The BGL Group has reported its financial results for the year from July 2010 to June 2011. Group Chief Executive Peter Winslow described the year as seeing a strong performance, including increased profits and contract extensions. Pre-tax profits increased, year-on-year by 16%, to £72m, up from £62m in the previous year. The firm also added [...]
LV= has won contempt of court proceedings brought against an attempted personal injury fraudster and her family. All three family members involved in the case have been sentenced to serve between three and six months’ imprisonment. This is the first time, as result of County Court proceedings of this type, that immediate custodial sentences have [...]
Ageas (Insurance UK) has announced that it has launched a new insurance partnership with Vauxhall whereby the firm will provide fully branded motor insurance products to Vauxhall’s British customers. The deal, which is set for a five year term, will see Ageas assume responsibility for managing Vauxhall’s customer sales, service administration and claims service and [...]
Ernst & Young has awarded Stephen Catlin the prestigious UK Entrepreneur of the Year award. The global award is the first of its kind and recognises entrepeneurs responsible for the founding and successful growth of businesses. More than 140 cities across 50 nations take part in the regional, national and global awards programmes to recognise [...]
The Financial Services Authority (FSA) wants to force the firms it regulates to provide 100% redress to customers who have suffered financial loss, even if the loss was not caused by faulty advice, warns Reynolds Porter Chamberlain (RPC). The City law firm explains that as the law of “causation” stands, if a financial services firm [...]
International insurance and reinsurance group Brit Insurance has announced the opening a new office in Richmond, Virginia. The new office will underwrite First Dollar package business for the public entity sector, with the new team becoming part of Brit Insurance Services USA, Inc. (BISI), a wholly-owned service company. BISI Executive Vice President Nicholas Davies said [...]
Zurich Financial Services Group has announced that it has closed the acquisition of 51% participation in the life insurance, pension and general insurance operations of Santander in Brazil and Argentina. Zurich and Santander have recently entered in a 25 year strategic distribution arrangement in Latin America. The deal includes Zurich acquiring a 51% participation in [...]
Top savings advice from today’s retirees to the younger generation is to spend less on expensive life events such as weddings, according to research from Aviva. The budget wedding needs to be followed by few children, if financial security in retirement is to be achieved, with other savings advice from beyond retirement including: Shopping around [...]
Aviva has appointed Martin Banks to the newly-created role of global relationships director, with immediate effect. Mr Banks is based in London and reports directly to UK strategic partnerships director, Ant Middle. He is responsible for strengthening relationships with key strategic partners, with the brief covering both partners that distribute Aviva’s products and firms that [...]
Beazley is expanding and restructuring its global underwriting team. From 1st January 2012, Colin Rose will become global head of construction & engineering, succeeding Hugh Phillips, who has led the team since 2008 and now has retirement plans. Mr Rose has been a senior underwriter at the firm since 2004, having previously held senior construction [...]
The Financial Services Authority (FSA) is to restart its Financial Services Compensation Scheme (FSCS) funding review. The review began in October 2009 but was put on hold 12 months later due to uncertainties around the impact on the FSCS of UK regulatory reform and ongoing developments in the EU. However, HM Treasury has now published [...]
Marsh is urging companies to develop a deeper understanding of the environment surrounding their operational sites, as part of their overall risk management strategy. They can then properly assess the potential financial and reputational impact of causing environmental damage, while at the same gaining a clearer understanding of how to protect the environment. According to [...]
The Co-operative Insurance has commissioned research which reveals that pet owners spend an average of £326 a year looking after sick animals. In the last year 20% of pets were taken to see the vet, with winter being the likeliest time for a health problem to arise. The research surveyed over 5,000 pet owners and [...]
One in five British holidaymakers are crossing borders uninsured and running the risk of sky-high medical bills. According to the 2011 ABTA Consumer Trends survey, 21% of Brits abroad with no insurance believe that the UK Government will cover their bills in the event of a mishap, with one in four 15 to 24-year-olds suffering [...]
PartnerRe Ltd. has announced the appointment of Andrew J. Turnbull as the firm’s new group strategy and business development officer. Turnbull brings more than two decades of experience in both insurance and reinsurance to the newly created position, and will report directly to Chief Executive Officer Costas Miranthis. He will be tasked with helping to [...]
Global insurer RSA has announced that it has taken the decision to combine its large, risk managed and specialist businesses across the world and establish the Global Specialty Lines (GSL) division. Group Sales and Broker Relationships Director Paul Donaldson has been named as the leader of the new division. The GSL division will consist of [...]
Marsh has warned that many organisations are failing to accurately assess the degree of coverage they require when it comes to natural catastrophes. Because of this, the insurer says, many firms are taking out more coverage than they need or are under-insured. Caroline Woolley, Leader of Marsh’s Property Practice in Europe, the Middle East and [...]
Aon Risk Solutions has announced the appointment of Andrew Tunnicliffe to the post of chief executive officer of Aon Global Risk Consulting. Tunnicliffe is an industry veteran and brings more than three decades of experience to his new position. He is a leading figure in the fields of captives and risk consulting, and will be [...]
Scottish Widows has conducted new research which reveals that UK businesses are adopting an overly passive attitude to the protection of their staff. More than three-quarters of businesses (77%) stated that should one (or more) individual(s) fall ill or die their loss would have a dramatic impact upon the firm’s success. The Scottish Widows Business [...]
