Insurer
Leroy completes MBO of Europe Assistance Holdings
Patrick Leroy, chief executive of Europe Assistance Holdings, has completed a management buyout of the firm.
Standard & Poor’s outlook for insurers remains negative
Standard & Poor’s (S&P) has reaffirmed the credit ratings of Allianz, Aviva and Axa groups but warned the long term outlook for all three was negative mainly as a result of the Eurozone crisis.
Premiums rise as profits fall at Chubb
Chubb has reported net income in Q4 2011 of $452m (£287.7m) down from $620m in the same period of 2010.
A Festivus for the rest of us
A couple of years ago I bought a bank. You probably did too. Ever since I have been paying out generous bonuses, none more so than the £1m I gave to Stephen Hester yesterday for kindly running the Royal Bank of Scotland so well.
Insurance companies lagging behind in payments
UK firms improved their overall payment performances in the final quarter of 2011, but insurance companies did not follow this trend, figures from Experian have revealed.
New London sales chief for Axa
Axa Commercial Lines has appointed Ryan Birbeck as its new London sales manager.
Thoresen urges FCA to tone down the rhetoric
Otto Thoresen, director general of the Association of British Insurers (ABI), has called on the Financial Conduct Authority (FCA) to engage with balanced rhetoric to head of a confrontational relationship with the industry.
RSA reveals 120 jobs at risk in UK business review
RSA has confirmed to sister title PostOnline that 120 jobs are at risk in a review of its UK business.
Zurich wins Chartered Insurer status
Zurich has been granted Chartered Insurer status by the Chartered Insurance Institute (CII).
Aviva considering tied agent model in Ireland
Aviva has told staff in Ireland that it is considering selling some branches while others may be used in a franchise model, according to reports in the Irish press.
Towergate reveals capacity deals with Brit and Allianz
Towergate Commercial Underwriting (TCU) has announced a five-year capacity deal with Allianz providing 70% and Brit the remaining 30%.
ULR parent reports £3m loss
Motorplus, parent company of Norwich-based ULR, has reported an operating loss of £3.4m for the year ending 31 August 2010.
Quindell adds to insurance business with Ai Claims deal
Quindell Portfolio, a software outsourcing specialist, has acquired 29.9% of Ai Claims Solutions.
QBE maintains rating status despite profit warning
Credit rating agencies Fitch and AM Best have both reaffirmed their ‘excellent’ level ratings on QBE following it announcement on 12 January that group profits would be up to 50% lower than the $1.3bn (£834m) announced in 2010.
Ex-Groupama claims chief appointed as IFB director
Phil Bird has been appointed full-time director of the Insurance Fraud Bureau (IFB) on a six month secondment.
Travelers opens Lloyd's event cancellation policy to regions
Travelers is to provide access to its Lloyd’s event cancellation policy to regional brokers.
Arrests made in Groupama motor policy scam
Three individuals have been arrested on suspicion of selling fraudulent Groupama motor policies.
MBO not on the table at Groupama
François-Xavier Boisseau, UK CEO of Groupama, has claimed the company will not resort to a fire sale and insisted that an MBO is not on the table.
2011 insolvency rate up slightly on 2010
Experian’s Insolvency Index has revealed the insolvency rate for 2011 was 1.1%, a slight increase compared to the rate for 2010, 1.03%.
Jubilee calls for clarification on PPI
Jubilee has called upon government and regulator to address the uncertainty surrounding regulation of payment protection insurance (PPI) in order to let the industry grow.
Gallagher Heath seals five year deal with UIA
Gallagher Heath Insurance Services (GHIS) has bagged a five year partnership with UIA to provide motor and travel insurance to members of UK trade unions.
Aviva survey shows rise in uninsured SMEs
Aviva’s twice yearly SME Pulse survey of 500 UK SMEs has revealed an increase in the number of these businesses trading without insurance from 8% in June to 20% in December 2011.
S&P takes dim view of Canopius' capitalisation
Rating agency Standard & Poor’s (S&P) has described Canopius Group’s risk-based capital as being significantly below BBB.
K Drewe chief takes on dual role within Canopius
Canopius Group has appointed Douglas Young as head of distribution for the group’s UK retail insurance division.