Insurer News – Page 199
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NewsLloyd's Beale calls for swift Brexit negotiations to end uncertainty
London can maintain its pre-eminent global position in specialist insurance and reinsurance after last week’s Brexit vote, according to Lloyd’s chief executive, Inga Beale (pictured) . But it will need swift action by the government to conclude negotiations, and bring an end to uncertainty in the ...
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NewsL&G names former top civil servant as chairman
Legal & General said it has appointed former senior civil servant Sir John Kingman as group chairman. The appointment has been approved by the PRA and the FCA. Kingman (pictured) succeeds Rudy Markham, who was appointed interim chairman when John Stewart retired on 1 June. Kingman ...
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NewsQBE: Brexit may require “revised approach” for £500m of premium
QBE has warned that it may have to take a “revised approach” to around £500m of the insurance and reinsurance premium it sources from the EU following the UK’s decision to leave the bloc. This could involve writing the business through new EU-licensed entities, the insurer ...
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NewsAviva fights back amid wave of consolidation
Aviva is investing heavily in smaller independent brokers in an effort to stave off the lure of the consolidators who are on a buying spree. After the large-scale acquisitions of Oval, Giles and Jelf, there are not many big brokers left in the market. So attention ...
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NewsGibraltar insurer Elite considering new European unit post-Brexit
Gibraltar-based insurer Elite is considering setting up a new company so it can continue writing mainland European business after the UK leaves the European Union. Elite currently takes advantage of passporting rules, which allow companies to operate across the EU and European Economic Area with a ...
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NewsAviva reassures market on solvency amid Brexit turmoil
Aviva said this morning that its Solvency II coverage ratio “remains close to the top of its working range” of 150% to 180% despite market volatility triggered by the UK’s decision to leave the European Union. The insurance group announced with its full-year 2015 results in ...
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NewsInsurers try to allay Brexit fears
Insurers have moved to allay fears of disruption following UK voters’ decision to leave the EU. Aviva said it has conducted “extensive analysis” in the implication of leaving the EU and said the decision will have “no significant operational impact on the company”. It added: ”Aviva’s ...
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NewsAA: fuel prices will be the "biggest immediate concern" following decision to leave the EU
Motor, home and travel insurer AA said fuel prices, border controls and motor insurance are likely to be affected as a consequence of the referendum result. The AA expects fuel prices to rise as the value of the pound has fallen by more than 9%. AA ...
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NewsWhat next for insurance after Brexit? Read the SR guide
How does the insurance industry cope with Brexit? Our sister publication Strategic Risk has published a guide to the key risks of Brexit, with contributions from academics, legal experts and QBE chief executive Richard Pryce. Click here to view the guide: Assessing the Key Risks of ...
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NewsCustomers should avoid hasty decisions after Brexit vote - ABI
Customers of UK insurance companies should avoid making hasty decisions about their financial matters in the wake of the UK Brexit vote, according to the ABI. “Customers should remember we remain part of the EU until the process of leaving is complete and they should therefore ...
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NewsBrexit could force insurers restructure as passporting rights go - PwC
The loss of passporting rights following the UK’s Brexit vote could force general insurers and the London market into a major restructuring, according to corporate services firm PwC. “The Lloyd’s & London Market and general insurance Market make extensive use of passporting. The loss of these ...
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NewsChannel Syndicate appoints new head of technology and cyber insurance
Tom Allen has joined Lloyd’s managing agency Channel Syndicate’s new innovation division as head of technology and cyber insurance. Channel, a subsidiary of Lloyd’s reinsurer SCOR, said the innovation division will look at new technologies and emerging risks, including cyber. Allen worked as a lawyer before ...
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NewsUK firms to face increased cyber regulations even with Brexit
UK companies will still have to comply with new EU regulations regarding data breaches irrespective of the outcome of the referendum vote today, leading cyber risk experts at Beazley’s Hacked! Conference said earlier this week. Interest in cyber protection among UK businesses has risen sharply with ...
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NewsSouth East and London hit by flash floods
The South East and London have been hit by flash floods after a month’s rain fell in a few hours this morning. Red immediate action warnings are in place for areas of Essex and the capital. Flooded streets were reported across the capital, with Bexley getting ...
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NewsMarsh and Gallagher plot UK acquisitions
Much of the recent talk about UK SME broker mergers and acquisitions has been dominated by the new consolidators such as GRP and PIB. But it should not be forgotten that there are much bigger beasts in the market that also have a strong appetite for ...
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NewsChubb's European high net worth head to depart
Chubb Europe’s head of personal lines Simon Mobey is leaving the company. He will be replaced by UK and Ireland distribution head Jeremy Miles who has been promoted to the role of senior vice president, personal risk services, Europe. In his new role Miles will be ...
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NewsHDI plots Scottish expansion with Glasgow branch
HDI Global is planning to open an office in Glasgow. The insurer said it wanted to strengthen its regional footprint by establishing a presence in Scotland. It already has offices in London, Birmingham and Manchester. As a result of the move HDI has hired Paul McGhee ...
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NewsLiberty Insurance to cut 70 jobs
Liberty Insurance, the Irish subsidiary of Liberty Mutual Insurance Group, will cut 70 jobs following market instability, claims increase and excess capacity for commercial liability insurance. Most of the job cuts will come from the commercial insurance and bank office functions in the Cavan and Dublin ...
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NewsAllianz to start warning brokers about client underinsurance
Allianz UK is planning to start warning brokers when it thinks small business clients are potentially underinsured from next month, SME and corporate partnerships director David Martin. The move comes amid growing concerns about underinsurance at small to medium-sized enterprises (SMEs). Speaking at the inaugural Insurance ...
