Winter Weather Creates Problems For Motorists
by Stewart Douglas
Story link: Winter Weather Creates Problems For Motorists
January is the worst month of the year for motor accidents as a result of cold weather and icy road conditions, with February following closely behind, according to research published today by Moneysupermarket.com. Amongst the icy road conditions ranks the crime of ‘frosting’, whereby car thieves pounce on those turning their engines on to help [...]
MDRT Brand India As ‘Perfect’ Insurance Market
by Stewart Douglas
Story link: MDRT Brand India As ‘Perfect’ Insurance Market
A global network of chief insurance professionals has today branded India as the ideal market for insurance products, suggesting it had a significant scope for long term development and infrastructural strengthening over the coming years. The Million Dollar Round Table, a worldwide network of insurance executives, has branded the size and demographic makeup of the [...]
Towergate Becomes Countrywide Network Partner
by Stewart Douglas
Story link: Towergate Becomes Countrywide Network Partner
Towergate Underwriting has today been revealed as the latest insurance partner of the Countrywide insurance panel, making for number seven on the panel which will see increasingly widespread distribution of its expertise and services throughout the Countrywide network. The move will see Towergate join at strategic partnership level alongside six other organisations in the provision [...]
Friends To Slash 600
by Stewart Douglas
Story link: Friends To Slash 600
Insurance group Friends Provident has today announced it is to cut back on some 600 full time positions, with a view to reducing its overall expenditure by some £60 million annually in order to help boost profitability amidst the current difficult market conditions. The insurance firm has today announced it is to slash jobs across [...]
Standard Life Reports Slowdown
by Stewart Douglas
Story link: Standard Life Reports Slowdown
Insurer Standard Life has today announced a slowdown in top line revenues over the last quarter of 2007, despite the fact that the group reported an increase of 15% in its domestic pensions and life businesses over the course of last year, in light of difficult market conditions and growing competition. Over the last quarter, [...]
MRG 2008 Goals Unveiled
by Stewart Douglas
Story link: MRG 2008 Goals Unveiled
The Market Reform Group has today announced that the London insurance market is well on its way to achieving its 2007 objectives, on the day it launched its targets for development over the coming year. The announcement came along with the establishment of the markets’ key objectives for 2008, of which E-placing and electronic factors [...]
Aon Launches 2008 Marine Review
by Stewart Douglas
Story link: Aon Launches 2008 Marine Review
Insurance group Aon has today launched its annual review of the Marine Insurance Market, which has turned up the likelihood of growing premiums for insurance providers in spite of an increased in the risks faced by the industry, according to the details published today. According to the review, cargo markets are likely to continue to [...]
Towergate Complete McAra Deal
by Stewart Douglas
Story link: Towergate Complete McAra Deal
Leading insurance broker Towergate has today announced the successful acquisition of Scottish broker McAra Associates, as the latest target in its ongoing rapid acquisition drive throughout the UK, developing the the group’s presence and expertise within the Scottish marketplace. The latest product of the group’s specific acquisitions division, the deal with McAra will see it [...]
Atradius and Crédito y Caución Merger Confirmed
by Stewart Douglas
Story link: Atradius and Crédito y Caución Merger Confirmed
Atradius and Crédito y Caución have put an end to months of speculation through, confirming they will complete a merger that will allow them to “look forward to leading the global credit insurance industry.” As the second and fourth largest credit insurers, they now anticipate controlling 31% of the global credit insurance market post-merger. The [...]
Solvency II Directive Being Ignored, Says Deloitte
by Stewart Douglas
Story link: Solvency II Directive Being Ignored, Says Deloitte
The majority of UK insurers feel the introduction of the Solvency II capital adequacy directive will have a burdenous impact on their business, with even more less than adequately prepared to handle the implications of the European legal instrument when it comes in to force, according to a report released today by accountants and business [...]
Aviva To Abandon Windfall Payments
by Stewart Douglas
Story link: Aviva To Abandon Windfall Payments
Insurance group Aviva has today suggested it is prepared to abandon initial proposals to return windfall payments to over one million customers if it cannot finalise the terms of the deal over the next few months, in a move that has arisen from frustrated talks with policyholder representatives. The group has been heavily involved in [...]
THB Acquires PWS
by Stewart Douglas
Story link: THB Acquires PWS
Insurer THB Group has today confirmed that it has completed the acquisition of PWS, the Lloyd’s insurance broker after several weeks of speculation as to whether or not a deal would be reached, in a move designed to increase global reach for the firm whilst providing better value service to customers worldwide. The news comes [...]
Aon Responds To Societe Generale Incident
by Stewart Douglas
Story link: Aon Responds To Societe Generale Incident
Insurer Aon has today released a statement in response to the high profile Societe Generale fraud case in which a rogue trader managed to amass some $7 billion of loss undetected by his employers, casting further doubt over the health of the banking industry, and the long term projections for Societe Generale. Having traded under [...]
Cosumers Wasting Thousands, Says Which?
by Stewart Douglas
Story link: Cosumers Wasting Thousands, Says Which?
The average consumer could be wasting thousands of pounds every year on insurance products that aren’t really worthwhile, according to consumer group Which? today, which suggested that many of the mainstream policies offered by insurers may not provide value for money and may not in fact prove to be the wise move. Which? argued that [...]
Kiln Acquires IMIM
by Stewart Douglas
Story link: Kiln Acquires IMIM
Insurer RJ Kiln & Co. has today confirmed the acquisition of International Marine Insurance Managers, the South African based underwriting firm for an undisclosed sum in yet a further expansion of its operation in what will increase its international marine cargo business and help further cements its stronghold within the market. The acquisition was announced [...]
DAS Secure £2m Expenses Cover Contract
by Stewart Douglas
Story link: DAS Secure £2m Expenses Cover Contract
Niche insurance firm Ecclesiastical has today announced that it has renewed its partnership with DAS to provide cover for legal expenses insurance over its specific client base, in a deal thought to be worth £2 million to the legal insurer over the duration of the agreement. The terms of the agreement will see DAS, which [...]
JC Flowers Hints That Friends Provident Takeover Might Be On The Cards
by Stewart Douglas
Story link: JC Flowers Hints That Friends Provident Takeover Might Be On The Cards
Insurer Friends Provident was today amongst the hot picks for traders and market analysts following an announcement from high profile US private equity outfit JC Flowers that it would be looking to make an offer to acquire the firm, pending further investigations into its available options, driving the share price up and inspiring investors nationwide. [...]
Ironshore Bid For Heritage Collapses
by Stewart Douglas
Story link: Ironshore Bid For Heritage Collapses
Lloyd’s insurer Heritage has today announced that the proposed takeover bid from Ironshore has collapsed following the rejection of two initial offers from the company as a result of the cash valuation placed on the approach, paving the way for a number of other interested parties to declare their interest in the insurer. Ironshore made [...]
Research Shows Lack Of Cover For Staff Abroad
by Stewart Douglas
Story link: Research Shows Lack Of Cover For Staff Abroad
Security group ArmorGroup International has today published research which shows an underlying lack of insurance cover for employees and company assets based outwith the UK, reflecting a significant minority of companies exposing themselves to potentially business-threatening damages. The alarming report published today also showed that the majority of those companies don’t provide cover even where [...]
CBG Announces Acquisition of Barclay Brown
by Stewart Douglas
Story link: CBG Announces Acquisition of Barclay Brown
Manchester based insurance broker CBG has today announced that it has successfully completed the acquisition of niche broker Barclay Brown, in a move that will see the broker consolidate its regional holdings in the North West insurance market. The completion of the deal was announced to the Stock Exchange today, which includes a two-tier payment [...]
