Daily Insurance Industry News
 
 
Daily Insurance Industry News
Sunday 21st of January 2018
October 25, 2012

Actuaries optimistic on pension guarantees

by Gill Montia

Story link: Actuaries optimistic on pension guarantees

The Institute and Faculty of Actuaries has released a research paper showing how modern investment techniques could pave the way for guaranteed pensions. Earlier this year, Pensions Minister, Steve Webb, announced that he wanted pension providers to come up with schemes that offer a “Money-back” guarantee that would mean workers got back at least what […]



October 24, 2012

Willis reports third quarter results

by Richard Kilner

Story link: Willis reports third quarter results

Global insurance broker Willis Group Holdings plc has reported its financial results for the quarter and nine months ended 30 September 2012. Reported net income for the third quarter was $26m, equating to $0.15 per diluted share, less than half the $60m, or $0.34 per diluted share, it made during the corresponding period last year. […]



Ecclesiastical reports sharp fall in church metal theft

by Richard Kilner

Story link: Ecclesiastical reports sharp fall in church metal theft

Church insurer Ecclesiastical has reported that the number of insurance claims for the theft of metals such as lead from church roofs has fallen sharply. The steep decline follows Ecclesiastical’s Hands Off Our Church Roofs campaign to have roofs fitted with alarms. Between January and the end of July the insurer received 650 claims, less […]



ACE reports strong third quarter results

by Richard Kilner

Story link: ACE reports strong third quarter results

ACE Limited has reported its financial results for the quarter ended 30 September 2012, including net income of $640m compared to a loss of $39m in the corresponding period last year. The firm reported net income per share of $1.86, a significant improvement on the net loss per share of $0.11 suffered last year. The […]



Pension Insurance Corporation secures cash injection

by Gill Montia

Story link: Pension Insurance Corporation secures cash injection

Pension Insurance Corporation (PIC), which provides insurance solutions for defined benefit pension funds, has completed a transaction whereby Luxembourg-based Reinet Fund will invest up to £400 million in the business. The injection of cash will be used to back PIC’s growth in the UK’s pension insurance buyout and buy-in market. At the same time, Sir […]



Benefits and risks of high frequency trading assessed

by Gill Montia

Story link: Benefits and risks of high frequency trading assessed

Computer-based trading can have beneficial effects on liquidity, transaction costs and the efficiency of market prices, according to the Government’s chief scientific adviser, Sir John Beddington. In a new report, Sir John sheds light on the technological advances that enable computer algorithms, rather than humans, to drive the high-speed stock trades that have transformed markets […]



October 23, 2012

Bluefin bolsters Birmingham office

by Richard Kilner

Story link: Bluefin bolsters Birmingham office

Bluefin Insurance Group has announced the appointment of Adam Morris and Lisa Tolley as account directors in the firm’s Birmingham office. Morris and Tolley, who assume their positions with immediate effect, will be directly responsible to Birmingham Branch Director Nigel Bartlett. Prior to joining Bluefin the pair worked for Aon Riks solutions, where they were […]



ABI issues advice to avoid burst pipes

by Richard Kilner

Story link: ABI issues advice to avoid burst pipes

The Association of British Insurers (ABI) has urged homeowners to take pre-emptive action to reduce the risk of burst and frozen pipes. Two years ago the especially savage winter led to insurers being swamped with 3,500 claims a day for burst pipes. The problem can be very expensive, disruptive and stressful, but taking simple steps […]



Which? launches Consumer Insight tracker

by Gill Montia

Story link: Which? launches Consumer Insight tracker

Which? has today launched the Consumer Insight tracker, a new online resource that promises “a uniquely detailed picture” of today’s consumers. The tracker, updated monthly, has data on consumer spending, attitudes and behaviour, and can be filtered by age, income, gender or region.



Aon Benfield launches CRO guide to Solvency II

by Gill Montia

Story link: Aon Benfield launches CRO guide to Solvency II

Aon Benfield has launched the “CRO Guide to Solvency II”, a new report aimed at helping chief risk officers (CROs) maintain a competitive position and boost financial strength while meeting regulatory compliance. The study attempts to unravel the complexities of Solvency II and provide practical advice for successful implementation. As such, it includes an overview […]



October 22, 2012

Hiscox appoints head of catastrophe research

by Gill Montia

Story link: Hiscox appoints head of catastrophe research

Hiscox has appointed Dr Richard Dixon as group head of catastrophe research. Dr Dixon obtained a PhD in Meteorology from Reading University in 1999, studying the processes that lead to severe European windstorms. From there, he joined Risk Management Solutions and subsequently worked in the catastrophe modelling teams at Benfield and Renaissance Re, specialising in […]



Partnership appoints CFO

by Gill Montia

Story link: Partnership appoints CFO

Partnership, which specialises in life and pension products for people whose life expectancy is likely to be reduced, has appointed David Richardson as its new chief financial officer. Mr Richardson joins from closed life fund consolidator, Phoenix, where he was group chief actuary and responsible for restructuring a £70 billion balance sheet plus overall capital […]



Hiscox appoints Catastrophe Research chief

by Richard Kilner

Story link: Hiscox appoints Catastrophe Research chief

Hiscox has announced the appointment of Dr. Richard Dixon as the firm’s new group head of Catastrophe Research. Hiscox has also bolstered its London Market reinsurance team with the appointment of Jonathan Lord and Nick Orton as trainee underwriters for non-marine treaty business in the US and international, respectively. Dr. Dixon, who will report directly […]



ACE announces raft of UK/Ireland appointments

by Richard Kilner

Story link: ACE announces raft of UK/Ireland appointments

ACE Group has bolstered its presence in the United Kingdom and Ireland with a number of appointments. London and South East Corporate P&C Underwriting Manager Graeme McGeachie has been promoted to London and South East Regional Manager, Corporate. McGeachie succeeds Jon Houghton, who will be occupying a newly created position, and will report directly to […]



Retirement saving gender gap hits record high

by Gill Montia

Story link: Retirement saving gender gap hits record high

The gap between the amount men and women are saving for retirement has grown to a record high, according to Scottish Widows, as women continue to be hit disproportionately by the economic downturn. In its latest “Women and Pensions” report, the firm claims that half of Britain’s females are feeling worse off than a year […]



October 20, 2012

AEGON Ireland improves offshore bond pricing

by Gill Montia

Story link: AEGON Ireland improves offshore bond pricing

AEGON Ireland has improved pricing on its Wealth Management Portfolio offshore bond, available on the AEGON Retirement Choices platform. Under the revised terms, the fund-based product charge has being removed completely and the fixed quarterly charge adjusted to £82.40 per quarter. AEGON Ireland chief executive officer, Simon Skinner, comments: “We are seeing offshore bonds become […]



FSA fines Sun Life of Canada £600k for governance failings

by Gill Montia

Story link: FSA fines Sun Life of Canada £600k for governance failings

The Financial Services Authority (FSA) has fined Sun Life Assurance Company of Canada (UK) Limited (SLOC UK) £600,000 for failings in the governance of its with-profits business. According to the regulator, the design and operation of SLOC UK’s governance arrangements were “unclear and inadequate”, resulting in a high risk that policyholders’ interests weren’t protected properly. […]



October 19, 2012

Britons enjoy greater job security

by Richard Kilner

Story link: Britons enjoy greater job security

Legal & General’s latest Job Security Index has revealed that job confidence in the UK is now the highest it’s been all year. More than three-quarters (78%) of working adults now say their job is secure, a 5% rise on the previous high of April 2012. Part-time working adults also report a 5% rise from […]



ACE to acquire ABA Seguros

by Richard Kilner

Story link: ACE to acquire ABA Seguros

ACE Limited has announced that it has reached a definitive agreement to acquire ABA Seguros in Mexico from Ally Financial Inc. in a deal worth approximately $865m in cash. ABA Seguros was established 54 years ago and is the sixth largest property and casualty (P&C) insurer in Mexico, where it also offers auto, homeowners and […]



RSA scoops employee engagement award

by Gill Montia

Story link: RSA scoops employee engagement award

RSA has scooped the award for employee engagement at this year’s Chartered Institute of Personnel and Development (CIPD) People Management Awards, after demonstrating an “impressive array” of tactics. According to CIPD, five years’ ago RSA was experiencing low morale, generating disappointing financial returns and struggling to recruit the right talent. However, by recognising the capability […]