Insurer News – Page 194
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NewsDirect Line extends RBS home deal but travel faces review
Home deal will now run until October 2020
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NewsERS focusing on smaller brokers to improve underwriting
Dealing with smaller brokers can help commission and loss ratios, finance chief says
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NewsSurprise Brexit gains help boost ERS first-half profit
Lloyd’s motor insurer reports £7.3m profit
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NewsGable remuneration committee chair resigns
Non-executive diretor leaves troubled insurer’s board
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NewsBrit profit almost triples as investment revamp pays off
Brit’s first-half profit nearly tripled as last year’s decision to invest more in government bonds paid off. The Lloyd’s insurer and reinsurer made an operating profit of $198.5m (£151m) in the first half of 2016, up 180% on the $70.9m it made in the same period ...
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NewsAXA replaces failed Enterprise on Bollington Underwriting products
AXA has replaced failed Gibraltar insurer Enterprise as capacity provider for certain commercial motor products offered by Bollington Underwriting, Insurance Times understands. Bollington Underwriting, an underwriting agency, is part of Macclesfield-based broking group Bollington. Bollington said in a statement that it had launched new single vehicle ...
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NewsBiba renews call for telematics IPT break as rates jump
Call comes after Q2 spike in motor premiums
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NewsEnterprise liquidator advises policyholders to arrange new cover
The provisional liquidator of failed Gibraltar insurer Enterprise has advised policyholders to seek alternative cover. Frederick White, who was appointed provisional liquidator on Monday, said: “Insurance policies issued by Enterprise have not been cancelled or disclaimed but I am unable to currently pay any claims arising ...
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NewsAIG UK launches Brexit insurance
Insurer AIG UK has launched a Brexit add-on to its directors’ and officers’ liability (D&O) coverage. The add-on will cover the cost of legal challenges that might arise as a result of the UK’s decision to leave the European Union. For example, it would cover the ...
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NewsStorms drive up Lloyds Bank general insurance COR by 16 points
Lloyds Banking Group’s general insurance business experienced a 16 percentage point deterioration to 89% in its combined operating ratio (COR) in the first half of 2016 (2015: 73%), partly driven by adverse weather in the first half of 2016. The bank said it helped more than ...
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NewsEnterprise parent’s bond ratings suspended
Rating agency Creditreform Rating has temporarily suspended its ratings of Enterprise Holdings’ two bonds following the collapse of subsidiary insurer Enterprise Insurance Company. Enterprise Holdings has two bonds listed on the Frankfurt stock exchange. One, which expires next year, was rated BBB by Creditreform, while the ...
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NewsBroker Fish looks to UK General to replace Enterprise capacity
Personal lines broker Fish Insurance has switched its motor excess protection book of business to underwriting agency UK General following the collapse of Gibraltar insurer Enterprise. UK General managing director Karen Beales (pictured) said that the company signed the transfer agreement at close of play on ...
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NewsDishonest drivers pay higher premiums – Consumer Intelligence
Motorists who lie to insurance companies are paying £286 more on their insurance premiums, according to research published today. The report by market research firm Consumer Intelligence found that insurance companies offer a better price to honest drivers because in their experience they are less likely ...
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NewsLancashire profit drops 36% as earned premiums fall
Specialist London-based insurer Lancashire Holdings made a profit before tax of $56.6m (£43.1m) in the first half of 2016, down 36% on the $88.6m profit it made in the same period last year. The main cause of the profit reduction was a 16% drop in net ...
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NewsEnterprise's liabilities could exceed assets by up to £18m - reports
The liabilities of failed Gibraltar insurer Enterprise could exceed its assets by as much as £18m, according to reports. The Gibraltar Financial Services Commission (FSC) last week ordered Enterprise to stop writing new business after the company admitted to being insolvent. The Supreme Court has now ...
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NewsParent of stricken insurer Enterprise unveils MGA plans
The parent company of failed Gibraltar insurer Enterprise is planning to expand its managing general agency (MGA) in a bid to replace some of the revenue it will lose. Enterprise Holdings, which owns 100% of the recently collapsed Enterprise Insurance Company (EIC), also owns an established ...
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NewsBP Marsh hires bank to advise on sale of Besso stake
The board of Besso and its shareholders have hired investment bank and financial advisory firm Canaccord Genuity to carry out a strategic review for the Lloyd’s broker. Venture capitalist BP Marsh which is led by Brian Marsh (pictured), has a 44.97% stake in the broker announced ...
