Latest News – Page 686
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NewsHomeServe UK unit reports revenue growth but flat profit
HomeServe’s UK business made an operating profit of £57.4m in the year to 31 March 2016, almost unchanged from the £57.7m it reported in its previous financial year. This was despite revenue growth in the unit of 2.2% to £291.8m (2014/15: £285.5m). Key points ...
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NewsDalgarno to head Towergate’s new ‘legacy resolution’ unit
Towergate has appointed chief risk officer Sarah Dalgarno to head up a new unit that will tackle the broking group’s old liabilities. Dalgarno will continue to be involved in Towergate’s group risk function until a replacement chief risk officer appointed. The new division, called the Legacy ...
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NewsPrice Forbes hires team from Marsh in retail push
Price Forbes has hired Audrey Corfield as managing director of its European retail arm. Corfield joins Price Forbes from Marsh, along with directors Richard Grimshaw and Jason Ellis, while Helen Morrison will be an associate director. Price Forbes said all four bring more than 60 years ...
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NewsUK man stranded in Mexico hospital after AXA refuses claim
A pensioner who fell ill on holiday is stranded in a Mexican hospital after his insurers refused to pay out - leaving the family with a £40,000 bill, the Daily Mail reported. Retired milkman Colin Read, 72, was hospitalised with chest pains on the second day ...
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NewsABI calls for compulsory cyber attack database
The ABI has called on the government to create a database where companies would be obliged to record details of cyber attacks. The database would help overcome the lack of hard data on cyber attacks that is making it hard for insurers to provide appropriate cover, ...
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NewsAXA to sell all tobacco investments
AXA Group said it will shed all its €1.8bn investments in tobacco. The global insurer said continued investment in tobacco was no longer compatible with its business as a provider of health insurance. “As a responsible health insurer, the AXA Group has decided to divest its ...
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NewsZurich: Cyber-crime is SMEs’ biggest threat
Cyber-crime is small companies’ biggest worry, according to insurer Zurich’s latest SME Risk Index. The survey of more than 1,000 UK small and medium-sized businesses found that 42% of respondents consider the vulnerability of their technology to be the single largest concern to the success of ...
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NewsAIG UK and Zurich GI bosses join ABI board
AIG UK and Europe chief executive Anthony Baldwin (pictured) and Zurich UK General Insurance chief executive Vibhu Sharma are among four new members of the ABI’s board. Also joining are Scottish Widows chief executive and Lloyds Banking Group insurance director Antonio Lorenzo and Prudential group regulatory ...
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AgendaCarrot and Trak Global in telematics deal with Volkswagen
Volkswagen Financial Services (VWFS) has teamed up with telematics broker Carrot and its sister technology firm Trak Global on a new offering for young drivers. Under the deal, VWFS will offer a year’s free telematics-based insurance to 18-to-24-year-old drivers that buy a Volkswagen Polo from a ...
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NewsBoss Greco: Zurich general insurance making a recovery
Zurich’s highly-rated new chief executive Mario Greco says the general insurance arm is ‘improving’. Greco pointed to Zurich’s first quarter results as evidence that the general insurance arm is on the right path. Group net income in the first quarter fell 28 percent to $875 million, ...
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NewsZurich must target SMEs, says boss Greco
Zurich chief executive Mario Greco will make the targeting of SME a big focus. Speaking to analysts following its first quarter results, Greco said: “I am keen to find ways to grow more on the SMEs and the retail components of our book… But I’m not ...
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NewsBrexit will damage UK insurers and the London Market, bosses say
Most UK insurance executives think that leaving the EU would severely damage the UK insurance industry and the London market, according to a study by international law firm Kennedys. “There is near universal agreement amongst senior executives in the insurance industry that the UK leaving Europe ...
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Online onlyIngenin and Imaginatik join forces to boost insurance innovation
Imaginatik and Ingenin have formed a global partnership to provide innovation solutions for the insurance industry. Ingenin is an innovation consultancy focused on the insurance industry, which was launched by two co-founders of the AXA Insurance Innovation Hub. Imaginatik has 20-years’ experience of developing sustainable innovation ...
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NewsAgeas pledges to support Brightside after Markerstudy exit
Ageas UK will aim to continue supporting Brightside after fellow major capacity provider Markerstudy decided to cancel its agency with the broking group, chief executive Andy Watson said. Brightside has a range of capacity providers, but Ageas and Markerstudy are its biggest supporters. Speaking to Insurance ...
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NewsLloyd's syndicate Probitas 1492 expands underwriting team
Lloyd’s syndicate Probitas 1492 has expanded its casualty offering with the appointment of Ernesto Medina within its financial lines team. Previously senior financial institutions underwriter at Zurich, Medina brings experience of underwriting a large portfolio of international banks, asset managers and private equity and hedge funds, ...
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NewsAgeas UK Q1 profit higher, driven by motor
Ageas UK reported a sharp rise in first quarter profit and an improvement in its combined operating ratio, driven by a favourable motor performance. Net profit rose 59% to £19.0m from £12m from a year earlier, while the UK business’s COR improved to 99.0% from 99.7%. ...
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NewsRural rebrands in plot to be ‘challenger’ in agricultural insurance market
Managing general agency (MGA) Rural Insurance has rebranded its logo as it sets out plans to be a challenger business within the agricultural insurance market. Chief executive Ian Barclay said the UK’s rural economy was a major contributor to the UK economy - valued at £211bn ...
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NewsBluefin promotes Steve Hook to personal lines MD role
Bluefin has promoted Steve Hook to the position of personal lines managing director. Neil Forsyth has also been named as Bluefin’s new London Market Broking Director – replacing Paul Longhurst, who has left the broker to join Towergate. In his new role Hook will be responsible ...
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NewsQueen's Speech: Bill to ensure cover for driverless cars
The government is to promote the development of autonomous cars and will make sure insurance companies provide cover for them, it was announced at the state opening of Parliament. In her speech outlining government policy for the coming year, the Queen said the government wanted to ...
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NewsLloyd’s chief risk officer McGovern to leave for XL Catlin
Lloyd’s chief risk officer and general counsel Sean McGovern is leaving after 20 years at the corporation to join XL Catlin. McGovern will become the global (re)insurance group’s chief compliance officer and head of regulatory and government affairs. To protect commercial confidentiality, McGovern is now no ...
