Insurer News – Page 200
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NewsBroker Network plots acquisitions
Broker Network is planning to acquire brokers, according to market sources. The network is close to completing a deal which means that Towergate will retain 19.9% of Broker Network’s shares. Towergate, which is selling a majority stake in Broker Network to Highbridge for £46m, has put ...
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NewsTravelers enters direct channel with cover for small businesses
Travelers Europe has launched a direct SME proposition for small businesses in the UK with fewer than 10 employees and less than £2.5m in revenues. Key points: Offering is Travelers’ first big entry into direct channel UK Move made in response to growing SME ...
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NewsAXA Global unveils new five-year plan
AXA Global has revealed its Ambition 2020 strategy. The new five-year plan centres around two strategic priorities: focus and transform. Key points: First priority is continued focus on selective growth, cost efficiencies and technical margin improvement Insurer wants to grow in commercial lines AXA ...
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NewsAon Benfield makes senior hire to head global cyber practice group
Aon Benfield has hired Luke Foord-Kelcey to co-head its global cyber practice group. Based in London, Foord-Kelcey will be responsible for developing Aon Benfield’s cyber offering to insurers and reinsurers. He will work with co-head Bill Henriques, who established the practice group. Prior to joining Aon, ...
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NewsFine firms for failing to report data breaches - MPs
MPs are calling for tougher rules that could force companies to report cyber attacks. The Culture, Media and Sport select committee said in a report yesterday that the regulator should have a “robust system of escalating fines” for those failing to report security breaches, the Financial ...
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NewsSaga makes 'good start to year' in core business arms
Saga said it has made a good start to the year across its core trading divisions in the period from 1 February to 20 June 2016. In a trading update announced today, the over-50s insurers said it was also on track to achieve its target for ...
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NewsInternational insurance leaders urge UK to remain in EU
21 leaders of insurance and long-term savings associations across Europe have signed a letter urging the UK to remain a member of the EU. The signatories include representatives from all the major markets in Europe. The letter states it is in the interests of both the ...
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NewsAXA's Buberl to set out five-year plan
AXA’s incoming group chief executive Thomas Buberl is due today to present his five-year plan to cut costs and boost growth, according to the Financial Times. Buberl (pictured), who starts his new job at the French-based insurer in September, will present his plan ahead of an ...
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NewsMarkel names Desai head of professional indemnity
Markel International has appointed Bhavik Desai (pictured) as head of professional indemnity. Desai replaces David Sawyer who has become managing director of professional and financial risks in the group’s newly-created specialty and financial lines division, headed by James Hastings. Markel have been writing professional indemnity in ...
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NewsAdmiral appoints Mumsnet founder as non-executive director
Admiral has appointed the founder of online parenting forum Mumsnet as a non-executive director. Mumsnet chief executive Justine Roberts (pictured) has been responsible for the creation, strategic direction and overall management of Mumsnet, building it into one of the most recognisable internet brands in the UK, ...
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NewsAsh Bathia’s Lloyd’s syndicate hires QBE financial lines head
Probitas 1492, the Lloyd’s syndicate run by Ash Bathia (pictured), has hired QBE’s former financial lines head Charles Boorman. Boorman joined Probitas today and reports to casualty chief underwriting officer Neila Buurman. In his new role Boorman heads up Probitas 1492’s financial lines team of underwriters, ...
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NewsInsurers must prepare for big changes as driverless era looms
The UK motor insurance market must prepare itself for legislation changes, huge falls in premium income and fewer crashes as driverless vehicles become reality, research firm Thatcham said. The firm said that by 2021 driverless cars will be able to go on motorways and that by ...
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NewsSompo Canopius operations head Stephen Manning departs
Sompo Canopius chief operating officer Stephen Manning will leave the Lloyd’s insurer at the end of the year. It is understood that while Manning currently has no position to move into, he is keen to stay within the industry. Manning said: “I have enjoyed 11 exhilarating ...
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NewsEY predicts further underwriting losses for UK motor insurers
UK motor insurers will report a 100.1% combined operating ratio (COR) in 2016, which will worsen to 101.7% in 2017, accounting and consulting firm EY predicts. The deterioration will be driven by pressure to cut rates in response to the government’s planned whiplash reforms and the ...
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NewsFlood Re signs up 20 more insurance providers
Flood Re now has 36 insurance providers signed up to support it, up from 16 when it launched two months ago. Flood Re, a scheme allowing insurers to provide affordable flood cover to homes in high-risk areas, went live on 4 April. Chief executive Brendan McCafferty ...
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NewsZurich names personal lines and Endsleigh heads as broking director exits
Zurich is planning to split the management of Endsleigh and its personal lines divisions. The decision follows the resignation of Patrick Cohen earlier this month who headed up both divisions. He had only been in the role for eight months. As a result Jeff Brinley is ...
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NewsRSA names new head of direct brand More Than
RSA has appointed Rob Flynn as the new managing director of its More Than direct brand. He takes over from Phil Wilson-Brown, who is leaving to return to his native Australia to take a job at Australian insurance group IAG. Flynn, who has worked for RSA ...
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NewsFoo Fighters sue Integro broker and insurers over cancelled shows
Foo Fighters are suing Integro-owned broker Robertson Taylor and several insurance companies for not paying out for seven cancelled gigs. The US lawsuit mentions three cancelled performances after lead singer Dave Grohl broke his leg in June 2015 and four after the Paris terror attacks in ...
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NewsGallagher: our data justifies calls for more commission
Arthur J Gallagher deserves the commission it is paid because it has more and better data than insurers, special adviser Dave McGurn has said. Speaking during an investor call McGurn, Gallagher’s former chairman of risk placement services, said that while insurers were trying to cut what ...
