Latest News – Page 693
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NewsBexhill launches peer-to-peer premium finance platform
Premium finance provider Bexhill UK has launched a peer-to-peer lending platform for premium finance called Orchard Lending Club. The platform matches people who want to lend money with brokers that require capital to offer their clients premium financing. Bexhill said that the new platform offers brokers ...
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NewsPRA to sharpen focus on how insurers manage property and liability exposure
The Prudential Regulation Authority (PRA) is planning to increase its focus on how well insurers are managing and measuring their exposure to property or liability risks. The PRA said the move had been driven by the continued rate reductions and widening of terms and conditions in ...
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NewsInvestment in insurance tech start-ups triples to $2.6bn
Investment in insurance tech start-ups more than tripled last year. Investments in insurtech rose from $800m in 2014 to more than $2.6bn in 2015, according to data from management consultancy Accenture. While much of the money has come from traditional sources such as venture capital and ...
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NewsJLT wins lead broker account for Singapore Airlines
JLT has won the account as lead broker for Singapore Airlines (SIA) Group’s aviation insurance programme. Under the terms of the deal the agreement will run for a period of three years for policies beginning 1 July 2016. It is another big win for the national ...
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NewsFSCS announces £337m levy for 2016/17
The Financial Services Compensation Scheme (FSCS) has announced its levy for 2016/17 will be £337m - £26m less than forecasted in its plan and budget for 2016/17. The levy in 2015/16 totalled £319m. The calculation of the FSCS annual levy is made up of several different ...
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NewsJLT expects one-off costs of £34m in 2016
Jardine Lloyd Thompson (JLT) expects that the restructuring of its employee benefits arm and the settlement of its legal dispute with Willis will result in one-off costs of £34m in 2016. The broker has said that the restructuring of its UK and Ireland employee benefits division ...
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NewsJLT Group commercial director James Twining to depart
Jardine Lloyd Thompson (JLT) Group commercial director James Twining is stepping down from his role. Twining joined the broker in January 2011 and has been a member of the board since 2012. His role will not be replaced. The broker has also appointed Bruce Carnegie-Brown as ...
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NewsInnovation & Disruption 2016: live updates
The Insurance Times editorial team gives you a rolling update of events as they happen from The Crystal in London
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Online onlyIDC 2016: British Gas’s Hive can cut claims 25% and up renewals 15%
British Gas’s Hive smart device can cut home insurance claims by 25% and boost renewals by 15%, according to director of connected homes at British Gas, Kassir Hussain. Hussain said British Gas can do this through installing its Hive device in customers’ homes. Hive is a ...
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Online onlyID 2016: Space a big insurance opportunity – Virgin visionary
Insuring spacecraft and objects in space is going to become big business and a huge opportunity for insurers, says former Virgin Galactic President Will Whitehorn. Key Points Ex-Virgin Galactic President says there will be a boom in insurance for space objects Cost of ...
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NewsCompass plotting MBO from Gallagher
Broker network Compass is in talks with owner Arthur J Gallagher about a management buyout to create an independently-owned network, Insurance Times can reveal. Compass managing director John Lincoln (pictured) said that the network had reached a size where the next phase of its growth could ...
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NewsPIB opens Leeds office and hires three
Broking group PIB has opened a new office in Leeds as part of its expansion plans. Michael Eardley has joined the new Leeds branch as director of professional risks and head of the branch. He has specialised in professional indemnity (PI) insurance and risk management for ...
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NewsR&Q returns to full-year profit in 2015
Run-off buyer Randall & Quilter (R&Q) made a profit before tax of £2.8m in 2015 compared with a loss of £1.6m in 2014. An improved performance in the second half of 2015 helped the company cancel out the £4.5m loss it made at the half-year stage. ...
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NewsHenry Engelhardt and Peter Wood rise up Rich List
Outgoing Admiral chief executive Henry Engelhardt is the richest insurance executive in the UK, according to the latest edition of the Sunday Times Rich List. According to the list, Engelhardt and his family are worth £700m, up from £590m in 2015’s list. This has pushed them ...
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NewsUK General: Technology driving growth in schemes market
Technology is driving growth and change in the UK schemes market, according to the latest survey of scheme brokers by personal lines schemes underwriting agency UK General. The survey 314 broking firms, conducted in association with Insurance Times between 15 February and 27 March this year, ...
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NewsMan used fake policies to steal £200k-worth of hire cars
A Lancashire man has pleaded guilty after being caught stealing identities, setting up fake insurance policies and stealing hire cars with a collective value of more than £200,000. Naveed Shah, 37, of Blackburn Road, Great Harwood, Lancashire, pleaded guilty to two counts of conspiracy to make ...
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NewsInsurance Times scoops award at CII Public Interest Awards 2016
Insurance Times Fraud Charter won The Best Campaign in the Public Interest – Press award at the CII Public Interest Awards last night. Receiving the award [pictured] from left to right are: Insurance Times brand editor Martin Kornacki, senior reporter Ima Jackson-obot, Covéa head ...
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NewsBrightside names ex-rugby player as head of ProSport business
Brightside has hired ex-rugby player Guy Horchover as head of ProSport, a subsidiary of the broker that places insurance for professional and amateur sports people. Prior to joining ProSport Horchover has held sales and marketing roles at Aegon (2005-2015), Marsh, Willis, GE Insurance and Prudential. In his new role Horchover ...
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NewsPIB completes Fish and Cooke & Mason deals
PIB Insurance Brokers has completed its previously-announced acquisitions of commercial broker Cooke & Mason and specialist personal lines broker Fish Insurance. The deals, which were announced in February, have received regulatory approval. They are the first acquisitions PIB has made since private equity house Carlyle Group ...
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NewsCovéa’s Carol Geldard promoted to personal lines director
Covéa Insurance retail distribution director Carol Geldard (pictured) has been promoted to personal lines director. Geldard will take up the newly-created role on 1 June this year. In her new job Geldard will have executive responsibility for the UK insurer’s direct and brokered personal lines offering. ...
