Latest News – Page 696
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NewsRSA-owned insurer overcharged 8,000 motor customers
RSA-owned Irish personal lines insurer 123.ie is refunding 8,000 motor insurance customers that it had overcharged over a period of two years. The insurer, which RSA bought in July 2010, said it started refunding customers last week and expects to complete the process at the end ...
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NewsLobby group: Insurers ‘hoodwinked’ government on whiplash reforms
Lobby group Access to Justice (A2J) has launched a campaign attacking the government’s planned whiplash reforms. The group, made up mainly of personal injury law firms, argues that insurers deliberately misled the government over the need for the reforms. It also contends that the plans will ...
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NewsCyber cover may be worthless if employees hack data
Cyber insurance policies may be worthless if company data is hacked by disgruntled employees, according to lawyers. Unless the policy specifically covers employee actions, insurers may decide not to pay out on claims, according to Manoj Vaghela of law firm Pinsent Masons. “In the absence of ...
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NewsBeazley completes return of its head office to the UK
Beazley has completed the transfer of its head office to the UK from Ireland. The Lloyd’s insurer announced plans for the move in its 2015 results in February. A new UK-domiciled company, called New Beazley, is now the holding company for the group. The completion of ...
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NewsTracey McDermott to leave FCA in July
FCA acting chief executive Tracey McDermott is leaving the regulator on 1 July. The announcement today follows the appointment of Sam Woods as the new PRA boss. As a result Andrew Bailey will now leave his role as PRA head to join the FCA. Earlier this ...
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NewsCII urges industry to tackle lack of SME reputational cover
The CII is urging the industry to plug the gap in reputational risk cover for small-to-medium-sized enterprises (SMEs) in a new report. The report, by the CII insurance broking faculty’s New Generation group, details the growing threat of reputation damage being driven by advancements in social ...
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NewsModus launches home product on SSP
Managing general agency Modus has launched its Home Insurance Plus product on software house SSP’s platform. Home Insurance Plus is designed to cover a range of properties, property usage ad policyholders and provides coverage for buildings, contents and possessions. It is also available for homes of ...
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NewsAXA customers to manage end-to-end claims online in digital push
AXA is investing heavily in its claims proposition to enable customers to manage their own claims online. The insurer is currently testing the system with a large personal lines broker and through its direct travel business. The types of claims that can be made under the ...
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NewsRomero opens Midlands office after hiring Circle's Williams
Leeds-based broker Romero has opened a new office in Nottingham to serve clients in the Midlands. The new office is headed by Stuart Williams, who joined Romero as a director in March from broker Circle Insurance Services, where he was operations director on a short-term contract. ...
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NewsUninsured driver charged after car chase with police
A man has been charged with dangerous driving and having no insurance after a car chase on the M25 and A3 roads, BBC News reports. Jonathan Lewis, 44, of Long Walk, Epsom was arrested after travelling up to 90 miles per hour in a black Peugeot ...
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NewsInsurance staff followed from work as fraud agency warns about data thieves
Insurance staff are being watched by fraudsters as they leave their office the City of London Police has revealed. In a statement today The National Fraud Intelligence Bureau is warning employees about the consequences of passing on or selling customer data to third parties, which ...
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NewsWunelli launches user-installable telematics device
Telematics provider Wunelli has launched a user-installable telematics device that plugs into a car’s 12-volt cigarette lighter socket. Wunelli said the device is around 15% of the cost of a traditional hard-wired telematics device, but offers similar levels of accuracy and data quality. The company claimed ...
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NewsHome & Legacy refreshes home offering to cover market value increases
Home & Legacy has refreshed its home offering to take into account the fluctuating values of household items. The offering which will apply to all household policies; Prestige Home, Ultra Home and Ultimate Home, will provide cover up to the value of 150% of the sum ...
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NewsUnrated Gable battles to build broker trust
Unrated Liechtenstein-based insurer Gable has had a tough time recently. Its share price is down 88% from its 87.25p peak in 2014, and profitability has suffered as it has worked to close the gap between the reserves it holds and what actuaries think it should hold. ...
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NewsBollington expands further into motor trade with Scottish hire
Bollington Insurance is planning to expand its motor trade business following the hire of a new motor trade account manager. In his new role Gary Ferguson will service businesses in Scotland. He has joined the broker from TL Dallas in Falkirk. Prior to that he also ...
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NewsBeazley and Munich Re to launch cyber offering with broader cover
Beazley and Munich Re are planning to launch a cyber offering. The insurer and reinsurer will be offering tailor-made cyber policies with double the amount of coverage that was previously available. The policies will cover physical damage to property and bodily injury as well as more ...
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NewsAXA creates separate real estate arm amid push for further growth
AXA Insurance has created a standalone real estate division to take advantage of the double digit growth the division has seen. The real estate business is currently managed as part of the wider London Branch operation. But the insurer said owing to the real estate book ...
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NewsRSA UK personal lines MD Mark Christer to leave
RSA UK personal lines managing director Mark Christer is leaving the company after five years in the role. David Coughlan, RSA’s group underwriting director, will replace Christer on 1 May. He will report to UK chief executive Steve Lewis. Coughlan joined RSA in 2008 as group ...
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NewsGallagher secures $800m bank loan
Arthur J Gallagher has secured an $800m bank loan to be used for acquisitions or for general business purposes. The deal expires on 8 April 2021. The consortium of banks is led by Bank of Montreal, Bank of America Merrill Lynch, Barclays Bank, Citibank and JP ...
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NewsHyperion’s Stuart Rootham to depart
Hyperion Insurance Group-owned Howden UK Retail joint managing director Stuart Rootham is leaving the company at the end of June. Prior to being appointed joint managing director, Rootham had been the managing director of broker RK Harrison (RKH) Insurance Services since 2011. After the acquisition of ...
