Latest News – Page 683
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NewsEx-AIG chief Hank Greenberg faces New York fraud trial
Former AIG chief executive Maurice ‘Hank’ Greenberg faces a civil fraud trial in New York relating to his tenure at the insurance group. The New York Court of Appeals ruled yesterday that Greenberg, currently chief executive of insurance group CV Starr, must stand trial over 11-year-old ...
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NewsTeenage 'ghost broker' jailed for a year for faking Allianz policies
A 19-year-old ‘ghost broker’ from Walsall has been jailed for a year for selling fake motor insurance to unsuspecting customers, leaving them uninsured and illegally driving on the roads. An investigation by the Insurance Fraud Enforcement Department (IFED) discovered that Azeem Mahmood Hussain was selling false ...
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NewsBroker Service Survey: Have your say about insurer partners
Insurance Times is launching the survey for the 2016/17 Broker Service Survey (BSS), now in its 11th year. Over the next few weeks, more than 1,000 brokers across the UK will be asked to rank the performance of their insurer partners across a wide spectrum of ...
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NewsBarclays Corporate Banking names new UK insurance heads
Barclays Corporate Banking has named James Morris as head and Dan Broome as deputy head of its UK insurance team. The team manages banking relationships with insurers and brokers and provides financing, banking and financial risk management services. The new roles were created following a team ...
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NewsSwiss Re insurance arm launches UK-specific cyber cover
Swiss Re’s insurance unit Swiss Re Corporate Solutions has launched a primary cyber risk protection product specifically for the UK market. The new product, called CyberSolutions UK, combines insurance with risk mitigation and remediation services and is aimed at mid-sized and large companies. Swiss Re Corporate ...
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NewsBluefin extends loss recovery insurance deal with Lorega
Broking group Bluefin has extended a white-label loss recovery insurance deal with underwriting agency and loss adjuster Lorega for a further three years. Under the deal, Lorega will continue to provide loss recovery insurance cover to Bluefin clients under the Bluefin Assist brand. The cover helps ...
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Online onlyAdmiral adds 'Airbnb' cover to home policies
Admiral has launched home sharing cover as an option on all of its home insurance policies. The cover protects those looking to rent their home through home sharing sites such as Airbnb, Wimdu and Homestay. Policyholders can rent their homes out for up to 90 days ...
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NewsCo-op Insurance finance chief heads back to LV= to replace Steve Castle
Co-op Insurance chief financial officer Kieran O’Keeffe will leave on 14 October this year to join rival insurer LV= as general insurance finance director. He replaces current LV= general insurance finance head Steve Castle, who wil leave LV= towards the end of the year following a ...
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NewsCo-op: UK drivers find motor insurance ‘too confusing’
Half of the UK’s drivers find motor insurance too confusing, and 86% believe it needs to be easier to understand, according to a survey commissioned by Co-op Insurance. The survey of 2,000 UK drivers, conducted by Atomik Research, found that 51% of drivers do not understand ...
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NewsMunich Re insurance arm to axe 1,800 jobs
Munich Re’s ERGO insurance unit is planning to axe 1,800 jobs as part of a cost-cutting drive. The job cuts have been dubbed “ruthless” by a union representative. The job losses will fall in Germany as the insurer tries to lower its gross annual cost base ...
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NewsGable abandons 'inappropriate' £10m sister MGA funding plan
Gable has abandoned plans for sister underwriting agency Hogarth to contribute £10m to the unrated insurer’s regulatory capital after chief executive William Dewsall decided the transaction would be “inappropriate”. According to a stock exchange announcement, Dewsall now intends to use a separate private vehicle, wholly owned ...
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NewsPIB buys Guernsey-based broker
PIB has bought Guernsey-based broker Channel Insurance Brokers (CIB) for an undisclosed sum. CIB is the Carlyle Group-backed consolidator’s third acquisition, after Fish Insurance and Cooke & Mason, which it completed in April. PIB has hired Stephen Llewellyn-Jones (pictured) as CIB’s new chief executive. He was ...
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Online onlyJune 2016 issue
Cover story: Gallagher and Marsh plot mergers and acquisitions … but insurers back smaller firms
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NewsLondoners pay double for motorbike insurance compared with rest of UK
Motorcyclists in London pay nearly twice as much in insurance compared with those in the rest of the UK because of the greater risk of theft or accident. Londoners pay £518 a year to insure their motorbikes, against a national average premium of £285, according to ...
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NewsRSA completes sale of Mexican operation
RSA has completed the sale of its Mexican operations to Suramericana, the insurance subsidiary of Grupo de Inversiones Suramericana (Grupo SURA). The transaction is part of RSA’s plan to sell all of its Latin American operations to Grupo SURA for £403m, which it announced in September ...
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NewsAviva head of fraud named as IFB technical board chair
Aviva head of fraud, Tom Gardiner, has been appointed as the new chair of the Insurance Fraud Bureau (IFB) technical board. Gardiner takes over from Richard Davies, who will remain on the board. The technical board, which was set up in 2011, comprises of leading fraud ...
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NewsBroker Kingsbridge plots expansion after £4.2m PE firm backing
Broker Kingsbridge Risk Solutions is planning to expand into new sectors after securing backing from private equity firm Dunedin. The deal worth £4.2m means that Livingbridge the mid-market private equity firm that backed Kingsbridge in January 2014 will fully exit the business. This is Dunedin’s second ...
