News in brief

Broker promotion survey

Biba is asking brokers to complete a survey that will help promote their industry to the public, press and politicians. Biba will use statistics from the survey to support evidence of the benefits of using a broker. The survey will form a central part of Biba’s campaign to promote brokers. The link for the survey can be found at Biba’s homepage at biba.org.uk.

New in property at Liberty

Liberty International Underwriters Europe has created a new UK property team to target businesses with a turnover of between £20m and £500m. The team of five, which according to market sources has joined from QBE, will be led by Richard Coxon who has been appointed head of UK property. Dermot Walsh, Richard Brown and John Nockolds have all joined as senior underwriters along with Stuart Kenyon, senior risk manager.

Maciver to quit Towergate

Towergate acquisitions director Kenny Maciver is to leave Towergate by the end of July. Maciver, a founder of Folgate, is taking a break from the industry and returning to Scotland. He remains a shareholder of Towergate. Towergate has around £50m left for acquisitions.

Bottom line on Solvency II

About 61% of insurers estimate that implementing Solvency II will cost less than £500,000, while 8% have no idea of how much it will cost, according to a survey conducted by business and financial advisers BDO Stoy Hayward. “Many firms have only made basic estimates of cost. While the implementation date of October 2012 might seem a long way away, it is essential that planning, especially in terms of cost-benefit analysis starts now,” said Kirstie Gordon, insurance specialist at BDO Stoy Hayward’s financial services group.