Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 26th of September 2018
February 29, 2012

Willis Peru partners Creditcorp

by Gill Montia

Story link: Willis Peru partners Creditcorp

Willis has announced that Peruvian financial services group, Credicorp Ltd, has acquired 49.9% of Willis Peru, a previously wholly-owned subsidiary. Willis Peru has also entered into a commercial agreement for the provision of affinity insurance services to affiliates of Credicorp, and Carlos Miguel Vidal Buckley has been named chief executive officer of Willis Peru, subject […]



February 28, 2012

Transforming policy admin key for insurers

by Richard Kilner

Story link: Transforming policy admin key for insurers

The Capgemini and Efma 2012 World Insurance Report, released today, has found that insurance firms are intent upon cutting costs and enhancing efficiency to combat the decline in profitability suffered since the financial crisis. The report draws on insights from 19 nations to offer suggestions for ways that core functions can be improved. The report […]



Ratings becoming more important to insurers

by Richard Kilner

Story link: Ratings becoming more important to insurers

Broker-only commercial insurer NIG has released new research which reveals that high-grade insurance financial strength ratings have become more important to commercial insurers when considering where to place risks. The overwhelming majority (85%) of leading commercial insurers in the UK reported that ratings had become more important following the financial crisis. Just over half (51%) […]



Allianz reports rising profits in 2011

by Richard Kilner

Story link: Allianz reports rising profits in 2011

Allianz has reported its financial results for 2011, including IFRS pre-tax operating profits of £168.7m, up by 6.4% compared to £158.5m last year. Gross written premiums rose by 10.1% from £1,633.7m to £1832.2m, and the Retail Division reported top line 22.1% growth. Retail gross written premiums rose, year-on-year, from £701.1m to £856m, and the Commercial […]



MetLife launches “next generation” retirement products

by Gill Montia

Story link: MetLife launches “next generation” retirement products

MetLife says it is launching the next generation of guaranteed retirement income and investment products, in response to consumer and IFA needs and current investment markets. The firm is adding new managed wealth portfolios to its existing range, promising annual unlimited lock-ins of potential gains for capital guarantees and a deferred annual income of 4% […]



February 27, 2012

Aviva strengthens board with ex-PwC partner

by Gill Montia

Story link: Aviva strengthens board with ex-PwC partner

Aviva has appointed Glyn Barker as an independent non-executive director, with immediate effect. Mr Barker most recently held the post of vice chairman UK of PricewaterhouseCoopers (PwC), with responsibility for leading the group’s executive team for Europe, Middle East, Africa and India. During his career as a partner at PwC, he advised the boards of […]



Deacon saves Essex Properties £18,000

by Richard Kilner

Story link: Deacon saves Essex Properties £18,000

Deacon, the block of flats insurance broker, has saved Essex Properties £18,000 on insurance premiums for Barrier Point, a 257 apartment development overlooking the Thames Barrier. Essex Properties’ Carol Sullivan said that the combination of industry knowledge and considerable buying power with a range of insurers enables Deacon to get the best cover and premiums […]



JLT Re appoints client & market development head

by Gill Montia

Story link: JLT Re appoints client & market development head

JLT Reinsurance Brokers has announced that Mark Lawrence will be joining the company as head of client and market development, on 28th February. Mr Lawrence is moving from Aon Benfield where he has held a number of senior management roles including chief executive officer of the firm’s aviation reinsurance division. Commenting on the appointment, JLT […]



The Rose Bowl to become The Ageas Bowl

by Richard Kilner

Story link: The Rose Bowl to become The Ageas Bowl

Ageas has announced a new partnership between itself and the home of Hampshire cricket, The Rose Bowl. As part of the six year deal The Rose Bowl will be rebranded as The Ageas Bowl. The venue has hosted acts including REM and Billy Joel, and last year made history as site of the first Test […]



Hiscox 2011 profits hit by catastrophe losses

by Richard Kilner

Story link: Hiscox 2011 profits hit by catastrophe losses

Hiscox has reported its financial results for the year ended 31 December 2011, including pre-tax profits of £17.3m. This is sharply down on the £211.4m it made during 2010, but does include £270m of natural catastrophe losses. Profits after tax fell from £178.8m to £21.3m, with earnings per share down from 47.2p to 5.5p. Gross […]



Lancashire Q4 and annual profits decline

by Richard Kilner

Story link: Lancashire Q4 and annual profits decline

Lancashire Holdings Limited has reported its financial results for the quarter and year ended 31 December 2011. The quarterly net operating profit slumped from $123.4m to $38.1m, with net profit after tax similarly down from $131.8m to $39m. This is also down on Q3 2011, when the firm made net profits of $75.7m. Gross written […]



Councils angry over £11bn flood insurance problem

by Gill Montia

Story link: Councils angry over £11bn flood insurance problem

Councils in England and Wales are calling for urgent action to tackle an £11 billion flood insurance problem. According to the Local Government Association (LGA), councils and residents close to water could be left facing an £11 billion liability because of “unfair and unaffordable” insurance premiums. The LGA, which represents over 350 councils, is therefore […]



Prudential responds to Hong Kong relocation reports

by Gill Montia

Story link: Prudential responds to Hong Kong relocation reports

Prudential has noted recent press speculation that it may move its headquarters from London to Hong Kong to avoid the rigour of Solvency II, and has issued the following statement: “Prudential regularly reviews its range of options to maximise the strategic flexibility of the Group. “This includes consideration of optimising the Group’s domicile, including as […]



February 25, 2012

Insurance CEOs hampered by talent shortage

by Gill Montia

Story link: Insurance CEOs hampered by talent shortage

Over two thirds of insurance chief executive officers are planning on changing their strategy over the next 12 months, according to new research from PricewaterhouseCoopers (PwC). Of the 121 insurance company heads surveyed for PwC’s annual global survey, 70% cited current economic uncertainty as the greatest threat to growth in the short term, and almost […]



February 24, 2012

AIG reports strong Q4 and annual results

by Richard Kilner

Story link: AIG reports strong Q4 and annual results

American International Group, Inc (AIG) has reported its results for the quarter and year ended 31 December 2011, including quarterly net income of $19.8bn, compared to $11.2bn in the corresponding period last year and a Q3 2011 net loss of $4.1bn. Annual net income more than doubled from $7.8bn in 2010 to $17.8bn in 2011, […]



Swiss Re reports strong 2011 profits

by Richard Kilner

Story link: Swiss Re reports strong 2011 profits

Swiss Re has reported its financial results for 2011, including net income of US$2.6bn, equating to earnings per share of US$7.68. This is approximately thrice the result the firm achieved in 2010, when it made net income of US$863m, or US$2.52 per share. Return on equity rose from 3.6% to 9.6%, and the firm has […]



Personal injury legal fees cost UK motorists £2.4m a day

by Gill Montia

Story link: Personal injury legal fees cost UK motorists £2.4m a day

Unaffordable, unsustainable and unacceptable legal fees in settling motor personal injury claims now cost UK consumers £1,666 every minute, according to the Association of British Insurers (ABI). The ABI claims that UK consumers are paying £2.4 million a day through their motor insurance premiums, to cover legal fees incurred in settling low-value motor personal injury […]



February 23, 2012

RSA reports rising 2011 profits

by Richard Kilner

Story link: RSA reports rising 2011 profits

RSA has reported its financial results for 2011, including pre-tax profits of £613m, a 29% rise. Profits after tax rose by 20%, up from £355m in 2010 to £427m in 2011. Annual operating profits rose by 38% to £884m, and the firm also saw net written premiums up by 9% to £8.1bn. RSA also reported […]



Institutional investors encouraged into private rental sector

by Gill Montia

Story link: Institutional investors encouraged into private rental sector

Sir Adrian Montague has issued a call for evidence for a review aimed at encouraging greater investment by institutional investors in privately rented properties. The review, which forms part of the Government’s housing strategy, will examine ways of boosting investment in the UK’s private rental market, supporting the rapid growth of the sector. Launching the […]



February 22, 2012

1st Central and KeyCare announce partnership

by Richard Kilner

Story link: 1st Central and KeyCare announce partnership

Motor insurer 1st Central has announced a partnership with Keycare to help protect UK motorists against the rising cost of replacing keys. Replacing keys can cost a small fortune, with electronically programmed keys sometimes costing £1,000 or even more to replace. Now motorists taking out or renewing coverage with 1st Central will automatically get coverage […]