The deal values Hastings at around £1.66bn as the provider also publishes half year results.
Unite said the deal is a “betrayal” of the Co-op philosophy as trade union predicts 200 jobs at risk once deal goes through.
The #justpayit campaign has highlighted that some providers are reducing BI payouts to businesses which have received government support grants.
The group is meeting with Centerbridge Partners Europe, LLP alongside Towerbrook Capital Partners UK, Platinum Equity Advisors and Warburg Pincus International as it flags £2.65bn of debt.
Keep up to date with the latest people moves.
Broker of the year goes to the best of the best and this year is sponsored by Markerstudy.
The provider has also reserved $232m for Covid-19 related claims as it reports H1 2020 numbers.
Market also launches Culture Dashboard and is set to undertake a second annual survey in October following heavy criticism of its culture in 2019.
For the 36th episode of Post and Insurance Age’s Covid-Cast video series we gathered together an esteemed panel of ‘grumpy old insurance execs’ to talk about how to trade through a hard market, something many might have not experienced before.
Lord Justice Flaux has confirmed the middle of September as the target date for a draft judgment in the business interruption court case brought by the Financial Conduct Authority against UK insurers.
The backing comes from A-rated capacity and lasts for three years.
The diversity event is taking place virtually this year and has speakers including the first British astronaut Helen Sharman and BBC presenter Naga Munchetty.
Provider expects Covid-19 premium slip of £110m for the group, including an estimated £81m impact in the UK & International business, as it also reveals a £33m loss on its UK and London market exit portfolios.
Sampo Oyj has approached the business along with Rand Merchant Investment Holdings.
QC accuses FCA of failure to show causal connection between government action and the disturbance to the insured businesses
Insurers argued the Financial Conduct Authority is “unable to demonstrate” any meaningful connection between the action taken by the UK government on a national basis in response to Covid-19 pandemic and the locality of firms’ premises, as the court…
The motor insurer said it had continued focus on a strategy of prioritising underwriting profitability over volume whilst reflecting Covid-19 impacts using a data-driven pricing approach.
Insurance Cares: The watchdog has called on financial services firms to do more to ensure vulnerable customers receive positive outcomes as it consults on guidance.
Providers argue regulator’s case doesn’t work because access to premises was not prevented during pandemic as lawyers for Hiscox, Ecclesiastical, MS Amlin, Arch Insurance and Zurich make their submissions.
LV General Insurance has revealed “worst case scenario” of up to 600 job cuts as it restructures and integrates L&G.
News analysis: Experts question legality of Covid-19 exclusions in brokers' PI policies and warn of trouble with doubling of premiums, providers reducing capacity, as compliance specialists call on the FCA to make it clear whether Covid-19 exclusions are…
The cull follows the acquisition of Legal & General as the personal lines insurer seeks to integrate the businesses and streamline its claims function.
Jonathan Gaisman, QC, branded parts of the Financial Conduct Authority’s arguments as camouflage, a misuse of language and “blurring every divisible thing into one amorphous mass” as he defended Hiscox in the ongoing business interruption test court case.
Move follows the provider's strategic review of its operating model earlier this year and the appointment of Sean McGovern as CEO UK & Lloyd's market.
The regulator wants the measures, which require firms to consider premium reductions and payment deferrals, to be extended to 31 October.