Latest News – Page 751
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NewsHyperion's DUAL names Hudson as CFO
DUAL, the underwriting arm of Hyperion Insurance, said it has appointed Mark Hudson as chief financial officer, from September. Hudson joins DUAL from Novae Group, where he served on its executive committee and has been finance director of its managing agency subsidiary, Novae Syndicates, since 1999. ...
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NewsActivist Icahn raises AIG stake to 4%
Activist investor Carl Icahn has raised his stake in AIG to 4%, putting further pressure on the insurer’s board to heed his radical agenda. Icahn raised his holding in the company by one-fifth and now owns 44.4 million shares in AIG, according to regulatory filings. ...
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NewsAllianz’s Dye: AGF run-off sale will free up resources
Allianz’s recent sale of a book of UK run-off employers’ liability business will free up resources that can be deployed elsewhere, according to Allianz UK chief executive Jon Dye. It emerged in March that Allianz had agreed to sell subsidiary AGF Holdings (UK), which went into ...
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AgendaQBE targets Latin American growth with Miami hire
QBE Europe has hired Alfonso De Mares (pictured) as business development manager for Latin America. De Mares will be based in Miami and report to director of overseas business development Tim Harris. Before joining QBE, De Mares was a senior vice-president at reinsurance broker Guy Carpenter ...
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NewsRyan Direct Group extends contract with Close Brothers
Ryan Direct Group (RDG) has extended its contract with Close Brothers Premium Finance for a further three years. Under the deal Close Brothers will continue to be the exclusive premium finance provider for RDG’s SME and motor books. RDG chief executive Derek Coles said the agreement ...
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NewsMarkerstudy joins SSP’s Keychoice panel
Markerstudy has joined the insurer panel of Keychoice, the insurance distribution business owned by software house SSP. Under the deal, Keychoice member brokers can access Zenith Insurance and Zenith Marque private car and commercial vehicle products at exclusive preferential rates. Keychoice general manager Liz Mitchell said: ...
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NewsMarkerstudy’s Zenith cuts Irish motor exposure with agency exit
Markerstudy’s Gibraltar-based insurer Zenith has reduced its exposure to the Irish motor market by exiting a deal with a local underwriting agency. The Irish Times reported that Zenith will stop writing business through ARB Underwriting on June 23. Zenith will continue to honour all existing policies, ...
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NewsDAS takes legal action against former chief executive Paul Asplin
DAS is taking legal action against former chief executive Paul Asplin. A notice at the High Court lists the case as DAS UK Holdings Ltd and Others versus Asplin and others. Insurance Times understands that the case is to do with Asplin’s conduct in the company, which did not affect ...
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NewsICO fines CMC £250,000 for making 17.5m nuisance calls
A claims management company that made 17.5 million calls asking people if they had suffered hearing loss at work has been fined £250,000 by the Information Commissioner’s Office (ICO). Key points: ICO received 248 complaints about company Check Point Claims has gone into liquidation ...
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NewsAllianz UK reports 89.9% commercial COR but 101.2% in personal
Allianz UK reported a commercial lines combined operating ratio (COR) of 89.9% for the first quarter of 2016, which chief executive Jon Dye hailed as the unit’s “most profitable quarter for some years.” The commercial lines COR was a 6.9 percentage point improvement over the 96.8% ...
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NewsLloyd’s calls for end to US government-backed flood cover
Lloyd’s insurers have called for the US government to stop providing flood damage, the Financial Times reports. In the US, the National Flood Insurance Programme (NFIP), which has 5.2 million policyholders, pays for flood damage. But Lloyd’s insurers argue that state payment of flood risks has ...
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NewsMacquarie downgrades RSA stock over pension risk
Investment bank Macquarie has downgraded its rating on RSA’s shares to ‘underperform’ from ‘neutral’ because of the risk from the insurer’s pension scheme. In a research note, the bank also warned that it expects RSA’s UK commercial business to face pricing pressure. Macquarie has downgraded its ...
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NewsAviva gathers cast of celebrities to promote safer driving
Aviva has teamed up with Channel 4 and celebrities including rap star Tinchy Stryder and entertainers the Chuckle Brothers (pictured) for a series of short videos promoting safer driving. Also starring in the videos are Made in Chelsea’s Louise Thompson, musician Martin Kemp, Radio 1’s Chris ...
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NewsBluefin adds former commercial boss to GRP/Bruce court battle
A judge has given Bluefin the go-ahead to take legal action against Neil Thornton, the former head of its commercial division. The broker has accused Thornton of conspiring with ex-chief executive Mike Bruce, two Bluefin branch directors and Thornton’s new employer Global Risk Partners (GRP) to ...
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NewsLegal action against Neil Thornton ‘necessary’ to protect business – Bluefin
Bluefin said its legal action against former commercial director Neil Thornton was necessary to protect its business, clients and staff from individuals it suspects have breached their obligations to Bluefin. Following a hearing today at the High Court, a judge has given Bluefin the go-ahead to ...
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NewsLark buys marine broker Euromarine
Broking group Lark has bought Kent-based marine broker and underwriting agency Euromarine Insurance Services for an undisclosed sum. Following the deal, Lark will have annual revenues of over £28.5 million and employ 350 staff in eight offices across London, the South East and East Anglia. All ...
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NewsAircraft engineer jailed for £240k fake lost baggage claims
An aircraft engineer who made £240,000 in fake claims for lost baggage has been jailed for two years. 45-year-old Miguel Kakaie of King Street, Aberdeen was sentenced at the Old Bailey on 10 May after a six day trial, which followed an investigation by the City ...
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Online onlyVideo: David Ross, Adrian Colosso, Jaime Swindle and more at Biba 2016
Insurance Times’s Martin Kornacki and Ben Dyson catch up with key industry figures in a set of exclusive video interviews from Biba 2016. Towergate chief executive David Ross: “The swagger is quietly stirring and I am happy where we are at right now.” Video: ...
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NewsTalkTalk profit halves after cyber attack
TalkTalk’s full year profit halved as a result of last year’s cyber attack on the mobile phone company. Profit before tax for the year to 31 March 2016 was £14m, compared with £32m the previous financial year. The company was hit by exceptional costs of £83m, ...
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NewsResults show Zurich ‘is not broken’ – analyst
Zurich’s first quarter results show that the Swiss insurance group “is not broken”, according to a research note by Macquarie analyst Andy Hughes. Yesterday Zurich reported a group profit of $875m (£605m) and a general insurance operating profit of $542m for the first quarter of 2016. ...
