Latest News – Page 2011
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Comments/Letters
Lloyds TSB announces package for flood victims (31 July)
About time this happened. Surely there is more the companies can do for the victims.John Blythe
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Comments/Letters
Brokers must raise the professional stakes (2 August)
On behalf of Biba, I am very disappointed with the quality of this article and will restrict myself here to a few key comments: 1. The inference that intermediaries are unprofessional does the Biba membership and Insurance Times readership a huge disservice. 2. Brokers are working hard to ensure ...
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Comments/Letters
Biba slams insurers for increasing property premiums (3 August)
Are you talking about the same government that allowed the flood defences to deteriorate? Let’s not even talk about bridges. I am sure the US is not the only country that has allowed its bridges to become dangerous.If I were an insurer I would not be insuring a local government ...
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Backchat
Calm down dear, it’s only a map
Another summer survey, this time from insurer esure – and this one reveals the UK public to be a nation of idiots. Apparently, 35% of motorists cannot read a basic road map, while a third of car drivers struggled to read a four-figure grid reference. Moreover, a staggering 83% failed ...
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Backchat
Wigmore bonds with Craig
Backchat continues to move in ever more illustrious circles. While sipping greedily on a martini, spies learned that the insurance industry’s king of cool, Andy Wigmore, has bought the house of none other than incumbent James Bond, Daniel Craig. It is rumoured that the uber-suave policy adviser to the Claims ...
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Backchat
Truth about lies revealed
Insurers will not be overjoyed to see the results of a survey by Royal & SunAlliance revealing the UK to be a nation of liars. Forty five per cent said they would lie to their boss, while 43% would tell porkies to a neighbour, and 41% were prepared to tell ...
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Backchat
The future of claims
Norwich Union used to insure nearly every motorbike in Britain. Then it pulled out of the market. Then it came back in again. But it has outsourced to India and bikers in the UK are having some bizarre experiences. One two-wheeled adventurer was recently unfortunate enough to discover that a ...
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News
Web news…
Oxygen’s property launchOxygen Insurance Managers launched a UK and Ireland property business, to be headed by Richard Wise, the former managing director of Alec Finch. The business, which will work in the Lloyd's market, will be led by Hardy Syndicate 382. First published 3 AugustHighway exits Lloyd’sHighway Insurance Holdings obtained ...
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News
CCV buys Ajax to near GWP goal
Cullum Capital Ventures is another step closer to reach-ing its 2007 target of controlling £100m of gross written premium (GWP), following its latest acquisition of Liverpool–based Ajax Insurance Brokers.With a GWP of £3m, Ajax Insurance Brokers is CCV’s 14th acquisition, taking the company to over £70m in annual premiums. ...
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News
Flooding hits HBOS profits
HBOS reported general insurance profits of £107m for the first half of the year, 34% down on the same period in 2006. The bank said this reflected the cost of the June floods, which cost it £60m, and the January storms, which saw £20m in claims. Motor insurance sales increased ...
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News
JLT shares fall on warning
Shares in Jardine Lloyd Thompson fell sharply this week after the broker warned of tough market conditions in the second half of the year. Despite posting pre-tax profits of £76.6m for the six months to 30 June, up 63.3% on the same period last year, the share price fell ...
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News
Erinaceous shares dive but HBOS stays in takeover race
HBOS continues to be linked with Erinaceous group, despite reports last week that the bank was poised to withdraw from the takeover race.Shares in the property group fell further to 175p on Monday – their lowest mark since late 2004 – following a 5% dive on Friday last week.A spokesman ...
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News
Financial news...
Willis income rise Willis reported net income for the second quarter of 2007 increased 8% to $78mAon risk business growsRevenues at Aon's UK Risk Consulting business increased 14% for the second quarter of 2007, to $218m with organic growth of 6% excluding contingent commissions. Munich Re hits €2.1bnMunich Re ...
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News
Floods will not impact insurer ratings
The household insurance market is set to make a nearly unprecedented net loss of at least £110m after investment returns are taken into account as a result of the flooding, according to Deloitte. Catherine Barton, a partner at the professional services firm, said 2007 would be the worst year for ...
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News
ABI and Home Office in talks on sharing fraud data
Discussions are underway between the ABI and the government on the sharing of fraud data which could see benefits cheats and tax dodgers blacklisted by insurance companies.The talks are looking at how information on fraudsters held by government agencies and other public bodies could be shared with the insurance industry. ...
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News
China status is overstated, says Reith
Ascot chief Martin Reith has questioning Lloyd’s fixation on China, warning that commercial opportunities in the country may be overstated.Reith said he was puzzled by the focus on China when having a presence in other markets made more commercial sense for UK companies.He said: “I’m not convinced there is profitable ...
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News
Ascot blasts ‘sloppy’ underwriters
Chief executive hits out at undisciplined underwriting at Lloyd’s
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News
Direct Group looks to grow following £40m MBO
Insurance service provider Direct Group is to hit the acq-uisition trail following a £40m management buy-out backed by a private equity firm.The buy-out was led by former GAB Robins boss Derek Coles who joined Direct Group last year. Coles, who becomes chief executive of the group, said he would now ...
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News
News in brief…
Slade Edwards recruitedSlade Edwards joined Broker Network, bringing the total number of firms recruited to 169. First published 6 AugustAlan & Thomas CII claim Alan & Thomas Insurance Brokers claimed to be the first privately-owned firm in Dorset to gain CII chartered status. First published 6 August Equity buys SquibbsEquity ...
