Equity Insurance acquires again
by David Masters
Story link: Equity Insurance acquires again
UK-based Equity Insurance Group has completed two book acquisitions, transferring personal lines and commercial accounts into the company’s growing network of branches.
Equity have acquired Hampshire-based Direct Insurance Services and Burnham on Sea-based broker JR & MS Turco General Insurance.
Business handled by Direct Insurance Services will be moved to Equity’s Basingstoke site in Potters Walk, whilst […]
Equitable Life policyholders due compensation and apology
by Gill Montia
Story link: Equitable Life policyholders due compensation and apology
A report by Parliamentary Ombudsman, Ann Abraham, into the near collapse of Equitable Life has been published today.
In 2001, millions of investors in the UK’s oldest mutual insurance company lost up to 50% of the value of their pension funds.
The report, which accuses regulators of comprehensive failure and the Government of maladministration, recommends that a […]
Open GI launches new eTraining facility
by Gill Montia
Story link: Open GI launches new eTraining facility
Open GI, the insurance broker software group, has launched eTraining, a new online training facility for its customers.
eTraining uses interactive web technology to provide one-to-one courses that can be delivered online and can therefore save time and money by removing the need for travel to and from training venues.
Training sessions cover numerous aspects of […]
EU clears GAUM acquisition by Berkshire Hathaway and Munich Re
by Gill Montia
Story link: EU clears GAUM acquisition by Berkshire Hathaway and Munich Re
The European Commission has cleared the 100% acquisition of Global Aerospace Underwriting Managers (GAUM) by Berkshire Hathaway and German reinsurance company, Munich Re.
The Commission concluded that the move would not significantly impede effective competition under the EU merger regulations and that on completion of the transaction GAUM will continue to face sufficient competitive constraints from […]
Friends drops sale of Pantheon
by Gill Montia
Story link: Friends drops sale of Pantheon
Friends Provident has reported that it is no longer selling its Pantheon Financial business.
The insurer said it has had a number of positive expressions of interest in the independent financial adviser firm that specialises in the high net worth and ultra high net worth markets.
However, offers for the unit have been too low and would […]
Ascot acquired by AIG
by David Masters
Story link: Ascot acquired by AIG
Ascot Underwriting Holdings, a Lloyd’s of London Agency, has been acquired by American International Group (AIG), the world’s biggest insurer
AIG purchased Ascot’s shares in full for an undisclosed sum. Previously AIG owned around 40% of Ascot’s shares.
Ascot is the managing agency of Lloyd’s Syndicate 1414 and has offices across the world in London, Spain, […]
Swiss Re considers bidding for Equitable Life
by David Masters
Story link: Swiss Re considers bidding for Equitable Life
The Financial Times has reported that the world’s largest reinsurer, Swiss Re, is considering entering the bidding race for Equitable Life’s £7 billion with profit fund.
If Swiss Re decides to make an offer, it will be up against UK-based life assurer Prudential.
Equitable Life has faced troubled times since 2000 when it was almost […]
Swiss Re to buy mortality risk via new pension services division
by Gill Montia
Story link: Swiss Re to buy mortality risk via new pension services division
Swiss Re is launching a new division in September that will specialise in pension services.
The business will acquire pension schemes and provide a range of other services, including an innovative mortality risk management service.
The new division will initially be promoted to UK and European companies with defined benefit plans worth at least £500 million.
It will […]
Equitable Life report could give policyholders right to sue
by Gill Montia
Story link: Equitable Life report could give policyholders right to sue
A long awaited report on the failure of Equitable Life is due to be published next week and could pave the way for over one million policyholders to claim compensation from the Government.
The life assurer collapsed in 2000 when it could no longer pay guaranteed bonuses to policyholders.
The report’s findings are based on a four-year […]
Crawford launches UK healthcare network
by Gill Montia
Story link: Crawford launches UK healthcare network
Crawford & Company, the international insurance services firm, has launched a new healthcare network that can provide a range of integrated healthcare and wellbeing services.
The scheme aims to support employers and employees in managing absences from work caused by illness, accident or injury.
The network allows clients to access over 300 qualified doctors and other […]
Moorhouse launches SME Brands division
by Gill Montia
Story link: Moorhouse launches SME Brands division
Moorhouse Group, the Caerphilly-based broker, has launched Moorhouse Brands.
The new division will operate as a trading subsidiary of the group and will provide an opportunity for established non-insurance and insurance brands to sell own-brand commercial insurance products to small and medium sized enterprises (SMEs).
The package includes an own-brand call centre, a website that incorporates full […]
Fortis launches two UK life products
by Gill Montia
Story link: Fortis launches two UK life products
Global banking and insurance group, Fortis, has launched its first UK life products, following the formation of a UK life division in February of this year.
Your Life Plan and Real Life Cover are available through a small group of financial advisers, prior to a full roll-out.
Your Life Plan has been designed to provide a choice […]
Friends loses Swiss Life interest in Lombard sale
by Gill Montia
Story link: Friends loses Swiss Life interest in Lombard sale
Friends Provident saw its share price fall sharply on Friday of last week, on rumours that Swiss Life is no longer interested in acquiring the group’s Lombard business.
In January of this year, the life and pensions provider took the decision to sell businesses that were no longer considered part of its core insurance operations.
The […]
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 […]
