International specialist insurance and reinsurance underwriting group Kiln has announced that it is releasing a new insurance product to help firms bounce back after taking reputational damage. The enterprise risks team has developed the reputational harm product to provide companies with financial protection following negative media coverage of an insurable event. Research conducted by ComRes [...]
JLT Specialty has launched an online quote and bind facility for property owners’ risks, aimed at the broker sector. The firm says its research identified the need for an end-to-end solution for the purchase of landlords’ insurance, and the new facility offers brokers a number of key benefits including: Comparative premium quotations at special rates [...]
Lloyd’s is warning that alarm bells are already ringing across Europe over the potential for widespread water shortages. According to Lloyd’s, 2011 is shaping up to be seriously dry, with officials having already raised concerns in Switzerland, The Netherlands and France, while parts of the UK have seen the driest Spring in more than a [...]
The Financial Services Authority (FSA) has confirmed an increase to the limit on awards made by the Financial Ombudsman Service, from £100,000 to £150,000. The regulator has also confirmed new complaints handling rules which include: The abolition of the “two-stage” complaints handling rule to make sure firms resolve complaints fairly and do not dismiss them [...]
The Legal Services Board (LSB), which oversees the regulation of lawyers in England and Wales, has come out against a total ban on referral fees, preferring instead to prevent abuses in the system by strengthening transparency. The decision marks the conclusion of an LSB review based on economic analysis, consumer research and advice from the [...]
Aviva has offered its customers advice and guidance in relation to the ongoing situation regarding the volcanic eruption. Kate Niven, senior travel underwriter, advises customers concerned about their travel into or out of the UK being affected to contact their travel operator, airline or airport for up to date information. Niven went on to say [...]
Specialist independent financial adviser Heath Lambert has announced the launch of a new online annuity service which will enable individuals to select and purchase their retirement income for life. The system is believed to be the first of its kind in the UK and will allow clients to generate personalised annuity quotations from market leading [...]
Ageas Insurance has announced that it has achieved ‘world class’ status for its service provided to brokers. The achievement came from the recent UK Customer Satisfaction Index (UKCSI), conducted by the Institute of Customer Service (ICS). More than 1400 Ageas brokers were surveyed, with those surveyed asked to rate the firm based on 20 top [...]
Private equity firm Thomas H Less Partners (THL) has signed an agreement with French-owned Sword Group (NYSE Euronext: SWP) to acquire Sword Insurance. Sword Insurance is a global provider of software and services to the property and casualty insurance industry. The transaction is expected to close next month, subject to regulatory approvals. Additional terms of [...]
Co-operative Life Planning (CLP) has breached the Data Protection Act by failing to ensure a contractor followed the company’s security procedures. According to the Information Commissioner’s Office (ICO), in March an electronic file that had been repaired by CLP’s software support contractor was “accidentally” made available online. The file contained the names, dates of births, [...]
LV= has bolstered its fraud team with the appointment of fraud manager, Linda Rees, who arrives from the Insurance Fraud Bureau (IFB). Ms Rees has been recruited to develop and implement the insurer’s fraud strategy, intelligence and investigations for organised crime, and will report to its head of financial crime operations, Ursula Coulibaly. Previously, she [...]
In a new report, Aviva is proposing a series of reforms within the UK retirement market. The study contains measures aimed at allowing the industry to better serve the needs of tomorrow’s retirees, highlighting the following: motivating retirees to shop around for the best annuity rates; creating an annuity market fit for the future and [...]
Brian Duperreault, president and chief executive officer of global professional services firm Marsh & McLennan Companies, has opened the new Manchester office of subsidiaries Marsh and Mercer. The new office came about after an announcement last year that the two firms were to consolidate their Manchester operations into a single location. Duperreault described the move [...]
New research from Bupa has revealed that unhealthy Britons are costing the NHS, employers and themselves £17.7bn a year. If the current trends of unhealthy lifestyle choices continues to 2025 the cost is forecast to increase to £33bn. A decline in obesity would be beneficial in every way, helping save individuals and the nation’s money [...]
The British Insurance Brokers’ Association (BIBA) has pledged its support for the Government’s signposting proposals, which are aimed at maximising the likelihood of older customers finding insurance. Signposting is a system whereby brokers and insurers will direct people to a suitable provider should they be refused cover on the basis of age, and the proposals [...]
Campers’ barbecues, discarded cigarettes, broken glass and combustible fuels are all raising the risk of farm fires, says Aviva. The warning comes as the UK’s countryside is still suffering from the driest April on record: UK average temperatures during the month were the warmest since 1910 while rainfall was 10% lower than the average. According [...]
With some disruption over the skies of Europe from the volcanic ash cloud, Ageas has advised customers with a policy start date prior to 23 May 2011, who also booked their trip prior to 23 May 2011, that they will be covered as per the terms and conditions. Customers are advised to first contact the [...]
Despite recent natural catastrophes, conditions remain favourable for most energy insurance buyers, Marsh reports. According to the broker, negotiations for many buyers have become more difficult, as underwriters show greater price discipline and request more data from insureds, and rates have risen for some segments of the market. However, most buyers continue to benefit from [...]
Chaucer has set up a business development management team at its global energy practice, headed by newly appointed divisional underwriting manager, Gary March. Mr March has over 25 years of underwriting and broking experience, having held positions at The Travelers Companies, Inc. and JLT Group. The seven-strong team brings together energy and nuclear insurance expertise, [...]
Bermuda-based specialty provider of property and casualty insurance and reinsurance Endurance Specialty Holdings Ltd. has announced the appointment of John A. Davis to Endurance Worldwide Reinsurance as senior VP and manager of the U.S. Treaty Casualty and Workers’ Compensation business unit. Davis brings extensive experience to his new position, and over the course of the [...]
