Latest News – Page 675
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NewsUnderwriters want speedy post Brexit settlement - with passporting rights
A new trading relationship between the UK and the EU must be set out as soon as possible, and it must include passporting rights, according to the International Underwriting Association (IUA). Companies in the London market don’t want a prolonged negotiation, and are developing contingency plans ...
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NewsUK insurers 'better off outside EU', says former Civil Service head
UK insurers will be better off outside the EU because they can escape the “absolutely dreadful” Solvency II rules, according to the former head of the Civil Service. EU capital rules have damaged competitiveness and hampered the insurance sector’s ability to expand, Lord Turnbull told the ...
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NewsAA sells Irish insurance-led business for €156.6m
The AA said it has agreed to sell its Irish business to the Carlyle private equity firm for €156.6m (£130m) in cash. AA Ireland provides personal and commercial insurance and motoring services. “As an insurance broker-led business, AA Ireland differs significantly from the AA’s UK business, ...
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NewsTech & Innovation Awards 2016 shortlist announced
An extensive array of technology firms, insurers and brokers have been shortlisted for the Insurance Times Tech & Innovation Awards 2016. These prestigious awards recognise the best applications of technology in UKGI. It is a celebration of how insurance firms and their technology partners are meeting ...
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NewsABI welcomes FOIL’s statement to tackle fraud
The ABI has welcomed the launch of the Forum of Insurance Lawyers (FOIL) Statement of Competence for Insurance Solicitors that will help insurance lawyers tackle fraud. The statement highlights that lawyers working for insurers must be alert to fraudulent activity, have knowledge of fraudulent activity relevant ...
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NewsEcclesiastical targets HNW growth with upgraded policy
Specialist churches and charities insurer Ecclesiastical has upgraded its Residential Insurance product to offer insurance to a growing high net worth (HNW) client base. The upgraded policy titled the Art & Private Client (A&PC) product will be available from 1 July 2016. It will include features ...
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NewsGRP agrees not to hire Bluefin staff until next year
Broking group Global Risk Partners (GRP) has agreed not to approach, recruit or hire any staff from rival broker Bluefin until next year following the pair’s recent court battle. Bluefin sued GRP, its broking chief executive Mike Bruce (pictured), Bluefin executives Mark Rogers and Suzanne Powell, ...
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NewsCooper Gay hires Willis’s Prinn as head of global placement
Jonathan Prinn will join Cooper Gay as head of global placement and leave his role as Willis GB head of broking. Prinn was previously chief operating officer at Willis global placement company before he was appointed Willis GB head of broking in January 2015. He has ...
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NewsBluefin settles with remaining defendants in poaching case
Bluefin has reached a settlement with the remaining two defendants - Mark Rogers and Suzanne Powell - in its poaching case. The broking group’s lawyer, Mr. Mansfield, said: “A settlement has been reached between the parties on all matters.” This follows the settlement Bluefin reached yesterday ...
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AgendaNew management for Allianz Global Corporate & Specialty board
Allianz Global Corporate & Specialty (AGCS) have announced their its chief underwriting officer. Paul O’Neill, 53-years-old, will oversee AGCS’s energy, marine, aviation and entertainment lines of business, with effect from October 1. O’Neill, who is currently AGCS’s global head of marine and energy, will succeed Bill ...
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AgendaCovéa Insurance addresses homeworking with re-launched product
Covéa Insurance has re-released of a product, with an add-on including a policy designed to meet the demands of executives who run a business from home. The re-launch of Covéa’s Sterling Executive Home product will raise cover limits and add new covers for mid net worth ...
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NewsEcclesiastical publishes principles for handling abuse claims
Specialist churches and charities insurer Ecclesiastical has published a set of principles it will apply when its policyholders face civil action that includes allegations of sexual or physical abuse. The insurer hopes the principles will make the claim process clearer for victims, survivors and policyholders. Ecclesiastical ...
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NewsCooper Gay puts 70 jobs at risk as turnaround continues
Cooper Gay has put 70 London-based jobs at risk of redundancy as it continues to restructure, Insurance Times understands. The broking group employs 400 staff in London, where it is headquartered. The news comes as Cooper Gay continues work to turn itself around under new chief ...
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NewsBluefin, Bruce, GRP and Thornton agree settlement
Lawyers for Bluefin, Mike Bruce (pictured), GRP and Neil Thornton have agreed to settle their legal battle over allegations of staff poaching. But lawyers for Bluefin are still working out whether they can reach a settlement with the other two defendants, Mark Rogers and Suzanne Powell. ...
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NewsSteve White's Blog: Brexit and the broker
Biba chief executive considers the implications of leaving the EU
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NewsBrightside puts 50 jobs at risk in restructuring
Broking group Brightside has put 50 jobs at risk as part of a restructuring programme for its non-customer-facing functions. The functions affected by the restructure include IT, marketing and finance. The formal consultation period for the potential cuts will begin mid-July and the final decision announced ...
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NewsBluefin, Bruce and GRP close in on settlement
The parties in the Bluefin/GRP legal battle are close to reaching a settlement. The trial began today in London, but the judge has now dismissed all parties to discuss a possible settlement following discussions between the defendants’ and Bluefin’s lawyers. They will reconvene this afternoon. Bluefin’s ...
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Online onlyAviva pressure eases after post-Brexit turmoil
Aviva’s share price revovered some of its recent short falls, rising 6.5% in Tuesday’s trading to 368pence. The insurers’ shares had fallen 22% since Thursday’s Brexit vote to close yesterday at 347pence. Aviva, who was one of the biggest victims of the voters’ decision to withdraw ...
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NewsCooper Gay hires chief innovation officer
Peter Hacker has joined broker Cooper Gay as group chief innovation officer. Hacker was previously head of rival broker Jardine Lloyd Thompson’s communications, technology and media practice and has also served as a managing director of Swiss Re. He is also co-founder and partner at Distinction ...
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NewsLloyd's Beale calls for swift Brexit negotiations to end uncertainty
London can maintain its pre-eminent global position in specialist insurance and reinsurance after last week’s Brexit vote, according to Lloyd’s chief executive, Inga Beale (pictured) . But it will need swift action by the government to conclude negotiations, and bring an end to uncertainty in the ...
