Insurer
Insurance industry prepares for Olympics red alert
The insurance industry has been warned to prepare for every eventuality, including a terrorist attack, in the lead up to the Olympics in 2012.
Claims Underwriting Exchange challenged by competitor database
A new database that permits claims data sharing while protecting commercially sensitive information could challenge the position of the Claims Underwriting Exchange (CUE).
Allianz establishes specialist team to identify fraud
In what it claims is an insurance industry first, Allianz has established a specialist casualty claims validation team, which it predicts could identify up to £15m of fraud next year.
Arag service comes out on top in legal expenses insurer questionnaire
Brokers have voted Arag the best legal expenses insurer (LEI) in terms of overall service in a survey by Insurance Age's sister industry insight unit Insurance 360.
New Ink MD Mike Smith looks to acquire Westinsure
Giles-owned Ink Underwriting has made an offer to acquire the entire share capital of South-west broker network, Westinsure.
Brokers demand 'safe harbour' from PPI storm
The Financial Services Authority (FSA) has come under increasing pressure to force insurers to share the burden of compensation claims resulting from the widespread mis-selling of payment protection insurance (PPI).
Utley quits IAG to focus on his own investments
Neil Utley has revealed his intention to return to his entrepreneurial roots after quitting his role as chief executive of Insurance Australia Group's (IAG) UK business.
Autofocus goes into administration.
The credit hire reporting company Autofocus has entered administration.
Anglo Irish planning for Quinn takeover
Anglo Irish Bank is just weeks away from delivering plans to the country’s Financial Regulator for the takeover of Quinn Insurance, according to the Irish Independent.
Brit cuts UK private motor book by 60%
Brit Insurance revealed it has cut its UK private motor book by 60% as it reported a 10.8% drop in UK gross written premium to £210.1m for the first six months of 2010 (H1 2009: £235m), a 11.4% decrease at constant exchange rates.
Private equity house submits revised bid for Brit
The board of Brit Insurance Holdings has confirmed that private equity house Apollo has submitted a revised indicative proposal to acquire the entire issued and to be issued ordinary share capital of the company at a price of £10.75 per share in cash.
NIG pulls personal lines
Royal Bank of Scotland insurer NIG has outlined plans to close its personal lines division and focus solely on commercial business
Ecclesiastical announces new CEO for Australian business
Specialist insurer Ecclesiastical has appointed Andrew Moon as the new chief executive officer for its Australian business, Ansvar Insurance.
News round-up: July/August 2010
A brief round up of news from the secto.
Utley to leave IAG UK
Insurance Australia Group has announced today that Ian Foy, currently CEO of IAG’s New Zealand business, will return to the United Kingdom to become CEO of IAG’s UK business, succeeding Neil Utley.
Government to consult on how to implement Jackson Review
The coalition Government has announced a consultation on implementing the recommendations laid out in Lord Justice Jackson’s Review of Civil Litigation Costs.
ABI reveals fraudulent claims cost more than £16m a week
Insurers are detecting more fraudulent insurance claims than ever according to figures released today by the Association of British Insurers (ABI).
CII elects its 114th president
Chris Hanks, general manager of commercial insurance at Allianz, has been elected president of the Chartered Insurance Institute (CII).
FSCS has paid out over £200m in compensation
The Financial Services Compensation Scheme’s (FSCS) annual report and accounts for 2009/10 has revealed that more than £204m has been paid out in compensation to over 21,000 claimants.
RSA launches online quote and buy facility for brokers
RSA has launched RSA Online, a new service which enables brokers to obtain quotes and bind a policy online.
Three arrested in cash for crash operation
Durham Constabulary’s Serious and Organised Crime Group has arrested three men as part of an ongoing major investigation into organised criminals believed to be involved in ‘crash for cash’ activities.
Head of underwriting leaves DAS
DAS Legal Expenses has confirmed the departure of Mike Timmons.
BLG scoops Halliwells' insurance partners
Barlow Lyde & Gilbert (BLG) has bolstered its insurance practice with the former Halliwells partners joining the firm in Manchester.
Employment tribunal claims soar
Figures released by the Tribunals Service show that 236,100 employment tribunal (ET) claims lodged in the year 1st April 2009 to 31st March 2010, an increase of 56% from the previous year.