Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 18th of January 2018
September 30, 2011

XL Insurance hires property chief

by Richard Kilner

Story link: XL Insurance hires property chief

XL Insurance has announced the appointment of Philip Sexton as the new International P&C Onshore Energy and General Property Manager for the UK, Ireland and Nordic region. XL Insurance develops new products and services to meet the demands of large, global businesses who have complex needs and require innovative solutions. Prior to joining XL Sexton […]



Helphire announces Board changes

by Richard Kilner

Story link: Helphire announces Board changes

Helphire Group plc has announced that, in light of its significantly smaller (and less indebted) scale since the Board was appointed in 2009, it is altering the size, composition and cost of the Board to make it better fit for purpose given Helphire’s size and needs. Richard Rose has announced that he is to step […]



Zurich completes MAAB acquisition

by Richard Kilner

Story link: Zurich completes MAAB acquisition

Zurich Financial Services Group has announced the completion of its acquisition of 100% of the share capital of Malaysian composite insurer Malaysian Assurance Alliance Berhad (MAAB). The acquisition, announced back in June of this year, marks a new milestone in the firm’s strategic approach to emerging markets. Zurich has increased its presence in the Asia-Pacific […]



Young drivers inseparable from smartphones

by Gill Montia

Story link: Young drivers inseparable from smartphones

Department for Transport proposals for increasing the speed limit on motorways to 80mph in recognition of improved vehicle technology should also take account of new figures on in-car distractions, as set out in the RAC’s 2011 Report on Motoring. According to the RAC, the problem of smartphone use amongst drivers aged 18 to 24 years […]



September 29, 2011

Piracy focus for World Maritime Day

by Gill Montia

Story link: Piracy focus for World Maritime Day

World Maritime Day, celebrated today, chose “Piracy: orchestrating the response” as its focus, the theme having been proposed by the International Maritime Organization (IMO) to highlight the challenges of modern-day piracy. According to IMO secretary general, Efthimios E Mitropoulos, the United Nations, governments, military forces, shipping companies, ship operators and ships’ crews, all have a […]



Ecclesiastical stops New Zealand earthquake cover

by Richard Kilner

Story link: Ecclesiastical stops New Zealand earthquake cover

Ecclesiastical Group has announced that, following a string in earthquakes in the Christchurch area, it is to stop writing earthquake cover in New Zealand. Group Chief Executive Michael Tripp explained that the earthquakes had caused the firm’s largest ever series of losses, adding that although the firm was well-protected by reinsurance schemes it nevertheless saw […]



MMC enjoys triple awards success

by Richard Kilner

Story link: MMC enjoys triple awards success

Marsh & McLennan Companies, Inc. (MMC) has announced that President and Chief Executive Officer Brian Duperreault has been named the Insurance Broking CEO of the Year in Reactions magazine’s 2011 Global Market Awards. In addition to this, Marsh and Guy Carpenter (wholly owned subsidiaries) were named Best Global Insurance Broker and Best Global Reinsurance Broking […]



Amlin appoints Sir Alan to the board

by Richard Kilner

Story link: Amlin appoints Sir Alan to the board

The Board of Amlin plc has announced the appointment of Sir Alan Collins, KCVO, CMG, as an independent non-executive director. Sir Alan, whose appointment is made with effect from 14 November, has enjoyed a long and successful diplomatic career. Previous appointments include Ambassador to the Philippines and High Commissioner to Singapore, and he was most […]



Capita named auto-enrolment outsourcer

by Gill Montia

Story link: Capita named auto-enrolment outsourcer

The Pensions Regulator has appointed Capita to help it communicate with employers over auto-enrolment, given that new pensions legislation means one million employers need to be contacted over the five-year period (starting from next October) that will see the full introduction of the scheme. Under the seven-year agreement, Capita will take on responsibility for delivering […]



September 28, 2011

Young drivers see cost of car insurance fall

by Richard Kilner

Story link: Young drivers see cost of car insurance fall

Tiger.co.uk, the car insurance comparison website, has reported that younger drivers, who have seen insurance premiums rise significantly in recent years, will be glad to hear that the cost of insurance appears to be stabilising. Tiger Watch research, which looks at a broad range and large number of car insurance quotes, revealed that prices had […]



Charities sceptical about insurers’ donations

by Richard Kilner

Story link: Charities sceptical about insurers’ donations

A new survey by specialist insurer Ecclesiastical has found that charities are suspicious of insurers’ motives when it comes to donating money. Two-thirds of charities and voluntary organisations believe that charitable giving is primarily motivated by the desire to improve the corporate image of the firm that donates. Conversely, just 1.4% of those surveyed believed […]



LV= launches recruitment drive

by Richard Kilner

Story link: LV= launches recruitment drive

LV= has announced a recruitment drive, as the firm seeks to hire 150 new staff for its offices in Bournemouth. The firm presently employs 4,800 staff in more than 20 offices, and its head office is located in Bournemouth. LV= already employs more than 2,000 staff in Bournemouth and has enjoyed unprecedented growth of late, […]



Ai Claims Solutions reports record profits

by Richard Kilner

Story link: Ai Claims Solutions reports record profits

Ai Claims Solutions plc has reported its preliminary financial results for the year ending 30 June 2011. Revenue rose by more than a quarter (28%) from £92m to a record high of £118m, with pre-tax profits rising from £2.6m to to £3.7m. Annual adjusted profits also increased, up by 40% from £2.7m last year to […]



Water damage dampens profits

by Gill Montia

Story link: Water damage dampens profits

Water damage is costing UK commercial property owners millions, according to recent research from Cadogan Keelan Westall. The property insurance specialist can reveal that nearly 50% of claims made on commercial buildings and their contents result from escape of water, at an estimated cost to property owners £185 million a year. In fact, commercial non-weather-related […]



ABI tackles boardroom “fat cats”

by Gill Montia

Story link: ABI tackles boardroom “fat cats”

Insurers have given UK company boards “the clearest indication yet” of how executive pay should correlate with effective performance, in a blast from the Association of British Insurers (ABI). ABI members are major investors in UK businesses and the Association’s first report on Board Effectiveness along with its revised Principles of Remuneration set out key […]



September 27, 2011

ABI bans annuity “roll over” forms

by Gill Montia

Story link: ABI bans annuity “roll over” forms

The UK’s annuity market has received a wake up call from the Association of British Insurers (ABI), which wants more pre-retirees to shop around before investing their pension pots. The Association is about to introduce a compulsory code of practice for insurers, requiring them to remove the annuity application forms that accompany the packs sent […]



Marsh enhances SME trade credit offering

by Gill Montia

Story link: Marsh enhances SME trade credit offering

Marsh has enhanced its CoverCredit offering, having taken note of the difficulties experienced by some of the UK’s small and medium-sized enterprises in securing trade credit insurance. Developed with specialist in the field, Coface, the new package is available to businesses with annual sales of up to £10 million and provides protection against non-payment and […]



LIU Europe appoints D&O/FI head

by Richard Kilner

Story link: LIU Europe appoints D&O/FI head

Liberty International Underwriters in Europe (LIU Europe) has announced the appointment of Guy Williams as head of Directors & Officers and Financial Institutions (D&O/FI). In his new position with the firm Williams is to be based in London and will report directly to Chief Executive Officer Sean Rocks. Williams is an experienced insurance lawyer, and […]



Northern Ireland tightens drink-drive limits

by Gill Montia

Story link: Northern Ireland tightens drink-drive limits

Northern Ireland’s Environment Minister, Alex Attwood, has announced plans for a major shake up of drink driving laws in the province. The proposals include lower drink-drive limits and new graduated fixed penalties, with further details as follows: Lower blood alcohol limits of 50mg/100ml for most drivers and 20mg/100ml for young or inexperienced drivers and for […]



Willis and XL implement e-Accounting

by Gill Montia

Story link: Willis and XL implement e-Accounting

Willis and global insurer, XL Group, have successfully launched an electronic accounting process between the companies, using the new ACORD 2010.2 data standard. In August, Willis went fully live with e-Accounting in a move that forms part of an ongoing initiative by the London Market Group to modernise the industry and reduce paper-based transactions. Explaining […]