Latest News – Page 758
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NewsJohn O’Roarke gets £10m share of £39m award to LV= GI bosses
LV=’s outgoing general insurance managing director John O’Roarke has been paid a £10.1m share of a total £39.4m long-term incentive award paid to “certain key management personnel” of the company’s general insurance (GI) division. This meant O’Roarke had a total pay package from LV= of £10.7m ...
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NewsFCA strikes off two brokers for not paying fees
The FCA has cancelled the permissions of two general insurance brokers because they failed to pay outstanding fees. As a result, neither are allowed to continuing operating as brokers. Lester Evans of Barnet owed the FCA £1,694.44 in periodic fees and levies, which had been due ...
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NewsMotorists do not trust driverless cars – survey
Most motorists do not trust the technology behind driverless cars, a new survey by motoring publication What Car? has found. Some 51% of respondents to the survey, published today, said they would feel unsafe or very unsafe behind the wheel of a self-driving car, while 45% ...
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NewsAmTrust to buy Lloyd’s insurer ANV for £154m
US financial services group AmTrust has agreed to buy Lloyd’s insurer ANV for $218.7m (£154m) in cash from its current owner, Ontario Teachers’ Pension Plan. The deal is awaiting regulatory approval and is expected to be complete in either the third or fourth quarter this year. ...
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NewsMarkerstudy restructures retail division as Russell Bence resigns
Markerstudy’s retail division managing director Russell Bence is to leave on 30 April after 7 years with the company, triggering a restructure. Bence will not be replaced directly. The retail division, which employs 700 staff, will be restructured into four units. The four existing operations directors ...
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NewsDecline in reserve releases to hit motor insurer profits
A slow down in premiums in the first quarter of 2016 will hit motor insurer profits as prior year reserve releases from the highly profitable 2011-2013 period come to an end, analysts from investment bank Macquarie have said. Yesterday, the Confused.com price index showed that prices ...
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NewsAXA expands African operations in joint venture with Chaucer
AXA is expanding its reach into Africa with the launch of a joint venture with Lloyd’s insurer Chaucer. The new venture, AXA Africa Specialty Risks, will be dedicated to covering specialty insurance lines in Africa, covering business such as political risks, energy and infrastructures. The partnership ...
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NewsSaga motor unit reports 74.4% COR and 10.3% profit growth
Over 50s insurance provider Saga’s motor underwriting business made an operating profit of £82.8m in the year ended 31 January 31 2016, up 10.3% on the £75.1m it made the previous financial year. The division’s combined operating ratio was 74.4% an improvement of 3.5 percentage points ...
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NewsMarsh Networks boss Martyn Denney departs
Marsh UK head of networks Martyn Denney has left the company. Denney joined Marsh in May 2010 from Towergate where he was managing director of Broker Network Insurance Services. At Marsh he was responsible for the broker’s three main networks; Marsh Pro Broker, Marsh Labyrinth and ...
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NewsWatchstone rejects acquisition offer
Watchstone has rejected an ‘unworkable’ bid from a private company to buy all of its assets, excluding the actual and contingent liabilities. But the insurance technology firm has not ruled out further proposals from the company. In a statement the company said: ”Watchstone notes the recent ...
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NewsCooper Gay’s Lloyd’s broking chief to step down
Gordon Newman is to step down as chief executive of CGNMB, the Lloyd’s broking unit of Cooper Gay Swett & Crawford (CGSC), on 20 April. His responsibilities will be assumed by CGSC group chief executive Steve Hearn, subject to regulatory approval. Newman will remain at CGNMB ...
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NewsBluefin buys four regional brokers
Bluefin has acquired four regional brokers since the start of this year. The AXA-owned broking group’s largest and most recent purchase is Liverpool-based commercial broker Exchange Insurance Services. It has also bought Yorkshire-based Alverton Insurance Brokers in January, and Scotland-based companies Wilbourn Insurance Services and Grampian ...
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NewsMotor rates stall in first quarter - Confused.com
The rising cost of motor insurance has stalled for the first time in a year, according to the latest Confused.com Car Insurance Price Index. But the halt in price increases could just be a seasonal effect, the survey compilers said. The average comprehensive premium held at ...
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NewsLaw firm DWF takes over insurance lawyers Fox Hartley
Law firm DWF said it is acquiring insurance lawyers Fox Hartley. Fox Hartley, which has 16 people including three partners, provides dispute resolution services for major insurer and manufacturer clients. The firm acts for UK and global insurers on catastrophic injury, aviation claims, property damage, business ...
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NewsConnected cars vulnerable to hackers 'for a decade'
Connected cars will be vulnerable to hackers for a decade, according to leading tech security expert Eugene Kaspersky. Founder of Kaspersky Lab, the former Soviet intelligence officer told the Financial Times that today’s connected cars are “more safe but less secure”, because of their networked safety ...
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NewsBiba sets up new standards committee
Biba and the Insurance Brokers’ Standards Council have set up a new standards committee. Biba chief executive Steve White said the BIBA Insurance Brokers’ Standards Committee will be headed by Paul Anscombe (pictured), chief executive of Seventeen Group and chair of the Insurance Brokers’ Standards Council. ...
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News'Whiplash' footballer given suspended sentence
A semi-professional footballer who was caught tweeting about playing football 24 hours after making a dishonest insurance claim for whiplash admitted contempt of court. Gary Burnett, 24, made the claim following an accident at a McDonald’s drive-thru restaurant in Birkenhead, Merseyside, in October 2013. He claimed ...
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NewsCourt victory for insurer in £236,724 Ferrari credit hire dispute
A businessman has lost his legal battle to force Direct Line Group (DLG) to pay £236,724 for the hire of two Ferraris following a car accident. Earlier this month, a judge at Darlington County Court upheld an earlier ruling which meant that DLG did not need ...
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Online onlyEcclesiastical renews charity scheme and appeals for more brokers
Ecclesiastical is keen to strike more scheme partnerhsips withi brokers after its latest successful partnership. Ecclesiastical and Watson Laurie will provide an office risk scheme for the Carers Trust, the UK’s largest carers’ charity. The scheme provides the charity’s 160 network partners with coverage on important parts of ...
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NewsDirect home and motor exit to punch £84m hole in Allianz GWP
Allianz UK’s planned exit from direct home and motor business will punch a £84m hole in the insurer’s gross written premium (GWP), according to chief executive Jon Dye. Speaking to journalists this morning about the planned change, which will put 170 jobs at risk, Dye also ...
