Latest News – Page 760
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NewsBollington expands further into motor trade with Scottish hire
Bollington Insurance is planning to expand its motor trade business following the hire of a new motor trade account manager. In his new role Gary Ferguson will service businesses in Scotland. He has joined the broker from TL Dallas in Falkirk. Prior to that he also ...
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NewsBeazley and Munich Re to launch cyber offering with broader cover
Beazley and Munich Re are planning to launch a cyber offering. The insurer and reinsurer will be offering tailor-made cyber policies with double the amount of coverage that was previously available. The policies will cover physical damage to property and bodily injury as well as more ...
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NewsAXA creates separate real estate arm amid push for further growth
AXA Insurance has created a standalone real estate division to take advantage of the double digit growth the division has seen. The real estate business is currently managed as part of the wider London Branch operation. But the insurer said owing to the real estate book ...
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NewsRSA UK personal lines MD Mark Christer to leave
RSA UK personal lines managing director Mark Christer is leaving the company after five years in the role. David Coughlan, RSA’s group underwriting director, will replace Christer on 1 May. He will report to UK chief executive Steve Lewis. Coughlan joined RSA in 2008 as group ...
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NewsGallagher secures $800m bank loan
Arthur J Gallagher has secured an $800m bank loan to be used for acquisitions or for general business purposes. The deal expires on 8 April 2021. The consortium of banks is led by Bank of Montreal, Bank of America Merrill Lynch, Barclays Bank, Citibank and JP ...
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NewsHyperion’s Stuart Rootham to depart
Hyperion Insurance Group-owned Howden UK Retail joint managing director Stuart Rootham is leaving the company at the end of June. Prior to being appointed joint managing director, Rootham had been the managing director of broker RK Harrison (RKH) Insurance Services since 2011. After the acquisition of ...
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NewsRSG launches Lloyd’s-backed cyber-risk MGA
Ryan Specialty Group (RSG)’s underwriting division has launched EmergIn Risk, a London-based cyber-risk managing general agency (MGA). EmergIn Risk has secured an initial £20m of Lloyd’s capacity, which will allow it to offer global companies protection against exposure to system and network interruptions, data corruption or ...
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NewsAnaCap sells Simply Business to ERS owner Aquiline
AnaCap has sold insurance broker Simply Business to fellow private equity house Aquiline Capital Partners. Confirming the sale, AnaCap said that it had recouped 4.5 times the amount it invested when it backed Simply Business’s management buy-out in July 2013. News reports put the sale price ...
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NewsSpecialist brokers named in Sunday Times fast-grower list
Two specialist insurance brokers have been named in the Sunday Times ‘Profit Track 100’ list of private companies with the fastest-growing profits. Liverpool-based motor broker Acorn Insurance ranked 53rd in the list, after growing profit by 76.39% over the past three years. Acorn specialises in niche ...
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NewsBroker Network hires Canopius’s Tim Rolfe for new role
Broker Network has hired former Canopius UK specialty chief executive Tim Rolfe as chief product and underwriting officer. Rolfe will take up the newly created role on 1 May, subject to regulatory approval. It emerged in February that Rolfe was leaving Lloyd’s insurer Canopius, which he ...
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NewsAIG plans to cut 125 UK jobs – report
Troubled insurer American International Group (AIG) is planning to cut 125 jobs in the UK, Bloomberg reports. Sources familiar with the plan told Bloomberg that the US-based group was planning to cut 5% of its 2,500-strong UK workforce, which would mean around 125 staff would be ...
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NewsJLT pays £22m to settle Willis team lift dispute
JLT will pay £22m to settle its legal dispute with Willis after JLT poached a 22-strong team of specie brokers from Willis. Willis sued JLT Group, JLT Specialty and specie team head David Gordon in April 2015 for “conspiracy and for breach of duty and wrongful ...
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NewsPRA insurance head named regulator’s new chief executive
PRA executive director of insurance supervision Sam Woods will become the regulator’s new chief executive on 1 July. Woods will also become the Bank of England’s deputy governor for prudential regulation. He will replace current PRA chief executive Andrew Bailey, who is leaving to become chief ...
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NewsDoctor charged with insurance fraud after IFED probe
A London doctor has been charged today (8 April) with insurance fraud following an investigation by the City of London Police’s Insurance Fraud Enforcement Department (IFED). Benjamin Chang, 56, of Sunnyfield, Mill Hill, London was charged with fraud by false representation, possession of articles for use ...
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NewsEsure chief’s pay rises 11% as company hits target
Esure chief executive Stuart Vann was paid a total of £824,425 in 2015, up 11% on the £746,021 he was paid in 2014. The insurer’s chief financial officer Darren Ogden enjoyed a 13.1% increase in total pay to £501,763 (2014: £443,631). The total pay increases reflect ...
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NewsFall in investment income eats into Covéa Insurance profit
Covéa Insurance made a profit before tax of £15.7m in 2015, down 26% on the £21.3m it made in 2014. The profit drop was caused by an £8m drop in investment income, which offset an improvement in underwriting results, driven by personal lines motor. Key points ...
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NewsClaims finalists tell their inspiring stories - Howden, Deacon, Bluefin, Alps, Pen and more
These heroes of claims entered the final straight on Wednesday when they presented their case before judges in London. The Insurance Times reporting team was there to hear finalists’ inspiring stories. Passionately committed to their customers, work colleagues and the world we live in ...
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NewsClaims finalists tell their inspiring stories – Markel, Willis IRM, Allianz, LV= and FM Global
The shortlisted candidates for the 2016 Claims Excellence awards entered the final straight on Wednesday when they presented their case before the judges. The Insurance Times reporting team was on hand to speak with them about what it means to be nominated. Passionately committed to their ...
