Highway to be a company
Ockham Holdings, the parent company of Lloyd's insurer Highway Motor Policies, is six weeks from launching Highway as a companies market insurer. Last month Ockham submitted final proposals to the FSA to enable Highway to operate as a company. Ockham finance director Andrew Gibson believes the move could bring a significant reduction in regulatory expenses. He said that "three to four per cent off the bottom line" would be saved by operating in the companies market.
Cole accepts Euro role
The former head of tax at Prudential Corporation Michael Cole has been appointed to the European insurance tax practice at PricewaterhouseCoopers. He previously worked with the ABI and the CBI.
Goshawk to be new name
Lloyd's managing agency, Gammell Kershaw and Co has changed its name to Goshawk Syndicate Management to reflect its status within the Goshawk group. Goshawk Syndicate Management is part of Goshawk Insurance Holdings.
Europ and Heath sign deal
Europ Assistance and Heath Insurance Services have signed a deal to provide motor breakdown services to new and existing customers. All new Heath customers will receive three months free motor breakdown cover with Europ Assistance. Heath says the deal will help it acquire new customers and improve customer retention.
Insurers enjoy foreign work
Insurance firms are amongst the most successful in persuading employees to accept international assignments, according to new research.
CII visitors web access
Visitors to the Chartered Insurance Institute (CII) library in London have been given free access to the internet. Visitors can use the news service Insurance Newslink while staff explain a directory of sites offering technical and market information on insurance.
Europ targets careful drivers
Cautious drivers are being targeted by Europ Assistance with its new low-priced roadside assistance package. UK Driver Assist has been launched in response to the market's drive towards flat rated cover. Roadside assistance, recovery and car hire or accommodation are all provided in the cover for £35 a year. However, the package is low cost because three of the commonest reasons for summoning assistance are excluded from the package namely, replacing lost keys, changing a damaged tyre and refilling an empty petrol tank. These services each have a call-out charge of £40. Meanwhile, RAC has launched a pay-as-you-go assistance cover. Charges are only applied when the service is used in return for a nominal membership fee of £1 per month.
Buildings plan from Agency
Agency Underwriting has responded to demand from its 1,000-strong agency network for flexible buildings cover by launching a new policy. The Colchester-based broker's new buildings only policy offers a competitive rating structure for commercial properties and also caters for unoccupied buildings. The policy is underwritten at Lloyd's. Richard Lamberth, managing director at AUL, said: "We have worked hard to combine a helpful, responsive service to our agents with a pragmatic underwriting approach on all our products and this is no exception.
Landlord help from S and P
Household insurance specialist Select and Protect has unveiled a new lettings policy for landlords. Landlords often have difficulty obtaining home and contents cover for let property. Select and Protect caters for this need with its buildings insurance for landlords which has free contents cover included. The cover is also suitable for buy-to-let properties and holiday homes. The policy features automatic accidental damage cover on buildings, up to £2 million legal liability cover, and an optional 24-hour emergency repairs service with no call-out fee and one hour's free labour. Premiums paid monthly by direct debit attract no extra charge. Special rates are available for properties let through a management company. The Southend-based company's policies are underwritten by Hiscox Insurance.
CRS kickstarts bike policy
Warrington-based Claims Recovery Service has launched a new motorcycle uninsured loss recovery product which also includes mechanical breakdown, fire, theft and vandalism cover. Riders also benefit form replacement of leathers, helmet, gloves and boots. Premiums start at £5 per year inclusive of Insurance Premium Tax depending on support from the broker. The ULR policy covers all European Union countries.