Daily Insurance Industry News
 
 
Daily Insurance Industry News
Thursday 18th of January 2018
April 17, 2012

Willis makes senior corporate appointments

by Gill Montia

Story link: Willis makes senior corporate appointments

Willis has announced new appointments to its operating committee and executive committee. Gioia Ghezzi has taken up the post of chief operating officer and will oversee a number of corporate functions while managing global structure to drive revenue growth and increase efficiencies. Ms Ghezzi succeeds Tim Wright (now chief executive officer of Willis International) having […]



Willis Re appoints Asian CEO

by Gill Montia

Story link: Willis Re appoints Asian CEO

Willis Re has appointed James Beedle as chief executive officer of its Asian operations. Mr Beedle joined the Willis Re team in 1998 and has since worked with numerous global insurance company clients, focusing on the strategic use of reinsurance to assist with capital management and earnings volatility. In 2008, he was appointed chief operating […]



April 16, 2012

Groupama to become eBike’s underwriter

by Richard Kilner

Story link: Groupama to become eBike’s underwriter

Groupama Insurances has reached an agreement whereby it will become the sole underwriter of motorcycle policies sold via eBike, the online motorbike insurance provider. The deal will see 34,000 live motorbike policies shift from Southern Rock, the present underwriter of eBike, to Groupama by the end of 2012. Customers of eBike, part of Brightside Group, […]



Which? campaigns on insurers’ hidden fees

by Gill Montia

Story link: Which? campaigns on insurers’ hidden fees

Which? is claiming that some home and car insurers are taking consumers for a ride by charging exorbitant “hidden” fees for basic policy changes and renewals. The consumer group reviewed the terms and conditions on the websites of 39 car insurers and 34 home insurers only to find that there are often costly fees to […]



April 15, 2012

Snacking behind the wheel a drag on reaction times

by Gill Montia

Story link: Snacking behind the wheel a drag on reaction times

Motorists who are driving and eating at the same time can see their reaction times almost double, according to a University of Leeds study commissioned by esure. Participant’s reaction times increased by 44% when snacking, meaning that a five-second gap in response time with two hands on the wheel stretches out to just over seven […]



April 13, 2012

Aon to acquire ABN Amro Dutch activities

by Richard Kilner

Story link: Aon to acquire ABN Amro Dutch activities

Aon plc has announced that its Dutch subsidiary Aon Groep Nederland B.V. intends to buy the intermediary activities for commercial insurance from ABN AMRO Bank N.V. The proposed acquisition, the financial terms of which have not been disclosed, involves ABN AMRO’s insurance activities for large commercial enterprises (and some activities related to SMEs). Should the […]



Allianz warns on global financial repression

by Gill Montia

Story link: Allianz warns on global financial repression

In its latest Global Strategic Outlook, Allianz Global Investors reports that LTROs (longer term refinancing operations) and notably the European Central Bank’s introduction of three-year long-term refinancing operations, have been the main catalysts for increased risk appetite and falling equity volatility. However, according to the insurer, global imbalances remain and the clash between debtor and […]



Allianz Italy chairman to move on

by Gill Montia

Story link: Allianz Italy chairman to move on

Allianz Italy could soon be looking for a new chairman, the board of UniCredit S.p.A. having reported that it is recommending the appointment of Giuseppe Vita as its new chairman. Shareholders of the Milan-based bank will vote on the proposed appointment on 11th May.



April 12, 2012

XL Group appoints Latin American chief underwriter

by Richard Kilner

Story link: XL Group appoints Latin American chief underwriter

The reinsurance operations of XL Group plc has announced the appointment of Bermudian Gino Smith as its new Latin America regional chief underwriter. Smith, whose appointment is made with immediate effect, is to remain in São Paulo, where he has worked for the last two years. In his new role he will collaborate closely with […]



Motorbike quote surge heralds spring

by Richard Kilner

Story link: Motorbike quote surge heralds spring

March has seen a surge in motorbike quotes following the start of British Summer Time, price comparison website Tiger.co.uk has reported. From February to March motorbike insurance quotes rose by 40%. March and April are traditionally busy months for motorbike insurance as bikers seek to take advantage of more daylight, better weather and Bank Holidays. […]



Reinsurer capital strong despite 2011 catastrophe losses

by Gill Montia

Story link: Reinsurer capital strong despite 2011 catastrophe losses

The capital reported by 28 leading reinsurers reached an all-time high of $251 billion at the end of 2011, according to the latest Aon Benfield Aggregate (ABA) report, which analyses the financial position of the world’s leading reinsurers. Total global reinsurer capital was down 3% over the year, to $455 billion, but showed an increase […]



Global property rates continue to firm

by Gill Montia

Story link: Global property rates continue to firm

Global property insurance rates continued to firm in the first quarter of 2012, according to Marsh. Despite the absence of major natural catastrophes during the first three months of the year, rates rose for both catastrophe-exposed and non-catastrophe exposed risks in most geographies. The leading driver of change is the catastrophe losses experienced by insurers […]



April 11, 2012

MMC appoints chief HR officer

by Richard Kilner

Story link: MMC appoints chief HR officer

Marsh & McLennan Companies, Inc. (MMC) has announced the appointment of Laurie Ledford to the position of senior vice president and chief human resources officer. In her new role Ledford assumes responsibility for the firm’s human resources function and will report directly to MMC President and Chief Executive Officer Brian Duperreault. Duperreault attributed the firm’s […]



Transactor sees turnover grow 24%

by Brian Turner

Story link: Transactor sees turnover grow 24%

Insurance software house, Transactor Global Solutions Limited (TGSL) has seen record new business acquisition and a 24% increase in turnover for its last trading year 1 April 2011 to 31 March 2012. Combined group turnover is expected to be in excess of £6.5 million (£5.2 million 31 March 2011), with EBIT running at about 10%. […]



Aon DC Index – positive start to the year for equities

by Gill Montia

Story link: Aon DC Index – positive start to the year for equities

Aon Hewitt’s latest DC Index tracker reveals that in the first quarter of 2012, funds with a higher exposure to equities saw an increase in their projected value at retirement, compared to those weighted toward bonds and gilts, which saw a marginal decrease over the period. According to the tracker, projected fund value and income […]



FSA reviews prescribed rates of return

by Gill Montia

Story link: FSA reviews prescribed rates of return

The Financial Services Authority (FSA) is reviewing the prescribed rates of return that financial services firms must use in their calculations when providing retail customers with projections of future benefits. Following a report prepared by PricewaterhouseCoopers, the regulator is considering evolving market conditions, latest academic research and other factors, to determine whether the assumptions used […]



April 10, 2012

Tiger.co.uk adds Zenith Plus to panel

by Richard Kilner

Story link: Tiger.co.uk adds Zenith Plus to panel

Tiger.co.uk, the price comparison website, has announced that it has added to its panel of insurance partners with the inclusion of car insurance brand Zenith Plus. Coverage provided under the Zenith Plus car insurance product includes breakdown cover and legal expenses. Both of these are often sold as optional extras to standard car insurance policies. […]



April 6, 2012

Men saving most with online deals

by Richard Kilner

Story link: Men saving most with online deals

New research commissioned by Standard Life has found that when it comes to online savings men are outdoing women to the tune of £287. Men estimate that the savings they gain by checking price comparison websites to be nearly £1,000, significantly more than the slightly above £700 that women estimate themselves to be saving. Standard […]



April 5, 2012

Brit to sell non-core regional UK business to QBE

by Richard Kilner

Story link: Brit to sell non-core regional UK business to QBE

Brit Insurance has announced that it is to sell its non-core regional UK business to QBE Insurance (Europe) Limited. The announcement comes as part of Brit’s strategic move to become a more focused major specialty (re)insurer at Lloyd’s and on the global stage. The transaction takes the form of a business transfer, shifting renewal rights, […]



LV= announces 2011 results

by Richard Kilner

Story link: LV= announces 2011 results

LV= has reported its financial results for 2011, including a group underlying profit of £99.4m, a 10% rise from the £90.7m of 2010. The firm also turned around its operating profit from last year, when it incurred a £10.4m loss, by recording a £29.5m operating profit. However, the IFRS result (after tax but before mutual […]