Latest News – Page 685
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NewsEx-Quindell unit Hubio teams up with Indian carmaker Mahindra
Hubio, the usage based insurance technology company owned by Watchstone Group – formerly Quindell – has teamed up with Indian carmaker Mahindra to offer telematics-based insurance services. Coinciding with the UK launch of Mahindra’s new e2o all-electric urban runabout (pictured) in the UK, the Indian company’s ...
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NewsGable unveils plan to offer Solvency II compliant and A-rated capacity
Gable is aiming to offer Solvency II compliant cover for certain niche lines of business, as well as A-rated capacity across its entire platform by the end of the third quarter this year. The unrated insurer announced to the stock exchange yesterday that it was conducting ...
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NewsRoss denies Dalgarno move is linked to lack of FCA approval
Sarah Dalgarno’s move to head up Towergate’s new historical liabilities unit was not triggered by her current lack of FCA approval, chief executive David Ross has insisted. He said that her move to run the new unit, dubbed the Legacy Resolution Unit, was an interim one ...
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NewsTowergate’s Ross plays down effect of Gable woes
Towergate chief executive David Ross has played down the effect that Gable’s difficulties will have on his company, which uses the unrated insurer’s capacity. He pledged to work with Gable while it considers it options, but added that Towergate may seek replacement capacity “should it be ...
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NewsGeneral insurance complaints rise 4% in 2015/16 - FOS
New complaints to the Financial Ombudsman Service (FOS) about general insurance products, excluding PPI, rose by 4% to 31,284 in the 12 months to 31 March 2016, compared with the 30,080 it received in 2014. According to the FOS annual review released today, of the complaints ...
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NewsTowergate profit almost halves in first quarter
Towergate reported earnings before interest, tax, depreciation and amortisation (EBITDA) of £2.8m in the first quarter of 2016, down 48.9% on the £5.5m it reported in last year’s first quarter. Adjusted EBITDA, which excludes exceptional costs, was down 20.6% to £13.6m (Q1 2015: £17.2m). Total revenue ...
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NewsGable 2015 loss estimate widens to between £13m and £14m
Gable has warned that its 2015 loss will be £6m worse than previously estimated because it will receive a lower payout under an insurance policy than it had expected. The news comes as the unrated insurer is mulling a sale after admitting that it cannot raise ...
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NewsGable mulls sale as raising enough Solvency II funds 'not possible'
Gable has launched a full strategic review of its business after determining that it is “not possible” to raise the additional capital it needs to comply fully with Solvency II in its current form. The company said in a trading update: “Solvency II appears to be ...
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NewsBrokers and insurers warned of soft market perils amid Gable crisis
Insurers and brokers today received a stark warning about the perils of current market conditions as crisis-hit Gable revealed further losses and that it doesn’t have the money to meet Solvency II. Brokerbility chairman Ashwin Mistry said: “This is beyond unrated insurers. The soft market is ...
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NewsCrisis-hit Gable suffers 23% share price crash
Gable’s share price crashed 23% following the annoucement that it can’t raise the money to hit Solvency 2 requirements and revelations of further losses in the business. The crisis-hit insurer’s share price fell from 8.5p to 6.91p. The company said in a trading update: ...
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AgendaSimply Business hackathon creates ‘Tinder for insurance’
Simply Business has created an app that allows commercial insurance customers to swipe through a short question set to generate an indicative quote. The product, internally named Swipe Me, is only at an early conceptual stage, but is already basing its user experience on the Tinder ...
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News'Ghost broking' courier sentenced for defrauding Liberty in £89,000 scam
A 33-year-old courier from Epsom has been sentenced after he admitted to setting up over 100 bogus car insurance policies for his unsuspecting customers and defrauding victims and Liberty Insurance out of a combined £89,000. Renan Gomes was sentenced at Guildford Crown Court on Friday 20 May ...
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NewsMotor insurers' COR hits 102% despite premium increase
Motor insurers’ combined operating ratio (COR) was 102% in 2015 according to figures released by Deloitte. The firm forecasts the COR could rise to 104% in 2016 before returning to 102% in 2017. Motor insurance premiums in 2015 grew by 5% to £13.9bn in 2015. But ...
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NewsAXA to take firmer stance with brokers asking for higher commission
AXA is going to take a stronger stance by saying no to brokers that do not put forward a “compelling” case when looking for increased commissions, AXA commercial intermediary managing director Jon Walker said. The insurer is also going to be clearer about its reasons for ...
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NewsLack of trust between consumers and insurers is fuelling fraud - AXA
Up to one third of Britons have committed insurance fraud, a report commissioned by AXA has found. A lack of trust between consumers and insurers and the view that insurance fraud is a victimless crime are encouraging otherwise honest policyholders to exaggerate claims. According to insurers ...
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NewsAA 'in talks' to sell Irish business
The AA has confirmed it is in talks to sell its Irish business. The roadside assistance group has said it was “exploring options in regards to its Irish business and a further announcement will be made if and when appropriate”. It did not name names, but ...
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NewsAviva pledges 30% of executive committee will always be women
Aviva has pledged that 30% of its executive committee will always consist of women. The insurance giant has signed up to a new target set by the 30 Per Cent Club, the campaign group which lobbies for greater gender diversity at the top of business. The ...
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NewsTowergate makes hire from DUAL to lead regional specialty arm
Towergate Underwriting has hired Martin Joyce to lead its newly formed regional specialty business. In his new role Joyce will be responsible for financial lines; including professional indemnity, directors and officers and crime. He will be based in Manchester and will report to commercial lines chief ...
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Online onlyMajority of December storm claims settled
To date 85% of insurance claims made for flooded homes and businesses following the December storms have been either fully or partly paid out, according to the Association of British Insurers (ABI). The total number of claims made for damaged buildings currently stands at more than ...
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NewsRSA launches risk management service for mid market
RSA has launched a risk management service designed for mid-market companies in the regions to help them mitigate losses. The insurer said commercial accidents cost small and medium sized businesses millions of pounds every year and leave them vulnerable. The new service includes risk consultation, training ...
