All Insurance Times articles in Issue 15-11-2007 – Page 2
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News
Lloyd’s report urges brokers to target China
Lloyd’s has urged brokers to target the expanding Chinese non-life market.In a report this week, Lloyd’s said that increasing the size of the broker market was necessary to raise general risk awareness in the country.Currently, only 1% of China’s GDP is spent on insurance products – but the non-life market ...
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News
Norwich Union to woo mid-market brokers
Norwich Union (NU) is looking to woo mid-market brokers with extra comm-issions and other support.The insurer is launching a support package for medium-sized brokers and is aiming to sign up 300 brokers to the package by the end of 2008.NU is targeting brokers that produce between £800,000 and £5m of ...
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News
Broker Network chief predicts takeover interest
Broker Network chief executive Grant Ellis has said that the company is likely to receive further approaches in the coming months.Ellis, who was speaking at the company’s third national conference in Cambridge, warned that prospective suitors would have to pay a considerable sum for the business, which recently completed its ...
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News
News in brief
Venture Preference acquiresAXA-owned Venture Preference acquired three brokers adding £25m to its gross written prem-ium. Leatherhead-based Castle-bank, controlling £8m in GWP and Kendal-based Talbot which has £10m GWP have been acquired by Smart & Cook. Property specialist Neville Insurance Consultants, which controls £7m GWP, has been bought by Stuart Alexander. ...
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News
Primary boss Davey poised to quit firm
PBSH chief executive currently “considering other opportunities”
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Features
Fighting off the big boys invading the SME patch
Direct commercial insurers are moving in on brokers’ domination of the SME market. How can brokers quell this threat in the coming year? Caroline Jordan reports
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NewsI’m backing independents says NU’s new chief
Igal Mayer was three weeks into his post as the new chief executive of the UK’s leading insurer, Norwich Union (NU), when the summer floods wiped out half the company’s profits for the first six months of the year. “It wasn’t a case of oh s***—half your profits have gone,” ...
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FeaturesBringing the business back home
Michael Faulkner talks to Legal & General’s Jane Dale, managing director of general insurance, on the company’s focus on household busine ss and how it has been affected by the summer of floods
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News
Aon compliance probe
Aon Corporation has begun an internal investigation into its compliance with anti-bribery laws. The global broker said in a regulatory filing that it had appointed an external law firm to investigate its compliance with certain US and non-US anti-bribery laws, including the US Foreign Corrupt Practices Act. This followed a ...
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News
AMG shake-up moves group MD
AMG group managing director Kevin Wood has been appointed chief operating officer in a management shake-up at the loss adjuster. And former Euler Hermes boss Richard Webster has been appointed chief executive. The company said the changes were designed to provide a platform from which the newly-enlarged group could grow. ...
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News
New Allianz division as weather hits profits
Allianz Insurance saw its profits for the first nine months of the year hit by the £83m cost of weather-related claims in 2007.The company also announced the creation of a new personal lines division.The insurer reported third quarter pre-tax profit of £109.4m, down £62m compared to the same period last ...
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News
Highway’s broker arm to to launch aggregator
Highway’s broker arm, Hero, is set to launch its own aggregator early next year in an attempt to drive the group’s digital distribution strategy. The news came as Andrew Gibson, chief executive of Highway, laid out plans to grow the group’s GWP by 20% to £300m over the next ...
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Backchat
Insurer’s acronym is music to our ears
The insurance industry loves an acronym (IBNR anyone?) and one recently caught Backchat’s beady eye.Bermuda reinsurer Montpelier purchased US excess and surplus lines insurer, renaming it, somewhat unoriginally, as Montpelier US Insurance Company. The acronym, however, was more pleasing, being Music.
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News
ABI calls for Environment Agency to get more teeth
14 major developments go ahead on flood plains against Environment Agency advice
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News
GAB eyes £3m profit but seeks small tenders
GAB Robins chief executive Kieran Rigby said the company was looking to target smaller claims business, as he predicted profits would reach £3m in 2007.Rigby said the loss adjuster wanted to remain on the panels of the top insurers, but was looking to grow its business and believed success might ...
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News
RI3K chief warns of changing standards
RI3K chief executive Alex Letts has warned that the London market’s adoption of electronic systems is being slowed by changing messaging standards.Letts said that the continued development of the Acord and Market Reform Programme Office (MRPO) standards meant that providers of electronic placement systems, such as RI3K, had to modify ...
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News
Ex-Westinsure MD sets £100m target for start-up
Start-up network the Purple Partnership is looking to reach £100m in annual premium income by 2011.The new network, set up in collaboration with former Westinsure managing director Bob Parkins and broker Jelf, is hoping to take advantage of the “mass of brokers” that are still independent.Parkins, who is managing director ...
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Features
Will tax be the downfall of the London market?
As companies redomicile to low tax centres, questions loom around how to make London more competitive
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