Insurer News – Page 195
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NewsMGA Euna opens motor trade office
Specialist managing general agency Euna has opened a new office dedicated to motor trade. The new office, in Chelmsford, is Euna’s first office outside its London headquarters. The company has also hired Alana Galbraith as assistant underwriter in the motor trade underwriting team. She will work ...
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NewsElite to set up Luxembourg unit to combat Brexit
Gibraltar-based insurer Elite has chosen Luxembourg as the location for its second insurance company, which it is setting up to counter the effects of Brexit. The company said last month that it was planning to set up a new regulated insurance company in the European Union ...
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NewsAviva defends quoting teenager £11,500 for telematics policy
Aviva has defended giving a 19-year-old driver a telematics based car insurance quote of £11,500 a year. Naomi Bowler who has only been driving since December told the Daily Mail that the quote was almost six times as much as what she paid for her car. ...
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NewsERS swoops to rescue Enterprise Insurance's fleet customers
ERS has come to the rescue of policyholders whose insurance policies where underwritten by collapsed insurer Enterprise through the MGA Andeva. In a statement today ERS said it had “stepped up to support brokers” following the news that the Gibraltar Financial Services Commission (GFSC) last Friday ...
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Online onlyFSCS in talks with Enterprise's regulator over customer impact
The Financial Services Compensation Scheme (FSCS) is in discussions with the Gibraltar Financial Services Commission (FSC) over what the failure of Enterprise Insurance means for UK policyholders. The FSCS has also said it expects to work Enterprise’s provisional liquidator once one has been appointed. Last Friday ...
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NewsFour 'cash for crash' fraudsters jailed in scam against Allianz
Four fraudsters have been jailed for six months each for their part in a ‘cash for crash’ scam against Allianz. Igor Kartel, Dianna Kartel, Valentina Kartel and Piotr Kartel had claimed over £30,000 for whiplash compensation following a rear-end collision in 2012, involving a lorry driven ...
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NewsBrexit: Hiscox mulls setting up EU-based insurance company
Hiscox has said it is considering setting up a new EU-based insurance company as trading arrangements become clearer following the UK decision to leave the EU. Following the release of the half year results this morning the Lloyd’s insurer said it was preparing for a range ...
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NewsIrish insurance firms to fund 35% of 3rd party motor claims if insurer fails
The Irish government is planning to extend the Insurance Compensation Fund to cover in full third-party motor claims arising out of the liquidation of an insurance company, with insurers paying 35% of the cost. But an insurance lobby group has criticised the move, saying it posed ...
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NewsZurich MGA to refund motorists as 14,000 hit by Enterprise demise
Zurich-owned underwriting agency Wrightway Underwriting which wrote business on behalf of collapsed insurer Enterprise has said it will refund outstanding premiums after 14,000 Irish motorists were hit by the insurer’s failure, according to reports. Late on Friday, Enterprise announced that the Gibraltar regulator Financial Services Commission ...
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NewsHiscox UK and Europe profits up 42.4%, appetite for larger risks grows
Lloyd’s insurer Hiscox’s UK and Europe division made a profit before tax of £65.2m in the first half of 2016, up 42.4% on the £45.8m in the same period last year. The division’s combine ratio improved by 6.9 percentage points to 79.9% (2015: 86.8%). Gross premium ...
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NewsGibraltar insurer Enterprise goes bust
Gibraltar’s Financial Services Commission (FSC) has ordered Enterprise Insurance Company to stop writing new insurance contracts immediately after the insurer advised it that it is insolvent and has been unable to secure additional funding. The regulator has also issued directions under Section 100 of the Financial ...
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NewsTowergate makes hire from RKH to accelerate London Market growth
Towergate has confirmed the appointment of Neil Pearce as managing director of its London Market division. Pearce will join Towergate on 5 September and report directly to group chief executive David Ross. News reports in May had suggested Pearce was heading to Towergate. The broker says that Pearce’s appointment signals ...
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NewsFirms that use ARs must recognise responsibility - Biba
Insurers, brokers and networks that use ARs must recognise the model carries a higher degree of responsibility on the regulated firm than a simple delegated authority, Biba chief executive Steve White has said. He was responding to the findings of the FCA from its investigation into ...
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News'If FCA AR probe drives up quality it is a good thing' - TEn network boss
TEn network boss James Sharp says that FCA review into appointed representatives (ARs) will weed out the good firms from the bad ones. He welcomed the findings of the review, but added that in the short term it could cause insurers to form a negative view ...
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NewsFCA slams brokers over lax AR controls
The FCA has slammed brokers for having poor oversight over their appointed representatives. In its thematic review released today, the FCA found significant shortcomings in the control and oversight of appointed representatives by their principal firms in the general insurance sector in a thematic review published ...
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NewsAllianz makes four promotions to strengthen technical division
Allianz Insurance has made four senior management appointments to its newly formed Technical division, led by chief underwriting officer, Neil Clutterbuck. Catherine Dixon will take on the role of director of underwriting & technical, commercial lines. She has been promoted from her previous position as head of property and casualty. ...
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NewsUse of big data risks making some people uninsurable - CII
The increasingly sophisticated use of data could create an “underclass” of people who cannot afford insurance, a report from the Chartered Institute of Insurance (CII) has warned. And as a result consumers could miss out on some types of cover altogether if insurers deemed them too ...
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NewsLockton moves to bigger Scottish office to boost staff numbers
Lockton is moving to bigger offices in Glasgow as it makes plans to increase its staff headcount to 40 from 15. Lockton partner and head of corporate, Gordon Duncan, said: “Lockton is investing £250,000 in the move to the new 4,500 sq ft office, which will ...
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NewsPen Underwriting creates cyber lead role as it plots to expand offering
Pen Underwriting has appointed Adrian Scott to the newly created role of head of cyber liability. In his new role Scott will be responsible for developing Pen Underwriting’s capabilities in cyber risk management and insurance. He joins Pen from Ridge Global, a cybersecurity firm founded and ...
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NewsSupreme Court ruling is setback in fight against fraudulent claims - ABI
The ABI has warned that a Supreme Court decision which ruled that insurers can no longer avoid paying a claim if there are so-called collateral lies in the claim will push up the cost of insurance. Earlier today judges voted four to one to change the ...
