Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 20th of April 2018
April 30, 2012

LV= appoints claims director

by Gill Montia

Story link: LV= appoints claims director

LV= has appointed Chris Rolland as claims director with responsibility for overseeing all aspects of claims across the mutual’s general insurance business. Mr Rolland, who was previously chief executive officer and vice president of American Express Insurance Services Europe, will report into LV= chief operating officer, Peter Horton. Prior to joining American Express, he held […]



Liberty opens Leeds office

by Richard Kilner

Story link: Liberty opens Leeds office

Liberty Mutual Insurance Europe Limited’s commercial lines division Liberty Mutual Insurance (LMI) has announced that its new office in Leeds is to open today. The opening will coincide with a quartet of new appointments, namely Casualty Underwriter Andrew Griggs, Property Underwriter Stephen Bate, Commercial Combined Underwriter James Seal and Underwriting Assistant Eleanor Slater. The new […]



Aviva reviews directors’ pay

by Gill Montia

Story link: Aviva reviews directors’ pay

Following the publication of its remuneration report last month, Aviva has heeded a number of concerns raised by shareholders and is taking a look at whether overall levels of remuneration appropriately reflect changes in shareholder value over the past year. In particular, the insurer’s remuneration committee has agreed to review how the company will compensate […]



April 27, 2012

Validus returns to the black in Q1

by Richard Kilner

Story link: Validus returns to the black in Q1

Validus Holdings, Ltd. has reported its financial results for Q1 2012, including net income of $124.2 million, or $1.18 per diluted common share. This marks a return to the black from the Q1 2011 net loss of $172.4m ($1.78 per diluted common share) that the firm incurred previously. Quarterly net operating income was $92.9m, or […]



Willis reports improved Q1 results

by Richard Kilner

Story link: Willis reports improved Q1 results

Global insurance broker Willis Group Holdings plc has reported that in the first quarter of 2012 it made net income from continuing operations of $225m, equating to $1.28 per diluted share. This is many times better than the $35m net income ($0.20 per diluted share) the firm made in the corresponding period last year. It […]



April 26, 2012

Aspen returns to the black in Q1

by Richard Kilner

Story link: Aspen returns to the black in Q1

Aspen Insurance Holdings Limited has reported that in the first quarter of 2012 it made a net income of $78.7m, equating to $0.99 per diluted share. This compares well with the corresponding period last year when the firm incurred a net loss of over $150m. Aspen reported operated earnings per diluted share of $0.88, contrasting […]



April 25, 2012

MMA Insurance enjoys 40% rise in regional business

by Richard Kilner

Story link: MMA Insurance enjoys 40% rise in regional business

MMA Insurance has reported that during the last 12 months the firm had enjoyed 40% growth for bespoke commercial business traded through its seven regional offices. In August last year the firm launched the Motor Trade Combined product, which was added to MMA’s pre-existing bespoke range, including Commercial Combined and Commercial Property Owners. Commercial Underwriting […]



April 24, 2012

LIU Europe bolsters crisis management team

by Richard Kilner

Story link: LIU Europe bolsters crisis management team

Liberty International Underwriters Europe (LIU Europe) has announced the appointment of Brenda Whelan to the position of senior underwriter for crisis management. In her new position Whelan will be tasked with underwriting the full range of crisis management covers, including kidnap and ransom, and contaminated products. She brings almost a decade and a half of […]



Lloyds Bank announces Seb Kafetz to head New York insurance operations

by Brian Turner

Story link: Lloyds Bank announces Seb Kafetz to head New York insurance operations

Lloyds Bank has announced that Seb Kafetz will move to its New York office to spearhead the next phase of growth for its Wholesale Banking & Markets’ (WBM) Insurance Coverage division. Seb will take up his role of Senior Vice President, Insurance Coverage, on 4th May, 2012 and will be working alongside Rich Herder, Head […]



UK DB pension schemes could move £200bn to buy-in policies

by Gill Montia

Story link: UK DB pension schemes could move £200bn to buy-in policies

Aon is proposing that UK defined benefit (DB) pension schemes could release up to £200 billion currently invested in gilts, for buy-in purposes. According to the insurer, conditions in the bulk annuity market mean the switch of funds could secure a better match for pensioner liabilities, reduce risk and insure against rising life expectancy. Paul […]



April 23, 2012

Psychiatric conditions dominate Aviva’s IP claims

by Gill Montia

Story link: Psychiatric conditions dominate Aviva’s IP claims

Aviva’s income protection (IP) cover provided payments totalling over £29.5 million in 2011, with psychiatric conditions topping the list of claims by volume. More than one in four IP claims (28%) involved psychiatric conditions – moderate depression was the most common (28%), followed by anxiety (15%) and stress (12%). Orthopaedic conditions took second place (21%) […]



Willis: difficult year for maritime industry

by Gill Montia

Story link: Willis: difficult year for maritime industry

Willis is forecasting another difficult and uncertain year for the maritime industry, bearing in mind Costa Concordia, further problems in the eurozone, pirate attacks and increased sanctions. According to the broker’s latest Marine Market Review, the Hull market is in a state of flux following the Costa Concordia disaster, and some underwriters in the London […]



Aon announces $5 billion share buy-back programme

by Gill Montia

Story link: Aon announces $5 billion share buy-back programme

Aon is embarking on a $5 billion share buy-back programme and has announced a 5% increase in its quarterly cash dividend (to $0.1575 per share) on outstanding Class A ordinary shares. “We have taken significant steps to strengthen our industry-leading product portfolio, position the firm for strong free cash flow generation and increase financial flexibility,” […]



April 20, 2012

Catlin receives green light for Beijing office

by Richard Kilner

Story link: Catlin receives green light for Beijing office

International specialty property/casualty insurer and reinsurer Catlin Group Limited has been given approval by the China Insurance Regulatory Commission to open and operate a wholly owned representative office in Beijing. The establishment of the representative office will enable Catlin to more closely liaise with relevant departments in the Chinese Government and to conduct market research […]



Chubb welcomes strong start to 2012

by Richard Kilner

Story link: Chubb welcomes strong start to 2012

The Chubb Corporation has reported that in the first quarter of 2012 it made a net income of $506m, almost identical to the $509m it made during the corresponding period last year and better than the $452m of Q4 2011. Year-on-year net income per share in Q1 rose by 8%, from $1.70 to $1.83. Operating […]



Trustworthy neighbours top for home security

by Gill Montia

Story link: Trustworthy neighbours top for home security

One in four homeowners believe that trustworthy neighbours are the key to feeling secure at home, according to the latest consumer survey from the Association of British Insurers (ABI). However, the research also suggest that many are putting themselves at risk needlessly, with nearly three in ten respondents admitting to leaving doors unlocked and windows […]



April 19, 2012

HomeServe fined £750k for silent calls

by Gill Montia

Story link: HomeServe fined £750k for silent calls

Ofcom has today fined HomeServe £750,000 for making an excessive number of silent and abandoned sales calls. The watchdog opened an investigation into the home emergency insurer last year only to discover that the firm exceeded its abandoned call rate on 42 separate occasions between 1st February and 21st March 2011, resulting in around 14,756 […]



Insurance application fraud up 23%

by Gill Montia

Story link: Insurance application fraud up 23%

Insurance fraud rates reached 11 in every 10,000 applications and claims in 2011, according to Experian, with the proportion up 23% on 2010. Figures from the credit rating firm show 89% of insurance fraud as first-party led with young, poorly-educated individuals living in small towns; middle-aged, middle and skilled working class individuals; and young, well-educated […]



April 18, 2012

Average monthly income gap over £400

by Gill Montia

Story link: Average monthly income gap over £400

Britons face an income gap of £411 per month between their current net income and what they believe would allow for a comfortable life, according to new research from Aviva. The insurer’s latest “Times of our Lives” report puts the perceived shortfall at £7,236 per year gross, although the 25 to 34 age group felt […]



April 17, 2012

Telematics technology cuts crashes by 20%

by Richard Kilner

Story link: Telematics technology cuts crashes by 20%

The Co-operative Insurance has conducted analysis of 10,000 young driver insurance claims and found that those with telematics (‘smart box’) insurance are 20% less likely to have a crash than those with standard insurance. The research looks at driving behaviour of 17 to 25 year olds across the country, a year after The Co-operative’s Young […]