Insurer News – Page 231
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NewsEsure reports 15.5% increase in GWP
Esure has reported a 15.5% increase in gross written premium (GWP) to £151m for the first quarter of 2016. This is made up of a 17.1% increase in motor GWP to £128.9m, while home GWP was also up 7.3% to £22.1m as a result of the ...
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Online onlyAgeas was top commercial liability insurer in 2015
Ageas reported a highly profitable COR of 79.2% for its liability book in 2015, after reserve releases added 17.1 points. Direct Line Group was the only other insurer analysed to report a 2015 underwriting profit for its commercial liability book with significant reserve releases knocking 46.6 ...
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Online onlyMay 2016 issue
Cover story: Commercial lines profitability continues to elude UK’s top insurers
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NewsJLT EMEA chief executive Martin Hiller to retire
JLT chief executive of Europe, the Middle East and Africa (EMEA) Martin Hiller is retiring from the company. Hiller joined JLT in 1988. He is best known at the company for his almost 10-year stint as chief executive of the JLT Specialty broking division. JLT credited ...
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NewsDirect Line Group GWP up 4.2% in first quarter
Direct Line Group reported gross written premium (GWP) from continuing operations of £777.8m in the first quarter of 2016, up 4.2% on the £746.5m it reported in the same quarter last year. This was despite a 1.8% drop in in-force policy numbers to 15.9 ...
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NewsAXA planning UK life and savings exit
AXA is planning to sell its remaining UK life and savings businesses, including its SunLife direct protection business and AXA Wealth, the company announced this morning. The insurer revealed the plan after reaching an agreement to sell Elevate, an online investment platform, to Standard Life. ...
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NewsTowergate owner eyes Autonet deal
Towergate owner HPS, formerly known as Highbridge Principal Strategies, has been tipped as a frontrunner to acquire a stake in van broker Autonet Insurance Brokers, Insurance Times can reveal. According to market sources, Autonet is close to agreeing terms with HPS. Autonet and HPS have declined ...
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NewsCarrot's telematics 'warning' initiative improves young driver behaviour
Telematics firm Carrot Insurance has used its telematics box to improve the driving behaviour of its young policyholders, director Ed Rochfort has said. The firm which won an award last year for reducing accident frequency by 42% among its young drivers, through a strategy of intervention ...
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NewsAmanda Blanc succeeds John O’Roarke as IFB chair
The Insurance Fraud Bureau has appointed AXA UK and Ireland general insurance chief executive Amanda Blanc (pictured) as its new chair. She replaces outgoing LV= general insurance managing director John O’Roarke, who has stepped down as the bureau’s chairman after three years in the position. O’Roarke ...
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NewsAllianz Q1 revenues down 6.4%, operating profit down 3.5%
Allianz said first quarter revenues fell 6.4% from a year earlier to €35.4bn and operating profit fell 3.5% to €2.8bn. In Property and Casualty insurance, the combined ratio improved 1.3 percentage points to 93.3%, largely due to fewer claims stemming from natural catastrophes. Solvency II capitalization ...
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NewsAIG reports lower profits in Q1 as investment income hit
AIG reported a lower-than-expected profit for the third straight quarter as poor returns from hedge funds hurt its investment income. Group operating profit fell 54% to $773 million in the first quarter, partly due to restructuring costs of $122m. Pre-tax income in AIG’s commercial property and ...
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NewsBarbican opens Manchester office
Lloyd’s insurer barbican has opened a new office in Manchester. It is based in the recently developed ‘Hive’ complex in the city’s Northern Quarter. Barbican said the new office serves three main functions: proving a regional base for underwriting and business development of recently launched UK ...
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NewsFaking injury 'as unacceptable as drink driving' - poll
Faking injury on an insurance claim is worse than buying stolen goods and as unacceptable as drink-driving according to a poll for Aviva. The study shows that 87% say it’s unacceptable to make a false whiplash claim, compared to 88% who say the same about drink-driving. ...
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NewsBroker fee for FSCS levy falls as insurers pay more
General insurance brokers will pay £8m for the Financial Services Compensation Scheme (FSCS) in the 2016/17 year – down £11m on the £19m that was forecasted in January. General insurers will pay £91m – a £3m reduction on the £94m that was expected. However, it is ...
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NewsPRA to sharpen focus on how insurers manage property and liability exposure
The Prudential Regulation Authority (PRA) is planning to increase its focus on how well insurers are managing and measuring their exposure to property or liability risks. The PRA said the move had been driven by the continued rate reductions and widening of terms and conditions in ...
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NewsInvestment in insurance tech start-ups triples to $2.6bn
Investment in insurance tech start-ups more than tripled last year. Investments in insurtech rose from $800m in 2014 to more than $2.6bn in 2015, according to data from management consultancy Accenture. While much of the money has come from traditional sources such as venture capital and ...
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NewsJLT wins lead broker account for Singapore Airlines
JLT has won the account as lead broker for Singapore Airlines (SIA) Group’s aviation insurance programme. Under the terms of the deal the agreement will run for a period of three years for policies beginning 1 July 2016. It is another big win for the national ...
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NewsFSCS announces £337m levy for 2016/17
The Financial Services Compensation Scheme (FSCS) has announced its levy for 2016/17 will be £337m - £26m less than forecasted in its plan and budget for 2016/17. The levy in 2015/16 totalled £319m. The calculation of the FSCS annual levy is made up of several different ...
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NewsJLT expects one-off costs of £34m in 2016
Jardine Lloyd Thompson (JLT) expects that the restructuring of its employee benefits arm and the settlement of its legal dispute with Willis will result in one-off costs of £34m in 2016. The broker has said that the restructuring of its UK and Ireland employee benefits division ...
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NewsJLT Group commercial director James Twining to depart
Jardine Lloyd Thompson (JLT) Group commercial director James Twining is stepping down from his role. Twining joined the broker in January 2011 and has been a member of the board since 2012. His role will not be replaced. The broker has also appointed Bruce Carnegie-Brown as ...
