Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 23rd of January 2018
March 30, 2012

Liberty Mutual expands into Russian P&C market

by Gill Montia

Story link: Liberty Mutual expands into Russian P&C market

Liberty Mutual is acquiring Russian firm, KIT Finance Insurance, in a move that will allow Liberty to enter Russia’s $21 billion property and casualty insurance market. The deal has been struck with KIT Finance Holding Company, the ultimate owners of which are JSC “Russian Railways” and NPF “Blagosostoyanie” (the pension fund company of Russian Railways). […]



March 29, 2012

Ageas Protect bolsters sales leadership team

by Richard Kilner

Story link: Ageas Protect bolsters sales leadership team

Ageas Protect has bolstered its sales leadership team with the appointment of Vicky Churcher to the post of head of Sales Delivery and that of Lee Gill to the post of head of Sales Strategy. In their new positions the pair will report directly to Managing Director Darren Spriggs. The two appointments support the firm’s […]



Board change at Aviva

by Gill Montia

Story link: Board change at Aviva

Aviva has announced that Leslie Van de Walle, an independent non-executive director of the group, has informed the board of his intention to step down with effect from 2nd May 2012. Mr Van de Walle, who is currently chairman of construction products firm, SIG plc, is regarded as having an excellent track record of growing […]



Landmark ruling on asbestos cancer claims

by Gill Montia

Story link: Landmark ruling on asbestos cancer claims

The Supreme Court has ruled against an appeal by insurers regarding the scope of insurers’ obligations where employees have contracted mesothelioma, following exposure to asbestos. Mesothelioma has an unusually long gestation period, which can be in excess of 40 years between exposure to asbestos and manifestation of the disease. The insurers bringing the case maintained […]



March 28, 2012

NIG wins contract to underwrite SAIFInsure Scheme

by Brian Turner

Story link: NIG wins contract to underwrite SAIFInsure Scheme

NIG has won the tender to underwrite the insurance for the SAIFInsure Scheme of London-based Lark (Group) Limited. The SAIFInsure Scheme offers bespoke insurance solutions for UK funeral directors, developed over nearly twenty years in close collaboration with The National Society of Allied & Independent Funeral Directors (SAIF). NIG, which has taken over the contract […]



Institutional investors set to increase emerging market allocations

by Gill Montia

Story link: Institutional investors set to increase emerging market allocations

A new survey from Aon Hewitt reveals that fund managers are anticipating an increase in demand for emerging market debt and equity among institutional investors during 2012. The findings signal a renewed confidence in developing economies after a retreat following the Arab Spring. Meanwhile UK and regional equities appear to have fallen firmly out of […]



March 27, 2012

Nexus launches new professional risk arm

by Brian Turner

Story link: Nexus launches new professional risk arm

Nexus Underwriting Management Limited has announced the launch of its new Lloyd’s Managing General Agency, Nexus Professional Risk Ltd (NPR). The new agency will focus primarily on Professional Indemnity and Management Liability business and is a result of the recent purchase of the Novae Syndicates’ Regional Financial Lines business by Nexus. NPR’s underwriting capacity will […]



Lloyd’s syndicates launch Asia terrorist consortium

by Gill Montia

Story link: Lloyd’s syndicates launch Asia terrorist consortium

A new insurance consortium, Xin, has been launched by Lloyd’s syndicates, specialising in helping businesses protect against the on-going threat of a terrorist attack in Asia. Amlin, Markel, Canopius and Argenta have set up the Singapore-based consortium to provide terrorist insurance protection to businesses operating in South East Asia and the Asia Pacific region. The […]



LV= scraps upper age limit on car insurance

by Gill Montia

Story link: LV= scraps upper age limit on car insurance

LV= has removed the upper age limit on its car insurance with immediate effect. Previously, those aged 86 and over could not get car insurance with the mutual unless they were already insured with it. Explaining the move, LV=’s managing director of car insurance, John O’Roarke, says: “LV= was one of the first insurers to […]



L&G launches Asset Manager TV

by Gill Montia

Story link: L&G launches Asset Manager TV

Legal & General has launched a new web-based video service that provides advisers with access to webinars, market commentary and web events presented by selected fund managers. The service, developed in partnership with BrightTalk, is one of several new offerings introduced as L&G upgrades its fund centre website. Asset Manager TV will feature content from […]



ABI speaks out on IORP Directive

by Gill Montia

Story link: ABI speaks out on IORP Directive

Giving evidence to the House of Commons Work and Pensions Select Committee yesterday, the Association of British Insurers (ABI) cautioned against making changes at a European level that could impact UK pension reform. Maggie Craig, the Association’s director of financial conduct regulation, said: “The ABI is a strong supporter of the pension reforms in the […]



March 26, 2012

BMW recalls fire-risk models

by Gill Montia

Story link: BMW recalls fire-risk models

BMW is re-calling all BMW 5 and 6 Series models of the previous generation, built between 2003 and 2010. In some cases, the battery cable cover inside the boot of these vehicles may be incorrectly mounted and the fault can result in the electrical system malfunctioning, the vehicle failing to start and even charring or […]



New role for Guy Carpenter CEO

by Gill Montia

Story link: New role for Guy Carpenter CEO

Marsh & McLennan Companies has announced that Alexander Moczarski, president and chief executive officer of Guy Capenter, has assumed the additional role of chairman, Marsh & McLennan Companies International. Prior to joining Guy Carpenter in 2011, Mr Moczarski served as president and chief executive officer of Marsh’s international division, in a role that covered all […]



Auto enrolment aligned with tax and NI thresholds

by Gill Montia

Story link: Auto enrolment aligned with tax and NI thresholds

The Government has today published its response to the consultation on the earnings threshold for auto-enrolment. With just over six months to go before the largest employers begin enrolling eligible workers into pension savings, the response sets out that automatic enrolment rates for the 2012 / 2013 tax year will be aligned with tax and […]



Hiscox bolsters APC division

by Richard Kilner

Story link: Hiscox bolsters APC division

Specialist insurer Hiscox has announced that it is bolstering its UK Art and Private Client division (APC) with a number of appointments. Steve Morse has been promoted to head of Motor, and Matthew Webb becomes head of UK Motor Underwriting. The team is completed with the appointment of Clare Limond to the role of motor […]



OK To Travel targets elderly and ill travel insurance market

by Brian Turner

Story link: OK To Travel targets elderly and ill travel insurance market

No upper age limit on both single-trip and annual multi-trip travel insurance and cover for severe medical conditions where other insurers may decline cover are just two of the eye-catching features on offer from Britain’s newest travel insurance provider. OK To Travel specialises in competitively-priced insurance for people with pre-existing medical conditions and also for […]



Injury lawyers: compensation culture driven by insurance companies

by Russell Thomson

Story link: Injury lawyers: compensation culture driven by insurance companies

Russell Thomson from The Injury Lawyers explains how insurance companies are driving compensation culture for whiplash claims in a bid to chase referral fees. More from the injury lawyers injury claims website: The Injury Lawyers.   Whiplash claims, whiplash compensation, whiplash injuries – or Whiplash Cash, Whiplash Epidemic, and “the weakest necks in Britain” as the […]



RSA warns drivers of twilight zone danger

by Richard Kilner

Story link: RSA warns drivers of twilight zone danger

Global insurer RSA has advised motorists that taking extra care as British Summer Time commences is wise, as figures reveal a spike in collisions during twilight after the clocks change. RSA UK & Western Europe Chief Executive Adrian Brown said that regular eye tests were as important as an MOT when it comes to driving […]



FM Global reports 2011 results

by Richard Kilner

Story link: FM Global reports 2011 results

Global property insurer FM Global has reported its financial results for 2011, including a year-end US$5.1bn of gross premium in force, a rise of 5.4%. The firm also recorded a 5.8% rise in net earned premium to US$3.4bn, and policyholder surplus fell by 5.5% to US$6.9bn. Losses incurred due to natural disasters in 2011 were […]



March 25, 2012

Asbestos ruling to go against insurers

by Gill Montia

Story link: Asbestos ruling to go against insurers

Families whose relatives have died as a result of asbestos-related cancers will win a landmark case in the Supreme Court on Wednesday, The Independent on Sunday has reported. According to the newspaper, insurance companies face an initial collective bill of over £600 million relating to employees who have died as a result of negligently being […]