Also in the news this week ...
Evans tipped for top job
AXA Life chief executive Paul Evans is in the frame to replace the insurer’s UK and Ireland group chief executive Nicolas Moreau, Insurance Times understands. As revealed on insurancetimes.co.uk last week, Evans has been tipped to succeed Moreau, who is expected to return to Paris to take on a wider group role. An announcement is expected when AXA announces its interim results. Last month, AXA UK agreed to sell its life and pensions, protection and group pensions business to Resolution for £2.75bn. Following the deal, Evans was appointed AXA UK deputy chief executive. Meanwhile, AXA UK is searching for a commercial boss to replace Ant Middle, who has joined Aviva.
Solicitors face PI hikes
Sole-practitioner solicitors will have to stomach professional indemnity (PI) increases of 20%-30%, according to Marsh. The firm’s European practice leader for law firms’ PI, Sandra Neilson-Moore, said for the rest of the industry rate rises should be anywhere between 5% and 30%. Neilson-Moore said that suits against solicitors filed in the High Court had increased from 31 claims in 2007 to 210 last year.
NIG to exit personal lines
NIG is set to withdraw from personal lines to focus entirely on its commercial business. The RBS-owned insurer is likely to put the business into run-off once the proposals are accepted. Up to 280 staff could be affected. NIG’s head of personal lines, Ben Thornton, said the personal lines business was unlikely to sustain profitable growth.
Davies profits up 65%
Loss adjusting and claims management firm Davies Group’s profits after tax increased 65% to £2.8m for the year ended 31 March 2010, compared with £1.7m in the previous financial year.