Latest News – Page 2013
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Backchat
Lloyd's smiles on Ugly Betty
A picture is worth a thousand words, but apparently the geeky smile of one US comedy star is worth $10m. And guess who has insured it?Known for covering the unique and unusual, Lloyd's agreed a multi-million dollar insurance policy with Aquafresh White Trays for the smile of America Ferrera, star ...
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Comments/Letters
Subsidising flood risk cover
Tom Flack seems to have misunderstood me in the piece entitled "Flood benefit call for low income households", (News Analysis,10 May). I have never suggested that housing benefit should be extended just to pay for flood insurance, that would be silly and would lead to all sorts of problems. ...
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News
Russian broker to set up in London
Oslo becomes first Russian intermediary to open an operation in the London market
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News
Talbot sold to Bermuda reinsurer for £200m
Validus Re acquires Talbot Underwriting for an estimated price tag of £200m
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News
Web news
Snowball resigns postsAviva confirmed that Patrick Snowball resigned as a director of both Aviva and its subsidiary, General Accident, with effect from 8 May 2007. First published on 9 MayImarket boostImarket transactions jumped 44% in just a month as new insurers join and an increasing number of products populate the ...
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News
Financial news...
Allianz profits flatAllianz reported first quarter pre-tax profit of £48.6m – a fraction below last year's figure of £48.7m. Net written premium increased by £13.1m to £290.9m over the same period, while the insurer's combined ratio improved to 96.1%. Allianz said intermediated personal lines motor new business was running at ...
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News
Saga set for £2.5bn flotation as banks help in 'exploring possible IPO'
Reports suggest Saga is in line for a flotation of £2.5bn later this year
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News
General Motors buys Provident for £170m
General Motors makes further inroads into UK insurance market with the acquisition of Provident Insurance
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News
Insurers face higher claims pay-outs under law reforms
Reforms to the civil law on damages could see insurers paying out millions extra in claims, insurers and lawyers have warned. The government paper, published last week, proposes changes to benefits and care packages, including the extension of fatal accident awards for bereavement and dependency. Kieron West, a partner at ...
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News
News in brief...
Dual expands rangeDual Corporate Risks, has unveiled plans for a new range of products called Dual Evolution. Dual Evolution's products will present coverage for mid-market directors, officers and professionals. Catlin faces AIG law suit Catlin is facing legal action from rival insurer AIG after the Bermuda-based company was accused of ...
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News
Brokers back new 'microcaptive' product
JLT and HSBC are set to join Smart & Cook and Giles Insurance in selling a new captive product, backed by City financier Sir Mark Weinberg.Synergy MicroCaptive, launched this week, is aimed at medium-sized companies, spending less than £1m on insurance cover. It adapts the captive concept used by larger ...
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News
FSA rejects calls for clarity over transparency probe
The FSA has rejected calls to provide details of the remit given to the research consultancy investigating commission transparency. Brokers had voiced their concern over the nature of the questions posed by the consultancy, CRA International. They claimed the questions were skewed in favour of mandatory commission disclosure, prompting calls ...
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News
R&SA quiet on AXA response strategy
Royal & SunAlliance has refused to clarify its strategy on how it will respond to any threat to distribution channels posed by AXA's acquisition strategy. Insurance Times reported last week that R&SA was developing a strategy to respond to any loss of independence of the brokers bought by AXA.Mike Lawton, ...
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News
CII defends charter move
Biba and the CII have defended the CII's new charter status for brokers.The CII announced last week plans to offer broking firms chartered status, which it claimed would raise professional standards in the insur-ance industry (News, 10 May). But critics said the move was a way for the CII to ...
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News
More pressure over corporation tax
Pressure is set to mount on the government to lower the level of corporation tax even further despite promises to enhance the UK's competitiveness.City leaders and prime minister-in-waiting, Gordon Brown, have pledged to improve the capital's attractiveness by introducing new measures, including a dedicated London insurance university.But the proposals, which ...
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Features
Get your passport and see what's what at Norwich Union
Preview new products, meet key personnel and make sure you get round our four stands at Biba. Catherine Raoufi explains
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Features
How much is your broker firm really worth?
Thursday 24 MaySeminar Session 3Stream 1Andy Halstead, chief executive, Erinaceous ServicesGrant Ellis, chief executive, Broker Network Kieran Marsh, chief executive, Marsh Corporate ConsultingTake two very similar brokers, both have the same GWP, both have similar structures, both employ the same number of employees. But one will be valued significantly higher ...
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C-ZoneEngines of change
Harlosh has a specialist approach to insurance administration using browser-driven functions that it claims has a significant cost benefit. Andrew Holt reports
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News
Price war warning over HSBC deal with NU
Norwich Union's (NU) proposed joint venture with HSBC could spark a price war in the personal lines market, analysts have warned. The joint venture will see the formation of a new insurance company, HSBC Insurance Co, which will underwrite and distribute motor, household and other general insurance products to HSBC's ...
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News
Insurers agree fees for medical reports
An agreement to cap medical reporting fees has been reached between 10 leading insurers and medico-legal reporting organisations. The deal could slash the fees paid by insurers by up to 20%, according to the Association of Medical Reporting Organisations. The agreement brings to an end a lengthy period of ...
