Latest News – Page 1945
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News in brief
Gable reports gainsConstruction insurer Gable Holdings reported a net profit before tax of £400,000 for the six months ended 30 June 2007. Gable said gross written premium of £4m produced an earned premium of £3.3m. Oamps acquisition Oamps UK acquired Keith Johnson & Co. Oamps said the acquisition increased ...
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Conference special report
Norwich Union underwriting director John Seaton slammed the government's "unacceptable" failure to increase flood defence spending to its maximum until 2011, accusing it of doing too little too late. Action needed to be taken now, not three or four years down the line, he said.Climate change minister Phil Woolas said: ...
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I will make you rich, says R&SA’s new broker boss
Earlier this year, Paul Donaldson, stood in front of a group of brokers and declared: “I will make you rich.” The crowd, at a dinner hosted by the insurance company, cheered. Donaldson, the incoming managing director of the broker division at Royal & SunAlliance (R&SA), clearly knew how to grab ...
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Direct Line targets SMEs in commercial launch
Direct Line is set for a major push into the direct commercial market with the launch of four new products this autumn. The UK’s largest car insurer said the commercial roll-out would be aimed at sole traders and partnerships.Under its umbrella brand Direct Line for Business, the insurer will offer ...
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Biba urges government to stick by travel regulation timetable
Biba has called on the government to ensure the introduction of regulation for travel agents goes ahead as scheduled. In its response to the Treasury’s Travel Insurance Review, Biba applauded the government’s decision to bring in FSA regulation.But Graeme Trudgill, Biba technical services manager, said that many Biba members had ...
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DA Constable sues over premiums
QBE syndicate DA Constable has launched a High Court legal battle to win back payment of almost half-a-million pounds in premiums from a construction group.According to a writ, the syndicate is suing five companies owned by John F Hunt, relating to premium disputes from 2003 to 2006.It is alleged the ...
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Heritage profits soar despite UK reduction
Heritage this week reported pre-tax profit had more than tripled in the first half of the year. Pre-tax profit was £10.5m up from £3m in 2006. But the company will continue to withdraw from the UK market owing to difficult conditions. Unveiling the company’s interim results, Heritage chief executive Richard ...
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US sub-prime crisis could cost UK insurers $500m
Analysts have warned that claims relating to the US sub-prime crisis could cost UK insurers $500m. The warning came as Novae confirmed it had received notifications of potential sub-prime related claims. Novae received notice from policy-holders that two claims could be made under professional liability policies, as litigation begins in ...
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R&SA to roll out six ‘open door’ underwriting sites
Royal & SunAlliance (R&SA) will roll out six further “open door” underwriting sites across the UK following the success of its site in Leeds. The insurer is set to open market sites in Glasgow, Birmingham, Manchester, Croydon, Bristol and Liverpool. The market sites enable brokers to deal face-to-face with underwriters.Paul ...
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Roadsure boss quits to seek new role
Roadsure managing director Simon Jackson has left the specialist motor broker, it has emerged. Jackson, a former director of BGL, joined Roadsure in 2005, with the aim of building a £100m GWP business by 2010. Roadsure originally specialised in motorcycle and non-standard motor risks, but has begun to expand into ...
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AA and Saga reveal post merger plans
The full details of the Saga and AA merger have come to light this week as four senior directors left the AA and a new group management structure was put in place.In an exclusive interview with Insurance Times, group commercial director John Potter outlined the merged company’s new structure, employment ...
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European Commission tells insurance industry to ‘justify practices or reform’
The European Commission released its final report on the business insurance sector on Tuesday, building on its interim report from January. The report, which prompted furious criticism from Biba, raised concerns over reinsurance and co-insurance practices involving the alignment of premiums. It also highlighted the issue of broker commission transparency, ...
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Online onlyCalls for training on dangerous goods
TT club warns of the lack of training by land workers prior to shipment to sea
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Online onlyMarine faces a flood
Insurers in the marine market could get their fingers burnt, finds Andrew Holt
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Online only
Towergate acquires Open GI in blockbuster deal
£276m purchase of leading IT provider is the largest in the company's history
