And also this week ...
CBG sells off to Swinton
Manchester-based insurance broker CBG Group has sold parts of its personal lines business to Swinton. The company said: “In line with a strategy of focusing on its position within corporate insurance, the company has decided to dispose of certain elements of its personal lines businesses, on normal market terms, to Swinton Ltd.”
Willis stays firm on contingent commissions
Willis will continue to refuse to accept contingent commissions despite a settlement between leading US brokers, the attorney-general and the superintendent of insurance of the state of New York. The broker said: “We voluntarily began disclosing compensation to our retail clients and refusing to take contingent compensation in our retail brokerage business before we signed the AOD in 2005. Neither of those commitments will change today, whether or not our competitors follow our lead.”
Sterling grows products
Sterling Insurance is expanding its commercial lines portfolio with a number of new products. The executive business policy product includes features such as covering the cost of PR expertise to mitigate reputational damage following unfortunate and unexpected events; and the lotto win indemnity cover, which will pay out for recruitment and training costs should a number of employees resign as a result of a substantial lottery win.
Heath helps public sector
Heath Lambert is working with district councils and national parks across the south-west of England to develop a consortium to purchase insurance cover. Recent funding from the South West Regional Improvement and Efficiency Partnership has allowed the authorities to work together to reduce the cost of insurance procurement.