Insurance affinity specialist Junction has announced a new Excess Protection add-on product for Bradford & Bingley motor insurance customers. Customers taking advantage of the two-tier Excess Protection product will be able to claim back their excess for a non-fault claim after it has been settled. Customers can opt for either a £300 or a £500 [...]
MSL Legal Expenses and Financial and Legal Insurance have signed a three year deal involving the exclusive provision of personal and commercial lines legal expenses insurance (LEI) products to broker networks and individual clients. The agreement follows an extensive pricing and product comparison review, which led to a long term contract being awarded to Financial [...]
Miller Insurance Services has won a brace of the 2011 ACORD Awards, which were handed out by the global insurance standards organisation on 3 November. The awards come after Miller played a leading role in 2011′s major London Market modernisation initiatives, which led to a wider adoption of ACORD’s RLC (Reinsurance & Large Commercial) data [...]
Hiscox saw gross written premium fall 3% year-on-year, to £1.96 billion, in the nine months to the end of September, as the group continued to “walk away” from poorly rated risks. At its London Market business premium income declined 3.2%, to £475.3 million, and the re/insurer says it plans to increase Syndicate 33 2012 capacity [...]
Persistently high inflation has cut the spending power of pensioners’ fixed incomes by 16% over five years, new research from MetLife claims. According to the life and pensions provider, a 60-year-old taking a £6,180 annual income from a £100,000 fund today will see the real value cut to just £5,215.98 within five years, if inflation [...]
Insurance companies were conspicuous by their absence at the launch of a new government scheme aimed at releasing volumes of personal data held by firms about consumers. “midata” is a voluntary initiative instigated by the Department for Business, Innovation and Skills and aimed at giving consumers access to their personal data in a portable, electronic [...]
Aviva has announced the appointment of John Lister to the post of UK chief risk officer. He has worked for the firm for a quarter of a century and has been the chief financial officer of the UK Life business for the last two years. Lister, whose appointment is effective from March 2012, will be [...]
American International Group, Inc. (AIG) has reported its third quarter results, including a net loss of $4.1bn. This is much worse than the $1.8bn net income of Q2 2011 and the $2.5bn net loss of Q3 2010. The firm has indicated that its third quarter results were adversely affected by a number of macroeconomic factors, [...]
Commercial insurer RSA has announced the appointment of Lee Mooney as the new regional director of the North East. He first joined the firm twelve years ago as a casualty underwriter, and during his time with RSA has occupied a range of positions, including (most recently) Strategic Relationships account director. Mooney, who assumes his new [...]
The Navigators Group, Inc. has reported that it made a net income of $13.9m, equating to $0.92 per diluted share, in the third quarter of 2011. This is slightly down on the $16.2m ($1 per diluted share) the firm achieved in the corresponding period last year, but is up on the $9.5m, equating to $0.6 [...]
Lancashire Holdings Limited has reported its financial results for the third quarter and first nine months of 2011. Net profits in the third quarter declined from $106m to $75.7m, year-on-year, and was also down from the $88.9m made in Q2 2011. Quarterly gross written premiums increased from $135m to $142.9m, with net premiums down, year-on-year, [...]
The Association of Personal Injury Lawyers (Apil) is warning that legislation going through Parliament to change “no win no fee” will fail to address the problems in the personal injury system. Instead, the Legal Aid, Sentencing and Punishment of Offenders Bill could be a charter for the insurance industry to print money at the expense [...]
Swiss Re has reported its financial results for the third quarter of 2011, during which it made a net income of US$1.3bn. This is more than double the US$618m the firm made in the corresponding period last year, and is also a substantial improvement on the US$960m net income of Q2 2011. The fourth quarter [...]
Hiscox has announced the appointment of Damien Smith as underwriting director and executive vice president for the firm’s reinsurance business in Bermuda. Smith joined the firm 17 years ago and will report directly to Bermuda Chief Executive Officer Charles Dupplin. He will be primarily tasked with leadership of the reinsurance team of over 40 people, [...]
The Financial Services Authority (FSA) has asserted itself in its Product Intervention role for the second time this week. The watchdog has issued new guidance on structured products, which it says are gaining popularity among retail investors in today’s low interest rate environment. However, having assessed seven providers of structured products (responsible for around 50% [...]
Marsh & McLennan Companies, Inc. (MMC) has reported its financial results for the third quarter, including income from continuing operations of $133m, equating to $0.23 per share. This is very slightly better than the $128m ($0.22 per share) the firm managed in Q3 2010. Quarterly net income was $130m ($0.24 per share), down from $168m [...]
XL Group plc has reported its financial results for the third quarter of 2011, including operating net income of $88.8m, equating to $0.28 per share. The firm also reported net income attributable to ordinary shareholders of $42.4m ($0.14 per share), significantly down on the $77.5m ($0.23 per share) the firm made in the corresponding period [...]
Rural insurer Cornish Mutual and South West legal firm Ashfords LLP have reminded farmers about the hazards of leaving excessive mud on the region’s roads. Overly large quantities of mud can be left on the roads by livestock, run-off from fields or from farming vehicles, with poor drainage and blocked ditches potentially exacerbating the problem. [...]
The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have published proposed guidance on payment protection insurance (PPI) products. Both watchdogs are monitoring the market as it shifts away from the disastrous PPI offerings of the past and new products or product features are developed. These include short-term income protection and debt [...]
