Latest News – Page 1973
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News
AXA in £100m broker acquisition drive
Broking operation aims to achieve £500m in annual premiums by end of year
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Capita forms Lloyd’s syndicate to strengthen market position
Capita has made an aggress-ive move to strengthen its position in the Lloyd’s and London markets with the formation of a syndicate.The Lloyd’s syndicate, backed by CarVal Investors, has been established by CMGL Syndicate Management, a Capita Group subsidiary company.Syndicate 5500 will write the reinsurance to close (RITC) of Duncanson ...
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NewsFurther consolidation fuels takeover talk
Further consolidation in the Lloyd’s insurance sector was forecast this week, causing a number of syndicates to stage a rally.Following Atrium Under-writing’s announcement that it was recommending a cash £193.2m offer from Bermudan Ariel Re, and with Canopius having recently been rumoured to have received an unsolicited approach from the ...
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Co-op Financial cuts costs and 1,000 jobs
Co-operative Financial Services (CFS) is to cut its workforce by approximately 1,000 by the end of 2007 as part of a move to slash costs by £100m a year. The job losses amount to approximately 10% of employees at CFS and come three years after the division made 2,500 staff ...
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Ariel Re acquires Atrium for £193m
Consolidation in the international insurance market is set to continue after Ariel Re became the latest major Bermudan reinsurer to take a stake in Lloyd’s.The reinsurer, which has $1bn of capital backing and is led by industry veteran Don Kramer, bought Lloyd’s managing agent, Atrium Underwriting, in a deal worth ...
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Insurers square up to government over plans to build more homes on flood plains
Government committed to three million new homes, with 30% on brownfield sites
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...and reinsurers escape claims
Reinsurance companies are set to escape any major loss from the flooding, which has crippled parts of the UK in recent weeks.Experts said reinsurance programmes were likely to remain largely untouched due to high retentions of primary insurers and the “168-hour rule” included in many reinsurance programmes.The rule means that ...
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Biba targets fraud
Biba has called on brokers to do more to combat fraud and is setting up a committee to assist brokers to report fraud. Its initial focus will be to provide brokers with a single point of contact with insurers. “This is a genuine commitment between Biba and the ABI ...
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Damon Blakey
In our issue of June 28, we reported on litigation brought by Towergate against a former employee, Damon Blakey, under the heading “Legal triumph for Towergate”. It was wrongly suggested that Mr Blakey had broken an order of the court. We accept that this statement was not true: ...
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Ex-Chubb motor chief to lead Hiscox’s high net worth expansion
Hiscox is set to ramp up its high net worth (HNW) motor book after picking up Chubb’s ex-motor chief to drive its expansion.Ashley Cole, former lead underwriter for motor and household at Chubb, will be responsible for building the insurer’s motor strategy to compliment its core household HNW offering.Glen Caton, ...
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Biba blasts FSA over ‘ludicrous’ proposals
No disclosure requirement for retail customers n Level playing field needed on commission disclosure
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Flood claims bill could top £5bn
The total insurance claims from the floods that ravaged the UK in June and July could top £5bn, industry experts have predicted.While official estimates of the insured losses from both last month’s floods in Yorkshire and the flooding over the weekend, were more conservative at between £2bn and £3bn, industry ...
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DSA-trained bikers set for discounts
Motorcycle insurers and key biker brokers have begun giving double-digit discounts to bikers that take government-approved advanced rider training ahead of the scheme’s official launch next month.Under the scheme, bikers taking lessons from approved Driving Standards Agency (DSA) instructors and achieving the two top grades may claim the discount from ...
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Web news…
Kane to succeed SatchellArchie Kane, chief executive of Scottish Widows, is the new chairman of the Association of British Insurers (ABI). He was appointed at the Association's AGM on 18 July and succeeds Keith Satchell who has concluded his two-year term.First published 19 July Rise in home insuranceThousands of homeowners ...
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Equity chief plays down Gibraltar transfer
Less than £50m of business to move from Equity to Advantage says Utley
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...as premium rates set to soar
Household insurance premiums could rise by between five and 10% at the end of 2007 as a result of in-creased catastrophe claims to hit UK insurers, according to Equity Red Star. Flooding in Yorkshire and southern regions of England, coupled with storms in January of this year, may force insurers ...
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Online only
Mondial to offer ticket cover
Protection for cancellation, illness and injury the first its kind
