Latest News – Page 667
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NewsElite to set up Luxembourg unit to combat Brexit
Gibraltar-based insurer Elite has chosen Luxembourg as the location for its second insurance company, which it is setting up to counter the effects of Brexit. The company said last month that it was planning to set up a new regulated insurance company in the European Union ...
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NewsMPs renew call for FCA split
Senior MPs have said there is a case for splitting the FCA into separate supervisory and enforcement bodies. The call for a split was published in a Treasury Committee review of the 2008 failure of banking group HBOS. The committee said the existing system, where supervision ...
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NewsJLT reveals deeper-than-expected job cuts at UK EB unit
JLT announced today that it has cut more than 300 jobs at its UK and Ireland employee benefits (EB) unit during its restructuring. When it revealed the restructuring in March, the broking group said that the restructuring would result in a cut of around 10% of ...
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NewsJLT reports 46% profit drop and 1% organic growth for first half
Broking group Jardine Lloyd Thompson (JLT) made a profit before tax of £55.2m in the first half of 2016, down 46% on the £101.5m it reported in the same period last year. The main cause of the drop was one-off costs of £34m. These included £10.2m ...
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NewsAviva defends quoting teenager £11,500 for telematics policy
Aviva has defended giving a 19-year-old driver a telematics based car insurance quote of £11,500 a year. Naomi Bowler who has only been driving since December told the Daily Mail that the quote was almost six times as much as what she paid for her car. ...
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NewsERS swoops to rescue Enterprise Insurance's fleet customers
ERS has come to the rescue of policyholders whose insurance policies where underwritten by collapsed insurer Enterprise through the MGA Andeva. In a statement today ERS said it had “stepped up to support brokers” following the news that the Gibraltar Financial Services Commission (GFSC) last Friday ...
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Online onlyFSCS in talks with Enterprise's regulator over customer impact
The Financial Services Compensation Scheme (FSCS) is in discussions with the Gibraltar Financial Services Commission (FSC) over what the failure of Enterprise Insurance means for UK policyholders. The FSCS has also said it expects to work Enterprise’s provisional liquidator once one has been appointed. Last Friday ...
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Online onlyAR scandal: Millions of customers could get insurance compensation
Millions of customers could be in line for compensation after the FCA’s probe into appointed representatives found widespread mis-selling, according to latest reports. The biggest offenders are likely to be shops and retailers selling warranty insurance, especially on electronic goods, with up to three million ...
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NewsFour 'cash for crash' fraudsters jailed in scam against Allianz
Four fraudsters have been jailed for six months each for their part in a ‘cash for crash’ scam against Allianz. Igor Kartel, Dianna Kartel, Valentina Kartel and Piotr Kartel had claimed over £30,000 for whiplash compensation following a rear-end collision in 2012, involving a lorry driven ...
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NewsBrexit: Hiscox mulls setting up EU-based insurance company
Hiscox has said it is considering setting up a new EU-based insurance company as trading arrangements become clearer following the UK decision to leave the EU. Following the release of the half year results this morning the Lloyd’s insurer said it was preparing for a range ...
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Online onlyAR scandal: FCA document reveals full catalogue of horrors
Insurance salesman targeted ‘potentially vulnerable’ customers as they sought to maximise profits, the FCA probe into ARs states. The targeting of potentially vulnerable people is just one among a catalogue of horrors found by the regulator and could now result in the biggest industry customer compensation ...
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NewsIrish insurance firms to fund 35% of 3rd party motor claims if insurer fails
The Irish government is planning to extend the Insurance Compensation Fund to cover in full third-party motor claims arising out of the liquidation of an insurance company, with insurers paying 35% of the cost. But an insurance lobby group has criticised the move, saying it posed ...
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NewsZurich MGA to refund motorists as 14,000 hit by Enterprise demise
Zurich-owned underwriting agency Wrightway Underwriting which wrote business on behalf of collapsed insurer Enterprise has said it will refund outstanding premiums after 14,000 Irish motorists were hit by the insurer’s failure, according to reports. Late on Friday, Enterprise announced that the Gibraltar regulator Financial Services Commission ...
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NewsHiscox UK and Europe profits up 42.4%, appetite for larger risks grows
Lloyd’s insurer Hiscox’s UK and Europe division made a profit before tax of £65.2m in the first half of 2016, up 42.4% on the £45.8m in the same period last year. The division’s combine ratio improved by 6.9 percentage points to 79.9% (2015: 86.8%). Gross premium ...
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NewsZurich’s Tim Holliday joins Trak Global board
Former Zurich UK general insurance personal lines managing director Tim Holliday has joined the board of telematics technology firm Trak Global as a non-executive director. Holliday, who left Zurich last year, will work with Trak Global chief executive Nick Corrie to develop the company’s insurer proposition. ...
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NewsBriefing: The AR probe shows there's no easy money in insurance
The FCA’s appointed representatives (AR) probe has uncovered some striking examples of ignorance about how the rules worked and how much effort is involved in managing ARs. The regulator’s damning verdict on brokers’ poor oversight of their ARs should serve as a wake-up call for those ...
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NewsGibraltar insurer Enterprise goes bust
Gibraltar’s Financial Services Commission (FSC) has ordered Enterprise Insurance Company to stop writing new insurance contracts immediately after the insurer advised it that it is insolvent and has been unable to secure additional funding. The regulator has also issued directions under Section 100 of the Financial ...
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NewsTowergate makes hire from RKH to accelerate London Market growth
Towergate has confirmed the appointment of Neil Pearce as managing director of its London Market division. Pearce will join Towergate on 5 September and report directly to group chief executive David Ross. News reports in May had suggested Pearce was heading to Towergate. The broker says that Pearce’s appointment signals ...
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NewsFirms that use ARs must recognise responsibility - Biba
Insurers, brokers and networks that use ARs must recognise the model carries a higher degree of responsibility on the regulated firm than a simple delegated authority, Biba chief executive Steve White has said. He was responding to the findings of the FCA from its investigation into ...
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News'If FCA AR probe drives up quality it is a good thing' - TEn network boss
TEn network boss James Sharp says that FCA review into appointed representatives (ARs) will weed out the good firms from the bad ones. He welcomed the findings of the review, but added that in the short term it could cause insurers to form a negative view ...
