Latest News – Page 1916
-
News
Groupama chief reveals broker buying strategy
Insurer plans to underwrite up to a fifth of Lark and Bollington business
-
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 ...
-
News
Kiln chief urges Lloyd’s to tackle sub-prime fall-out
Lloyd’s insurers should develop products to cope with the sub-prime fall-out, Kiln chief executive Edward Creasy said this week.Speaking at Lloyd’s, Creasy said the credit squeeze resulting from the crisis could lead to a lack of credit facilities for risk managers. He added that Lloyd’s should provide the answer to ...
-
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 ...
-
News
Motor e-certificates set to be implemented
New legislation is being drafted that will allow the electronic delivery of motor insurance certificates, which could save the industry up to £10m per year. Though the industry has welcomed the move, Biba has raised concerns over the speed of its implementation, and has called for the legislation to be ...
-
Features
D&O under the cosh
Bad US home loans have spawned a labyrinth of business losses, leaving insurers facing a potential bill of $3bn. James Dean explains
-
News
Web news
Homeserve restructureHomeserve ruled out job cuts following a major company restructuring. The emergency repair and home insurance company said it would centralise its business by pulling together all support services, including HR and marketing, into one department, allowing managers to focus exclusively on operations. First published 14 NovemberAcademy in Open ...
-
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 ...
-
News
IIB seeks to put pressure on FSA over disclosure
The IIB is to urge the Treasury to intervene over the FSA’s investigation into commission transparency. The trade body is gearing up to tackle Treasury officials and MPs at the IIB’s annual reception at the House of Commons next month.The institute’s directors were hoping to further their argument that mandatory ...
-
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 ...
-
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 ...
-
News
Property risk losses predicted
Underwriters of UK property risks will make a significant loss in 2007, ending a four-year run of profitability, ratings agency Standard & Poor’s (S&P) predicted.This year’s three large weather events could add more than 30 percentage points to the UK’s property gross loss ratio for 2007, and 10 percentage points ...
-
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 ...
-
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 ...
-
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 ...
-
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 ...
-
Backchat
Insurers fear crash claims are too dear
The humble deer is causing insurers a bit of a headache, it seems, hitting them where it hurts – the wallet.Vehicle insurance claims following collisions with deer are costing insurers more than £21m a year, according to Autonational Rescue, the breakdown service.As many as 75,000 deer are struck by cars ...
-
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 ...
-
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 ...
