LIU Europe expands into Birmingham
by Gill Montia
Story link: LIU Europe expands into Birmingham
Commercial lines insurer, Liberty International Underwriters Europe (LIU Europe), is expanding its operations into Birmingham with the appointment of Dave Canning as regional senior underwriter.
In his new post, Mr Canning will focus on establishing LIU Europe in the Birmingham area, drawing on his previous experience of underwriting liability business for a number of major insurers [...]
RSA unit acquires Nordic marine hull portfolio
by Gill Montia
Story link: RSA unit acquires Nordic marine hull portfolio
RSA’s Danish subsidiary, Codan Forsikring A/S, has acquired the renewal rights to Nordic insurer, TrygVesta’s, marine hull portfolio.
The group says the £6 million cash transaction is in line with its focus on targeted growth in specialty lines, and will strengthen Codan’s position as the third-largest marine insurer in the Nordic region.
TrygVesta’s portfolio represents around [...]
Half of Britons unfulfilled at work
by Gill Montia
Story link: Half of Britons unfulfilled at work
Bupa’s “How Are You Britain” report indicates that almost half of the country’s workforce is less than happy.
In a poll of over 2,000 people, 49% said they were feeling “unfulfilled” in their jobs, and 21% were annoyed by a lack of career progression.
The health insurer is therefore recommending some simple changes that can make a [...]
Free legal disputes service from Allianz Commercial
by Gill Montia
Story link: Free legal disputes service from Allianz Commercial
Allianz Commercial is offering a free legal disputes service to all of its SME policyholders.
The service, which is being provided in conjunction with Allianz Legal Protection, aims to assist SME customers with contract and professional negligence disputes.
It offers a free legal assessment of any dispute by a commercial solicitor and, if the the [...]
RSA highlights risks for recovering manufacturers
by Gill Montia
Story link: RSA highlights risks for recovering manufacturers
RSA is convinced that economic recovery is on its way and warning UK manufacturing businesses to check out their insurance cover as orders increase.
Since mid-2007, orders have decreased significantly, resulting in substantial job cuts and site closures.
However, new figures from manufacturers’ organisation, EEF, show growth in both output and orders, and the insurer [...]
Fire risk blights modern construction methods
by Gill Montia
Story link: Fire risk blights modern construction methods
“Building” has warned that insurance companies, including Aviva and AXA, may refuse to cover some UK buildings because of fire risk.
According to the construction magazine, recent figures from insurance research body, RISCAuthority, indicate that 40% of fires involving a loss exceeding £150,000 are related to timber-frame and light-gauge steel-frame buildings.
Concerns centre on the performance of [...]
Auger launches DrainShield UK
by Gill Montia
Story link: Auger launches DrainShield UK
Auger is claiming an industry first with the launch of a new insurance-backed warranty scheme.
The drainage inspection specialist has developed DrainShield UK, an independent, stand-alone, decade-long warranty on any work carried out by the firm.
Cover applies across both the commercial and domestic property sectors and is transferable from one property owner to another.
Best of [...]
New government measures on asbestos-related claims
by Gill Montia
Story link: New government measures on asbestos-related claims
The Ministry of Justice has announced new measures to support people who have been exposed to asbestos.
The move follows a government consultation on how best to respond to a Law Lords’ ruling which decided pleural plaques – an asbestos-related condition – are not compensatable.
Insurers have long argued that the plaques, which are areas of fibrosis [...]
Torus raises $185m to support expansion
by Gill Montia
Story link: Torus raises $185m to support expansion
Torus has secured a $185 million injection of cash that will be used to support continued expansion.
Subject to regulatory approval, the move will increase the speciality insurer’s equity capital to over $1 billion.
US-based Corsair Capital is providing $150 million of the cash, which will be topped up from private equity funds managed by Torus’ majority [...]
Right insurance essential for empty retail units
by Gill Montia
Story link: Right insurance essential for empty retail units
The recession has left plenty of empty shops on the UK’s High Streets and Aviva is reminding property owners of the importance of having the right insurance in place.
According to research by Local Data Company, retail property vacancy rates across Britain have risen to 12%, with some towns seeing as much as 24% of shops [...]
L&G enters longevity market
by Gill Montia
Story link: L&G enters longevity market
Legal & General (L&G) has entered the longevity insurance market.
According to the group, life expectancy at age 65 in England and Wales has increased by around one to 2.5 years each decade in the last three, for both males and females.
Pension schemes are therefore exposed to the risk that their life expectancy assumptions are wrong [...]
Zurich Global launches Product Safety and Recall proposition
by Gill Montia
Story link: Zurich Global launches Product Safety and Recall proposition
Zurich Global Corporate UK (ZGCUK) has announced the launch of a new Product Safety and Recall proposition.
According to the insurer, the move is in response to increasing customer demand and the offering should compete strongly against the more standardised solutions currently available in the market.
The proposition combines globally compliant insurance protection with a [...]
ABI opposes Employers’ Liability Insurance Bureau
by Gill Montia
Story link: ABI opposes Employers’ Liability Insurance Bureau
The Association of British Insurers (ABI) has voiced concerns over proposals to set up an Employers’ Liability Insurance Bureau (ELIB).
Details of the scheme, which would act as a fund of last resort for employees injured at work – operating in a similar way to the Motor Insurance Bureau, have been outlined in a Department for [...]
Garwyn launches Online Accident Reporting
by Gill Montia
Story link: Garwyn launches Online Accident Reporting
Garwyn is making it easier for businesses to report accidents and take a more proactive approach to risk management.
The firm, which claims to be the UK’s largest specialist liability adjuster, has launched an Online Accident Reporting system which heralds a number of other initiatives under development.
The new system allows businesses to record accidents and injuries [...]
Arista completes start-up and looks to profit
by Gill Montia
Story link: Arista completes start-up and looks to profit
Arista is celebrating three years’ trading and says it will achieve a consistent trading profit from the first quarter of 2010 onwards.
Since setting up shop, the commercial lines underwriter has established a branch network of seven offices; employed over 100 staff; created an online trading solution and launched 11 new products.
With the start-up [...]
Cumbrian flood claims top £200m
by Gill Montia
Story link: Cumbrian flood claims top £200m
The cost of damage caused by last November’s flooding in Cumbria has topped £200 million.
According to the Association of British Insurers (ABI), its members have handled 36,000 flood and storm damage claims totalling an estimate £206 million, with 60% of the sum relating to business damage.
Interim payments made by insurers to [...]
FSA bans broker for hoarding premiums
by Gill Montia
Story link: FSA bans broker for hoarding premiums
The Financial Services Authority (FSA) has banned Mark Hazelwood, who operated Hertfordshire-based broker, Synergys Ethical Limited.
The company director has been found guilty of lying to customers and the FSA, and failing to pass on premiums to insurers.
Mr Hazelwood’s firm focused on arranging locum insurance for doctors, covering GP surgeries for any liability they might [...]
Sterling makes appointments to commercial team
by Gill Montia
Story link: Sterling makes appointments to commercial team
Sterling Insurance has announced two new appointments to its commercial new business and development underwriting teams.
Nicholas Hartley and Andy Hulme are taking up the posts of senior development underwriter and senior underwriter, respectively.
Mr Hartley joins from AIG and will be responsible for the Development Underwriters’ team, whilst also acting as a referral point for [...]
COBRA Network expands with Riverbourne Group
by Gill Montia
Story link: COBRA Network expands with Riverbourne Group
COBRA Network has increased its membership to 159 by bringing on board Riverbourne Group.
The network is aimed at commercial insurance brokers with gross written premiums in excess of £1 million and Riverbourne more than fits the bill, having reported GWP of £12 million in 2009.
The firm was founded in 2002, promising rapid growth in the [...]
FM Global secures Swiss operating licence
by Gill Montia
Story link: FM Global secures Swiss operating licence
FM Global has secured a licence to conduct business in Switzerland.
The commercial property insurer has also opened a new branch in Lugano, saying the expansion is driven by growth of its Swiss business and the need for more operational flexibility in the region, although it will continue as a co-insurer with its existing Swiss WorldReach [...]
