All articles by Newsdesk – Page 4
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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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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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NewsCo-op GI aims to connect to Flood Re by third quarter
Co-op’s general insurance (GI) business aims to connect to Flood Re by early in the third quarter this year, according to products, pricing and propositions director James Hillon. He also did not rule out the insurer selling its book of run-off business after its transformation plan is ...
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NewsMGA focused on 'minimising' loss ratio to launch with £30m capacity
The chief executive of a claims management firm is planning to launch a new managing general agency (MGA) which will specialise in van and commercial vehicles and will have a focus on “minimising loss ratio to maximise profit”. Pukka Insure, led by Sam White, has secured ...
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NewsAllianz doubles excess liability capacity to £50m per class
Allianz Commercial has boosted its excess-of-loss capacity, which will allow brokers to access excess liability cover of up to £50m per individual class of business for clients. The previous limit was £25m. Allianz said the move supports its ambition to grow its liability portfolio. The insurer ...
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NewsAdvertising watchdog raps Ageas Retail over ‘misleading’ mail ad
The Advertising Standards Authority (ASA) has upheld a complaint from a customer about a marketing mail sent by Ageas Retail brand RIAS. Ageas Retail is the broking and affinity division of insurer Ageas UK. It includes over 50s brands RIAS and Castle Cover. The person complained ...
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NewsNeil Utley sells 3.6 million Hastings shares
Former Hastings chairman Neil Utley has sold 3.6 million Hastings shares, taking his holding in the insurance and broking group to 6.59%. Utley previously owned 46.9 million Hastings shares, giving him a 7.13% stake in the company’s available shares. After the transaction on 4 April, he ...
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NewsWunelli’s Penny Searles launches telematics and insurance service
Penny Searles, co-founder and former managing director of telematics firm Wunelli, has launched a connected car service for used cars, which includes an insurance offering. Searles left Wunelli in May 2015. The new service, Smartdriverclub, is telematics based. Members are sent a device called the Smartplug ...
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NewsFCA reviewing GI broker professional indemnity cover
The FCA is reviewing the professional indemnity (PI) insurance protection that general insurance brokers buy to cover the cost of negligence claims made against them by clients. The study is running alongside a separate piece of work the FCA is doing on PI cover for independent ...
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NewsThomas Carroll buys commercial broker Monmouthshire
Broking and advisory group Thomas Carroll has bought commercial insurance broker Monmouthshire Insurance Services (MIS) for an undisclosed sum. MIS, a subsidiary of Monmouthshire Building Society Group, sells a range of commercial insurance products, including shop, office, restaurant and vehicle and fleet cover. MIS’s Tracey George ...
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NewsFCA launches regional general insurance events for smaller firms
The FCA is planning to roll out programme of regional events called Live & Local for smaller firms this year. The events programme will focus on three main sectors: investments, mortgages and general insurance. The roll-out follows a successful pilot in 2015, the regulator said in ...
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NewsFCA levy on insurers and brokers to decrease in 2016/17
Funds cover cost of FCA’s regulatory activities
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NewsLondon broker sentenced for commission fraud
Bandagu Manzeke faces jail for selling fake insurance policies following IFED investigation
