Old Mutual is selling Skandia Insurance Company to Swedish Life insurer, Skandia Liv, for £2.1 billion. The divestment comprises Old Mutual’s long-term savings and banking operations in Sweden, Denmark and Norway, operating under the Skandia brand. Proceeds of sale will be used to reduce group debt, with any surplus capital returned to shareholders in due [...]
Liberty Syndicates, part of the Liberty Mutual Group, has appointed Peter Sprent to lead its global financial risks team. According to the firm, Mr Sprent is regarded by the industry as a leading political risk and trade credit underwriter. He takes over from Matthew Moore, whose responsibilities as chief underwriting officer for the £910 million [...]
International law firm, Simmons & Simmons, has appointed Pollyanna Deane as a partner at its London-based corporate & commercial unit. She will join the firm on 16th January 2012, moving from Berwin Leighton Paisner. Ms Deane focuses on corporate transactional and regulatory advisory work in the insurance sector and clients include reinsurers, insurers, mutuals, intermediaries [...]
Legal & General is continuing its campaign on boardroom diversity, saying it is “crucial” to a company’s long-term performance. The group’s new director of corporate governance at L&G Investment Management, Sacha Sadan, explains: “For a business to make the best decisions possible, the best quality information is required alongside rigorous debate. “This rigour is only [...]
Munich Re reckons hopes of a successful conclusion to the world climate summit, which starts today in Durban, South Africa, are “extremely slim”. Progress may be achieved in the second negotiating track, i.e. adaptation aid for the countries worst hit by climate change. However, after the collapse of negotiations in Copenhagen two years’ ago, global [...]
Phoenix Group has confirmed that discussions with Resolution Limited concerning a possible merger have now terminated. However, the closed life fund consolidator says it has also received certain other approaches concerning potential offers, including one from CVC Capital Partners. Commenting on the approaches, Phoenix chairman, Ron Sandler, says: “The Board believes that Phoenix is in [...]
ACE has appointed Carolyn Hamilton to the newly-created role of regional development manager for corporate risks. Ms Hamilton takes up the post on 5th December, moving from UK regions manager at Chubb Insurance and having previously worked for Independent Insurance and General Accident. A significant part of the job involves working with ACE’s regional branch [...]
Groupama Insurances has appointed Darren Wills to the new role of corporate claims director. Mr Wills joined the insurer in January 2007 as claims planning & performance manager, moving on to head of claims development in January 2011. Based at the group’s Port Solent offices and reporting to Groupama Insurances managing director, Laurent Matras, he [...]
London-market re/insurance broker, THB, has confirmed that AmWINS has formally declared its intent to acquire 100% of the firm’s share capital at 80.55 pence per share. The acquisition will leave THB with its brand identity in tact and should position AmWINS as a leading international specialty insurance distributor, placing more than $6.7 billion in annual [...]
Following a temporary suspension, HomeServe has recommenced limited sales and marketing activities. In October, the home emergency insurer responded to accusations of mis-selling by suspending outbound sales calls, reviewing protocols and retaining staff. The group is now in the process of reviewing its direct mail marketing material and re-contacting customers in relation to complaints from [...]
AEGON recorded a sharp drop in new life sales in the third quarter of 2011, compared to a year earlier. At €405 million, sales were down 18% due to product repricing, as the Dutch insurer continued to focus on margins. Accident & health sales increase 5% year-on-year, to €153 million, with growth mainly driven by [...]
Hiscox saw gross written premium fall 3% year-on-year, to £1.96 billion, in the nine months to the end of September, as the group continued to “walk away” from poorly rated risks. At its London Market business premium income declined 3.2%, to £475.3 million, and the re/insurer says it plans to increase Syndicate 33 2012 capacity [...]
Howden Insurance Brokers has been appointed preferred supplier of insurance services to the English Community Care Association (ECCA). The Association is the largest representative body for community care in England and according to chief executive, Martin Green, Howden has been appointed because it knows the care home business inside out. Commenting on the win, the [...]
Legal & General has secured a £1.1 billion bulk annuity deal with the Trustee of the T & N Retirement Benefits Scheme (1989). The scheme has been in a Pension Protection Fund (PPF) assessment period since 2006. However, because its financial strength exceeds the threshold below which the PPF would automatically step in, the Trustee [...]
Friends Life has today launched Protect+, an individual protection package aimed at the IFA market. The group says it has forged together the best of what was once provided by Friends Provident and its UK life acquisition from AXA, with the new offering spanning income protection, critical illness, life and business protection. In addition, IFAs [...]
Towergate Insurance has appointed Lucinda Charles-Jones as group human resources director, with effect from 24th October. Moving from AXA UK and Ireland where she served as interim group HR director, Ms Charles-Jones previously held HR directorships at Barclays, RAC and Lex Vehicle Leasing. More recently she spent three years as group HR director at recruitment [...]
Guy Carpenter has appointed Des Potter as managing director M&A advisory Europe, the Middle East and Africa (EMEA), at its GC Securities unit. Based in London, Mr Potter will report to Bill Kennedy, the group’s chief executive office, global analytics and advisory. In the newly-created position, he will work with Guy Carpenter’s EMEA broker network [...]
A heritage claim received by charities insurer, Ecclesiastical, has had an unusual but welcome outcome with the return of an amethyst that once belonged in a ring stolen from the Helensborough home of the Moderator of the Church of Scotland. The theft took place on Christmas Eve 2010, with the thief undeterred by the fact [...]
Beazley is expanding and restructuring its global underwriting team. From 1st January 2012, Colin Rose will become global head of construction & engineering, succeeding Hugh Phillips, who has led the team since 2008 and now has retirement plans. Mr Rose has been a senior underwriter at the firm since 2004, having previously held senior construction [...]
