Latest News – Page 694
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NewsEx-manager to get £45,942 from broker for unfair dismissal
A broker has won an unfair constructive dismissal case against her former employer Abbey Insurance Brokers. Anne McLarnin, who worked had worked for Northern Ireland broker Abbey for 12 years, claimed she felt ‘shafted’ and was forced to resign as manager of Abbey’s Newforge branch. The ...
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NewsCullum's MVP takes stake in broker Kingsway
Peter Cullum-backed investment vehicle Minority Venture Partners (MVP) has bought a stake in commercial insurance broker Kingsway Insurance Services. The size of the stake was not disclosed but MVP typically buys minority holdings in brokers of between 20% and 30%. Kingsway plans to use the new ...
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Online onlyHiscox poaches UK finance chief from Pru
Hiscox has landed a recruitment coup by poaching Prudential’s UK and European financial officer. Hiscox has landed Hamayou Akbar Hussain, known as Aki, to head up its finance. Hussain will lead the and development of the financial team and oversee the insurer’s investments. Bronek Masojada, chief ...
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NewsRSA planning to halve UK staff redundancy payouts
RSA is planning to halve the amount of redundancy pay for staff who joined the company before April 2013. The insurance group is also planning to stop paying new contributions into its defined benefits pension schemes from 31 October 2016. RSA will consult staff on the ...
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NewsMarsh-owned Jelf names new direct and network heads
Marsh-owned Jelf has appointed Duncan Carter to the role of Direct and Partnership (D&P) chief executive. The newly created division comprises Jelf’s Purple Partnership and Marsh’s three networks: Marsh ProBroker, Marsh Labyrinth, and Marsh Connections. It also includes Marsh and Jelf’s affinities businesses and online broker ...
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NewsTony Allen shifts focus to A&A’s Gibraltar insurer in reshuffle
A&A Group chief executive Tony Allen is shifting his focus to the group’s Gibraltar-based insurer, Mulsanne Insurance Company, as part of a reshuffle. The company has also named Paul Twilley as Mulsanne’s claims director. Key points A&A has bought failed Gibraltar insurer Service’s UK ...
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NewsEnterprise to expand in UK following Italy and Ireland exits
Enterprise Insurance Company (EIC) is planning to expanding its niche commercial vehicle products to UK brokers on the Open GI and SSP platforms as it has exited a number of partnership in Italy and Ireland. Underwriting director Martin Kennedy said the exits had provided the insurer ...
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NewsPensioner behind Munich Re agency bomb hoax jailed
A pensioner who carried out a bomb hoax against a Munich-Re owned underwriting agency has been jailed for 16 months. Liverpool Crown Court heard David Norris, 74, had long harboured a grudge against Groves, John & Westrup (GJW), which had rejected his £168,000 claim after his ...
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NewsAviva relaunches high net worth unit as Aviva Private Clients
Aviva has relaunched its high net worth business under the brand Aviva Private Clients. The division will have a dedicated managing director, Adam Beckett, and a dedicated team, of underwriters. The insurer will upgrade its suite of high net worth products, which are branded Distinct, and ...
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NewsMarkerstudy’s Russell Bence joins Brightside
Markerstudy retail managing director Russell Bence, whose departure was announced yesterday, is to join broking group Brightside as managing director of volume lines. Bence will start his new role in May. Brightside executive chairman Mark Cliff said: “I was looking for an MD with broking in ...
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NewsInsurers lose legal battle over Sony warehouse riot fire
Insurers have lost their battle with London mayor Boris Johnson over the payout for the Sony warehouse fire in Enfield following the August 2011 riots. This means insurers, not Johnson’s office, will have to foot the bill for loss of profit and rent related to the ...
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NewsAndy Wallin joins Cooper Gay as commercial director
Former Brightside chief executive Andy Wallin has joined broking groups Cooper Gay Swett & Crawford (CGSC) as group commercial director. Wallin left Brightside in September 2015 after only eight months as chief executive. Before joining Brightside Wallin was managing director of Arthur J Gallagher’s direct business ...
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NewsAdrian Colosso to support MGA’s UK broker push
Broking industry veteran and former Howden UK chief executive Adrian Colosso has joined specialist property managing general agent Inet3 as non-executive chairman. The MGA said Colosso, who left Howden at the end of July 2015, said Colosso will play a “pivotal role” in supporting it as ...
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NewsJohn O’Roarke gets £10m share of £39m award to LV= GI bosses
LV=’s outgoing general insurance managing director John O’Roarke has been paid a £10.1m share of a total £39.4m long-term incentive award paid to “certain key management personnel” of the company’s general insurance (GI) division. This meant O’Roarke had a total pay package from LV= of £10.7m ...
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NewsFCA strikes off two brokers for not paying fees
The FCA has cancelled the permissions of two general insurance brokers because they failed to pay outstanding fees. As a result, neither are allowed to continuing operating as brokers. Lester Evans of Barnet owed the FCA £1,694.44 in periodic fees and levies, which had been due ...
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NewsMotorists do not trust driverless cars – survey
Most motorists do not trust the technology behind driverless cars, a new survey by motoring publication What Car? has found. Some 51% of respondents to the survey, published today, said they would feel unsafe or very unsafe behind the wheel of a self-driving car, while 45% ...
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NewsAmTrust to buy Lloyd’s insurer ANV for £154m
US financial services group AmTrust has agreed to buy Lloyd’s insurer ANV for $218.7m (£154m) in cash from its current owner, Ontario Teachers’ Pension Plan. The deal is awaiting regulatory approval and is expected to be complete in either the third or fourth quarter this year. ...
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NewsMarkerstudy restructures retail division as Russell Bence resigns
Markerstudy’s retail division managing director Russell Bence is to leave on 30 April after 7 years with the company, triggering a restructure. Bence will not be replaced directly. The retail division, which employs 700 staff, will be restructured into four units. The four existing operations directors ...
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NewsDecline in reserve releases to hit motor insurer profits
A slow down in premiums in the first quarter of 2016 will hit motor insurer profits as prior year reserve releases from the highly profitable 2011-2013 period come to an end, analysts from investment bank Macquarie have said. Yesterday, the Confused.com price index showed that prices ...
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NewsAXA expands African operations in joint venture with Chaucer
AXA is expanding its reach into Africa with the launch of a joint venture with Lloyd’s insurer Chaucer. The new venture, AXA Africa Specialty Risks, will be dedicated to covering specialty insurance lines in Africa, covering business such as political risks, energy and infrastructures. The partnership ...
