The Government is being urged to announce proposals to address the matter of flood insurance after June 2013, when the Statement of Principles expires. The Statement of Principles was made between the ABI and the Government, and commits insurers to providing flood insurance (in given circumstances). As insurance policies frequently last a year the matter [...]
The Court of Appeal has dismissed appeals by Digital Satellite Warranty Cover and Satellite Services. The businesses, which are not registered with the Financial Services Authority (FSA), provided cover for Sky satellite TV equipment, in return for an insurance premium. Both firms described their offerings as “extended warranties” but in January, the FSA secured winding [...]
Holidaymakers booking online are paying out hundreds of pounds to correct mistakes, with the average cost of an error amounting to £232. New research from LV= travel insurance suggest that almost one half of UK holidaymakers now book online but nearly one in twelve make mistakes when doing so. Almost a quarter of respondents who [...]
ACE Limited has announced that it has completed the acquistion of Penn Millers Holding Corporation (PMHC), in a deal worth around $107m (cash). Penn Millers Insurance Company, the main insurance subsidiary of PMHC, provides agricultural companies with specialty property and casualty insurance coverage. The firm has been around for over a century, operates in 34 [...]
Motorists who fit winter tyres to their cars should not be subject to an extra charge on their insurance, according to the ABI. ABI member insurers make up 90% of the motor insurance market, and will not charge an additional premium if winter tyres are fitted, assuming the tyres are roadworthy, and are fitted in [...]
Aon Risk Solutions has appointed Mark R Parker to the position of director at its global broking center’s international property and casualty specialty in London. Mr Parker takes up the role on 9th December and will support the expansion of the firm’s international P&C portfolio, working with the unit’s leader, Luigi Sturani. He will also [...]
FM Global, the industrial and commercial property insurer, has enjoyed success in the latest 2011 Buyers Choice awards of Business Insurance magazine. The firm was named the insurer most likely to be recommended by risk managers and large insurance buyers based on results from independent research firm Erdos & Morgan. Seven criteria were considered for [...]
International law firm, Simmons & Simmons, has appointed Pollyanna Deane as a partner at its London-based corporate & commercial unit. She will join the firm on 16th January 2012, moving from Berwin Leighton Paisner. Ms Deane focuses on corporate transactional and regulatory advisory work in the insurance sector and clients include reinsurers, insurers, mutuals, intermediaries [...]
Legal & General is continuing its campaign on boardroom diversity, saying it is “crucial” to a company’s long-term performance. The group’s new director of corporate governance at L&G Investment Management, Sacha Sadan, explains: “For a business to make the best decisions possible, the best quality information is required alongside rigorous debate. “This rigour is only [...]
The Investment Management Association (IMA) and Association of British Insurers (ABI) are adopting the same names for their managed/mixed investment sectors in a move aimed at creating consistency and comparability across insurance and investment funds. Research by the IMA suggest that when presented with sector definitions, investors focus on the percentage exposure to asset classes, [...]
