What are the stories hitting the headlines this week?
Payout
Omega settled a long-running legal dispute with former chief executive Richard Tolliday for an undisclosed sum moments before the case was due to be heard in court. Tolliday had alleged he was due payments under his contract. Omega declined to comment.
Restructure
Staff at Travelers are being consulted on the company’s plans to restructure its underwriting function after a review recommended changes to underwriting management and a new operating model.
Profit
Esure more than quadrupled its operating profit to £80.8m in 2011. The result comes amid a general improvement in UK insurers’ personal lines business, driven by price increases in motor and fewer winter weather claims than the previous two years.
Bonus
Aviva UK chief Trevor Matthews is in line for a £4.25m package of remuneration. Matthews, who joined Aviva on 1 December, received £470,000 in cash and a conditional share award of £2m to buy out his previous contract with
Friends
Aviva group chief executive Andrew Moss received a 9% rise in compensation to £2.69m.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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