Broker News – Page 144
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Online onlyFSCS in talks with Enterprise's regulator over customer impact
The Financial Services Compensation Scheme (FSCS) is in discussions with the Gibraltar Financial Services Commission (FSC) over what the failure of Enterprise Insurance means for UK policyholders. The FSCS has also said it expects to work Enterprise’s provisional liquidator once one has been appointed. Last Friday ...
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NewsFour 'cash for crash' fraudsters jailed in scam against Allianz
Four fraudsters have been jailed for six months each for their part in a ‘cash for crash’ scam against Allianz. Igor Kartel, Dianna Kartel, Valentina Kartel and Piotr Kartel had claimed over £30,000 for whiplash compensation following a rear-end collision in 2012, involving a lorry driven ...
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NewsBrexit: Hiscox mulls setting up EU-based insurance company
Hiscox has said it is considering setting up a new EU-based insurance company as trading arrangements become clearer following the UK decision to leave the EU. Following the release of the half year results this morning the Lloyd’s insurer said it was preparing for a range ...
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NewsIrish insurance firms to fund 35% of 3rd party motor claims if insurer fails
The Irish government is planning to extend the Insurance Compensation Fund to cover in full third-party motor claims arising out of the liquidation of an insurance company, with insurers paying 35% of the cost. But an insurance lobby group has criticised the move, saying it posed ...
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NewsZurich MGA to refund motorists as 14,000 hit by Enterprise demise
Zurich-owned underwriting agency Wrightway Underwriting which wrote business on behalf of collapsed insurer Enterprise has said it will refund outstanding premiums after 14,000 Irish motorists were hit by the insurer’s failure, according to reports. Late on Friday, Enterprise announced that the Gibraltar regulator Financial Services Commission ...
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NewsHiscox UK and Europe profits up 42.4%, appetite for larger risks grows
Lloyd’s insurer Hiscox’s UK and Europe division made a profit before tax of £65.2m in the first half of 2016, up 42.4% on the £45.8m in the same period last year. The division’s combine ratio improved by 6.9 percentage points to 79.9% (2015: 86.8%). Gross premium ...
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NewsBriefing: The AR probe shows there's no easy money in insurance
The FCA’s appointed representatives (AR) probe has uncovered some striking examples of ignorance about how the rules worked and how much effort is involved in managing ARs. The regulator’s damning verdict on brokers’ poor oversight of their ARs should serve as a wake-up call for those ...
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NewsTowergate makes hire from RKH to accelerate London Market growth
Towergate has confirmed the appointment of Neil Pearce as managing director of its London Market division. Pearce will join Towergate on 5 September and report directly to group chief executive David Ross. News reports in May had suggested Pearce was heading to Towergate. The broker says that Pearce’s appointment signals ...
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NewsFirms that use ARs must recognise responsibility - Biba
Insurers, brokers and networks that use ARs must recognise the model carries a higher degree of responsibility on the regulated firm than a simple delegated authority, Biba chief executive Steve White has said. He was responding to the findings of the FCA from its investigation into ...
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News'If FCA AR probe drives up quality it is a good thing' - TEn network boss
TEn network boss James Sharp says that FCA review into appointed representatives (ARs) will weed out the good firms from the bad ones. He welcomed the findings of the review, but added that in the short term it could cause insurers to form a negative view ...
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NewsFCA slams brokers over lax AR controls
The FCA has slammed brokers for having poor oversight over their appointed representatives. In its thematic review released today, the FCA found significant shortcomings in the control and oversight of appointed representatives by their principal firms in the general insurance sector in a thematic review published ...
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NewsFCA issues two S166 reviews against brokers over 'AR mis-selling'
The FCA has taken action against five firms, including issuing two Section 116 skilled person reviews, as a result of its probe into appointed representatives. At the appointed representatives of one principal firm there was significant evidence of mis-selling leading to actual customer detriment, the regulator ...
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NewsFormer Oval boss backs new broking group with national ambitions
The family trust of former Oval chief executive Philip Hodson has invested in a new broking group that is aiming to build a national presence through acquisition and hires. Investors in the new group, UKGlobal Holdings, also include Richard Hodson, formerly director of technology insurance at ...
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NewsAllianz makes four promotions to strengthen technical division
Allianz Insurance has made four senior management appointments to its newly formed Technical division, led by chief underwriting officer, Neil Clutterbuck. Catherine Dixon will take on the role of director of underwriting & technical, commercial lines. She has been promoted from her previous position as head of property and casualty. ...
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NewsLockton moves to bigger Scottish office to boost staff numbers
Lockton is moving to bigger offices in Glasgow as it makes plans to increase its staff headcount to 40 from 15. Lockton partner and head of corporate, Gordon Duncan, said: “Lockton is investing £250,000 in the move to the new 4,500 sq ft office, which will ...
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NewsSupreme Court ruling is setback in fight against fraudulent claims - ABI
The ABI has warned that a Supreme Court decision which ruled that insurers can no longer avoid paying a claim if there are so-called collateral lies in the claim will push up the cost of insurance. Earlier today judges voted four to one to change the ...
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NewsInsurers unprepared for driverless vehicles - KPMG
Insurers are unprepared for the arrival of driverless vehicles, a new study from KPMG says. The Autonomous Vehicle Insurer report found that many of the UK’s largest insurance companies agreed that driverless vehicles would touch every area of their business model. Key points: But ...
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NewsAXA creates new role as part of claims transformation programme
AXA Insurance has appointed Kim Pearce to the newly created role of claims customer services director as part of its ongoing Claims Transformation Programme. Pearce joins from Allianz where she was head of organisational management. In her new role Pearce will be responsible for the operational ...
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NewsHood appoints finance director
Affinity insurance broker Hood Group has appointed Mark Hunter as finance director following the retirement of Bob Gildie. Hunter (pictured) will join from Charles Taylor Adjusting where he served as development director for two years. He has nearly 30 years’ experience from Airclaims Group where he ...
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NewsTokio Marine Kiln launches online platform for specialist business lines
Lloyd’s insurer Tokio Marine Kiln (TMK) has launched a web-based platform to give brokers access to specialist business lines that have traditionally been difficult and uneconomic to reach. The One TMK is a digital exchange for brokers to quote and bind policies online in real time. ...
