Willis names Minneapolis Construction Practice leader
by Richard Kilner
Story link: Willis names Minneapolis Construction Practice leader
Chris Lorsung has been named by Willis Group Holdings as leader of the Minneapolis Commercial Construction Practice.
He joined Willis nine years ago, leaving behind St. Paul Insurance Company, where he worked in the construction unit in a number of roles.
Lorsung, who assumes his new position with immediate effect, will keep his title as senior vice […]
Aon to acquire Benfield
by Richard Kilner
Story link: Aon to acquire Benfield
Aon Corporation has reached a definitive agreement with Benfield Group limited whereby Aon will acquire Benfield for £3.50 per share.
The deal adds a 29% premium to Benfield’s share price, as of 21 August and is contingent upon approval by Benfield’s shareholders and regulators.
In addition, Aon will take on its acquisition’s debt of £91m.
Benfield will become […]
Aon hires senior VP of construction
by Richard Kilner
Story link: Aon hires senior VP of construction
Aon Corporation has announced the appointment of Karen Reutter a senior vice president within Aon Construction Services Group.
She brings with her extensive experience from her career in risk management and construction insurance.
Her career began with International Risk Management Institute, and flourished with Zurich Insurance and St. Paul Construction.
Immediately before being recruited by Aon, she worked […]
Old Mutual expands in China with TEDA acquisition
by Gill Montia
Story link: Old Mutual expands in China with TEDA acquisition
Old Mutual has acquired a 49% stake in TEDA Fund Management from Fortis, the Belgian-Dutch financial group, for approximately €165 million (£131 million) in cash.
TEDA is a Chinese joint venture which Fortis acquired last year when it joined forces with Royal Bank of Scotland and Santander to buy Dutch bank, ABN Amro.
The sale of the […]
FSA fines motor dealerships over PPI sales
by Gill Montia
Story link: FSA fines motor dealerships over PPI sales
The Financial Services Authority (FSA) has fined five motor dealerships a total of £175,000 for mis-selling payment protection insurance (PPI).
GK Group, George White Motors, Ringways Garages (Leeds), Ringways Garages (Doncaster), and Park’s of Hamilton have been found guilty of serious breaches of the regulations governing PPI sales, putting 2,175 customers at risk of buying […]
Lenders are still taking the PPI out of 2 million loans
by WhichCampaigner
Story link: Lenders are still taking the PPI out of 2 million loans
As many as two million* loan Payment Protection Insurance policies have been sold to people who may never be able to make a claim, according to new research by Which?
A third* of consumers who have taken out a loan with payment protection insurance during the past five years may fall foul of at least one […]
AXA launches Estate Planning account
by Gill Montia
Story link: AXA launches Estate Planning account
AXA Wealth Management has launched an Estate Planning account via its Isle of Man subsidiary.
The new product sits alongside AXA’s range of inheritance tax planning products and according to Mike Foy, AXA Isle of Man’s managing director, is a more straightforward version of the company’s Estate Planning bond.
The account is a unit-linked investment that […]
Amlin H1 profits down 26%
by David Masters
Story link: Amlin H1 profits down 26%
Lloyd’s of London insurer Amlin has posted its results for the first half of 2008 with pretax profit down 26% on year.
Pretax profit for the 6 months ending 30th June was £137.3 million, compared to £185 million for the same period in 2007.
Net income for the period was £108.1 million, or 22.5p per share, […]
Advertising Standards silence Churchill’s talking dog
by Gill Montia
Story link: Advertising Standards silence Churchill’s talking dog
Churchill is re-educating its talking dog after a customer complained to the Advertising Standards Authority (ASA) that the insurer’s long running television advertisement is misleading.
The advert features a cartoon of a talking bulldog, that can only reply “Oh yes”.
The ASA has upheld the complaint which centred on the question of whether customers can make a […]
Lodgers could ease credit crunch
by Richard Kilner
Story link: Lodgers could ease credit crunch
Homeowners struggling with the belt-tightening amid rising fuel and food costs could be missing a trick, according to Abbey Mortgages.
The mortgage provider states that a grand total of £63.4bn could be earnt in rent per year if unused bedrooms were let out.
Furthermore, 1.6m families are considering renting out a spare room to lodgers as the […]
Swiss Re hire Bell as American chairman
by Richard Kilner
Story link: Swiss Re hire Bell as American chairman
Walter A. Bell has been appointed by Swiss Re to serve as Swiss Re America Holding Corporation’s chairman.
He will leave behind his role as Commissioner of the Alabama Department of Insurance, which he has occupied for the last 5 years, to take up his new position, which is effective from 2 September.
During his tenure as […]
Legal & General urge holidaymakers to take out insurance
by Richard Kilner
Story link: Legal & General urge holidaymakers to take out insurance
Legal & General has conducted research which reveals that the effects of the credit crunch has given the British public pause for thought when considering holiday plans.
More than a quarter (26%) replied that they were now not going on holiday, with a fifth stating they were to go on a less expensive holiday.
Almost two-fifths (39%) […]
Which? calls price comparison sites “misleading”
by Gill Montia
Story link: Which? calls price comparison sites “misleading”
Which? is asserting that financial comparison websites are misleading Britons.
The consumer watchdog has carried out a study which revealed that “best buy” quotes obtained across various financial comparison sites can vary by hundreds of pounds, despite that fact that exactly the same information has been entered into each site.
Checks were run on three of […]
Arthur J. Gallagher buys Texas broker
by David Masters
Story link: Arthur J. Gallagher buys Texas broker
Illinois-based Arthur J. Gallagher & Co, one of the world’s largest insurance brokers, has acquired Texas-based retail broker Wm. W. George & Associates Inc.
Details of the acquisition were not disclosed.
Wm. W. George & Associates, based in Dallas, was established in 1972, and offers risk management and employee benefit services, as well as commercial property, casualty, […]
Aon Risk Services appoint senior VP
by Richard Kilner
Story link: Aon Risk Services appoint senior VP
Philip A. Simone has been appointed by Aon Risk Services to serve as senior vice president of Aon Risk Services.
Simone, who rejoins the firm from Marsh, will be based in Irvine in California.
He leaves behind his post as sales leader with Marsh to take up his new role, and brings more than three decades of […]
Brown & Brown makes two acquisitions
by Gill Montia
Story link: Brown & Brown makes two acquisitions
Florida-based broker, Brown & Brown, has made two acquisitions within six days.
The firm’s purchase of Advanced Insurance Concepts follows last week’s acquisition of Reed Brothers Insurance Group.
Advanced Insurance Concepts specialises in individual and group employee benefit insurance products and services.
The company operates as a general agent on behalf of brokers in Delaware, New Jersey and […]
Allianz releases Q2 results
by Richard Kilner
Story link: Allianz releases Q2 results
Allianz Insurance has released its results for the second quarter of this year which shows profits and premiums rising.
The firm recorded pre-tax profits of £94m, compared to £91.1m from the equivalent period last year.
Gross written premiums also rose on a similar comparison, hitting £802m, up 3.1% from £777.7m in 2007.
Commercial Lines GWP increased by 4.5% […]
Willis appoints chairman of Professional Services Practice
by Richard Kilner
Story link: Willis appoints chairman of Professional Services Practice
Willis Group Holdings has announced the appointment of Keith Tracey as the chairman of the Global Professional Services Practice.
He brings more than two decades of industry experience with him, and earlier in his career worked for Marsh’s Accountants and Global Professions Practices as MD.
Tracey has also held similar positions with Aon and Minet, and has […]
CBG reports 45% increase in profits
by David Masters
Story link: CBG reports 45% increase in profits
Manchester-based insurance broker CBG has announced its results for the first half of 2008, with pre-tax profit up 45% on year.
CBG’s first half pre-tax profit was £930,000, compared to £628,000 in the first half of 2007. This equates to 6.26p per diluted share.
Shareholders will receive a dividend of 0.6p, 0.1p more than last year.
Revenues […]
Aon recruits ex-policeman as extortion consultant
by Richard Kilner
Story link: Aon recruits ex-policeman as extortion consultant
Aon Crisis Management has recruited Sam Nicholls, formerly a senior member of the British police who investigated multinational extortion, to lead a new team dedicated to extortion consultancy.
Aon has created the extortion consultancy team as a direct response to the rising frequency of commercial extortion cases occurring within the UK.
Nicholls brings to the team more […]
