Latest News – Page 690
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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 ...
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NewsAXA unveils broker tool to tackle underinsurance in mid-market
AXA has launched an online tool to help brokers calculate the business interruption risk for individual commercial clients. Tool will help firm tackled underinsurance in mid-market AXA BI calculator is web-based tool that assesses a businesses’ BI exposure Tool intended to support prompt claim settlement The ...
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NewsCPP hires new chief executive after boardroom coup
Credit card insurer CPP has hired Jason Walsh as its new chief executive to replace Stephen Callaghan, who has left following a boardroom coup by asset management firm Schroders. The move marks a return to CPP for Walsh. He worked for CPP between 2002 and 2014, ...
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NewsWillis GB profit and revenues fall in first quarter
Willis Towers Watson’s UK broking division Willis GB made an operating profit of $20m (£13.8m) in the first quarter of 2016, down 4.8% on the $21m it made in last year’s first quarter. The division, which comprises Willis’s UK retail broking and London market speciality business, ...
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NewsCMC regulator raids two claims firms and fines third
The Ministry of Justice’s Claims Management Regulation Unit (CMRU) has raided two claims management firms and fined a third £315,000. CMRU investigators teamed up with the police to raid two firms – one in Swansea and one in Birmingham – that it said were suspected of ...
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AgendaBriefing: The future is challenging for UK commercial lines insurers
Briefing by Saxon East Can things get any worse for insurers struggling for commercial underwriting profits? In a word, yes. The PRA returns reveal a grim picture: premium fell 19% to £4.4bn, and insurers’ combined operating ratio (COR) worsened to 103.6% in 2015 from 103.4% in ...
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NewsARO signs property owners’ deal with Broker Direct
ARO Underwriting has signed a property owners’ distribution deal with fellow underwriting agency Broker Direct. The deal will allow ARO to distribute its residential and commercial property owners’ products through Broker Direct’s 750 broker members. The brokers now have access to ARO’s recently launched quote-and-buy system. ...
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NewsHester buys £479,850-worth of RSA shares after results announcement
RSA chief executive Stephen Hester has placed a huge bet on the success of his strategy for the business, buying £479,850 worth of shares in the insurer. He bought the shares yesterday after the release of RSA’s first quarter results that showed RSA’s UK and Ireland ...
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Online onlyAXA and Ageas only insurers to make 2015 underwriting profits
AXA and Ageas were the only two carriers to make an underwriting profit in commerical lines in 2015. That is the results from a study of the PRA Returns of Aviva, RSA, Allianz, AXA, Ageas, DLG and LV=. Their collective premium fell a massive 19% ...
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Online onlyUK commercial lines market shrinks 19% in 2015
The main players in the UK’s commercial lines market had their premium shrink by a massive 19% last year, according to Insurance Times analysis of PRA Returns. The collective premium of Aviva, RSA, Allianz, AXA, Ageas, Direct Line Group and LV= fell from £5.5bn to ...
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NewsMarkerstudy ends capacity deal with Brightside
Markerstudy has ended its capacity agreement with Brightside. The insurer is one of Brightside’s major capacity providers alongside Ageas. Markerstudy and Brightside have declined to comment. Last October Insurance Times revealed the scale of Brightside’s troubles as executive chairman Mark Cliff vowed to fix the problems ...
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NewsHester: RSA needed to change to survive
Recent changes at RSA may have been difficult for staff, but they are necessary to avoid a more painful outcome, according to group chief executive Stephen Hester. Speaking to Insurance Times following the release of RSA’s first quarter results this morning, Hester also said that he ...
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NewsGallagher unit gets foothold in UK motor with Gibraltar buy
Arthur J Gallagher-owned consultancy Artex Risk Solutions has bought Gibraltar-based insurance management firm Quest Holdings (Gibraltar). Artex said the acquisition expands its foothold in the European insurance market and gives it particular expertise in the UK motor market. Gibraltar-based insurers play a key role in the UK ...
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NewsABI welcomes minister’s pledge to push ahead with claims reforms
The ABI has welcomed justice minister Lord Faulks’s pledge to push ahead with the government’s proposed whiplash reforms. But Faulks’s comments have sparked anger from claimant lawyer lobby group Access to Justice (A2J). At the Association of Personal Injury Lawyers (APIL) annual conference yesterday, Faulks said ...
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NewsEnterprise Bill gains Royal Assent
The Enterprise Bill has gained Royal Assent, and will pass into law in a year’s time. The Bill, now known as the Enterprise Act 2016, will have several implications for the insurance industry. One key change is that the Enterprise Act amends the Insurance Act 2015, ...
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NewsCSC completes Xchanging acquisition
Technology group CSC has completed its acquisition of insurance outsourcing firm Xchanging. The companies said the deal will “create a new leader in technology and business process services for the global insurance industry”. CSC also said the acquisition will put it “at the heart of the ...
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NewsBeazley first quarter GWP up 7% as rates fall 1%
Lloyd’s insurer Beazley wrote gross premiums of $538m (£401.6m) in the first quarter of 2016, up 7% on the $546m it wrote in the same quarter last year. The increase came despite a 1% cut in rates in the quarter. The Lloyd’s insurer also reported a ...
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NewsRSA UK and Ireland premiums rise 2% in first quarter
RSA’s UK and Ireland business brought in net written premium of £635m in the first quarter of 2016, up 2% on the £622m generated in the same period last year. The insurer said in a trading update this morning that first quarter 2016 UK personal lines ...
