Latest News – Page 730
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NewsStorms drive up Lloyds Bank general insurance COR by 16 points
Lloyds Banking Group’s general insurance business experienced a 16 percentage point deterioration to 89% in its combined operating ratio (COR) in the first half of 2016 (2015: 73%), partly driven by adverse weather in the first half of 2016. The bank said it helped more than ...
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NewsEnterprise parent’s bond ratings suspended
Rating agency Creditreform Rating has temporarily suspended its ratings of Enterprise Holdings’ two bonds following the collapse of subsidiary insurer Enterprise Insurance Company. Enterprise Holdings has two bonds listed on the Frankfurt stock exchange. One, which expires next year, was rated BBB by Creditreform, while the ...
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NewsCourt finds insurers can recoup payments on exaggerated claims
Insurers can claw back claims payments after settlement if the claimant has deliberately exaggerated a claim, the Supreme Court has ruled. In a judgement handed down today, Supreme Court judges ruled that injured worker Colin Hayward should only be paid a settlement of £14,720 even though ...
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NewsBroker Fish looks to UK General to replace Enterprise capacity
Personal lines broker Fish Insurance has switched its motor excess protection book of business to underwriting agency UK General following the collapse of Gibraltar insurer Enterprise. UK General managing director Karen Beales (pictured) said that the company signed the transfer agreement at close of play on ...
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NewsCourt exposes father and son’s attempt to defraud AXA
A father has been found guilty of providing false information to obtain insurance and been sentenced to 100 hours of community service after a failed attempt to defraud AXA. Mohammed Rustam Khan told AXA that no one in his home had any criminal convictions when he ...
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NewsDishonest drivers pay higher premiums – Consumer Intelligence
Motorists who lie to insurance companies are paying £286 more on their insurance premiums, according to research published today. The report by market research firm Consumer Intelligence found that insurance companies offer a better price to honest drivers because in their experience they are less likely ...
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NewsLancashire profit drops 36% as earned premiums fall
Specialist London-based insurer Lancashire Holdings made a profit before tax of $56.6m (£43.1m) in the first half of 2016, down 36% on the $88.6m profit it made in the same period last year. The main cause of the profit reduction was a 16% drop in net ...
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NewsCyber startup launches ransomware protection guarantee
Cybersecurity startup SentinelOne has launched a new protection guarantee that pays up to $1m (£760.840) if SentinelOne’s software fails to detect a ransomware cyber-attack on a company’s system. The software, which learns the user’s behaviour on devices such as mobiles and computers, will alert the user ...
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NewsTelematics data defends policyholder in court
A judge has ruled in favour of a policyholder in a car crash liability case as telematics data from telematics underwriting agency Insurethebox showed “overwhelming” evidence that he was telling the truth. The third party had blamed a policyholder for the collision he said happened late ...
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NewsAviva, Zurich, RSA - why we should watch these insurers at H1 results
Insurance Times editorial gives a video preview of what to look out for as the half-year results season begins
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NewsEnterprise's liabilities could exceed assets by up to £18m - reports
The liabilities of failed Gibraltar insurer Enterprise could exceed its assets by as much as £18m, according to reports. The Gibraltar Financial Services Commission (FSC) last week ordered Enterprise to stop writing new business after the company admitted to being insolvent. The Supreme Court has now ...
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NewsParent of stricken insurer Enterprise unveils MGA plans
The parent company of failed Gibraltar insurer Enterprise is planning to expand its managing general agency (MGA) in a bid to replace some of the revenue it will lose. Enterprise Holdings, which owns 100% of the recently collapsed Enterprise Insurance Company (EIC), also owns an established ...
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NewsFive examples of skyhigh motor premiums and underwriting reasons behind the pricing
Insurance Times selects its top five case examples of motorists hit with super premiums
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NewsCharles Taylor buys travel claims firm CEGA for £29.8m
Insurance services firm Charles Taylor has bought medical assistance and travel claims management firm CEGA Group for £29.8m. CEGA will continue to be run by its current management team. CEGA chief executive Alistair Hardie will report to Charles Taylor chief executive David Marock (pictured) and will ...
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NewsBP Marsh hires bank to advise on sale of Besso stake
The board of Besso and its shareholders have hired investment bank and financial advisory firm Canaccord Genuity to carry out a strategic review for the Lloyd’s broker. Venture capitalist BP Marsh which is led by Brian Marsh (pictured), has a 44.97% stake in the broker announced ...
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NewsMGA Euna opens motor trade office
Specialist managing general agency Euna has opened a new office dedicated to motor trade. The new office, in Chelmsford, is Euna’s first office outside its London headquarters. The company has also hired Alana Galbraith as assistant underwriter in the motor trade underwriting team. She will work ...
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NewsElite to set up Luxembourg unit to combat Brexit
Gibraltar-based insurer Elite has chosen Luxembourg as the location for its second insurance company, which it is setting up to counter the effects of Brexit. The company said last month that it was planning to set up a new regulated insurance company in the European Union ...
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NewsMPs renew call for FCA split
Senior MPs have said there is a case for splitting the FCA into separate supervisory and enforcement bodies. The call for a split was published in a Treasury Committee review of the 2008 failure of banking group HBOS. The committee said the existing system, where supervision ...
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NewsJLT reveals deeper-than-expected job cuts at UK EB unit
JLT announced today that it has cut more than 300 jobs at its UK and Ireland employee benefits (EB) unit during its restructuring. When it revealed the restructuring in March, the broking group said that the restructuring would result in a cut of around 10% of ...
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NewsJLT reports 46% profit drop and 1% organic growth for first half
Broking group Jardine Lloyd Thompson (JLT) made a profit before tax of £55.2m in the first half of 2016, down 46% on the £101.5m it reported in the same period last year. The main cause of the drop was one-off costs of £34m. These included £10.2m ...
