Broker News – Page 176
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NewsFCA strikes off two brokers for not paying fees
The FCA has cancelled the permissions of two general insurance brokers because they failed to pay outstanding fees. As a result, neither are allowed to continuing operating as brokers. Lester Evans of Barnet owed the FCA £1,694.44 in periodic fees and levies, which had been due ...
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NewsMarkerstudy restructures retail division as Russell Bence resigns
Markerstudy’s retail division managing director Russell Bence is to leave on 30 April after 7 years with the company, triggering a restructure. Bence will not be replaced directly. The retail division, which employs 700 staff, will be restructured into four units. The four existing operations directors ...
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NewsDecline in reserve releases to hit motor insurer profits
A slow down in premiums in the first quarter of 2016 will hit motor insurer profits as prior year reserve releases from the highly profitable 2011-2013 period come to an end, analysts from investment bank Macquarie have said. Yesterday, the Confused.com price index showed that prices ...
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NewsAXA expands African operations in joint venture with Chaucer
AXA is expanding its reach into Africa with the launch of a joint venture with Lloyd’s insurer Chaucer. The new venture, AXA Africa Specialty Risks, will be dedicated to covering specialty insurance lines in Africa, covering business such as political risks, energy and infrastructures. The partnership ...
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NewsSaga motor unit reports 74.4% COR and 10.3% profit growth
Over 50s insurance provider Saga’s motor underwriting business made an operating profit of £82.8m in the year ended 31 January 31 2016, up 10.3% on the £75.1m it made the previous financial year. The division’s combined operating ratio was 74.4% an improvement of 3.5 percentage points ...
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NewsMarsh Networks boss Martyn Denney departs
Marsh UK head of networks Martyn Denney has left the company. Denney joined Marsh in May 2010 from Towergate where he was managing director of Broker Network Insurance Services. At Marsh he was responsible for the broker’s three main networks; Marsh Pro Broker, Marsh Labyrinth and ...
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NewsWatchstone rejects acquisition offer
Watchstone has rejected an ‘unworkable’ bid from a private company to buy all of its assets, excluding the actual and contingent liabilities. But the insurance technology firm has not ruled out further proposals from the company. In a statement the company said: ”Watchstone notes the recent ...
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NewsCooper Gay’s Lloyd’s broking chief to step down
Gordon Newman is to step down as chief executive of CGNMB, the Lloyd’s broking unit of Cooper Gay Swett & Crawford (CGSC), on 20 April. His responsibilities will be assumed by CGSC group chief executive Steve Hearn, subject to regulatory approval. Newman will remain at CGNMB ...
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NewsBluefin buys four regional brokers
Bluefin has acquired four regional brokers since the start of this year. The AXA-owned broking group’s largest and most recent purchase is Liverpool-based commercial broker Exchange Insurance Services. It has also bought Yorkshire-based Alverton Insurance Brokers in January, and Scotland-based companies Wilbourn Insurance Services and Grampian ...
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NewsCourt victory for insurer in £236,724 Ferrari credit hire dispute
A businessman has lost his legal battle to force Direct Line Group (DLG) to pay £236,724 for the hire of two Ferraris following a car accident. Earlier this month, a judge at Darlington County Court upheld an earlier ruling which meant that DLG did not need ...
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NewsGallagher puts graduate scheme on hold
Arthur J Gallagher has put its graduate recruitment scheme on hold following a review which found that graduates on a formal programme were less likely to remain long-term with the company where they received their initial training. The broker said that as a result of changes ...
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NewsAllianz puts 170 jobs at risk as it plots direct home and motor exit
Allianz UK is planning to withdraw from direct home and motor and as a result, is putting 170 jobs at risk. Roles in Allianz’s Bristol and Guildford offices will be affected by the proposal and a period of consultation has begun with the Union on the ...
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NewsTracey McDermott to leave FCA in July
FCA acting chief executive Tracey McDermott is leaving the regulator on 1 July. The announcement today follows the appointment of Sam Woods as the new PRA boss. As a result Andrew Bailey will now leave his role as PRA head to join the FCA. Earlier this ...
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NewsCII urges industry to tackle lack of SME reputational cover
The CII is urging the industry to plug the gap in reputational risk cover for small-to-medium-sized enterprises (SMEs) in a new report. The report, by the CII insurance broking faculty’s New Generation group, details the growing threat of reputation damage being driven by advancements in social ...
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NewsAXA customers to manage end-to-end claims online in digital push
AXA is investing heavily in its claims proposition to enable customers to manage their own claims online. The insurer is currently testing the system with a large personal lines broker and through its direct travel business. The types of claims that can be made under the ...
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NewsRomero opens Midlands office after hiring Circle's Williams
Leeds-based broker Romero has opened a new office in Nottingham to serve clients in the Midlands. The new office is headed by Stuart Williams, who joined Romero as a director in March from broker Circle Insurance Services, where he was operations director on a short-term contract. ...
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NewsInsurance staff followed from work as fraud agency warns about data thieves
Insurance staff are being watched by fraudsters as they leave their office the City of London Police has revealed. In a statement today The National Fraud Intelligence Bureau is warning employees about the consequences of passing on or selling customer data to third parties, which ...
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NewsHome & Legacy refreshes home offering to cover market value increases
Home & Legacy has refreshed its home offering to take into account the fluctuating values of household items. The offering which will apply to all household policies; Prestige Home, Ultra Home and Ultimate Home, will provide cover up to the value of 150% of the sum ...
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NewsUnrated Gable battles to build broker trust
Unrated Liechtenstein-based insurer Gable has had a tough time recently. Its share price is down 88% from its 87.25p peak in 2014, and profitability has suffered as it has worked to close the gap between the reserves it holds and what actuaries think it should hold. ...
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NewsBollington expands further into motor trade with Scottish hire
Bollington Insurance is planning to expand its motor trade business following the hire of a new motor trade account manager. In his new role Gary Ferguson will service businesses in Scotland. He has joined the broker from TL Dallas in Falkirk. Prior to that he also ...
