Latest News – Page 1993
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News
Fewer tropical storms
Insurers could be hit with fewer tropical storm claims in 2007 if Met Office predictions for a below-normal season prove correct.The Met Office has revealed there are likely to be 10 tropical storms in the North Atlantic during the July to November period.This is lower than the 1990-2005 long-term average ...
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News
Insurers threaten to withdraw flood cover
Insurers could start to withdraw flood cover if the government fails to increase its flood defence budget in the forthcoming comprehensive spending review. The ABI this week released its manifesto on climate change calling for a £750m a year increase in flood defence spending. Insurance Times has also learned the ...
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News
CCV to hit year-end target with buy-ups
Cullum Capital Ventures (CCV) is set to reach its 2007 target of controlling £100m of gross written premium (GWP) after signing up six new brokers.The six are currently undergoing due diligence which should be completed by the end of July, boosting CCV’s gross written premiums to £100m – a target ...
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News
Lloyd’s warned to restrict repayment of syndicate loans
Lloyd’s has been warned not to give too much money back to the market, after it announced it will repay £335m in syndicate loans.Syndicates that have paid money into the Lloyd’s central fund, levied at the rate of 0.75% of capacity, will be repaid later this year.This follows the successful ...
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News
CBG buys broker after £3m placing
Manchester broker CBG Group has acquired insurance broker and financial adviser GF Baskeyfield. The acquisition of the Macclesfield firm follows the £3m placing by CBG announced last week (News, 14 June). CBG will pay up to £1.15m in cash and shares for Baskeyfield, which last year made net profits of ...
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News
Financial news…
Chaucer premiums upChaucer reported premium income, net of brokerage, to the end of April 2007 was £228.9m compared to £228.8m in 2006. This represented 50.4% of the combined planned income for Syndicates 1084 and 1176. Amlin premiums down Amlin said written premium in the first four months of 2007 was ...
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News
Web news…
New Arista underwriterUnderwriting agency Arista appointed Dawn Hopson to its underwriting team in Bristol. Hopson, previously employed by Iron Trades, NIG and Fusion, joins Arista as senior underwriter and will be responsible for writing new business and developing broker accounts across the South West and South Wales.First published on 18 ...
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News
Quinn-direct settles disputed £36m claim
Irish insurer Quinn-direct has settled a legal action in which it was alleged that it had pressured a policyholder into accepting a low payment for a multi-million pound claim. The dispute centred on a claim for €54m (£36.4m) by timber company Murray Timber Products. The claim was made after ...
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News
Lloyd’s appoints ex-Willis MD
Lloyd’s has snapped up yet another high profile market figure as it looks to strengthen its senior management team.Jose Ribeiro, previously Willis’ managing director for Latin America and a member of its international management team, has been appointed as director of international markets and business development.The appointment comes just one ...
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News
Web news…
Countrywide club success A total of 36 brokers have signed up to Countrywide’s new commercial club with AXA in two months, equating to a support commitment of £3.6m GWP, Countrywide said. The arrangement gives members of the Countrywide network an opportunity to earn extra commission across all of AXA’s commercial ...
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Comments/Letters
Motor insurance cancellation
I refer to the article on the front page (News, 8 June). The affordability question has dogged young driver premiums for as long as I can remember but it is, of course, particularly high profile at present given the welcome attention that is being paid to the issue of uninsured ...
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Comments/Letters
PPI knowledge not so dire
In an article entitled ‘Ensuring Fair Protection’ (Features, 7 June), Simon Burgess decries the lack of training on Payment Protection Insurance (PPI) within the insurance industry. While his article makes a number of perfectly valid points about the huge and persistent disparity in premiums charged by different providers for PPI, ...
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Backchat
Lloyd’s to go sports casual?
The next step in Lloyd’s modernisation process could be…a change to the market’s dress code. Yes, chief executive Richard Ward is looking at slackening Lloyd’s strict requirements of suit and tie once the market goes electronic.So it’s off with the three piece and on with the sports jacket and chinos, ...
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Backchat
Now women can use Sheilas’ heels
Readers with long memories may remember Sheilas’ Wheels’ blow-up doll passenger. Well, hot on the heels (pun, unfortunately, intended) of that marvel, comes Sheilas’ Wheels’ latest creation for the gal about town, the Sheila Driving Heel. An invention perhaps more at home in the Dragon’s Den than in the office, ...
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Backchat
A lack of courtesy
Direct Line may have few friends in the aggregator world, but should the roving hordes descend, at least it will have a speedy getaway.Welsh aggregator Gocompare.com turned up at the insurer’s head offices with a courtesy car, highlighting the fact that Direct Line’s standard policies do not include the use ...
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Backchat
Bursting Barney’s bubble
The insurance industry faced ridicule this week when it emerged that a clown was unable to obtain insurance cover owing to his use of, wait for it, not knives, or a cannon, but bubbles.Barney Baloney, real name, Tony Turner, was told by his insurer that he must stop using a ...
