Insurer News – Page 204
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NewsHomeServe UK unit reports revenue growth but flat profit
HomeServe’s UK business made an operating profit of £57.4m in the year to 31 March 2016, almost unchanged from the £57.7m it reported in its previous financial year. This was despite revenue growth in the unit of 2.2% to £291.8m (2014/15: £285.5m). Key points ...
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NewsPrice Forbes hires team from Marsh in retail push
Price Forbes has hired Audrey Corfield as managing director of its European retail arm. Corfield joins Price Forbes from Marsh, along with directors Richard Grimshaw and Jason Ellis, while Helen Morrison will be an associate director. Price Forbes said all four bring more than 60 years ...
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NewsABI calls for compulsory cyber attack database
The ABI has called on the government to create a database where companies would be obliged to record details of cyber attacks. The database would help overcome the lack of hard data on cyber attacks that is making it hard for insurers to provide appropriate cover, ...
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NewsAXA to sell all tobacco investments
AXA Group said it will shed all its €1.8bn investments in tobacco. The global insurer said continued investment in tobacco was no longer compatible with its business as a provider of health insurance. “As a responsible health insurer, the AXA Group has decided to divest its ...
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NewsZurich: Cyber-crime is SMEs’ biggest threat
Cyber-crime is small companies’ biggest worry, according to insurer Zurich’s latest SME Risk Index. The survey of more than 1,000 UK small and medium-sized businesses found that 42% of respondents consider the vulnerability of their technology to be the single largest concern to the success of ...
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NewsAIG UK and Zurich GI bosses join ABI board
AIG UK and Europe chief executive Anthony Baldwin (pictured) and Zurich UK General Insurance chief executive Vibhu Sharma are among four new members of the ABI’s board. Also joining are Scottish Widows chief executive and Lloyds Banking Group insurance director Antonio Lorenzo and Prudential group regulatory ...
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NewsBrexit will damage UK insurers and the London Market, bosses say
Most UK insurance executives think that leaving the EU would severely damage the UK insurance industry and the London market, according to a study by international law firm Kennedys. “There is near universal agreement amongst senior executives in the insurance industry that the UK leaving Europe ...
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NewsAgeas pledges to support Brightside after Markerstudy exit
Ageas UK will aim to continue supporting Brightside after fellow major capacity provider Markerstudy decided to cancel its agency with the broking group, chief executive Andy Watson said. Brightside has a range of capacity providers, but Ageas and Markerstudy are its biggest supporters. Speaking to Insurance ...
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NewsLloyd's syndicate Probitas 1492 expands underwriting team
Lloyd’s syndicate Probitas 1492 has expanded its casualty offering with the appointment of Ernesto Medina within its financial lines team. Previously senior financial institutions underwriter at Zurich, Medina brings experience of underwriting a large portfolio of international banks, asset managers and private equity and hedge funds, ...
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NewsAgeas UK Q1 profit higher, driven by motor
Ageas UK reported a sharp rise in first quarter profit and an improvement in its combined operating ratio, driven by a favourable motor performance. Net profit rose 59% to £19.0m from £12m from a year earlier, while the UK business’s COR improved to 99.0% from 99.7%. ...
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NewsRural rebrands in plot to be ‘challenger’ in agricultural insurance market
Managing general agency (MGA) Rural Insurance has rebranded its logo as it sets out plans to be a challenger business within the agricultural insurance market. Chief executive Ian Barclay said the UK’s rural economy was a major contributor to the UK economy - valued at £211bn ...
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NewsBluefin promotes Steve Hook to personal lines MD role
Bluefin has promoted Steve Hook to the position of personal lines managing director. Neil Forsyth has also been named as Bluefin’s new London Market Broking Director – replacing Paul Longhurst, who has left the broker to join Towergate. In his new role Hook will be responsible ...
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NewsLloyd’s chief risk officer McGovern to leave for XL Catlin
Lloyd’s chief risk officer and general counsel Sean McGovern is leaving after 20 years at the corporation to join XL Catlin. McGovern will become the global (re)insurance group’s chief compliance officer and head of regulatory and government affairs. To protect commercial confidentiality, McGovern is now no ...
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NewsTowergate hires London Markets broking director from Bluefin
Towergate has appointed Paul Longhurst as broking and distribution director in its London Markets division. Longhurst joins Towergate from Bluefin, where he had been London Market broking director for 25 years. Towergate Group chief executive David Ross (pictured) said: “We recognise the huge opportunity that exists ...
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Online onlyAXA France chairman and chief executive Nicolas Moreau to depart
AXA France chairman and chief executive Nicolas Moreau is stepping down from his role on 30 June after 25 years at the company. His replacement will be announced shortly. Prior to being head of AXA France Moreau was head of the insurer’s UK and Ireland business. ...
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NewsHastings and Esure to win market share by 'aggressive undercutting'
Market share between motor insurers Hastings and Esure will only be won by aggressive undercutting of the opposition, according to a research note by investment bank Macquarie. With two quarters of rising prices behind them in the second half of 2015, both Esure and Hastings have ...
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NewsUK financial services industry is ‘perfect target’ for cyber attack - report
Financial services companies vastly overestimate how much insurance they have against a cyber-attack, Marsh UK and Ireland chief executive Mark Weil has said. This means the UK financial services industry is ‘perfect target’ for attack, according to lobby group TheCityUK’s Cyber Taskforce report co-written by Marsh. ...
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Online onlyAviva to invest millions in tech start-up enabler
Aviva is to invest millions of pounds in Founders Factory, a technology incubator, to forge a new wave of financial service start-ups, Sky News reports. The deal, due to be announced today, will make Founders Factory an exclusive services partner with Aviva. Ben Hoberman, who set ...
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NewsLloyd’s chairman slams Brexit backers’ ‘irresponsible’ claims
Politicians claiming that that the UK would be able to replicate the benefits of a single market outside the European Union if it leaves are “irresponsible”, according to Lloyd’s chairman John Nelson. Speaking today at the Lloyd’s annual general meeting (AGM), Nelson also accused those making ...
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NewsAXA comes top in Brokerbility survey
AXA has been voted top insurer in the latest bi-annual survey by Brokerbility of its broker members. With a score of 83.13%, AXA topped the list for highest overall satisfaction, and was also the leading insurer in the claims category with a score of 84.90%. RSA ...
