Latest News – Page 689
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NewsBiba appoints Lorega as loss recovery insurance provider
Biba has appointed Lorega as the provider for its loss recovery insurance scheme for members. Lorega has been appointed for a three-year term, starting on 13 May this year. Under the scheme, Biba member brokers will be able to offer the Lorega cover to their personal ...
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NewsBroker Network now 100% independent of Towergate - Clark
Broker Network is now 100% independent from Towergate in its day-to-day activities and operations, says new executive chairman Ian Clark. Private equity house HPS recently raised its stake in Broker Network to around 80% of the business. The rest of the business is owned by minority ...
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NewsMotor premiums up 7.2% in Q1 – Biba/Acturis
Personal motor premiums increased by 7.2% in the first quarter of 2016 compared with the same period last year, according to the Biba/Acturis Insurance Price Index. This excludes recent rises in insurance premium tax (IPT). With the November IPT hike to 9.5% from 6% included, the ...
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NewsNovae GWP grows 9.8% in first quarter despite rate pressure
Novae reported gross written premium (GWP) of £282.8m in the first quarter of 2016, up 9.8% on the £257.6m it reported in last year’s first quarter. The Lloyd’s insurer enjoyed growth across all three of its business segments. The casualty unit reported the strongest growth, where ...
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NewsAllianz UK profit up 43% in first quarter
Allianz UK made an operating profit of £47.4m in the first quarter of 2016, up 43% on the £33.2m it reported in last year’s first quarter. The insurer’s combined operating ratio improved by 1.8 percentage points to 95.9% (Q1 2015: 97.7%). But gross written premium fell ...
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NewsSmart home technology could cut CORs
Smart technology such as leak, fire and theft detectors in the home could reduce insurers’ combined operating ratios (CORs) by 21%, research suggests. According to an Innovation Group report, tech giants such as Google and Samsung are trimming the amount of insurance claims made by building ...
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Online onlyCarol Brady: No quick fix for CMCs
There is no “quick fix” for the increased regulation of claims management companies (CMCs), warns Carol Brady, who led the government’s recent review into the industry. Speaking at the Insurance Times Fraud Charter, Brady, a non-executive member of the Claims Management Regulation Board and chair of ...
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NewsMarkerstudy to launch pet aggregator site
Markerstudy is to launch a pet aggregator site, called Go Get It later this month. The company said that with its experience with pet insurance provider Ultimate, it identified a gap in the market for a price comparison site that is focused exclusively on pet insurance. ...
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NewsHood appoints new residential property head
Affinity insurance provider, Hood Group, has appointed Sarah Smith to the newly created role of head of residential property. Smith will be responsible for the leadership and management of the group’s residential property lines of business which includes household, landlords and renters insurance. She joins Hood ...
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NewsCorrection: Esure and Admiral
The executive pay article in the May 2016 edition of Insurance Times (pages 8 and 9) contained a number of factual errors about Esure and Admiral. The article incorrectly stated both the figures for the remuneration for the Esure CEO and Admiral CEO. Additionally it gave ...
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NewsBarbican hires Towergate underwriter Roberts
Barbican Protect, the UK insurance arm of Barbican Insurance Group, said it has hired Alexandra Roberts (pictured) as a development underwriter, financial lines. Roberts joins Barbican Protect from Towergate Professional Indemnity where she was a senior account handler, working across a broad spectrum of professional sectors. ...
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NewsHiscox group GWP up 10.3% in six months; UK GWP up 5.8%
Hiscox saw group gross written premiums rise 10.3% to £640.5m in the six months to March, up from £561.7m a year earlier. Hiscox UK GWP rose 5.8% to £110.5m from £103.5m a year earlier, which the company described as “a strong result in a challenging market”. ...
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NewsCovéa and AIG are brokers’ favourite in e-trade survey
Allianz performs well, along with ACE and Aviva. Zurich bottom of table.
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NewsCarole Nash to buy Ageas Retail’s motorbike business
Specialist motorbike broker Carole Nash has agreed to buy Ageas Retail’s motorcycle insurance books of business for an undisclosed sum. The books comprise around 20,000 policies, accounting for roughly 1% of the insured vehicles in the UK motorcycle market. This adds to the 25% share of insured ...
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NewsFCA fines and bans brokers over £150,253 client money blunder
The FCA has banned former insurance brokers Terence Joint and Vroni O’Brien for failings in relation to the handling and misuse of client money. Key points: Broker Joint Aviation directors fined £30,000 Joint Aviation owed £150,253 to insurers Broker transferred client money ...
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NewsRSA claims handler jailed for £55,000 fraud
A former RSA employee has been jailed for 10 months for illegally passing on customer details to a law firm and adding friends and family to genuine claims in a £55,000 fraud. Anthony Francis Joseph Rattigan, 30, an insurance claim handler from Liverpool was convicted of ...
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NewsAsh Bathia’s Lloyd’s insurer hires casualty underwriting head
Ash Bathia’s Lloyd’s syndicate, Probitas 1492, has hired Neila Buurman as chief underwriting officer for its casualty division. Buurman was previously director of international casualty at QBE, Bathia’s former employer. She joined QBE in 2000 as an international liability underwriter. Bathia was chief underwriting officer of ...
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NewsBroker Network extends partnership with RSA
Broker Network has signed a new three-year deal with insurer RSA, extending the two firms’ current partnership. Under the new deal, RSA will offer exclusive personal lines products to Broker Network members, in addition to new commercial lines products. The first launch under the new deal ...
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NewsTowergate staff in £30m incentive scheme deal
Towergate has entered its staff into an incentive scheme worth more than £30m. One part of the scheme is worth £30.4m and Towergate has already made two payments to staff, with a final tranche due later this year, The Telegraph reports. Under Towergate’s old reward scheme ...
