All Insurance Times articles in Issue 22-11-2007
View all stories from this issue.
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News
Oval ramps up revenue target to £140m next year
Oval is to raise as much as another £50m to fund a major acquisition drive as it aims to more than double its revenues by the middle of next year. Chief executive Phillip Hodson said the consolidating giant was looking to raise the additional funds, which could take its war ...
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News
Oval ramps up revenue target to £140m by 2009
Oval is to raise as much as another £50m to fund a major acquisition drive as it aims to more than double its revenues by the middle of next year. Chief executive Phillip Hodson said the consolidating giant was looking to raise the additional funds, which could take its war ...
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News
NU axes 30 directors
Norwich Union has slashed 30 director positions as part of its ongoing restructuring.A spokesperson said some of the directors may be offered positions elsewhere in the company.The main changes took place within the sales and marketing and operations, however jobs were cut across the board.The spokesperson said: “Those roles no ...
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News
Abbey plans acquisition drive after AIM flotation
Legal expenses insurer Abbey Protection is planning an acquisition drive after announcing intention to float on the AIM.The specialist insurer, offering products to SMEs within the legal expenses and tax related professional fees market, plans to make £5m of new money, resulting from the floatation expected to take place at ...
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Comments/Letters
Aggregator quotes
Re: “Defaqto warns consumers against using web aggregators” (insurancetimes.co.uk, 31 October)If my business was as incompetent in assessing customers’ demands and needs as these aggregators are, I would be closed down. People should realise that aggregators make their money by charging companies on click-throughs. It is therefore in their interest ...
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News
Allianz general managers go in division merger
The general managers of Allianz’s personal lines and speciality divisions have left the company following the creation of a new division The insurer confirmed this week that Allianz Personal general manager Nick Hall and Gareth Jones, general manager of Allianz Specialty, had left the company following the restructure. As ...
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Backchat
Allianz’s diary reads it wrong
Backchat was delighted to find details of Allianz’s management structure in its 2008 diaries – only to discover it changed mere days after copies were sent out to the media.The insurer obviously hadn’t properly assessed the risks when it sent out mass copies of the diaries – now outdated before ...
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News
FSA backtracks on FSCS wholesale funding model
The FSA has scrapped plans to require wholesale brokers and insurers to contribute to a high-level funding pool of the Financial Services Compensation Scheme (FSCS).The regulator had proposed a ‘wholesale’ pool as part of its reform of the FSCS, which would have added between £1bn and £2bn of funding to ...
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News
Lloyd’s broker in court battle with ex-employee
Marine broker accused of trying to poach business from former employer
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Comments/Letters
We are being mugged by IT…but there is a solution
Jane Middleton explains why the reality of IT doesn’t match the expectation
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Backchat
The FSA’s big reach
The FSA’s recruitment website www.smallfirmshugereach.com extolls the virtues of joining the regulator to work on its project for assessing small firms. But should you omit an ‘s’ – www.smallfirmhugereach.com offers altogether a different experience of a more, ahem, adult nature.Alas this website has now become unavailable.Backchat supposes this is principles-based ...
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News
Blunkett blasts insurers on floods
Former Home Secretary David Blunkett has launched a blistering attack on the insurance industry, revealing he was in a “long running battle” with the ABI, and believed some insurers had failed to meet their commitments to victims of this summer’s floods.In an exclusive interview, the MP for Sheffield Brightside, revealed ...
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Backchat
Plenty of spring in this Bok
In a lecture in Lloyd’s old library, Allianz board member and Acord chair Clem Booth imparted his wisdom on the five greatest challenges to the insurance market.Unfortunately for the predominantly English crowd, the South African decided that the best way to keep everyone interested in cycle management, climate change and ...
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FeaturesThe Boss has some tough words for insurers
David Blunkett, often described as the most authoritarian Home Secretary in recent memory, is uncompromising in his message to the insurance industry, which he believes has failed his Sheffield constituents following this summer’s floods.
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Comments/Letters
Branching out into broker networks
Danny Walkinshaw says broker networks are growing, but do brokers need to join?
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News
No regulatory breaks for market, says FSA leader
The FSA has said it will not hand regulatory breaks to the London market if the sole aim is to enhance competition with foreign markets. It emerged this week that Sarah Wilson, insurance sector leader at the FSA, told delegates at a high-level Treasury summit on the competitiveness of the ...
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Backchat
Hasta la vista Bridget
Since being elected governor of California, the one-time Terminator, Arnold Schwarzenegger, has come over all touchy-feely, with a penchant for green issues. Bridget McIntyre, Royal & SunAlliance’s chief executive, has quite a social conscience herself, what with sitting on the government’s financial inclusion taskforce and spearheading the company’s commitment to ...
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News
News in brief
Guardian Holdings chief quitsGuardian Holdings group chief executive Rory O’Brien has resigned, the insurer said. Peter Ganteaume, the former chief executive of the group will assume the leadership until a suitable replacement is found. The group reported an operating profit of $259.9m (£126m) for the nine month period ended September ...
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News
Groupama chief reveals broker buying strategy
Insurer plans to underwrite up to a fifth of Lark and Bollington business
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News
Chubb team to service independent brokers
Chubb has restructured its London office, creating a new broker-facing specialist team in an attempt to align itself more closely with independent brokers. The 23-person team will comprise of specialist personnel from within the company, and will service an initial panel of 80 brokers controlling premiums ranging from £5m to ...