Latest News – Page 687
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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 ...
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NewsTowergate hires London Markets broking director from Bluefin
Towergate has appointed Paul Longhurst as broking and distribution director in its London Markets division. Longhurst joins Towergate from Bluefin, where he had been London Market broking director for 25 years. Towergate Group chief executive David Ross (pictured) said: “We recognise the huge opportunity that exists ...
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Online onlyAXA France chairman and chief executive Nicolas Moreau to depart
AXA France chairman and chief executive Nicolas Moreau is stepping down from his role on 30 June after 25 years at the company. His replacement will be announced shortly. Prior to being head of AXA France Moreau was head of the insurer’s UK and Ireland business. ...
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NewsHastings and Esure to win market share by 'aggressive undercutting'
Market share between motor insurers Hastings and Esure will only be won by aggressive undercutting of the opposition, according to a research note by investment bank Macquarie. With two quarters of rising prices behind them in the second half of 2015, both Esure and Hastings have ...
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NewsUK financial services industry is ‘perfect target’ for cyber attack - report
Financial services companies vastly overestimate how much insurance they have against a cyber-attack, Marsh UK and Ireland chief executive Mark Weil has said. This means the UK financial services industry is ‘perfect target’ for attack, according to lobby group TheCityUK’s Cyber Taskforce report co-written by Marsh. ...
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Online onlyAviva to invest millions in tech start-up enabler
Aviva is to invest millions of pounds in Founders Factory, a technology incubator, to forge a new wave of financial service start-ups, Sky News reports. The deal, due to be announced today, will make Founders Factory an exclusive services partner with Aviva. Ben Hoberman, who set ...
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NewsLloyd’s chairman slams Brexit backers’ ‘irresponsible’ claims
Politicians claiming that that the UK would be able to replicate the benefits of a single market outside the European Union if it leaves are “irresponsible”, according to Lloyd’s chairman John Nelson. Speaking today at the Lloyd’s annual general meeting (AGM), Nelson also accused those making ...
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NewsAXA comes top in Brokerbility survey
AXA has been voted top insurer in the latest bi-annual survey by Brokerbility of its broker members. With a score of 83.13%, AXA topped the list for highest overall satisfaction, and was also the leading insurer in the claims category with a score of 84.90%. RSA ...
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NewsBicycles top household theft claims
Bicycles are the most common item cited in personal theft claims, followed by handbags and mobile phones. According to research by HomeProtect Home Insurance, 46% of all personal theft claims were for bikes. “As more people have taken to cycling, bicycle theft is much more common ...
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NewsHyperion's DUAL names Hudson as CFO
DUAL, the underwriting arm of Hyperion Insurance, said it has appointed Mark Hudson as chief financial officer, from September. Hudson joins DUAL from Novae Group, where he served on its executive committee and has been finance director of its managing agency subsidiary, Novae Syndicates, since 1999. ...
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NewsActivist Icahn raises AIG stake to 4%
Activist investor Carl Icahn has raised his stake in AIG to 4%, putting further pressure on the insurer’s board to heed his radical agenda. Icahn raised his holding in the company by one-fifth and now owns 44.4 million shares in AIG, according to regulatory filings. ...
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NewsAllianz’s Dye: AGF run-off sale will free up resources
Allianz’s recent sale of a book of UK run-off employers’ liability business will free up resources that can be deployed elsewhere, according to Allianz UK chief executive Jon Dye. It emerged in March that Allianz had agreed to sell subsidiary AGF Holdings (UK), which went into ...
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AgendaQBE targets Latin American growth with Miami hire
QBE Europe has hired Alfonso De Mares (pictured) as business development manager for Latin America. De Mares will be based in Miami and report to director of overseas business development Tim Harris. Before joining QBE, De Mares was a senior vice-president at reinsurance broker Guy Carpenter ...
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NewsRyan Direct Group extends contract with Close Brothers
Ryan Direct Group (RDG) has extended its contract with Close Brothers Premium Finance for a further three years. Under the deal Close Brothers will continue to be the exclusive premium finance provider for RDG’s SME and motor books. RDG chief executive Derek Coles said the agreement ...
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NewsMarkerstudy joins SSP’s Keychoice panel
Markerstudy has joined the insurer panel of Keychoice, the insurance distribution business owned by software house SSP. Under the deal, Keychoice member brokers can access Zenith Insurance and Zenith Marque private car and commercial vehicle products at exclusive preferential rates. Keychoice general manager Liz Mitchell said: ...
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NewsMarkerstudy’s Zenith cuts Irish motor exposure with agency exit
Markerstudy’s Gibraltar-based insurer Zenith has reduced its exposure to the Irish motor market by exiting a deal with a local underwriting agency. The Irish Times reported that Zenith will stop writing business through ARB Underwriting on June 23. Zenith will continue to honour all existing policies, ...
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NewsDAS takes legal action against former chief executive Paul Asplin
DAS is taking legal action against former chief executive Paul Asplin. A notice at the High Court lists the case as DAS UK Holdings Ltd and Others versus Asplin and others. Insurance Times understands that the case is to do with Asplin’s conduct in the company, which did not affect ...
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NewsICO fines CMC £250,000 for making 17.5m nuisance calls
A claims management company that made 17.5 million calls asking people if they had suffered hearing loss at work has been fined £250,000 by the Information Commissioner’s Office (ICO). Key points: ICO received 248 complaints about company Check Point Claims has gone into liquidation ...
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NewsAllianz UK reports 89.9% commercial COR but 101.2% in personal
Allianz UK reported a commercial lines combined operating ratio (COR) of 89.9% for the first quarter of 2016, which chief executive Jon Dye hailed as the unit’s “most profitable quarter for some years.” The commercial lines COR was a 6.9 percentage point improvement over the 96.8% ...
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NewsLloyd’s calls for end to US government-backed flood cover
Lloyd’s insurers have called for the US government to stop providing flood damage, the Financial Times reports. In the US, the National Flood Insurance Programme (NFIP), which has 5.2 million policyholders, pays for flood damage. But Lloyd’s insurers argue that state payment of flood risks has ...
