Latest News – Page 747
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NewsBluefin extends loss recovery insurance deal with Lorega
Broking group Bluefin has extended a white-label loss recovery insurance deal with underwriting agency and loss adjuster Lorega for a further three years. Under the deal, Lorega will continue to provide loss recovery insurance cover to Bluefin clients under the Bluefin Assist brand. The cover helps ...
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Online onlyAdmiral adds 'Airbnb' cover to home policies
Admiral has launched home sharing cover as an option on all of its home insurance policies. The cover protects those looking to rent their home through home sharing sites such as Airbnb, Wimdu and Homestay. Policyholders can rent their homes out for up to 90 days ...
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NewsCo-op Insurance finance chief heads back to LV= to replace Steve Castle
Co-op Insurance chief financial officer Kieran O’Keeffe will leave on 14 October this year to join rival insurer LV= as general insurance finance director. He replaces current LV= general insurance finance head Steve Castle, who wil leave LV= towards the end of the year following a ...
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NewsCo-op: UK drivers find motor insurance ‘too confusing’
Half of the UK’s drivers find motor insurance too confusing, and 86% believe it needs to be easier to understand, according to a survey commissioned by Co-op Insurance. The survey of 2,000 UK drivers, conducted by Atomik Research, found that 51% of drivers do not understand ...
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NewsMunich Re insurance arm to axe 1,800 jobs
Munich Re’s ERGO insurance unit is planning to axe 1,800 jobs as part of a cost-cutting drive. The job cuts have been dubbed “ruthless” by a union representative. The job losses will fall in Germany as the insurer tries to lower its gross annual cost base ...
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NewsGable abandons 'inappropriate' £10m sister MGA funding plan
Gable has abandoned plans for sister underwriting agency Hogarth to contribute £10m to the unrated insurer’s regulatory capital after chief executive William Dewsall decided the transaction would be “inappropriate”. According to a stock exchange announcement, Dewsall now intends to use a separate private vehicle, wholly owned ...
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NewsPIB buys Guernsey-based broker
PIB has bought Guernsey-based broker Channel Insurance Brokers (CIB) for an undisclosed sum. CIB is the Carlyle Group-backed consolidator’s third acquisition, after Fish Insurance and Cooke & Mason, which it completed in April. PIB has hired Stephen Llewellyn-Jones (pictured) as CIB’s new chief executive. He was ...
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Online onlyJune 2016 issue
Cover story: Gallagher and Marsh plot mergers and acquisitions … but insurers back smaller firms
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NewsLondoners pay double for motorbike insurance compared with rest of UK
Motorcyclists in London pay nearly twice as much in insurance compared with those in the rest of the UK because of the greater risk of theft or accident. Londoners pay £518 a year to insure their motorbikes, against a national average premium of £285, according to ...
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NewsRSA completes sale of Mexican operation
RSA has completed the sale of its Mexican operations to Suramericana, the insurance subsidiary of Grupo de Inversiones Suramericana (Grupo SURA). The transaction is part of RSA’s plan to sell all of its Latin American operations to Grupo SURA for £403m, which it announced in September ...
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NewsAviva head of fraud named as IFB technical board chair
Aviva head of fraud, Tom Gardiner, has been appointed as the new chair of the Insurance Fraud Bureau (IFB) technical board. Gardiner takes over from Richard Davies, who will remain on the board. The technical board, which was set up in 2011, comprises of leading fraud ...
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NewsBroker Kingsbridge plots expansion after £4.2m PE firm backing
Broker Kingsbridge Risk Solutions is planning to expand into new sectors after securing backing from private equity firm Dunedin. The deal worth £4.2m means that Livingbridge the mid-market private equity firm that backed Kingsbridge in January 2014 will fully exit the business. This is Dunedin’s second ...
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Online onlyNeos chief exec: 'Insurance suffers from being conservative'
Neos chief executive Matt Poll, who left MoreThan after 15 years to create a home insurance start-up, explains the potential dangers for insurance companies of not engaging with their customers properly, and why they must be more agile with new ideas.
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Online onlyUnimpressed consumers reject 'connected home' transition
Most consumers are unwilling to buy smart home technologies and lack interest in the ‘Internet of Things’, a new survey has found. PricewaterhouseCoopers (PwC) found that 72% of people surveyed were reluctant to adopt smart home technologies such as smart heating systems, renewable energy devices and ...
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NewsIce-cream van fraudster faces a year in jail
A man has been handed a one-year suspended sentence for his part in a series of insurance frauds involving an ice-cream van. Thirty-nine-year-old Barry Mark Sandmann of Brompton Lane, Strood, Kent was sentenced on Friday 27 May at the Old Bailey. In addition to his suspended ...
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NewsBluefin Underwriting hires Coughlan as head of finance
Bluefin Underwriting has hired Ian Coughlan as head of finance reporting into Paul Drake (pictured), head of Bluefin Underwriting. Coughlan has spent the last eight months working with the Bluefin Underwriting team as a specialist consultant. He previously spent six years as finance director at Jardine ...
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NewsUK General hires two to beef up broker business
UK General said it has hired Barry McCormick and Rob Tustin business development managers. McCormick has joined UK General’s sales team to develop its new broker business in Scotland. The role has been created to meet a surge in demand for bespoke personal lines schemes which ...
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NewsHelios 2015 profits down, makes £3.75m acquisition
Helios Underwriting reported lower profits for 2015 as its reinsurance levels increased, The Lloyd’s underwriter also announced it has acquired Lloyd’s limited liability member Nameco (No 346) for £3.75m. Helios said the deal was in line with its strategy of increasing underwriting capacity through acquisition. The ...
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NewsEx-Zurich CEO Senn commits suicide
Martin Senn, former chief executive of Zurich Insurance Group, has killed himself, the company said. Senn stepped aside from the top spot at Zurich in December following problems with the company’s general insurance business and its failure to take over RSA. In February, Zurich reported larger ...
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Online onlyRoads minister: Driverless car threat 'pie in the sky'
The idea of driverless cars making motor insurance unnecessary is “a lot of pie in the sky”, according to roads minister Andrew Jones. But he added that the advent of the driverless car would mean changes in the insurance industry. Speaking in Milton Keynes, where he ...
