Latest News – Page 752
-
NewsPwC warns of weak casualty reserves in London market
Casualty claims reserves being set by London market (re)insurers for business written in 2015 are weaker than in previous years, according to a review by accounting firm PwC. The review found that London market (re)insurance casualty reserves are, on average, 3% weaker than for business written ...
-
NewsChaucer grows political risk team with former XL Catlin exec
Lloyd’s insurer Chaucer has hired former XL Catlin underwriter Jonathan Bint as political risk underwriter and analyst. Bint was part of the credit and political risk underwriting team at XL Catlin. Chaucer said it hired Bint to help drive the expansion of its political risk and ...
-
-
NewsAllianz’s McGinn: Insurers more wary of hiking commissions
Insurers are now more cautious about paying brokers increased commissions without seeing something in return, according to Allianz commercial and personal general manager Simon McGinn. Speaking to Insurance Times at Biba’s annual conference in Manchester, McGinn said: “Insurers are just a little bit more wise about ...
-
NewsBiba to return to Manchester in 2017
Next year’s Biba conference will be held at Manchester Central on 10 and 11 May. Biba chief executive Steve White said: “The feedback we have from exhibitors, sponsors and delegates is that Manchester works very well, as evidenced by the fantastic two days we have ...
-
NewsManchester ghost broker jailed for £200k scam
A ghost broker who set up 151 fraudulent motor policies as part of a £200,000 scam has been jailed for 20 months. 38-year-old Romanian national Maur Dumitru of Sherrington Street, Manchester, went on the run for nine months after failing to appear at court for his ...
-
NewsZurich UK GI profit falls 51%
Zurich’s UK general insurance (GI) business made an operating profit of £23m in the first quarter of 2016, down 51% on the £47m profit it made in last year’s first quarter. The division’s combined operating ratio (COR) deteriorated by 6.2 percentage points to 99.7% (Q1 2015: ...
-
NewsHood Group predicts ‘rapid growth’ following Clydesdale refinancing
Affinity insurance broker Hood Group says it is set for a period of “rapid growth” after completing refinancing with Clydesdale bank. The company said that the refinancing will allow it to continue with its growth plans, which could include acquisitions. Hood Group picked Clydesdale following a ...
-
NewsLV= Broker gains chartered status
LV= Broker has been awarded chartered insurer status by the Chartered Institute of Insurers (CII), LV= Broker handles general insurance business that comes to LV= through brokers. The insurer said the new status recognised its professional attitude, skills and knowledge as well as the service it ...
-
NewsZurich group GI profit drops 23% in first quarter
Zurich’s global general insurance (GI) business made an operating profit of $542m (£375m) in the first quarter of 2016, down 23% on the $706m it made in last year’s first quarter. But while the result was down on 2015’s first quarter, Zurich said the performance was ...
-
NewsBiba appoints Lorega as loss recovery insurance provider
Biba has appointed Lorega as the provider for its loss recovery insurance scheme for members. Lorega has been appointed for a three-year term, starting on 13 May this year. Under the scheme, Biba member brokers will be able to offer the Lorega cover to their personal ...
-
NewsBroker Network now 100% independent of Towergate - Clark
Broker Network is now 100% independent from Towergate in its day-to-day activities and operations, says new executive chairman Ian Clark. Private equity house HPS recently raised its stake in Broker Network to around 80% of the business. The rest of the business is owned by minority ...
-
NewsMotor premiums up 7.2% in Q1 – Biba/Acturis
Personal motor premiums increased by 7.2% in the first quarter of 2016 compared with the same period last year, according to the Biba/Acturis Insurance Price Index. This excludes recent rises in insurance premium tax (IPT). With the November IPT hike to 9.5% from 6% included, the ...
-
NewsNovae GWP grows 9.8% in first quarter despite rate pressure
Novae reported gross written premium (GWP) of £282.8m in the first quarter of 2016, up 9.8% on the £257.6m it reported in last year’s first quarter. The Lloyd’s insurer enjoyed growth across all three of its business segments. The casualty unit reported the strongest growth, where ...
-
-
NewsAllianz UK profit up 43% in first quarter
Allianz UK made an operating profit of £47.4m in the first quarter of 2016, up 43% on the £33.2m it reported in last year’s first quarter. The insurer’s combined operating ratio improved by 1.8 percentage points to 95.9% (Q1 2015: 97.7%). But gross written premium fell ...
-
NewsSmart home technology could cut CORs
Smart technology such as leak, fire and theft detectors in the home could reduce insurers’ combined operating ratios (CORs) by 21%, research suggests. According to an Innovation Group report, tech giants such as Google and Samsung are trimming the amount of insurance claims made by building ...
-
Online onlyCarol Brady: No quick fix for CMCs
There is no “quick fix” for the increased regulation of claims management companies (CMCs), warns Carol Brady, who led the government’s recent review into the industry. Speaking at the Insurance Times Fraud Charter, Brady, a non-executive member of the Claims Management Regulation Board and chair of ...
-
NewsMarkerstudy to launch pet aggregator site
Markerstudy is to launch a pet aggregator site, called Go Get It later this month. The company said that with its experience with pet insurance provider Ultimate, it identified a gap in the market for a price comparison site that is focused exclusively on pet insurance. ...
-
NewsHood appoints new residential property head
Affinity insurance provider, Hood Group, has appointed Sarah Smith to the newly created role of head of residential property. Smith will be responsible for the leadership and management of the group’s residential property lines of business which includes household, landlords and renters insurance. She joins Hood ...
