Latest News – Page 697
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NewsRSG launches Lloyd’s-backed cyber-risk MGA
Ryan Specialty Group (RSG)’s underwriting division has launched EmergIn Risk, a London-based cyber-risk managing general agency (MGA). EmergIn Risk has secured an initial £20m of Lloyd’s capacity, which will allow it to offer global companies protection against exposure to system and network interruptions, data corruption or ...
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NewsAnaCap sells Simply Business to ERS owner Aquiline
AnaCap has sold insurance broker Simply Business to fellow private equity house Aquiline Capital Partners. Confirming the sale, AnaCap said that it had recouped 4.5 times the amount it invested when it backed Simply Business’s management buy-out in July 2013. News reports put the sale price ...
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NewsSpecialist brokers named in Sunday Times fast-grower list
Two specialist insurance brokers have been named in the Sunday Times ‘Profit Track 100’ list of private companies with the fastest-growing profits. Liverpool-based motor broker Acorn Insurance ranked 53rd in the list, after growing profit by 76.39% over the past three years. Acorn specialises in niche ...
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NewsBroker Network hires Canopius’s Tim Rolfe for new role
Broker Network has hired former Canopius UK specialty chief executive Tim Rolfe as chief product and underwriting officer. Rolfe will take up the newly created role on 1 May, subject to regulatory approval. It emerged in February that Rolfe was leaving Lloyd’s insurer Canopius, which he ...
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NewsAIG plans to cut 125 UK jobs – report
Troubled insurer American International Group (AIG) is planning to cut 125 jobs in the UK, Bloomberg reports. Sources familiar with the plan told Bloomberg that the US-based group was planning to cut 5% of its 2,500-strong UK workforce, which would mean around 125 staff would be ...
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NewsJLT pays £22m to settle Willis team lift dispute
JLT will pay £22m to settle its legal dispute with Willis after JLT poached a 22-strong team of specie brokers from Willis. Willis sued JLT Group, JLT Specialty and specie team head David Gordon in April 2015 for “conspiracy and for breach of duty and wrongful ...
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NewsPRA insurance head named regulator’s new chief executive
PRA executive director of insurance supervision Sam Woods will become the regulator’s new chief executive on 1 July. Woods will also become the Bank of England’s deputy governor for prudential regulation. He will replace current PRA chief executive Andrew Bailey, who is leaving to become chief ...
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NewsDoctor charged with insurance fraud after IFED probe
A London doctor has been charged today (8 April) with insurance fraud following an investigation by the City of London Police’s Insurance Fraud Enforcement Department (IFED). Benjamin Chang, 56, of Sunnyfield, Mill Hill, London was charged with fraud by false representation, possession of articles for use ...
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NewsEsure chief’s pay rises 11% as company hits target
Esure chief executive Stuart Vann was paid a total of £824,425 in 2015, up 11% on the £746,021 he was paid in 2014. The insurer’s chief financial officer Darren Ogden enjoyed a 13.1% increase in total pay to £501,763 (2014: £443,631). The total pay increases reflect ...
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NewsFall in investment income eats into Covéa Insurance profit
Covéa Insurance made a profit before tax of £15.7m in 2015, down 26% on the £21.3m it made in 2014. The profit drop was caused by an £8m drop in investment income, which offset an improvement in underwriting results, driven by personal lines motor. Key points ...
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NewsClaims finalists tell their inspiring stories - Howden, Deacon, Bluefin, Alps, Pen and more
These heroes of claims entered the final straight on Wednesday when they presented their case before judges in London. The Insurance Times reporting team was there to hear finalists’ inspiring stories. Passionately committed to their customers, work colleagues and the world we live in ...
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NewsClaims finalists tell their inspiring stories – Markel, Willis IRM, Allianz, LV= and FM Global
The shortlisted candidates for the 2016 Claims Excellence awards entered the final straight on Wednesday when they presented their case before the judges. The Insurance Times reporting team was on hand to speak with them about what it means to be nominated. Passionately committed to their ...
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NewsClaims finalists on why the industry needs to up its game
Claims have always been important to the insurance industry: they are the measure by which customers value the product they have bought. But the industry’s efforts to improve claims outcomes for all involved have kicked up a gear in recent years, with more innovation than ever ...
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NewsCo-op GI aims to connect to Flood Re by third quarter
Co-op’s general insurance (GI) business aims to connect to Flood Re by early in the third quarter this year, according to products, pricing and propositions director James Hillon. He also did not rule out the insurer selling its book of run-off business after its transformation plan is ...
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NewsEx European regulator chief joins PwC's insurance advisory team
PwC said it has appointed former top European regulator Carlos Montalvo Rebuelta (pictured) to its global insurance regulatory practice. Based in Spain, Montalvo will support the corporate services group’s European and global clients in managing their regulatory challenges. Montalvo was previously executive director at the European ...
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NewsCo-op GI crashes to £66.1m loss and 108.7% COR in 2015
Co-op’s general insurance (GI) business made a £66.1m loss before tax in 2015, compared with a loss of £6.8m the previous year. The insurer’s combined ratio (COR) increased by 3.4 percentage points to 108.7% (2014: 105.3%). Key points Profit hit by £47.4m transformation costs ...
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NewsMGA focused on 'minimising' loss ratio to launch with £30m capacity
The chief executive of a claims management firm is planning to launch a new managing general agency (MGA) which will specialise in van and commercial vehicles and will have a focus on “minimising loss ratio to maximise profit”. Pukka Insure, led by Sam White, has secured ...
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NewsBrightside bowls in with 5-year cricket sponsorship deal
Brightside has signed a five-year cricket shirt deal as it aims to become one of the country’s top insurance brokers. The deal with Gloucestershire County Cricket Club (CCC) will see its home, Bristol County Ground, rebranded to Brightside Ground, Bristol. What is the Brightside cricket ...
