Latest News – Page 748
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NewsBlanc vows to keep AXA’s momentum in her new role
AXA’s Amanda Blanc is keen to ensure that the insurer keeps up its pace of development when she takes over as UK and Ireland group chief executive. Blanc, currently UK and Ireland general chief executive, will take over as head of AXA UK and Ireland as ...
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Online only'Fundamentally dishonest' kick boxer KO'd by judge in court
A kick boxer has been ordered to pay £4,000 costs to esure after a public video uncovered the fraud to have falsely claimed the injuries sustained in the ring were received in a previous car accident. Dawid Masel, of Weston-Super-Mare, claimed that he was jolted on ...
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AgendaBroker appetite for cyber could be cut by Insurance Act demands
The demands of the Insurance Act could result in non-specialist brokers steering away from selling cyber products, according to Biba. Speaking at the Insurance Times Cyber Charter, Biba corporate affairs manager Andy Thornley said that because the cyber insurance market was still in its infancy, brokers ...
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NewsJobs at risk as Towergate closes Milton Keynes retail function
Towergate is transferring the retail business handled by its Milton Keynes operation to other offices, putting jobs at risk, Insurance Times can reveal. The broking group confirmed that it was consulting with staff about possible redundancies in Milton Keynes but declined to say how many jobs ...
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NewsBroker Ropner hires six following GRP backed-MBO
Lloyd’s and London Market broker, Ropner Insurance Services, has appointed six new brokers following its Global Risk Partners-backed management buyout last year. Gary Watson and Stewart Alliston have joined the international non-marine division. Nick Kirby has joined the Fine Art team from JLT. ...
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Online onlyAmanda Blanc takes over from Evans as AXA domestic boss
Amanda Blanc has taken over from Paul Evans as AXA UK and Ireland boss. Evans will join AXA’s group management committee, paving the way for Blanc to slip into his shoes. The change means Blanc, who was running general insurance for UK and Ireland, will ...
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Online onlyPet owners hit with £232m vet bill amid 37% claims rejected - report
Nearly four in ten pet claims are rejcted landing UK animal lovers with a collective £232m bill that they have to dig out from their own pockets, according to a report from money.co.uk. The rejection rate of 37 per cent is far higher than for motor ...
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Online onlyBiba victory as MoJ agrees tough action on insurance fraud
Biba scored a major victory yesterday as the Ministry of Justice agreed tough new plans to crack down on the scourge of insurance fraud. The decision is also welcome news to the Carpenters Law-backed Insurance Times Fraud Charter, which has raised the profile of the industry’s ...
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NewsAppeal court rules no proof of fraud needed to dismiss a claim
An appeal court ruling has confirmed that trial judges don’t have to confirm that fraud has taken place in order to dismiss a claim. Two claimants seeking over £25,000 in damages had their claim dismissed today by the Court of Appeal as they failed to prove ...
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Agenda'Crash for cash' duo caught in the act
Two men have been sentenced after they were spotted by a member of the public staging a car crash in Keighley, West Yorkshire. Luke Gaughan and Sam Borbely, both 25, staged the crash in the early hours of 15 November 2014 near Keighley. Borbely parked his ...
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NewsEx-Quindell unit Hubio teams up with Indian carmaker Mahindra
Hubio, the usage based insurance technology company owned by Watchstone Group – formerly Quindell – has teamed up with Indian carmaker Mahindra to offer telematics-based insurance services. Coinciding with the UK launch of Mahindra’s new e2o all-electric urban runabout (pictured) in the UK, the Indian company’s ...
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NewsGable unveils plan to offer Solvency II compliant and A-rated capacity
Gable is aiming to offer Solvency II compliant cover for certain niche lines of business, as well as A-rated capacity across its entire platform by the end of the third quarter this year. The unrated insurer announced to the stock exchange yesterday that it was conducting ...
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NewsRoss denies Dalgarno move is linked to lack of FCA approval
Sarah Dalgarno’s move to head up Towergate’s new historical liabilities unit was not triggered by her current lack of FCA approval, chief executive David Ross has insisted. He said that her move to run the new unit, dubbed the Legacy Resolution Unit, was an interim one ...
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NewsTowergate’s Ross plays down effect of Gable woes
Towergate chief executive David Ross has played down the effect that Gable’s difficulties will have on his company, which uses the unrated insurer’s capacity. He pledged to work with Gable while it considers it options, but added that Towergate may seek replacement capacity “should it be ...
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NewsGeneral insurance complaints rise 4% in 2015/16 - FOS
New complaints to the Financial Ombudsman Service (FOS) about general insurance products, excluding PPI, rose by 4% to 31,284 in the 12 months to 31 March 2016, compared with the 30,080 it received in 2014. According to the FOS annual review released today, of the complaints ...
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NewsTowergate profit almost halves in first quarter
Towergate reported earnings before interest, tax, depreciation and amortisation (EBITDA) of £2.8m in the first quarter of 2016, down 48.9% on the £5.5m it reported in last year’s first quarter. Adjusted EBITDA, which excludes exceptional costs, was down 20.6% to £13.6m (Q1 2015: £17.2m). Total revenue ...
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NewsGable 2015 loss estimate widens to between £13m and £14m
Gable has warned that its 2015 loss will be £6m worse than previously estimated because it will receive a lower payout under an insurance policy than it had expected. The news comes as the unrated insurer is mulling a sale after admitting that it cannot raise ...
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NewsGable mulls sale as raising enough Solvency II funds 'not possible'
Gable has launched a full strategic review of its business after determining that it is “not possible” to raise the additional capital it needs to comply fully with Solvency II in its current form. The company said in a trading update: “Solvency II appears to be ...
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NewsBrokers and insurers warned of soft market perils amid Gable crisis
Insurers and brokers today received a stark warning about the perils of current market conditions as crisis-hit Gable revealed further losses and that it doesn’t have the money to meet Solvency II. Brokerbility chairman Ashwin Mistry said: “This is beyond unrated insurers. The soft market is ...
