Latest News – Page 692
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NewsAIG reports lower profits in Q1 as investment income hit
AIG reported a lower-than-expected profit for the third straight quarter as poor returns from hedge funds hurt its investment income. Group operating profit fell 54% to $773 million in the first quarter, partly due to restructuring costs of $122m. Pre-tax income in AIG’s commercial property and ...
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NewsAon broking unit reports 4% profit rise and 3% organic growth
Aon’s Risk Solutions division made an operating profit of $429m (£294.5m) in the first quarter of 2016, up 4% on the $412m it made in last year’s first quarter. The profit increase came despite a 1% drop in revenue at the division to $1.87bn (Q1 2015: ...
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Online onlyAdmiral guns for China with price comparison site entry
Admiral aims to crack the Chinese insurance market with a price comparison site entry. The Cardiff-based insurer has a price comparison partnership with Spanish insurance giant Mapfre. And founder Henry Engelhardt and incoming chief executive David Stevens believe now is the right time to gun for ...
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Online onlyPRA Returns: AXA only insurer to make commercial property underwriting profit
Insurance Times can today reveal the first results of its investigation into the underwriting performance of insurers in 2015. Starting today, Insurance Times will reveal the results of its investigation into the commercial PRA Returns for seven insurers - Aviva, RSA, Allianz, AXA, Ageas, DLG ...
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NewsBarbican opens Manchester office
Lloyd’s insurer barbican has opened a new office in Manchester. It is based in the recently developed ‘Hive’ complex in the city’s Northern Quarter. Barbican said the new office serves three main functions: proving a regional base for underwriting and business development of recently launched UK ...
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NewsCharles Taylor launches insurance technology unit
Insurance services firm Charles Taylor has launched an insurance technology arm called Charles Taylor InsureTech. The new unit brings together more than 200 insurance technology staff to develop technology solutions for the global insurance market. The division will be headed by Jason Sahota as chief executive ...
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NewsCarole Nash opens new Dublin office
Motorbike broker Carole Nash has opened a new office in Dublin. 2015 World Superbikes champion Jonathan Rea was at the launch to meet local bikers. The company opened its first Irish office in 1999. Carole Nash’s Irish team has grown to 30 full-time employees from a ...
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NewsApprenticeship levy needs radical rethink – CBI head
Business lobby group The Confederation of British Industry (CBI) is urging the government to “radically rethink” its apprenticeship levy, the Financial Times reports. The paper said that CBI director general Carolyn Fairbairn (pictured) is expected to say in a speech in London today: “Firms want to ...
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NewsVolvo to run self-driving car trial in London in 2017
Volvo is to start trials of autonomous cars on roads around London next year. “Autonomous driving represents a leap forward in car safety,” said Håkan Samuelsson, president and chief executive of Volvo Cars. “The sooner AD cars are on the roads, the sooner lives will start ...
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NewsAXA nets trio of fraudsters using fundamental dishonesty defence
AXA said it exposed three fraudsters who staged or exaggerated traffic accidents, after proving that their evidence was fundamentally dishonest. The three cases would have cost AXA £60,000. In one case, AXA’s suspicions the accident had been staged seemed to be contradicted by CCTV footage of ...
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NewsFaking injury 'as unacceptable as drink driving' - poll
Faking injury on an insurance claim is worse than buying stolen goods and as unacceptable as drink-driving according to a poll for Aviva. The study shows that 87% say it’s unacceptable to make a false whiplash claim, compared to 88% who say the same about drink-driving. ...
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NewsBrightside appoints Graham Donoghue as non-executive director
Graham Donoghue, formerly chief product officer and director of MoneySuperMarket, has joined Brightside Group as a non-executive director. Donoghue (pictured), who left MoneySuperMarket at the end of 2015 after eight years, joins fellow non-executive Neil Macmillan on Brightside’s board. Donoghue’s appointment is subject to regualtory approval. ...
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NewsNew phone app locks phones while driving
A new phone app that stops you checking your phone while driving could help cut motor insurance premiums. Employee tracking software company Romex already sells a similar app to the fleet sector, and is now developing it for the consumer market. The app uses the phones ...
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News60% say whiplash crackdown unfair - poll
Nearly 60% of people think the government’s crackdown on whiplash claims is unfair, according to a survey commissioned by Access2Justice, which is campaigning against the plans. In November, Chancellor of the Exchequer George Osborne announced plans to move personal injury claims for up to £5,000 into ...
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NewsBroker fee for FSCS levy falls as insurers pay more
General insurance brokers will pay £8m for the Financial Services Compensation Scheme (FSCS) in the 2016/17 year – down £11m on the £19m that was forecasted in January. General insurers will pay £91m – a £3m reduction on the £94m that was expected. However, it is ...
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NewsCullum consolidator GRP backs Lonmar MBO
Peter Cullum’s broking consolidator Global Risk Partners (GRP) has agreed to back the management buy-out (MBO) of Lloyd’s broker Lonmar Global Risks. The deal means GRP now manages gross written premium of more than £350m and Cullum, GRP’s chairman, says the company wants to grow this ...
