Following completion of its second-quarter reserve review, Amlin says it is unlikely to meet previous profit expectations for 2011. Overall, the specialist re/insurer estimates that it will be £65 million below previous pre-tax profit expectations and £53 million below after-tax expectations. The firm has seen a material increase in notified claims relating to the New [...]
The vast quantities of personal, identifiable information collected by the leisure and hospitality industry have made the sector a chief target for cyber attacks, according to Willis. The broker’s cyber risk unit reports a 56% rise in cyber claims over the past year, with an increasing proportion of victims in the hospitality industry. Willis warns [...]
Specialist insurer Markel International has announced the opening of a new branch in Rotterdam. The branch, due to open for business in September, will be the firm’s first in the Netherlands, with the firm forming a new business named Markel International Netherlands (in line with Markel International Sweden and Markel International Espana). Markel International Netherlands [...]
LV=’s life sales increased 9% during the six months to the end of June, to £69.3 million. The mutual reported an 11% increase in retirement business, with annuity sales rising 14% and pension sales up 10%, while protection sales leapt 16%. The firm’s life managing director, Richard Rowney, says: “LV=’s life business has had a [...]
PartnerRe Ltd. has reported that in the second quarter of 2011 it made a net income of $124.2m, equating to $1.69 per share (on a fully diluted basis). This is around a third lower than the net income of the corresponding period last year ($190.9m) but does signify a return to profitability after Q1 net [...]
The first three months of the 2011/12 financial year became the busiest-ever quarter for the Financial Ombudsman Service (FOS), which received over 81,000 complaints, more than double the number received in the same period of 2010. Complaints about Payment Protection Insurance (PPI) created the surge, with over 900 cases coming in per working day. However, [...]
Willis Networks has announced a tie-up with Broker Direct, the insurance management and underwriting agency. Under the agreement, Willis Networks and Broker Direct’s commercial insurance unit, OurNetwork, will allow their respective members access to one another’s services and facilities. Willis Networks members will be able to access Broker Direct personal lines and niche services, while [...]
The Financial Services Authority (FSA) has published rules on platforms regulation in the light of Retail Distribution Review (RDR) objectives. In brief, the rules require: Platforms and other nominee companies to transfer, within a reasonable time and in an efficient manner, assets held on behalf of customers to another person, when requested. Platforms and other [...]
Hiscox has reported a pre-tax loss of £85.6 million for the first half of 2011, compared with a profit of £97.2 million a year earlier, following “a tumultuous first six months”. The specialist insurer recorded gross written premium of £847.5 million, down slightly from £904.3 million in the first half of 2010, although its UK [...]
JLT Specialty has launched a real estate legal indemnity insurance guide, having experienced a rise in enquiries on the topic in recent months. Legal indemnity insurance is traditionally handled by a lawyer direct with an insurer, with little in the way of any price or coverage comparison. However, JLT points out that increasing demands of [...]
