Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 26th of September 2018
August 31, 2010

Homeowners give thieves a sporting chance

by Richard Kilner

Story link: Homeowners give thieves a sporting chance

Specialist home insurer Hiscox has commissioned research which reveals that homeowners are exposing themselves by leaving valuable sports equipment, unsecured, in gardens and garages. The goods, with an average value of £770, are left in gardens and car boots by 53% of the professionals surveyed. More than a quarter (26%) also admitted that their gardens […]



Annuity rates hit all-time low

by Gill Montia

Story link: Annuity rates hit all-time low

Annuity rates have hit an all-time low, according to new research from Moneyfacts.co.uk. Insurers that provide annuities offer a monthly income in exchange for a retiree’s pension pot and rates have apparently been falling steadily for months. The financial website claims that the average rate for a male aged 65 purchasing a level without guarantee […]



Glacier Re to discontinue underwriting

by Richard Kilner

Story link: Glacier Re to discontinue underwriting

European reinsurer Glacier Reinsurance has announced that it will no longer accept or write new business, and that, with immediate effect, its existing portfolio will be placed in an orderly run-off. The run-off process will be self managed by Glacier Re. The decision was made by the Board, in the light of the recent sale […]



Ecclesiastical reports interim losses

by Richard Kilner

Story link: Ecclesiastical reports interim losses

Ecclesiastical has reported its interim financial results for the first six months of 2010, including an 8.8% rise in gross written premiums, to £250.3m. The firm recorded an investment return of £11.1m, down £3m from the same period last year. In addition, an underwriting loss of £15.5m was incurred, compared to a £15.1m profit last […]



Marsh appoints corporate business head

by Gill Montia

Story link: Marsh appoints corporate business head

Marsh has appointed Richard Lloyd as head of its national corporate business in Carlisle and Newcastle, which provides risk and insurance advice for mid to large-size corporates throughout the North of England. Mr Lloyd, who has worked for Marsh for two years, will assume overall responsibility for the development of the firm’s insurance broking and […]



Warren Buffett revisits RBS insurance sale

by Gill Montia

Story link: Warren Buffett revisits RBS insurance sale

Legendary investor, Warren Buffett, has been named as a potential bidder for Royal Bank of Scotland’s (RBS) insurance business. The sale of the business was first mooted in 2008, before the departure of disgraced former RBS chief executive, Sir Fred Goodwin, who was determined to stick out for a £6 billion asking price. The scale […]



August 30, 2010

Dishonest drivers add £50 to car insurance premiums

by Gill Montia

Story link: Dishonest drivers add £50 to car insurance premiums

Honest UK motorists are paying £1.25 billion a year to support the activities of dishonest drivers. According to research from Co-operative Insurance, the average car insurance premium carries a £50 penalty to cover costs incurred by uninsured and fraudulent road users. Launching a joint initiative with road safety charity, Brake, Co-operative Financial Services chief operating […]



August 27, 2010

Endurance appoints Latin America reinsurance head

by Richard Kilner

Story link: Endurance appoints Latin America reinsurance head

Bermuda-based specialty insurer Endurance Specialty Holdings Ltd. has announced that Arturo E. Falcon has joined Endurance Worldwide Reinsurance. Falcon is appointed to the post of head of the global reinsurance portfolio in Latin America, and is to be based in the reinsurance office in Miami. He brings a quarter of a century of experience of […]



August 26, 2010

World First issues excess travel insurance advice

by Richard Kilner

Story link: World First issues excess travel insurance advice

Travellers are being urged by World First Travel Insurance to thoroughly research the travel insurance market to ensure they have an appropriate level of coverage when on holiday. Managing Partner Martin Rothwell has described failure to take out insurance as a false economy and a huge risk. Travellers can browse hundreds of insurers through price […]



August 25, 2010

QuestGates bolsters environmental team

by Richard Kilner

Story link: QuestGates bolsters environmental team

QuestGates, the specialist loss adjuster, has announced a brace of appointments to bolsters its environmental team with new claims handlers. Stephanie Jones was formerly a liability claims team leader with Primary General, and joins QuestGates alongside Clinton Slabber, previously a claims negotiator with Sterling Insurance. Jones is to be based in Bolton, and Slabber in […]



Fortis reports biannual results

by Richard Kilner

Story link: Fortis reports biannual results

Fortis UK has reported its financial results for the first six months of 2010. The firm saw non-life gross written premiums increase by almost 17%, from £401.6m in the first half of 2009 to £468.4m in the first six months of this year. Fortis achieved a pre-tax profit of £8.4m, a welcome turn around from […]



ABI issues tips for buying insurance

by Richard Kilner

Story link: ABI issues tips for buying insurance

The Association of British Insurers (ABI) has published its top tips and myths guide for 2010 for those buying insurance. Acting Director General Maggie Craig emphasised the importance of proper insurance, and encouraged people not to be under-insured or not insured at all in a bid to save money. First of the top tips is […]



Guy Carpenter’s brokers’ excellence recognised

by Richard Kilner

Story link: Guy Carpenter’s brokers’ excellence recognised

Guy Carpenter brokers have been recognised for their excellent quality of service by being added to the 2010 list of Reinsurance Power Brokers of Risk & Insurance magazine. The news follows praise from clients, who expressed their delight with Guy Carpenter’s dedication to its clients and quality of service. Eight of Guy Carpenter executives were […]



August 24, 2010

Groupama appoints Claims Management quartet

by Richard Kilner

Story link: Groupama appoints Claims Management quartet

Groupama Insurances has announced a quartet of appointments to its senior Claims Management team, made as the firm centralises its commercial and personal claims in its claims centre at Port Solent, Portsmouth. Karl Parr has been named as the head of Large and Complex Loss and tasked with leadership of a skilled technical claims handler […]



Beazley strengthens environmental team

by Richard Kilner

Story link: Beazley strengthens environmental team

Beazley has bolstered its environmental liability team with a pair of appointments, one on either side of the Atlantic Ocean. James Wilkins and Nicholas Pearson join the firm as senior underwriters, with Wilkins based in Atlanta and Pearson moving from Philadelphia to London at the end of the year. Wilkins previously worked in the Zurich […]



Zurich UK fined £2.275m by FSA

by Richard Kilner

Story link: Zurich UK fined £2.275m by FSA

Zurich Insurance Plc (Zurich UK) has been fined £2,275,000 by the Financial Services Authority (FSA) for having inadequate systems and controls in place to safeguard customers’ confidential information. The fine is a record for a single firm that failed in its obligation to provide proper data security. The fine comes after the loss of 46,000 […]



avantia provides non-standard home insurance

by Richard Kilner

Story link: avantia provides non-standard home insurance

avantia Insurance has launched a new homeprotect service after the viability of such a move was proved by its pilot project which provided instant online cover to non-standard buyers of home insurance. Brokers and other providers have been invited by avantia to join the platform, with the aim of providing a one-stop shop and saving […]



Halfords backs learner drivers

by Richard Kilner

Story link: Halfords backs learner drivers

Halfords, the motoring accessories firm, is encouraging learner drivers to spend more time practising on the roads by teaming up with young driver specialist Provisional Marmalade. Together, the two offer car insurance from just £3 per day for provisional drivers, who will be able to benefit from comprehensive car insurance at an unprecedented low price. […]



August 23, 2010

Sterling bolsters HNW team

by Richard Kilner

Story link: Sterling bolsters HNW team

Sterling Insurance Company has bolstered its High Net Worth team with a trio of new appointments. Paul McKernan, David Haslam and Penny Wooles join the team, occupying the posts of operations manager, team leader and senior underwriter, respectively. They all joined the firm in August and are based in its West Malling office. The new […]



Amlin reports declining profits

by Richard Kilner

Story link: Amlin reports declining profits

Amlin has reported its interim results for the first six months of 2010, during which the firm saw gross written premiums surge upwards by 56.4% to £1,486.2m (up from £950.1m). However, pre-tax profits declined sharply, from £177.1m achieved in H1 2009 to £107.6m in the first six months of this year. Annualised return on equity […]