Ryan Specialty Group (RSG) is acquiring 100% of the share capital of specialist Lloyd’s insurer, Jubilee Group Holdings Limited, subject to both Lloyd’s and regulatory approval. The acquisition includes Jubilee Managing Agency plus Amsterdam-based Jubilee Europe BV and distribution and administration businesses, Lutine Assurance Services and Jubilee Service Solutions. However, the Chicago-based wholesale broker says [...]
Lockton is warning that hackers pose an increasing threat to business, as commerce continues to move online. The insurer reckons that no firm is safe; only last month Marks & Spencer along with as many as 50 other clients of email marketing company, Epsilon, had thousands of customer details stolen. In the case of M&S, [...]
Global property and casualty insurer Liberty Mutual Group has stated that Liberty Seguros in Brazil has signed an agreement with FIFA, making it a FIFA World Cup National Supporter for the FIFA Confederation Cup 2013 and the 2014 FIFA World Cup Brazil. The involvement of Liberty Seguros is the first by an insurer and makes [...]
Ageas UK has reported a strong start to the year in its financial results for the first quarter of 2011. Total income increased by 75% compared to the corresponding period last year, and rose to £411m. Similarly, non-life gross written premiums were up 74.5% to £402.2m, and new annual protection premiums rose by 23.6% to [...]
The Government yesterday introduced the Consumer Insurance (Disclosure and Representations) Bill, which aims to “radically change the relationship between consumers and insurance providers”. The proposed legislation shifts the emphasis away from a consumer’s duty to disclose all necessary information, to a requirement for insurers to ask particular questions and obtain specific information about their customers [...]
The Financial Ombudsman Service (FOS) handled over a million front-line enquiries and complaints from consumers in the 2010/11 financial year, of which 206,121 developed into new cases. The figure is up 26% year-on-year, with over 50% of new cases relating to the sale of payment protection insurance, representing the highest number ever received in a [...]
Sword Insurance, which provides web-based product distribution solutions to the property and casualty insurance market, has appointed Philip Hodges as sales and marketing director. Leading a team of professionals based in the UK, he joins Phil Race who became director of the group’s European division last year. Mr Hodges moves from SunGard’s insurance division, where [...]
The UK’s external audit market could be referred to the Competition Commission, the Office of Fair Trading (OFT) has warned. The watchdog says it has opened discussions with regulators, government, business and the audit industry regarding potential remedies for its concerns. OFT executive director, Clive Maxwell, explains: “We have been concerned for some time about [...]
Cooper Gay has restructured its UK business into three core trading units in a move aimed at forming a stronger and more streamlined platform for growth. The reinsurance and specialist retail broker’s London business now operates as follows: Reinsurance – led by reinsurance chief executive officer, Andrew Hitchings. International (incorporating non-marine, energy and underwriting & [...]
Business property insurer FM Global has announced that it has established a new insurance branch in Spain. This will allow the firm to write local business through its new office, which is located in the Spanish capital, Madrid. The firm has catered to the needs of clients in Spain for over three decades, providing them [...]
Miller has announced the establishment of a new international platform for its binding authority business through the formation of a specialist binding authority team. The new team is to be led by Jonathan Sale and Steve Murphy who have spearheaded the firm’s growth in accident and health over the last five years. Based in London, [...]
RSA has appointed Jon Hancock as managing director, UK commercial lines. Reporting to the group’s UK chief executive, Adrian Brown, he replaces Paul Donaldson who has moved to become group broker relationship and sales director. Mr Hancock has been with RSA for 21 years and rejoins its UK operations from its business in Asia and [...]
Standard Life is reported to have suspended its former managing director of corporate solutions, Gerry O’Neill. According to a City Wire report, the life and pensions provider has confirmed Mr O’Neill’s suspension pending an investigation but given no further detail. The business news portal added that Mr O’Neill had been succeeded as managing director of [...]
Aviva and HSBC have strengthened their relationship with the extension of their general insurance deal, and the insurer’s appointment as a preferred strategic partner in the UK and Europe. In the UK, an exclusive general insurance distribution deal for home, travel and creditor business is now extended to 2016, while the strategic partnership appointment will [...]
Marsh has developed an insurance contract that provides coverage for project companies and operators in the solar, or photovoltaic, renewable energy sector. According to the broker, worries about industry stability mean that banks currently only give limited recognition to long-term guarantees provided by solar module manufacturers, as a basis for approving financing. Typically, manufacturers provide [...]
The Solicitors Indemnity Mutual Insurance Association (SIMIA), which was formed in 1986, has been placed into run-off. It has therefore ceased entering into any further contracts of insurance, whether new contracts or renewal of existing contracts, and ceased agreeing any optional extensions to existing contracts. Ultimately, the mutual will be removed from the FSA register, [...]
Liberty Mutual Insurance has announced a number of new appointments in its UK commercial lines market drive. Nine new appointments have been announced, including those of Jason Yip and Ben Mahon who join the firm’s office in Manchester as senior commercial combined underwriters. Yip and Mahon join Broker Account Manager Mike Henderson and Business Development [...]
Leading global insurer RSA has announced the appointment of Paul Donaldson to the post of group broker relationship and sales director. He brings 35 tears of experience in the insurance sector to his new position, having first joined RSA in 1976, and most recently served as managing director, Commercial, within the UK business. In his [...]
The Association of British Insurers (ABI) has issued an “amber top” warning regarding directors’ pay at Standard Life, the Mail on Sunday reports. An amber top indicates that considered judgment is required by shareholders in voting. According to the newspaper, the life and pensions provider has made a number of changes to its remuneration schemes [...]
Aon has chosen the Leadenhall Building as its future London headquarters. Dubbed the Cheese Grater and situated opposite Lloyd’s of London on Leadenhall Street EC2, the building will stand 224 metres tall when completed in mid-2014. The deal has been agreed with British Land and Oxford Properties and Aon expects to occupy the lower ten [...]
