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Treason cover needed
?The Prince of Wales was very positive about the insurance industry’s attempts to tackle climate change at last week’s ABI conference, when he gave a speech praising the industry. But not all participants were impressed by the Prince’s motorcade and chauffeur driven car waiting for him outside. John Coldman, chairman ...
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Lomas defence continues
?Dennis Lomas, the former finance director of Independent Insurance, continued his defence under cross examination this week.Lomas, together with former managing director Michael Bright and deputy managing director Philip Condon, denies charges of conspiracy to defraud surrounding the spectacular collapse of Independent in 2001.Under cross examination, he repeatedly denied withholding ...
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Prince Charles hails climate change drive
?The Prince of Wales heaped praise on the insurance industry at the launch of the ABI’s ClimateWise initiative last week.The Prince said in the keynote speech: “This is a very important day for the insurance sector. And I am so pleased to be able to congratulate in person those who ...
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News in brief
?Liberty chief quits for start-upLiberty Syndicates chief operating officer Mark Butterworth will leave the company to join start-up managing agency Pembroke as managing director. Marsh hunts for Storms replacementMarsh is searching for a successor to global chief executive Brian Storms, who resigned suddenly this week after less than two years ...
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AXA splits broker division in major restructure
Four units created to concentrate personal lines expertise and boost motor business
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Ellis slams buyers who overpay for brokers
Broker Network chief executive Grant Ellis has hit out at the unrealistically high prices being paid for brokers by consolidators. Ellis said some acquirers were paying over the odds for brokers and demonstrated a lack of rigour when it came to calculating the potential returns. His comments were made as ...
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NewsTradex to target homes in high net worth drive
Tradex is to continue its expansion into the high net worth sector following the expiry of legal restrictions on its chairman. The motor trade specialist is gearing up to target the high net worth home market after a restrictive covenant on the chairman, Tony Lumsden-Cook, expired at the end of ...
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NewsIndustry calls for action to cut construction death toll
The insurance industry has warned the government that it must be prepared to take tough action against companies which flout health and safety rules, if it is to slash the number of deaths at construction sites. Government officials, the construction industry and trade union representatives met this week to hammer ...
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Insurers win first round in Tesco’s £155m tunnel collapse claime
Defendant insurers have won a preliminary battle against Tesco in its £155m legal battle, relating to the Gerrard’s Cross tunnel collapse. The court narrowed the scope for Tesco to claim back money it paid out to the Chiltern Railways following the collapse of the tunnel in 2005.In a preliminary ...
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NewsAviation rates falling
?The aviation insurance market is continuing to soften despite a sharp increase in premiums last month, Aon said. It warned that if rates continued to fall then capacity could withdraw from the market. The average lead hull and liability premium increased by 9% in August – the first increase for ...
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Engineering rate rise
?Allianz Engineering is calling for broker support as it increases rates. Following sustained reductions over the past few years due in large part to heavy competition, Allianz, which has a third of the engineering market share, said it was looking to raise rates by a minimum of 5%.Neil Clutterbuck, director ...
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Zurich gears up for major SME direct drive
Zurich is set for a major push to sell commercial insurance direct to businesses next year. The insurer has launched its first direct SME product online and plans to roll out a full suite within the next year. It is aiming to grow its SME business sixfold over the next ...
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NewsAA/Saga merger threatens 2,000 jobs
?The £6bn merger of over-50s insurer Saga and the AA will lead to more than 2,000 job losses, the GMB union has warned. The warnings came amid fierce speculation about how the merger, which completed this week, would affect insurers’ trading relationships with the two companies. GMB national officer Paul ...
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Insurers angered by call to withdraw flood cover
?Insurers have rejected calls from the Environment Agency (EA) to withdraw flood cover in order to deter housing development on flood plains. Baroness Young, chief executive of the Environment Agency, this week said insurers should refuse cover as a deterrent to developers who plan to build on flood plains, against ...
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Resolution H1 profit up on Abbey acquisition
Resolution interim profit rose sharply boosted by Abbey contribution
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Online onlyMobiles put drivers at risk
Using a mobile while driving is as dangerous as drink driving
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Evolution expands business development team
Former MSL employee to oversee Wales and Southwest markets
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Atrium Underwriting H1 pretax triples
Atrium Underwriting posts a tripled first-half pretax profit
