Premium Credit not floating

Premium Credit not floating

THE joint chief executive of Premium Credit has strongly rebutted speculation that the premium finance giant is about to float on the stock market. Mike Cobb described the reports as “absolutely unfounded”.

Lloyd's may sue for web name

Lloyd's has formally threatened to take legal action against Simon Burgess, boss of GRIP insurance, if he fails to transfer domain name to Lloyd's. Burgess registered the site on June 20th at a cost of £26. In a letter addressed to the “cyber-squatter”, Jonathan Nichols from Lloyd's legal services said: “We consider that your registration of this domain name has been carried out in bad faith.”

Countrywide has broad share

Countrywide Insurance Marketing claims its members control more than 8% of the general insurance market in gross written premiums.
The figure was calculated from statistics gathered through membership renewals.

Healthy decision

British firms are wising up to the benefits of health risk management, according to a new Health and Safety Executive (HSE) survey. The report finds that 200,000 businesses have made changes to their risk management, while one million now realise the importance of adopting a strategy. It also finds that campaigns like the HSE's “Good Health is Good Business” campaign, which has been running since 1995, have made a significant contribution to raising the issue.

Fresh image for Fortis

Fortis Insurance is reinforcing its fresh brand image with the launch of a comprehensive internet site. Fortis was created last year by the integration of Bishopsgate Insurance and Northern Star. The website,, has summaries of all personal and commercial product lines.

Improved rates

Zenith Insurance has improved commission levels for its Distinction Product. The new rate, 9.5%, applies to new businesses and renewals, and takes effect from October 1, 2000.

Call for survey participants

Insurance Times is publishing an Uninsured Loss Recovery Survey in its Private Motor Supplement on August 24. Questionnaires are now being sent out to companies. Anyone who has not received one and would like to take part in the survey please contact Alison Boyle on 020 7618 3494.

New chief for DTI

Professor John Vickers has been appointed director general of fair trading at the Department of Trade and Industry. Vickers, currently chief economist and executive director of the Bank of England, is expected to take over from John Bridgeman in the autumn.

Damage management

A total of 32 candidates have achieved certified practitioner status in the British Damage Management Association's first set of professional exams. Only four candidates passed at senior technician level, a pass rate of only 25%. The pass rate for the technician level exam was higher, 78%, with 28 candidates successful. The syllabus for the exams included complaints and customer care and basics of damage limitation.

‘Ethical' car categorisation

Vehicle classification should now be easier for insurers, thanks to a new categorisation guide produced by Universal Salvage. Several major insurers have been involved in developing the guide, which has been produced in line with the Association of British Insurers Code of Practice. Universal Salvage intends the guide to set the industry standard in the ethical categorisation of vehicles.

Hodson buys stake in city

RP Hodson Insurance Brokers Group has acquired a 76% stake in city firm John Wimble Insurance Brokers for £1.8m, a spokesperson has revealed. The group has more than 100 employees and has offices in Leeds, London and Wakefield.

Capacity upped

Managing agency Liberty Syndicate this week increased the stamp capacity of its syndicate 190 by £22.5m to £112.5m for the 2000 year of account.
The syndicate, which writes motor, property, treaty and E&O business wants to exploit hardening market conditions by increasing its stamp capacity.