Latest News – Page 1976
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Swinton bolsters commmercial offering with acquisition
Buys northern England broker Rockford
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UK insurers could face downgrades
New capital modelling tool could play a key role in assessing future capital requirements and improving forecasting, Fitch has said
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Floods spark home insurance rush
Home insurance applications rise 300% in flood-hit areas
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Premiums must fall for young drivers, say MPs
The insurance industry should re-examine high premiums slammed on learner drivers to encourage more young people to take out policies, the report of an influential group of MPs is expected to say this week. The Transport Select Committee’s report on young drivers, published on Thursday, will urge insurers to ...
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NewsCII blasts cost-cutting culture
20% of claims professionals believe industry offers poor claims service, CII research find
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Chief reinsurance advisor grilled
Nathan Skinner reports on the continuing Independent fraud case
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Calls for Lloyd’s to explain start-up strategy
LMA concerned about increasing capacity in softening market
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Stockwatch - Admiral fails to rise after bullish estimates
Motor insurer Admiral failed to be driven higher, despite another broker saying the stock has been oversold and is due for a bounce.Keefe, Bruyette & Woods (KBW) initiated coverage of the shares with an outperform rating and £12 price target in a note entitled “sunshine even in cloudy skies”. In ...
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Lloyd’s firms to cut capacity in 2008 due to soft market
Lloyd’s insurers are set to cut capacity in 2008 in the wake of worsening market conditions, analysts have predicted. Widespread reductions are expected between now and November across all lines of business.This follows announcements by Kiln, Hiscox and Canopius that they intend to cut syndicate capacity for next year.Richard Gradidge, ...
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Financial news…
Aviva chief’s denialAviva chief executive Andrew Moss has denied plans to sell off its general insurance operations. Moss said: “We believe the composite model is a fundamental strength of this group.” CCV buys Crawford Davies Cullum Capital Ventures has bought Worthing–based Crawford Davis. Chief executive Tim Johnson said: “This ...
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Govt must proceed with claims reforms quickly, says ABI
The government needs to implement its proposals to reform the personal injury compensation system as quickly as possible so that claimants get a faster and fairer deal, the ABI said. The trade body said in its response to the Ministry of Justice’s consultation paper that a reformed, streamlined compensation system ...
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Insurers reject call for full recovery of ATE premiums
Legal expenses insurers warn ATE premiums could rise twelve-fold
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NewsAriel Re touted as Bermudan insurers eye Canopius takeover
Canopius has become the latest takeover target for Bermudan insurers looking to gain a foothold in the Lloyd’s market.The insurer is understood to have received several unsolicited approaches in the region of £250m, with Ariel Re being touted as a potential bidder.The Bermuda reinsurer, led by industry veteran Don Kramer, ...
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Sants to replace Tiner as FSA chief
Hector Sants will this week succeed John Tiner as chief executive of the FSA. Sants, who is currently managing director of wholesale and institutional markets at the FSA, will take up the post on 20 July, after Tiner steps down at the regulator’s annual public meeting on 19 July.He has ...
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Web news…
Solvency II regulationsDraft regulations for Solvency II, an EU-wide directive on capital requirements, were welcomed by accountancy firms and insurance groups. But there were warnings that the rules could lead to sharp premium increases for high-risk policyholders. First published on 11 JulyFSA appoints TaylorThe FSA appointed Max Taylor as a ...
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Oval acquires North West broker Creamer
Acquisition takes Oval’s annual premium income to £350m
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Backchat
The fastest thinning broker’s African pledge
The less fortunate and well fed in Africa have benefited from a fat broker becoming much thinner in the UK, Backchat sources report.Phil Bunker and his ABC Insurance team recently challenged Paul Cosh, managing director of Hero Insurance Services, to lose weight and Cosh, determined to shed the ...
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Backchat
Goodbye to NU brand?
The UK could be saying farewell to the Norwich Union (NU)?brand. New Aviva chief Andrew Moss is thought to be considering axing the long-standing NU brand in favour of the Aviva marque, in a move aimed at boosting the company’s global recognition.UK policies are currently branded under both names. It ...
