Insurer News – Page 209
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NewsWatchstone rejects acquisition offer
Watchstone has rejected an ‘unworkable’ bid from a private company to buy all of its assets, excluding the actual and contingent liabilities. But the insurance technology firm has not ruled out further proposals from the company. In a statement the company said: ”Watchstone notes the recent ...
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NewsMotor rates stall in first quarter - Confused.com
The rising cost of motor insurance has stalled for the first time in a year, according to the latest Confused.com Car Insurance Price Index. But the halt in price increases could just be a seasonal effect, the survey compilers said. The average comprehensive premium held at ...
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NewsCourt victory for insurer in £236,724 Ferrari credit hire dispute
A businessman has lost his legal battle to force Direct Line Group (DLG) to pay £236,724 for the hire of two Ferraris following a car accident. Earlier this month, a judge at Darlington County Court upheld an earlier ruling which meant that DLG did not need ...
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NewsDirect home and motor exit to punch £84m hole in Allianz GWP
Allianz UK’s planned exit from direct home and motor business will punch a £84m hole in the insurer’s gross written premium (GWP), according to chief executive Jon Dye. Speaking to journalists this morning about the planned change, which will put 170 jobs at risk, Dye also ...
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NewsBrokers rally behind Allianz despite home and motor blow
Allianz’s planned exit from direct home and motor business could give brokers a greater opportunity to show their worth to the company. While sympathising with the 170 Allianz staff that could lose their jobs over the move, some broker bosses said that brokers may be able ...
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NewsGallagher puts graduate scheme on hold
Arthur J Gallagher has put its graduate recruitment scheme on hold following a review which found that graduates on a formal programme were less likely to remain long-term with the company where they received their initial training. The broker said that as a result of changes ...
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NewsAllianz puts 170 jobs at risk as it plots direct home and motor exit
Allianz UK is planning to withdraw from direct home and motor and as a result, is putting 170 jobs at risk. Roles in Allianz’s Bristol and Guildford offices will be affected by the proposal and a period of consultation has begun with the Union on the ...
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NewsRSA-owned insurer overcharged 8,000 motor customers
RSA-owned Irish personal lines insurer 123.ie is refunding 8,000 motor insurance customers that it had overcharged over a period of two years. The insurer, which RSA bought in July 2010, said it started refunding customers last week and expects to complete the process at the end ...
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NewsBeazley completes return of its head office to the UK
Beazley has completed the transfer of its head office to the UK from Ireland. The Lloyd’s insurer announced plans for the move in its 2015 results in February. A new UK-domiciled company, called New Beazley, is now the holding company for the group. The completion of ...
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NewsTracey McDermott to leave FCA in July
FCA acting chief executive Tracey McDermott is leaving the regulator on 1 July. The announcement today follows the appointment of Sam Woods as the new PRA boss. As a result Andrew Bailey will now leave his role as PRA head to join the FCA. Earlier this ...
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NewsModus launches home product on SSP
Managing general agency Modus has launched its Home Insurance Plus product on software house SSP’s platform. Home Insurance Plus is designed to cover a range of properties, property usage ad policyholders and provides coverage for buildings, contents and possessions. It is also available for homes of ...
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NewsAXA customers to manage end-to-end claims online in digital push
AXA is investing heavily in its claims proposition to enable customers to manage their own claims online. The insurer is currently testing the system with a large personal lines broker and through its direct travel business. The types of claims that can be made under the ...
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NewsInsurance staff followed from work as fraud agency warns about data thieves
Insurance staff are being watched by fraudsters as they leave their office the City of London Police has revealed. In a statement today The National Fraud Intelligence Bureau is warning employees about the consequences of passing on or selling customer data to third parties, which ...
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NewsHome & Legacy refreshes home offering to cover market value increases
Home & Legacy has refreshed its home offering to take into account the fluctuating values of household items. The offering which will apply to all household policies; Prestige Home, Ultra Home and Ultimate Home, will provide cover up to the value of 150% of the sum ...
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NewsUnrated Gable battles to build broker trust
Unrated Liechtenstein-based insurer Gable has had a tough time recently. Its share price is down 88% from its 87.25p peak in 2014, and profitability has suffered as it has worked to close the gap between the reserves it holds and what actuaries think it should hold. ...
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NewsBollington expands further into motor trade with Scottish hire
Bollington Insurance is planning to expand its motor trade business following the hire of a new motor trade account manager. In his new role Gary Ferguson will service businesses in Scotland. He has joined the broker from TL Dallas in Falkirk. Prior to that he also ...
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NewsBeazley and Munich Re to launch cyber offering with broader cover
Beazley and Munich Re are planning to launch a cyber offering. The insurer and reinsurer will be offering tailor-made cyber policies with double the amount of coverage that was previously available. The policies will cover physical damage to property and bodily injury as well as more ...
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NewsAXA creates separate real estate arm amid push for further growth
AXA Insurance has created a standalone real estate division to take advantage of the double digit growth the division has seen. The real estate business is currently managed as part of the wider London Branch operation. But the insurer said owing to the real estate book ...
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NewsRSA UK personal lines MD Mark Christer to leave
RSA UK personal lines managing director Mark Christer is leaving the company after five years in the role. David Coughlan, RSA’s group underwriting director, will replace Christer on 1 May. He will report to UK chief executive Steve Lewis. Coughlan joined RSA in 2008 as group ...
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NewsGallagher secures $800m bank loan
Arthur J Gallagher has secured an $800m bank loan to be used for acquisitions or for general business purposes. The deal expires on 8 April 2021. The consortium of banks is led by Bank of Montreal, Bank of America Merrill Lynch, Barclays Bank, Citibank and JP ...
