Latest News – Page 688
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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 ...
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NewsMacquarie downgrades RSA stock over pension risk
Investment bank Macquarie has downgraded its rating on RSA’s shares to ‘underperform’ from ‘neutral’ because of the risk from the insurer’s pension scheme. In a research note, the bank also warned that it expects RSA’s UK commercial business to face pricing pressure. Macquarie has downgraded its ...
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NewsAviva gathers cast of celebrities to promote safer driving
Aviva has teamed up with Channel 4 and celebrities including rap star Tinchy Stryder and entertainers the Chuckle Brothers (pictured) for a series of short videos promoting safer driving. Also starring in the videos are Made in Chelsea’s Louise Thompson, musician Martin Kemp, Radio 1’s Chris ...
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NewsBluefin adds former commercial boss to GRP/Bruce court battle
A judge has given Bluefin the go-ahead to take legal action against Neil Thornton, the former head of its commercial division. The broker has accused Thornton of conspiring with ex-chief executive Mike Bruce, two Bluefin branch directors and Thornton’s new employer Global Risk Partners (GRP) to ...
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NewsLegal action against Neil Thornton ‘necessary’ to protect business – Bluefin
Bluefin said its legal action against former commercial director Neil Thornton was necessary to protect its business, clients and staff from individuals it suspects have breached their obligations to Bluefin. Following a hearing today at the High Court, a judge has given Bluefin the go-ahead to ...
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NewsLark buys marine broker Euromarine
Broking group Lark has bought Kent-based marine broker and underwriting agency Euromarine Insurance Services for an undisclosed sum. Following the deal, Lark will have annual revenues of over £28.5 million and employ 350 staff in eight offices across London, the South East and East Anglia. All ...
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NewsAircraft engineer jailed for £240k fake lost baggage claims
An aircraft engineer who made £240,000 in fake claims for lost baggage has been jailed for two years. 45-year-old Miguel Kakaie of King Street, Aberdeen was sentenced at the Old Bailey on 10 May after a six day trial, which followed an investigation by the City ...
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Online onlyVideo: David Ross, Adrian Colosso, Jaime Swindle and more at Biba 2016
Insurance Times’s Martin Kornacki and Ben Dyson catch up with key industry figures in a set of exclusive video interviews from Biba 2016. Towergate chief executive David Ross: “The swagger is quietly stirring and I am happy where we are at right now.” Video: ...
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NewsTalkTalk profit halves after cyber attack
TalkTalk’s full year profit halved as a result of last year’s cyber attack on the mobile phone company. Profit before tax for the year to 31 March 2016 was £14m, compared with £32m the previous financial year. The company was hit by exceptional costs of £83m, ...
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NewsResults show Zurich ‘is not broken’ – analyst
Zurich’s first quarter results show that the Swiss insurance group “is not broken”, according to a research note by Macquarie analyst Andy Hughes. Yesterday Zurich reported a group profit of $875m (£605m) and a general insurance operating profit of $542m for the first quarter of 2016. ...
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NewsPwC warns of weak casualty reserves in London market
Casualty claims reserves being set by London market (re)insurers for business written in 2015 are weaker than in previous years, according to a review by accounting firm PwC. The review found that London market (re)insurance casualty reserves are, on average, 3% weaker than for business written ...
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NewsChaucer grows political risk team with former XL Catlin exec
Lloyd’s insurer Chaucer has hired former XL Catlin underwriter Jonathan Bint as political risk underwriter and analyst. Bint was part of the credit and political risk underwriting team at XL Catlin. Chaucer said it hired Bint to help drive the expansion of its political risk and ...
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NewsAllianz’s McGinn: Insurers more wary of hiking commissions
Insurers are now more cautious about paying brokers increased commissions without seeing something in return, according to Allianz commercial and personal general manager Simon McGinn. Speaking to Insurance Times at Biba’s annual conference in Manchester, McGinn said: “Insurers are just a little bit more wise about ...
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NewsBiba to return to Manchester in 2017
Next year’s Biba conference will be held at Manchester Central on 10 and 11 May. Biba chief executive Steve White said: “The feedback we have from exhibitors, sponsors and delegates is that Manchester works very well, as evidenced by the fantastic two days we have ...
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NewsManchester ghost broker jailed for £200k scam
A ghost broker who set up 151 fraudulent motor policies as part of a £200,000 scam has been jailed for 20 months. 38-year-old Romanian national Maur Dumitru of Sherrington Street, Manchester, went on the run for nine months after failing to appear at court for his ...
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NewsZurich UK GI profit falls 51%
Zurich’s UK general insurance (GI) business made an operating profit of £23m in the first quarter of 2016, down 51% on the £47m profit it made in last year’s first quarter. The division’s combined operating ratio (COR) deteriorated by 6.2 percentage points to 99.7% (Q1 2015: ...
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NewsHood Group predicts ‘rapid growth’ following Clydesdale refinancing
Affinity insurance broker Hood Group says it is set for a period of “rapid growth” after completing refinancing with Clydesdale bank. The company said that the refinancing will allow it to continue with its growth plans, which could include acquisitions. Hood Group picked Clydesdale following a ...
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NewsLV= Broker gains chartered status
LV= Broker has been awarded chartered insurer status by the Chartered Institute of Insurers (CII), LV= Broker handles general insurance business that comes to LV= through brokers. The insurer said the new status recognised its professional attitude, skills and knowledge as well as the service it ...
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NewsZurich group GI profit drops 23% in first quarter
Zurich’s global general insurance (GI) business made an operating profit of $542m (£375m) in the first quarter of 2016, down 23% on the $706m it made in last year’s first quarter. But while the result was down on 2015’s first quarter, Zurich said the performance was ...
