Broker News – Page 150
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NewsAirmic 2016: Insurance ripe for disruption because of 'weak' structures
The insurance industry is open to being disrupted because its structures are inefficient, according to QBE European Operations chief executive Richard Pryce. During a panel debate at Airmic yesterday about innovation Pryce said weak company structures meant that firms were struggling to deliver innovative products. He ...
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NewsAirmic 2016: Insurance Act will bring period of 'chaos and muddle'
The inception of the Insurance Act is going to be followed by a period of chaos and muddle in the insurance market, delegates at the Airmic leadership debate were told. BT Group insurance and risk financing director Tracey Skinner, who sat on the panel yesterday to ...
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NewsAirmic 2016: Insurers must be more efficient to survive low rates
The insurance industry cannot survive indefinitely on flat or shrinking rates, minimal investment income and low levels of natural growth in the market, a panel of leading insurance experts at Airmic have said. During the debate, QBE Euopean Operations chief executive Richard Pryce also questioned how ...
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NewsGallagher launches model-backed terrorism cover
Arthur J Gallagher has launched a risk model-backed terrorism insurance product supported by capacity from London market underwriters. The product, which combines insurance and risk management, is designed for businesses with a premium spend of more than £1,000. The offering uses Gallagher’s Farseer modelling tool, which ...
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NewsBP Marsh full year profit almost doubles
Broker-focused venture capital group BP Marsh reported consolidated net profit of £8.7m for the year to January, almost double the £4.9m it reported a year ago. “The portfolio businesses are performing well as we support them in their development. We have interesting new investment opportunities in ...
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NewsEsure to review possible demerger of Gocompare.com
Esure announced a strategic review of its Gocompare.com business, including the possible demerger of the price comparison site it acquired full control over a year ago. The company said it has also appointed Matthew Crummack as chief executive of Gocompare.com, subject to to regulatory approval. “Now ...
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NewsBluefin Network hires new recruits
Bluefin Network said it has hired three new recruits to join its broking desk and insurer relationship teams. Andy Chapman, Chris Dawson and Danny Beeson join the Network from The Underwriting Exchange, Churchill and Hamilton Leigh respectively. Chapman and Dawson are based in Milton Keynes ...
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NewsJLT hires professional indemnity veteran Martin Ellis from Willis
Jardine Lloyd Thompson (JLT) Specialty has hired professional indemnity veteran Martin Ellis as head of UK Professions in its financial lines division. Ellis who has 30 years’ experience in the market joins from Willis where he led the UK professional indemnity practice. He is the co-founder ...
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NewsGRP buys professional indemnity broker Cavendish Munro
Peter Cullum-backed consolidator Global Risk Partners (GRP) has bought London-based specialist professional indemnity retail broker Cavendish Munro Professional Risks. The acquisition is GRP’s fourth transaction this year following the Lonmar, McGrady and Synergy deals. The new deal will take GRP’s annual gross written premium to over ...
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NewsGallagher bolsters aviation team with Willis hires
Arthur J Gallagher has hired long-serving Willis Towers Watson executives Mark Champion and Paul Rogers as divisional directors of its aviation unit. Champion has joined Gallagher this week after serving as Regional Director for Continental Europe for Willis Towers Watson, where he was responsible for a ...
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NewsJLT's Thistle PI team exits for MGA EUNA
Former members of the Towergate Underwriting PI team that left to join JLT-owned managing general agency (MGA) Thistle Insurance have now left the MGA to join underwriting firm EUNA. The team led by Peter Newson and supported by Mark Richardson and Allison Britz had joined Thistle ...
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NewsIngenie a bright spot in tough year for former Quindell
Telematics broker Ingenie was the only division of recovering technology firm Watchstone to report an underlying profit for 2015. Ingenie reported underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of £484,000 in 2015, a turnaround from the £820,000 loss it made the previous year. ...
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NewsTysers chairman questions client value of big broker facilities
Lloyd’s broker Tysers chairman Christopher Spratt has called into question to client value offered by big brokers’ placement facilities. The facilities, which include the Aon Client Treaty and Willis Global 360, grant participating underwriters access to certain sections of brokers’ business on pre-agreed terms. The facilities ...
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NewsTeenage 'ghost broker' jailed for a year for faking Allianz policies
A 19-year-old ‘ghost broker’ from Walsall has been jailed for a year for selling fake motor insurance to unsuspecting customers, leaving them uninsured and illegally driving on the roads. An investigation by the Insurance Fraud Enforcement Department (IFED) discovered that Azeem Mahmood Hussain was selling false ...
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NewsBroker Service Survey: Have your say about insurer partners
Insurance Times is launching the survey for the 2016/17 Broker Service Survey (BSS), now in its 11th year. Over the next few weeks, more than 1,000 brokers across the UK will be asked to rank the performance of their insurer partners across a wide spectrum of ...
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NewsBarclays Corporate Banking names new UK insurance heads
Barclays Corporate Banking has named James Morris as head and Dan Broome as deputy head of its UK insurance team. The team manages banking relationships with insurers and brokers and provides financing, banking and financial risk management services. The new roles were created following a team ...
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NewsSwiss Re insurance arm launches UK-specific cyber cover
Swiss Re’s insurance unit Swiss Re Corporate Solutions has launched a primary cyber risk protection product specifically for the UK market. The new product, called CyberSolutions UK, combines insurance with risk mitigation and remediation services and is aimed at mid-sized and large companies. Swiss Re Corporate ...
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NewsBluefin extends loss recovery insurance deal with Lorega
Broking group Bluefin has extended a white-label loss recovery insurance deal with underwriting agency and loss adjuster Lorega for a further three years. Under the deal, Lorega will continue to provide loss recovery insurance cover to Bluefin clients under the Bluefin Assist brand. The cover helps ...
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NewsPIB buys Guernsey-based broker
PIB has bought Guernsey-based broker Channel Insurance Brokers (CIB) for an undisclosed sum. CIB is the Carlyle Group-backed consolidator’s third acquisition, after Fish Insurance and Cooke & Mason, which it completed in April. PIB has hired Stephen Llewellyn-Jones (pictured) as CIB’s new chief executive. He was ...
