Latest News – Page 695
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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 ...
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NewsSaga motor unit reports 74.4% COR and 10.3% profit growth
Over 50s insurance provider Saga’s motor underwriting business made an operating profit of £82.8m in the year ended 31 January 31 2016, up 10.3% on the £75.1m it made the previous financial year. The division’s combined operating ratio was 74.4% an improvement of 3.5 percentage points ...
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NewsMarsh Networks boss Martyn Denney departs
Marsh UK head of networks Martyn Denney has left the company. Denney joined Marsh in May 2010 from Towergate where he was managing director of Broker Network Insurance Services. At Marsh he was responsible for the broker’s three main networks; Marsh Pro Broker, Marsh Labyrinth and ...
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NewsWatchstone rejects acquisition offer
Watchstone has rejected an ‘unworkable’ bid from a private company to buy all of its assets, excluding the actual and contingent liabilities. But the insurance technology firm has not ruled out further proposals from the company. In a statement the company said: ”Watchstone notes the recent ...
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NewsCooper Gay’s Lloyd’s broking chief to step down
Gordon Newman is to step down as chief executive of CGNMB, the Lloyd’s broking unit of Cooper Gay Swett & Crawford (CGSC), on 20 April. His responsibilities will be assumed by CGSC group chief executive Steve Hearn, subject to regulatory approval. Newman will remain at CGNMB ...
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NewsBluefin buys four regional brokers
Bluefin has acquired four regional brokers since the start of this year. The AXA-owned broking group’s largest and most recent purchase is Liverpool-based commercial broker Exchange Insurance Services. It has also bought Yorkshire-based Alverton Insurance Brokers in January, and Scotland-based companies Wilbourn Insurance Services and Grampian ...
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NewsMotor rates stall in first quarter - Confused.com
The rising cost of motor insurance has stalled for the first time in a year, according to the latest Confused.com Car Insurance Price Index. But the halt in price increases could just be a seasonal effect, the survey compilers said. The average comprehensive premium held at ...
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NewsLaw firm DWF takes over insurance lawyers Fox Hartley
Law firm DWF said it is acquiring insurance lawyers Fox Hartley. Fox Hartley, which has 16 people including three partners, provides dispute resolution services for major insurer and manufacturer clients. The firm acts for UK and global insurers on catastrophic injury, aviation claims, property damage, business ...
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NewsConnected cars vulnerable to hackers 'for a decade'
Connected cars will be vulnerable to hackers for a decade, according to leading tech security expert Eugene Kaspersky. Founder of Kaspersky Lab, the former Soviet intelligence officer told the Financial Times that today’s connected cars are “more safe but less secure”, because of their networked safety ...
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NewsBiba sets up new standards committee
Biba and the Insurance Brokers’ Standards Council have set up a new standards committee. Biba chief executive Steve White said the BIBA Insurance Brokers’ Standards Committee will be headed by Paul Anscombe (pictured), chief executive of Seventeen Group and chair of the Insurance Brokers’ Standards Council. ...
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News'Whiplash' footballer given suspended sentence
A semi-professional footballer who was caught tweeting about playing football 24 hours after making a dishonest insurance claim for whiplash admitted contempt of court. Gary Burnett, 24, made the claim following an accident at a McDonald’s drive-thru restaurant in Birkenhead, Merseyside, in October 2013. He claimed ...
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NewsCourt victory for insurer in £236,724 Ferrari credit hire dispute
A businessman has lost his legal battle to force Direct Line Group (DLG) to pay £236,724 for the hire of two Ferraris following a car accident. Earlier this month, a judge at Darlington County Court upheld an earlier ruling which meant that DLG did not need ...
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Online onlyEcclesiastical renews charity scheme and appeals for more brokers
Ecclesiastical is keen to strike more scheme partnerhsips withi brokers after its latest successful partnership. Ecclesiastical and Watson Laurie will provide an office risk scheme for the Carers Trust, the UK’s largest carers’ charity. The scheme provides the charity’s 160 network partners with coverage on important parts of ...
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NewsDirect home and motor exit to punch £84m hole in Allianz GWP
Allianz UK’s planned exit from direct home and motor business will punch a £84m hole in the insurer’s gross written premium (GWP), according to chief executive Jon Dye. Speaking to journalists this morning about the planned change, which will put 170 jobs at risk, Dye also ...
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NewsLV= group boss Rogers steps down
LV= group chief executive Mike Rogers will step down. Rogers, who spent 10 years at the helm, led the closure of the banking operation in 2007 and the IFA in 2008. He also led the acquistion of Highway in 2008. Rogers said: “It’s ...
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NewsBrokers rally behind Allianz despite home and motor blow
Allianz’s planned exit from direct home and motor business could give brokers a greater opportunity to show their worth to the company. While sympathising with the 170 Allianz staff that could lose their jobs over the move, some broker bosses said that brokers may be able ...
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NewsGallagher puts graduate scheme on hold
Arthur J Gallagher has put its graduate recruitment scheme on hold following a review which found that graduates on a formal programme were less likely to remain long-term with the company where they received their initial training. The broker said that as a result of changes ...
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NewsABI: lawyer lobby group ‘simply wrong’ on whiplash reform
ABI general insurance policy director James Dalton has hit back at lawyer lobby group Access to Justice (A2J)’s criticism of proposed government whiplash reforms, calling the group’s position “simply wrong”. A2J launched its campaign against the proposed personal injury reforms yesterday, and chairman Martin Coyne claimed ...
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NewsBriefing: How did Allianz get it so wrong in direct home and motor?
This is a shock development in UK insurance. Allianz, which built a rock solid reputation on consistency and prudence, is pulling out of all direct home and motor. Personal lines head Neil Brettell is gone amid 170 likely job losses. This prompts the simple question: how did ...
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NewsAllianz puts 170 jobs at risk as it plots direct home and motor exit
Allianz UK is planning to withdraw from direct home and motor and as a result, is putting 170 jobs at risk. Roles in Allianz’s Bristol and Guildford offices will be affected by the proposal and a period of consultation has begun with the Union on the ...
