Responding to Environment Secretary Caroline Spelman’s comments about insurers looking for a subsidy to insure against flooding, the Association of British Insurers’ (ABI) director general, Otto Thoresen, says: “We are not arguing for a subsidy to benefit insurers. “We want a long term solution, negotiated constructively with the Government, that will help the insurance industry [...]
Standard Life is reducing some of its UK with-profits bonus rates. The life and pensions provider says most plans increased in value in the year to 1st February but guarantees are building up, and it needs to ensure its with-profits fund can meet all guarantees. The company explains: “We expect asset classes such as equities [...]
Friends Life has announced two appointments to the senior management team of its protection business. Mark Anders becomes sales and marketing director for individual protection and David Williams becomes director of group protection; both will report to Steve Payne, managing director of UK protection. Mr Anders will take up his new role at the beginning [...]
Brit Insurance has announced the appointment of John Stratton to the newly created position of chief investment officer. The appointment, which is subject to FSA approval, will see Stratton supervise the firm’s investment and asset management activities and report directly to Group Chief Executive Officer Mark Cloutier. He joins Brit from Insurance Australia Group (IAG), [...]
The Association of British Insurers (ABI) has launched a political campaign highlighting the scale of flood risk faced by constituencies across England and Wales. Quoting the latest Environment Agency flood data, the ABI claims that unfulfilled Government pledges to tackle the rising flood threat have left thousands of homes with a greater than 1 in [...]
After years of debate comes confirmation that women are better parkers than men. A month-long study by NCP took various aspects of parking including technique, accuracy and time taken, to produce a “parking coefficient” score which stands at 13.4 for women and 12.3 for men. Women excelled themselves in a number of areas including adopting [...]
Bermuda-based Ironshore Insurance Ltd. has announced that it is opening a new office in Singapore as its latest step in global expansion. The Singapore branch is to be led by Principal Officer Chen Dai, who is to be tasked with fostering regional growth. Dai will also be responsible for the firm’s suite of Property and [...]
The UK’s Information Commissioner has flagged up a number of problems that could arise from a proposed EU update of data protection rules. Overall, the Commissioner has welcomed the proposals, which include: 1. Strengthening provisions relating to consent so that when an individual’s consent is relied on for processing personal data it is genuine consent. [...]
The H. W. Kaufman Financial Group has announced its purchase of London-based broker and underwriter Chesterfield Group, Ltd. The acquisition expands Kaufman’s international insurance presence, as Chesterfield has companies in the UK, USA and Canada. President, Chairman and Chief Executive Officer Alan Jay Kaufman described the acquisition as an important addition to Kaufman Financial Group, [...]
The Chubb Corporation has reported its financial results for the fourth quarter of 2011, including net income of $452m, equating to $1.60 per share. This is around two-thirds the $620m ($2.02 per share) the firm made in the corresponding period last year, but is significantly greater than the Q3 2011 net income of $298m. Operating [...]
AXA Commercial Lines has announced the appointment of Ryan Birbeck as the firm’s new London sales manager. Birbeck has been with the firm since 2005, and will report directly to London Branch Manager Linda Courtney. During his time with the firm he has occupied a range of roles, including in underwriting and sales. AXA Commercial [...]
The Association of British Insurers’ (ABI) director general, Otto Thoresen, has set out the “new normal” for the UK insurance industry. Speaking yesterday at the Insurance Institute of London, Mr Thoresen outlined three core shifts that the industry needs to accept, beginning with globalisation and the “rising star” of the economies of the Far East [...]
MetLife has promoted Mike Hocking to the post of regional sales director for the Midlands. Mr Hocking joined the life and pensions provider in 2010 as senior sales development manager in the South West and will now run the team covering the central region. Previously, he held the post of managing director and group sales [...]
AmWINS Group, Inc. has announced that its acquisition of THB Group plc has been completed. Independent insurance and reinsurance broker and risk management business THB is principally based in the London insurance and reinsurance market, and its global network of offices enables it to serve clients and markets in the UK and internationally. Following the [...]
AEGON is proposing to raise at least $500 million with an offering of 8% non-cumulative subordinated notes, due 2042. As part of the offering, the Dutch insurer has granted the underwriters a 30-day option to purchase up to $75 million of notes to cover over-allotments, raising gross proceeds to $575 million, should this option be [...]
Ageas Protect has announced two key appointments to its senior management team with Scott Reid joining as head of pricing & reinsurance and Richard Halley taking up the post of partnership development manager. Mr Reid brings with him actuarial and reinsurance experience gathered from various jobs with Aon Benfield, Scor, Gen Re, and Scottish Widows. [...]
Thomas, Carroll Group plc has announced its latest expansion, with Group Chairman John Moore stating that the fourth stage extension of the firm’s headquarters would begin in late spring. As a result, the headquarters will feature a significantly larger boardroom as well as additional office space for at least thirty new staff members. Moore also [...]
The insurance operations of XL Group plc has announced the expansion of its global Political Risk and Trade Credit (PRTC) team with a quartet of London-based appointments. Joe Blenkinsopp is to lead the new team, and he will report directly to New York-based Richard Maxwell, the global head of PRTC. Blenkinsopp will take on the [...]
Commercial insurer NIG has announced that it is bringing the remaining part of its risk management process in-house to better cater to the needs of its customers. From the start of this week the new Risk Management Support Team has operated from the firm’s Peterborough offices. The new team will now follow up risk improvement [...]
