otto Thoresen, who is leaving after six years in the post to become director general of the Association of British Insurers. Mr Grace will take up his new role on 1st April 2011, subject to approval by the Financial Services Authority, moving [...]
Bermuda-based insurer and reinsurer, Omega, has reported a loss of $42.8 million for 2010, compared with the previous year’s profit of $43.6 million. Gross premium income for the year stood at $356.1 million (2009: $265.8 million) but the firm suffered a loss ratio of 84.4%, compared with 49.3% in 2009. Omega points out that 86% [...]
BeatThatQuote.com, which claims to be the UK’s fastest-growing price comparison website, has been acquired by Google, for £37.7 million. The firm’s managing director, John Paleomylites, says the deal presents a “tremendous opportunity” for the company to develop new and innovative options in the UK personal finance market. He explains: “We look forward to working with [...]
The Association of British Insurers (ABI) has appointed Otto Thoresen as its new director general. Mr Thoresen, who is currently chief executive of AEGON UK and a member the group’s board, will take up the London-based role on 4th April when he replaces Maggie Craig, who has held the post of acting director general over [...]
MMA Insurance has selected ISO’s Claims Outcome Advisor (COA) for its motor insurance claims operations. The solution can manage the multiple dimensions of personal injury claims portfolios and therefore promises claims settlements that are accurate and consistent, and within strict Ministry of Justice timelines. The broker-only general insurer trialled COA for six months, during which [...]
Chartis is launching a web app for two of its SME products, allowing brokers to obtain speculative or last-minute quotes, while on the move. Developed in conjunction with Acturis, the facility also allows intermediaries to email the quote to a client, bind the business and send the policy to the insured. The firm claims the [...]
Liberty Mutual Insurance Europe (LMIE), a member of Liberty Mutual Group, has announced a major push into commercial lines mid-markets. LMIE is to expand its network of UK regional offices and its range of commercial insurance products during 2011. The firm’s primary growth focus will be the United Kingdom, but the firm also writes commercial [...]
Aspen Insurance Holdings Limited has announced the appointment of Mario Vitale as the firm’s president of US Insurance. Vitale’s appointment comes as the firm seeks to bolster its presence in the United States by leveraging its investment and building its franchise in the US insurance market. He brings more than three decades of global experience [...]
Zurich Financial Services Group has announced the appointment of Thomas Huerlimann to the post of chief executive officer of Global Corporate. Huerlimann, who is presently chief executive officer of Global Corporate in Europe, assumes his new post with immediate effect. He joined the firm eight years ago as global head of Group Reinsurance, and two [...]
