RBSI sets bidding deadline as interest wanes
by David Masters
Story link: RBSI sets bidding deadline as interest wanes
RBS has set the bidding deadline for RBSI, its £7 billion insurance business, as the end of this month.
RBSI is the biggest motor insurer in the UK, owning Direct Line and Churchill.
According to analysts, it is worth up to £8 billion, but is unlikely to sell for more than £6 billion due to […]
Giles acquires again in Wales
by David Masters
Story link: Giles acquires again in Wales
Giles Insurance has acquired the Wales-based broker Paul Murphy Insurance Services for an undisclosed sum, marking the second Welsh acquisition for the company within a week.
The acquisition is the tenth for Giles since March this year, and is a key part of the company’s growth strategy.
Charthouse Capital Partners acquired a stake in Giles in March, […]
KPMG fined £500,000 over Independent Insurance audit
by Gill Montia
Story link: KPMG fined £500,000 over Independent Insurance audit
Accountancy firm KPMG and one of its auditors, have been fined £495,000 and £5,000 respectively for failing to complete a professional audit of Independent, the insurance company that collapsed in 2001 with the loss of over 1,000 jobs.
The Joint Disciplinary Scheme, an independent body set up by the Institute of Chartered Accounts, has found that […]
ING sells reinsurance unit for €272m
by David Masters
Story link: ING sells reinsurance unit for €272m
In a move away from the insurance market, ING has sold its reinsurance unit NRG to Columbia Insurance Company, a Berkshire Hathaway subsidiary, for €272 million.
The sale of Nederlandse Reassurantie Groep NV was first announced on 27th December last year, but was only completed this week.
ING sold the unit because of its most recent strategy […]
JLT acquires Harman Wicks & Swayne businesses
by Gill Montia
Story link: JLT acquires Harman Wicks & Swayne businesses
Jardine Lloyd Thompson (JLT), the insurance and reinsurance broker, has acquired HWS Holdings, a private owned broking firm based in London.
The purchase includes HWS’ Lloyd’s Broker subsidiaries, Harman Wicks & Swayne Limited (a London based reinsurance broker) and Harman Wicks & Swayne International Limited (a wholesale provider of insurance products for small and medium sized […]
LV= promises annuity pension planners cash in five days
by Gill Montia
Story link: LV= promises annuity pension planners cash in five days
LV=, the mutual formerly known as Liverpool Victoria, has promised to pay all annuity pension planners their tax-free cash within five working days of receiving all funds and/or documentation.
The move forms part of LV=’s “money where its mouth is” campaign, which it launched in February.
The society is so confident of meeting its target that it […]
Brown & Brown announces Alpha Benefits acquisition
by David Masters
Story link: Brown & Brown announces Alpha Benefits acquisition
Brown & Brown, a US-based provider of insurance and reinsurance, has reported acquiring the assets of Alpha Benefits Group through a company subsidiary.
Pennsylvania-based Alpha Benefits Group provides individual and group employee benefits insurance. Its annual revenues are around $5 million.
Alpha Benefits will continue operating in its Pennsylvania offices as a freestanding independent branch of […]
Insurance fraudsters identified as Flatliners
by Gill Montia
Story link: Insurance fraudsters identified as Flatliners
Absolute Fraud Management, which specialises in fraud prevention, has launched Flatline, a new product aimed at the insurance sector.
The company introduced psychology based methods into fighting fraud in the insurance industry in 2001 and its Flatline solution works by examining multiple layers of information using forensic, linguistic, behavioural and cognitive indicators.
It also incorporates data […]
Stackhouse Poland acquires David Fangen
by Gill Montia
Story link: Stackhouse Poland acquires David Fangen
Stackhouse Poland, the independent insurance broker that specialises in private, corporate and charity clients, has acquired David Fangen Holdings, which operates as David Fangen in London and W Burch and Son in High Wycombe.
The move increases Stackhouse Poland’s gross written premiums by £10 million, to £40 million, and gives the firm five locations in […]
Willis acquires Hilb Rogal & Hobbs for $2.1bn
by Gill Montia
Story link: Willis acquires Hilb Rogal & Hobbs for $2.1bn
Worldwide broker, Willis, is acquiring Hilb Rogal & Hobbs (HRH), the North American insurance and risk management intermediary, for $2.1 billion in cash and shares.
The move will double Willis’ North America revenues and provide the firm with opportunities for growth in new markets.
The merger of the businesses will improve the group’s position in California, Florida, […]
Napco deploys AIR’s CATStation risk modelling technology
by Gill Montia
Story link: Napco deploys AIR’s CATStation risk modelling technology
AIR Worldwide Corporation, the risk modelling and technology firm, has reported that Napco LLC has expanded its use of AIR’s CATStation.
Napco is a US-based commercial insurance wholesale broker and is now using the technology to assist clients with their catastrophe underwriting decision-making and portfolio management.
Assistant vice president of risk modelling, Ravi Singhvi, explains that […]
Business & Domestic Insurance launches Lifestyle Protect
by Gill Montia
Story link: Business & Domestic Insurance launches Lifestyle Protect
Business & Domestic Insurance Services (B&DIS), the broker specialising in creditor, extended warranty and personal property insurance, has launched Lifestyle Protect Insurance, a new payment protection policy.
B&DIS forms part of the Motorway Direct Group, which provides warranty and F&I solutions to the motor industry.
The new product will be available via the group’s 1,200 plus auto […]
Caravan Guard shortlisted for Personal Lines Broker award
by Gill Montia
Story link: Caravan Guard shortlisted for Personal Lines Broker award
Caravan Guard, the caravan and motorhome insurance specialist based in Halifax, has been shortlisted for the best “Personal Lines Insurance Broker” award at the British Insurance Awards.
The nomination is an accolade in itself for the family-owned broker. A director of the firm, Chris Nettleton, says that being selected as a finalist is a major success, […]
Direct Group acquires Millennium Insurance
by David Masters
Story link: Direct Group acquires Millennium Insurance
Yorkshire-based Direct Group has acquired Midlands-based Millennium Insurance for an undisclosed amount.
Direct Group provides insurance to the UK financial services market, including financial institutions, corporates, and affinities. Millennium Insurance offers insurance to mortgage brokers and independent financial advisers.
The acquisition is part of Direct Group’s three-year plan to triple in size through organic growth and […]
NU supports Group Direct’s reverse takeover of Brightside
by Gill Montia
Story link: NU supports Group Direct’s reverse takeover of Brightside
Group Direct, the brokerage founded in 2002 by entrepreneurs Arron Banks and John Gannon, has acquired mortgage broker and debt management company, Brightside Group.
The purchase has taken the form of a reverse take over and includes the acquisition of Injury QED, which provides medical reports and other data for personal injury claims.
The move involves […]
THB relocates PWS staff to expanded London offices
by Gill Montia
Story link: THB relocates PWS staff to expanded London offices
THB, the insurance and reinsurance brokers that offer specialist and high risk cover, has expanded its London headquarters in Leadenhall Street with the addition of 16,000 square feet of office space.
The group has been growing rapidly, having acquired reinsurance broker PWS and established Unicorn Underwriting (a separate underwriting agency) since the beginning of this year.
The […]
MGM Advantage promotes enhanced annuities
by Gill Montia
Story link: MGM Advantage promotes enhanced annuities
Worthing-based MGM Assurance has today rebranded itself MGM Advantage.
The move comes as the 156-year-old mutual society and life assurer reveals its ambitious plans to become one of the UK’s top three providers of enhanced annuities.
The society says it will be covering a wide range of health conditions through its Designs for Retirement division, which is […]
Ping An withdraws from RBS Insurance sale
by Gill Montia
Story link: Ping An withdraws from RBS Insurance sale
Bidders for Royal Bank of Scotland’s (RBS) insurance business are now down to five.
Ping An, has withdrawn from the contest, leaving Zurich, Allstate, Travelers, AIG and Allianz to battle it out.
Ping An had been tipped as a strong candidate for a successful acquisition of the business, which could have provided the Chinese insurer with opportunities […]
LV= launches Mortgage & Lifestyle Protection
by Gill Montia
Story link: LV= launches Mortgage & Lifestyle Protection
Friendly society, LV=, has launched Mortgage & Lifestyle Protection, a new policy that provides cover against accident, sickness and unemployment.
The policy offers level mortgage cover and customers can choose between level or index-linked living expenses protection.
Mortgage repayments and living expenses cover can be arranged over different terms, taking into account the fact that the need […]
Fresh! backs online expansion with Open GI
by Gill Montia
Story link: Fresh! backs online expansion with Open GI
Fresh! Insurance, the broker founded in 2002, has transferred its trading system to Open GI, having previously been enabled by CDL.
Under the terms of a four year contract, Open GI will provide support from its core back-office system in addition to certain new products such as Open-i, OpenWord and OpenAttach.
The move is linked […]
