Insurer News – Page 198
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NewsHastings, Direct Line tipped as best motor performers post-Brexit
Hastings and Direct Line are better-positioned financially for Brexit than some of their motor insurer rivals, according to investment bank Berenberg. “Hastings and Direct Line look set to fare relatively well, while we note increasing pressure on esure’s solvency ratio and dividend,” analyst Iain Pierce wrote ...
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NewsMark Wilson confident of Aviva growth despite Brexit
Aviva group chief executive Mark Wilson has said that his company will continue to grow despite the UK’s pending exit from the European Union. Wilson (pictured) made the comments ahead of Aviva’s capital markets day today, where the company will update investors and analysts on group ...
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NewsMalta's Building Block hopeful of keeping UK trade links post-Brexit
Maltese insurer Building Block is hopeful of maintaining trade links with the UK once the UK leaves the European Union (EU), chief executive Paul Brierley said. Malta is an EU member state and Building Block writes business in the UK through the European Economic Area (EEA) ...
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NewsABI to attend Sajid Javid’s Brexit roundtable tomorrow
The ABI will join Lloyd’s at the Department for Business, Innovation and Skills Brexit roundtable tomorrow morning. The roundtable will be chaired by business secretary Sajid Javid. Lloyd’s revealed last week that it had been invited to the roundtable. Other attendees will include financial services lobby ...
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NewsBrexit: Lloyd’s says no need for extra capital after Pound slump
Lloyd’s of London has ruled out asking insurers to pledge extra capital after the pound fell to a 31-year low following the vote for UK to leave the EU. Each of the underwriters in Lloyd’s have to deposit money in a communal pot called Funds at ...
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NewsBrexit unlikely to dilute Solvency II rules
Brexit is unlikely to lead to a big dilution of the EU’s Solvency II capital rules, insurance experts have warned. Last week, Lord Turnbull, a former board member at Prudential, told the Treasury select committee that Solvency II was “an absolutely dreadful piece of legislation”. He ...
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NewsSolicitor's premiums cut by 90% after switching to Bar regulation
A solicitor who set up an entity with the Bar Standards Board (BSB) claims the move has cut his insurance costs by 90%. Specialist consumer credit lawyer David Bowden is the latest practitioner to ditch the Solicitors Regulation Authority (SRA) by regulating his Hertfordshire business, David ...
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NewsTowergate completes sale of majority stake in Broker Network
Towergate has completed the sale of its majority stake in Broker Network to Highbridge Principal Strategies (HPS) for £46m. The broker announced in March that as part of the deal Towergate would retain 19.9% of Broker Network’s shares. adding that there would be no Towergate involvement ...
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NewsInsurance is 'playing catch-up' to other industries: LMG chief exec
London Market Group (LMG) chief executive Ben Reid has said the insurance industry is “playing catch-up” to other industries and needed to embrace modernisation. Reid said the LMG’s agenda is to “build and maintain London’s position and reputation as the global centre of insurance excellence”. Reid ...
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NewsAscent names Cleary as COO
Ascent Underwriting has appointed Kevin Cleary as chief operations officer. The specialist Managing General Agent providing coverage for emerging cyber risks, said Cleary will be responsible for the development and growth of an international financial lines portfolio. Cleary joins Ascent from The Navigators Group where ...
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NewsAXA’s Blanc and RSA’s Lewis join ABI board as Evans and Hester exit
AXA UK chief executive Amanda Blanc and RSA UK and western Europe chief executive Steve Lewis have joined ABI’s board. Former AXA UK chief Paul Evans, who has moved to become AXA’s global life, health and savings head, will step down as ABI chairman at the ...
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News'True independence after MBO will drive growth': Compass MD Lincoln
Compass managing director John Lincoln said that becoming independent would drive growth for the network as it targets £1bn in gross written premiums over the next three to five years. Speaking with Insurance Times following the management buyout (MBO) of Compass from Arthur J Gallagher, Lincoln ...
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NewsZurich UK GI boss Vibhu Sharma to leave
Zurich UK general insurance chief executive Vibhu Sharma is leaving the company “to continue his career outside the group”. Conor Brennan, currently Ireland general insurance chief executive, will take over from Sharma from the end of July. The move closely follows the appointment of Anne Torry ...
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NewsLloyd’s pushes for passporting as Brexit threatens £800m GWP
Lloyd’s estimates that £800m of its gross written premium (GWP) could be affected if access to the single market is lost because of Brexit. This accounts for 4% of its £26.6bn total GWP. The insurance market made the estimate in a document outlining its plans to deal with the UK’s ...
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NewsLV= promotes two managing directors to its executive team
LV= has promoted managing director of retirement solutions business John Perks and managing director of protection business Myles Rix to its executive team. Perks has had responsibility of LV=’s retirement business and has worked as customer solutions director for the insurer. He also has experience ...
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NewsElite looks to quit Gibraltar HQ to preserve EU passporting rights
Elite Insurance said it is looking for a new headquarters outside of Gibraltar. The insurer said it won’t wait for the outcome of Britain’s negotiations with the EU, and is taking action to safeguard its business in the EU. “Elite is already researching alternative domiciles for ...
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NewsUnderwriters want speedy post Brexit settlement - with passporting rights
A new trading relationship between the UK and the EU must be set out as soon as possible, and it must include passporting rights, according to the International Underwriting Association (IUA). Companies in the London market don’t want a prolonged negotiation, and are developing contingency plans ...
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NewsEcclesiastical targets HNW growth with upgraded policy
Specialist churches and charities insurer Ecclesiastical has upgraded its Residential Insurance product to offer insurance to a growing high net worth (HNW) client base. The upgraded policy titled the Art & Private Client (A&PC) product will be available from 1 July 2016. It will include features ...
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AgendaCovéa Insurance addresses homeworking with re-launched product
Covéa Insurance has re-released of a product, with an add-on including a policy designed to meet the demands of executives who run a business from home. The re-launch of Covéa’s Sterling Executive Home product will raise cover limits and add new covers for mid net worth ...
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NewsBluefin, Bruce, GRP and Thornton agree settlement
Lawyers for Bluefin, Mike Bruce (pictured), GRP and Neil Thornton have agreed to settle their legal battle over allegations of staff poaching. But lawyers for Bluefin are still working out whether they can reach a settlement with the other two defendants, Mark Rogers and Suzanne Powell. ...
