All Insurance Times articles in On-Line Archive – Page 1938
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NewsFCA fines Towergate £2.6m for failing to protect client money
The Financial Conduct Authority has today fined Towergate Underwriting Group £2.632m for failing to protect client and insurer money. Towergate accumulated a shortfall of £12.6m in its client and insurer money bank accounts which, due to systems and controls weaknesses, went undetected for a number of ...
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NewsTowergate 'regrets' historical client money rule breach
Towergate said it regrets its failings in protecting client and insurer money that have led to an FCA fine of £2.632m. “While this issue is historic, isolated, and had no financial impact on any clients or insurer partners, it does not excuse the fact that the ...
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NewsAnalysis: What Towergate's fine means for brokers and insurers
The giant menacing shadow of the FCA looms larger than ever over all brokers and insurers today. It is Towergate that is once again caught in the fangs of the regulator, following its £2.6m fine for failing to protect client money. But there are implications ...
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NewsInsurer urges governments to improve weather data
More real-time data needed to better price insurance and pay out claims, writes our sister publication, Strategic Risk
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NewsAppointment of May 'a positive day in British public life' – ABI
The ABI congratulated Theresa May on becoming Prime Minister and said it’s “a positive day in British public life”. “The appointment of our second woman Prime Minister is a positive day in British public life which will hopefully encourage many more women to stand for election ...
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NewsCancer patient stuck in US makes safe return to UK
A terminally-ill mum who was stuck in the US for more than two weeks when her insurance firm refused to pay her healthcare has been flown back to the UK, the BBC reported. Cancer patient Lindsay Gates, 40, broke her leg on a family trip to ...
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NewsBarbican Protect appoints property and package underwriter
Barbican Protect, the UK insurance arm of Barbican Insurance Group, has hired Martyn Bleakley as a property and package underwriter. Bleakley has previous experience as W.R. Berkley development underwriter in the firm’s casualty and division. He has also worked for AXA Insurance as a development underwriter ...
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NewsPIB boosts professional indemnity team with four hires
PIB Insurance Brokers has hired four professional indemnity (PI) brokers to its legal team as part of its expansion plans. The new hires will be based in Bristol, expanding PIB’s presence in the South West. Kieren Windsor has joined as PIB regional PI account director. He ...
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NewsAllianz UK puts 80 more jobs at risk following review
Allianz UK has put 80 more jobs at risk after completing a review of its organisational structure. The potential redundancies will fall across the business in areas such as operations, technical and market management. This is in addition to the 170 jobs the insurer put at ...
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Online onlyBrightside owner latest to warn about damage of Brexit
The chief executive of Anacap, the Brightside owner, said he may need to relocate his staff because of Brexit. Joe Giannamore, chief executive of UK-based fund AnaCap, told Reuters that if the British market diminished in the long-term then it could move out some of ...
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Online onlyEndurance reveals loss estimates from string of natural disasters
Endurance today revealed it had estimated losses of $55.5m from a string of natural disasters. The second quarter hit would be due to the Fort McMurray wildfires in Canada, the convective storms in Texas and Europe and the Kumamoto earthquake in Japan which collectively generated ...
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NewsIFB celebrates 10th anniversary
The Insurance Fraud Bureau (IFB) celebrated its 10th anniversary with an evening reception in London yesterday. Over 140 guests, including former board members, key stakeholders and staff gathered at Stationers Hall on Ave Maria Lane to celebrate a decade of achievement. The IFB, which is currently ...
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NewsGable stops writing new business as capital falls below requirements
Gable has stopped writing new business as part of its plan to bring the company up to Solvency II compliance. The company also admitted in its results this morning that its regulatory funds had fallen below the required level. Gable said that it had instructed its ...
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Online onlyBriefing: Three reasons why Brexit means higher motor premiums
On that cold wet day in June, when voters made their way to the ballot box on the future of the UK in Europe, one of the last things on their minds would have been how the outcome of the referendum would impact on the cost ...
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NewsTech & Innovation Awards finalists on challenges and successes they have faced
As the insurance market becomes increasingly digitised established firms find themselves trying to keep up with the pace of customer demand, while disrupters rush into the market. In the run-up to this year’s Tech and Innovation Awards our shortlist of finalists presented their submissions in front ...
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NewsTech & Innovation Awards finalists tell their inspiring stories
The finalists for this year’s Tech and Innovation Awards presented their submissions in front of a panel of expert judges on Wednesday. The Insurance Times editorial team was at the scene to talk to some of the shortlisted candidates about why they entered the Awards and ...
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NewsAmTrust buys legal expenses MGA Arc Legal
Insurer AmTrust International has bought legal expenses underwriting agency Arc Legal Assistance for an undisclosed sum. Arc Legal manages more than 14 million legal expenses insurance (LEI) policies covering personal, motor, commercial, affinity, property owners, travel and leisure risks. The agency distributes products in partnership with ...
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NewsGable’s Dewsall paid £440k bonus despite £24.3m loss
Gable chief executive William Dewsall was paid his full performance-related bonus of £440,000 in 2015 despite his company making a £24.3m pre-tax loss that year. But the company said in its annual report that it is now reviewing whether the bonus provisions in Dewsall’s contract are ...
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NewsBluefin Network teams up with MGA for niche motor and home products
Broker network Bluefin Network has teamed up with managing general agent Jackson Lee Underwriting to offer four niche insurance products to its members. The deal covers guaranteed asset protection (GPA), excess protection, learner driver and landlord’s home emergency cover. The brokers access the products through a ...
