L&G chiefs profit from takeover
Legal & General chief executive David Prosser will make around £2m from his shares and options when its £10.7bn takeover by NatWest goes through.
Finance director Anthony Hobson pockets £1.5m along with investment director David Rough, according to bid documents.
National chooses Mastercover
Recently floated Accidentcare Group has won the National Car Rental account for its Mastercover scheme.
Mastercover provides National Car Rental's hirers of cars with insurance for loss or damage to personal belongings and/or for medical expenses. National has agreed a three-year contract with Accidentcare.
Alan Ambrose dies in accident
Lancashire broker Alan Ambrose has died after an accident while on holiday. He was aged 59.
Alan was the joint proprietor of broker firm Ambrose Darby, based in Nelson, Lancashire.
He started in 1978 with his stepson Graham Darby who will continue to run the business.
On-line finance poised to boom
On-line personal finance in the UK is set to boom according to latest research from internet analyst firm, Fletcher Research. The research claims that customers are increasingly appreciating the benefits of using the internet. The firm predicts that by the end of this year, there will be 1.7 million people using the internet to organise at least some element of their financial affairs. This figure is expected to rise to an estimated 9m by 2003. William Reeve, who is research director at Fletcher Research, said: "In terms of customers, financial services will be the most popular online sector, mainly due to web-based banking services."
Britain tops burglary list
Britain has the worst record for domestic burglary of any country in the world, the deputy director general of the ABI said this week. Speaking at the Secured by Design Initiative, Tony Baker said that complacency was the major obstacle to any reduction in the number of break-ins. Calling for homeowners to pay more attention to home security, Baker stressed: "There is clear evidence that improved security measures...significantly reduce the risk of being burgled.
"Many households recognise this as the number with burglar alarms and security has more than doubled in the last six years."
Pxre takeover deal is agreed
Lloyd's managing agency PXRE is to take over the management of the Smithkline Beecham captive syndicate at Lloyd's.
The SmithKline Beecham syndicate, 1250, is to date the only captive admitted to Lloyd's. It was set up for the 1999 underwriting year.
Smithkline Beecham has a policy of regularly tendering its third party administrators. It was previously managed by Amlin Capital Management.
PXRE recently won the contract of Zenith syndicate which was previously managed by Brockbank, before they decided to exit the personal lines motor market.
Countrywide's diamond touch
Countrywide Insurance is making buying insurance glamorous – it has given away four diamond rings worth £5000 in the past year.
The winners are all clients of brokers who use the Countrywide Diamond Commercial EDI system for quotations.
The last winner was to a client of Countrywide member MEM Insurance Brokers, based in Longton, Stoke on Trent. The client arranged cover for her hairdressing business via Diamond on a Countrywide ImmEDIate retail policy, underwritten by Royal & SunAlliance.
More than 170 Countrywide now use Diamond.