Latest News – Page 737
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NewsBrightside loses Co-op commercial vehicle deal to Miles Smith
Brightside has lost the deal to arrange van, taxi and minibus cover for Co-op customers to Lloyd’s broker Miles Smith, Insurance Times can reveal. Previously, Brightside brand Commercial Vehicle Direct (CVD) arranged the van cover, while the broking group’s One Insurance Solution brand arranged the taxi ...
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NewsBrexit: Lloyd’s says no need for extra capital after Pound slump
Lloyd’s of London has ruled out asking insurers to pledge extra capital after the pound fell to a 31-year low following the vote for UK to leave the EU. Each of the underwriters in Lloyd’s have to deposit money in a communal pot called Funds at ...
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NewsBrexit unlikely to dilute Solvency II rules
Brexit is unlikely to lead to a big dilution of the EU’s Solvency II capital rules, insurance experts have warned. Last week, Lord Turnbull, a former board member at Prudential, told the Treasury select committee that Solvency II was “an absolutely dreadful piece of legislation”. He ...
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NewsSolicitor's premiums cut by 90% after switching to Bar regulation
A solicitor who set up an entity with the Bar Standards Board (BSB) claims the move has cut his insurance costs by 90%. Specialist consumer credit lawyer David Bowden is the latest practitioner to ditch the Solicitors Regulation Authority (SRA) by regulating his Hertfordshire business, David ...
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AgendaAnalysis: managing the merger properly
Combining cultures successfully and keeping hold of the right people are among the biggest challenges when it comes to M&As
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NewsTowergate completes sale of majority stake in Broker Network
Towergate has completed the sale of its majority stake in Broker Network to Highbridge Principal Strategies (HPS) for £46m. The broker announced in March that as part of the deal Towergate would retain 19.9% of Broker Network’s shares. adding that there would be no Towergate involvement ...
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NewsReinsurance discounts for UK insurers as global rates fall
UK insurers have seen a 10% cut in their catastrophe excess of loss rates in the June/July 2016 renewal season as reinsurance rates are softening worldwide, according to reinsurance broker Willis Re. Excess-of-loss reinsurance pays out when the insurer’s losses reach a certain point. Reinsurance rates ...
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NewsInsurance is 'playing catch-up' to other industries: LMG chief exec
London Market Group (LMG) chief executive Ben Reid has said the insurance industry is “playing catch-up” to other industries and needed to embrace modernisation. Reid said the LMG’s agenda is to “build and maintain London’s position and reputation as the global centre of insurance excellence”. Reid ...
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NewsIFED warns Scottish residents of ghost brokers
Detectives from the City of London Police’s Insurance Fraud Enforcement Department (IFED) have warned Scottish residents about ghost brokers targeting their addresses. IFED officers will visit residents in Aberdeen, Inverness and the Isles of Skye and Harris as part of an investigation into suspected ghost brokers ...
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NewsAscent names Cleary as COO
Ascent Underwriting has appointed Kevin Cleary as chief operations officer. The specialist Managing General Agent providing coverage for emerging cyber risks, said Cleary will be responsible for the development and growth of an international financial lines portfolio. Cleary joins Ascent from The Navigators Group where ...
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NewsEast London 'worst for uninsured vehicles'
East London tops the list of UK’s uninsured driving hot spots, according to Churchill Insurance. East London has the highest proportion of uninsured vehicles at 13.4%, but Birmingham has the most uninsured cars with 55,142 uninsured vehicles. Across the UK, there are over 1 million uninsured ...
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NewsOsborne aims to cut corporation tax below 15%
Chancellor of the Exchequer George Osborne is planning to cut corporation tax to less than 15% to boost investment following the Brexit vote. In an interview with the Financial Times, Osborne said he wants to slash UK corporation tax from its current rate of 20% to ...
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NewsHenderson buys Sunderland broker
Henderson Insurance Brokers (HIBL) has bought Sunderland-based Branch Insurance Brokers as it plots further expansion in the North East. HIBL has two other purchases in the pipeline as well as investment in existing business. Chief executive Joe Henderson said: “HIBL’s prime growth is organic and this ...
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NewsAXA’s Blanc and RSA’s Lewis join ABI board as Evans and Hester exit
AXA UK chief executive Amanda Blanc and RSA UK and western Europe chief executive Steve Lewis have joined ABI’s board. Former AXA UK chief Paul Evans, who has moved to become AXA’s global life, health and savings head, will step down as ABI chairman at the ...
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NewsLabour's McDonnell says passporting rights 'vital'
The Labour Party will seek to preserve passporting rights for financial services including insurance. Shadow chancellor John McDonnell (pictured) cited passporting rights as one of the Labour Party’s “red lines” in its policy on negotiations with the EU after last week’s Brexit vote. Labour’s red lines ...
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News'True independence after MBO will drive growth': Compass MD Lincoln
Compass managing director John Lincoln said that becoming independent would drive growth for the network as it targets £1bn in gross written premiums over the next three to five years. Speaking with Insurance Times following the management buyout (MBO) of Compass from Arthur J Gallagher, Lincoln ...
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NewsRunner ordered to pay Aviva £9,213 after ‘fundamentally dishonest’ whiplash claim
A runner has been ordered to pay Aviva’s cost of £9,213 after an investigation into his whiplash claim saw him running, hiking and working. During the court hearing at Liverpool Country Court the judge found that 29-year-old William Owen’s whiplash claim was “fundamentally dishonest”. Owen first ...
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NewsCompass completes MBO from Gallagher
Broker network Compass has completed its management buy-out (MBO) from broking group Arthur J Gallagher, Insurance Times can reveal. The MBO was backed by Close Premium Finance, a subsidiary of merchant banking group Close Brothers. The companies did not disclose what Compass’s management team paid Gallagher to ...
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NewsZurich UK GI boss Vibhu Sharma to leave
Zurich UK general insurance chief executive Vibhu Sharma is leaving the company “to continue his career outside the group”. Conor Brennan, currently Ireland general insurance chief executive, will take over from Sharma from the end of July. The move closely follows the appointment of Anne Torry ...
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NewsTowergate appoints Zurich's Martin as commercial director
Towergate named Kay Martin as its new commercial director. She joins from Zurich UK, where she was a member of the UKGI executive and chief marketing officer since 2010. Martin will join Towergate’s executive committee, reporting to chief executive David Ross. She recently assumed interim responsibilities ...
