New figures published today by the CEA (the European insurance and reinsurance federation) show a 5% provisional increase in member countries’ gross written premiums for 2010, at current exchange rates. Initial figures for last year put total premiums at €1,115 billion, up from €1,060 billion in 2009, when premiums remained flat. Life premiums rose 6% [...]
Insurance Australia Group (IAG) has reset its priorities with an emphasis on accelerating growth in Australia, New Zealand and Asia, having targeted Asia for 10% of gross written premium, by 2016 In Australia the group will build on its direct business, while in Asia growth will be focused on its existing markets of Malaysia, Thailand [...]
The Financial Services Authority (FSA) has issued a warning to consumers over pension unlocking schemes, saying that they should be treated with “extreme caution”. Normally, money can only be taken from a pension when the plan holder is aged 55 or over, but pension unlocking schemes claim to allow individuals to gain access to money [...]
In its 2010/11 Annual Report, published yesterday, the Financial Services Authority (FSA) comments that delays to the timeline for Solvency II have affected its own consultation process and shortened the window for implementation. As a result, the regulator is looking for ways to manage the “uncertainty”, while continuing to contribute to the development of the [...]
Heath Lambert has won the contract to provide listed urban regeneration and strategic land specialist MJ Gleeson Group plc with all general insurances. Gleeson specialises in brownfield site housing developments in the North of England, in addition to purchasing options over land in the South of England, enhancing value by securing residential planning permission. The [...]
XL Insurance has announced that it has opened its new underwriting office in Birmingham. At the same time, Gary Waterfield has been appointed as senior casualty underwriter, Middle Markets, bringing almost two decades of broking and underwriting experience to his new position. Waterfield, who joins the firm from Zurich Financial Services in Birmingham, is particularly [...]
ACE has announced the appointment of Shankar Krishnan to the position of Middle East and North Africa (MENA) regional casualty manager. In his new post Krishnan will be based in ACE’s Dubai International Financial Centre (DIFC) operation, which opened late last year. Previously, he worked in Dubai for Chartis, where he was branch manager responsible [...]
The British Insurance Brokers’ Association (BIBA) has presented a 7,000 signature-strong petition to Parliament regarding the funding of the Financial Services Compensation Scheme (FSCS). BIBA argues that the increase in FSCS levies on insurance brokers during the last three years has been caused by the failures of credit brokers, who have mis-sold payment protection insurance. [...]
Ascot Underwriting has appointed John Karns as underwriter for its Houston-based US operations. Mr Karns has 19 years of experience in the US energy market, most recently as assistant vice president with Navigators Insurance Group. Commenting on the appointment, Ascot Underwriting Inc. president and chief underwriting officer, John Flower, says: “His wealth of experience in [...]
Transatlantic Re and Allied World Assurance have agreed a merger of equals aimed at creating a leading global specialty insurance and reinsurance company. The transaction will result in a business with total invested assets of $21 billion, total shareholders’ equity of nearly $7 billion and total capital of $8.5 billion. Operating as TransAllied Group Holdings, [...]
Companies with global insurance policies may be duplicating cover, according to JLT Specialty, which surveyed 70 delegates attending a Global v Local workshop at the recent AIRMIC Conference. The research revealed that while 54% of those responsible for arranging insurance for their companies knew what their global insurance programme comprised, only 12% thought they had [...]
Marsh is concerned that businesses are not adapting to climate change risks quickly enough, and wants to see more firms adopt a proactive approach to assessing and managing the risks associated with a more volatile climate. According to the broker, the impact of recent extreme weather events and natural catastrophes highlight how business continuity plans [...]
LV= Broker has appointed Stuart Frost as manager of its Manchester branch, reporting into Mark Hands, area manager for the North. Mr Frost has over 20 years’ experience in the industry, having begun his career in insurance at General Accident and most recently held the post of senior business development manager at NIG. Commenting on [...]
Specialist international insurance and reinsurance underwriting group Kiln has announced that it has bought a 49% stake in WNC Holdings. The investment in WNC Holdings, which is a provider of specialty insurance products and services to US-based financial institutions and their customers, is the largest Kiln (part of the Tokio Marine Group) has made in [...]
The number of fleet vehicles being driven with illegal faults (such as defective lights and tyres) has more than doubled in a year, according to estimates from RAC. The Aviva subsidiary points out that aside from breaking the law regarding vehicle roadworthiness, negligence over faults increases the risk of companies being charged with corporate manslaughter. [...]
The Association of British Insurers (ABI) has welcomed the Financial Services Authority’s (FSA) proposed guidance for price comparison websites that sell general insurance. The ABI produced voluntary good practice guidance in 2009, and the FSA is now asking firms to: Review their regulated activities, ensure they are appropriately authorised or otherwise exempt. Ensure they only [...]
Standard Life has announced that Paul Matthews has been named as the new chief executive officer of its UK business. Group Chief Executive David Nish has been performing the duties of UK CEO since January of this year, and Matthews’ appointment will enable Nish to turn his energies towards developing a strategy and future direction [...]
Will Roscoe has been named by Beazley as a new member of its open market property team, which he joins as an underwriter. Roscoe previously worked for Willis, in the global markets international division where he held a range of senior posts and was latterly director of broking. When at Willis he led an eight-strong [...]
Global risk and reinsurance specialist Guy Carpenter & Company, LLC has announced the appointment of Jonathan Stephenson as the firm’s new Pacific region chief executive officer. Stephenson, who also becomes the managing director of the firm’s Australian operations, will assume his new role on 1 July. He will report directly to James Nash, the chief [...]
