Insurer News – Page 196
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NewsSupreme Court: Insurers cannot avoid claims over 'collateral lies'
Insurers can no longer avoid paying a claim if there are so-called collateral lies in the claim, the Supreme Court has ruled today. A collateral lie is one that does not affect the validity of the claim. The Supreme Court judges voted four to one to ...
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NewsInsurers unprepared for driverless vehicles - KPMG
Insurers are unprepared for the arrival of driverless vehicles, a new study from KPMG says. The Autonomous Vehicle Insurer report found that many of the UK’s largest insurance companies agreed that driverless vehicles would touch every area of their business model. Key points: But ...
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NewsAXA creates new role as part of claims transformation programme
AXA Insurance has appointed Kim Pearce to the newly created role of claims customer services director as part of its ongoing Claims Transformation Programme. Pearce joins from Allianz where she was head of organisational management. In her new role Pearce will be responsible for the operational ...
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NewsBarbican hires divisional head of energy, power and utilities
Barbican Insurance Group has announced that Olivier Decombes will join as divisional head of energy, power and utilities. Decombes was previously CV Starr chief underwriting manager for offshore energy. He also has experience from Infrastructure where he rose to the position of upstream and ...
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NewsGable shares rise as trading resumes on Stock Exchange
Gable shares resumed trading on the London Stock Exchange this morning, after the company’s self-imposed suspension was lifted. In early trading, Gable shares recovered to 350 pence, up from 338 at the time of their suspension on 1 July. Gable said that following the release of ...
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NewsR&Q buys run-off reinsurer for $1.4m
Randall & Quilter said it has bought Agency Program Insurance Co, a Bermuda-based reinsurer now in run-off for $1.4m (£1.1m). APIC reinsures SPARTA, Discover, Nova Casualty, Hartford Insurance, AmTrust International, Wesco Insurance, PMA and Arch Insurance for workers compensation, general, commercial auto, inland marine, property and ...
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NewsBluefin Network teams up with MGA for niche motor and home products
Broker network Bluefin Network has teamed up with managing general agent Jackson Lee Underwriting to offer four niche insurance products to its members. The deal covers guaranteed asset protection (GPA), excess protection, learner driver and landlord’s home emergency cover. The brokers access the products through a ...
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NewsGable’s Dewsall paid £440k bonus despite £24.3m loss
Gable chief executive William Dewsall was paid his full performance-related bonus of £440,000 in 2015 despite his company making a £24.3m pre-tax loss that year. But the company said in its annual report that it is now reviewing whether the bonus provisions in Dewsall’s contract are ...
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NewsAmTrust buys legal expenses MGA Arc Legal
Insurer AmTrust International has bought legal expenses underwriting agency Arc Legal Assistance for an undisclosed sum. Arc Legal manages more than 14 million legal expenses insurance (LEI) policies covering personal, motor, commercial, affinity, property owners, travel and leisure risks. The agency distributes products in partnership with ...
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NewsTech & Innovation Awards finalists on challenges and successes they have faced
As the insurance market becomes increasingly digitised established firms find themselves trying to keep up with the pace of customer demand, while disrupters rush into the market. In the run-up to this year’s Tech and Innovation Awards our shortlist of finalists presented their submissions in front ...
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NewsTech & Innovation Awards finalists tell their inspiring stories
The finalists for this year’s Tech and Innovation Awards presented their submissions in front of a panel of expert judges on Wednesday. The Insurance Times editorial team was at the scene to talk to some of the shortlisted candidates about why they entered the Awards and ...
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NewsGable stops writing new business as capital falls below requirements
Gable has stopped writing new business as part of its plan to bring the company up to Solvency II compliance. The company also admitted in its results this morning that its regulatory funds had fallen below the required level. Gable said that it had instructed its ...
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NewsIFB celebrates 10th anniversary
The Insurance Fraud Bureau (IFB) celebrated its 10th anniversary with an evening reception in London yesterday. Over 140 guests, including former board members, key stakeholders and staff gathered at Stationers Hall on Ave Maria Lane to celebrate a decade of achievement. The IFB, which is currently ...
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NewsAllianz UK puts 80 more jobs at risk following review
Allianz UK has put 80 more jobs at risk after completing a review of its organisational structure. The potential redundancies will fall across the business in areas such as operations, technical and market management. This is in addition to the 170 jobs the insurer put at ...
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NewsBarbican Protect appoints property and package underwriter
Barbican Protect, the UK insurance arm of Barbican Insurance Group, has hired Martyn Bleakley as a property and package underwriter. Bleakley has previous experience as W.R. Berkley development underwriter in the firm’s casualty and division. He has also worked for AXA Insurance as a development underwriter ...
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NewsTowergate 'regrets' historical client money rule breach
Towergate said it regrets its failings in protecting client and insurer money that have led to an FCA fine of £2.632m. “While this issue is historic, isolated, and had no financial impact on any clients or insurer partners, it does not excuse the fact that the ...
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NewsFCA fines Towergate £2.6m for failing to protect client money
The Financial Conduct Authority has today fined Towergate Underwriting Group £2.632m for failing to protect client and insurer money. Towergate accumulated a shortfall of £12.6m in its client and insurer money bank accounts which, due to systems and controls weaknesses, went undetected for a number of ...
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NewsTesla cars in a third Autopilot crash
For the third time in a few weeks, a Tesla electric car has crashed while the driver claimed the car’s self-driving system was switched on. Montana police said the Tesla driver claimed the Autopilot system was activated when the latest accident occurred early on Sunday morning. ...
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NewsBuilding Block, Right to Health in car hire excess partnership
Malta-based insurer Building Block has teamed up with UK health insurer Right to Health to sell Building Block’s car hire excess product to their private health customers and their lead generation book. Building Block chief executive Paul Brierley said Right to Health already had a successful ...
