News
Business as usual at Kaupthing Singer & Friedlander
Following on from the news of its sale - announced by Insurance Age yesterday afternoon - the company has released the folllowing statements:
LV= wins Defaqto five star awards for car and home insurance products
LV= has been awarded the prestigious Defaqto five star rating for both its car and home insurance products. The awards recognise insurers that offer high standards of cover.
Kaupthing Singer & Friedlander Premium Finance up for sale
The premium finance subsidiary of Kaupthing is up for sale, along with all of the asset finance division.
Market Rasen quake costs could hit £30m
The earthquake that struck Market Rasen in Lincolnshire yesterday is likely to cause insured losses of between £15m and £30m, according to initial estimates by Risk Management Solutions (RMS).
Axa UK has said its underlying earnings for 2007 have grown by 15% to £354m.
Globally, the French insurer reported earnings of 5bn euros and a proposed divident of 1.20 euros per share, up 13%.
Highway reports 27% rise in profits
Highway has reported pre-tax profits of £24.3m for 2007 – an increase of 27% on the previous year.
Towergate acquire PMI provider
Towergate Partnership has acquired Private Medical Insurance provider City & Suburban Health. As part of the transaction, the current management and staff will be retained under the leadership of Lee Birch, the current Managing Director.
Northern Ireland broker continues expansion
Hughes Insurance has invested £1m in its local branch network in Northern Ireland by opening three new branches in the next three months.
Earthquake prompts over 1,000 home insurance claims
The recent earthquake will hopefully shake a few home owners into considering their home insurance, according to Abbey.
Brown and Brown's UK arm raids AJ Gallagher for start up team
Brown & Brown has confirmed some more details about Decus Insurance Brokers, its new UK subsidiary.
Coversure establishes three new franchises
Coversure Insurance Services, the Huntingdon-based broking franchise, has opened three new branch offices in Chesterfield, Hertford and Andover.
Insurance secured for construction of World Trade Center
World Trade Center (WTC) developer Larry Silverstein today announced the placement of the workers’ compensation, general liability, excess liability, and specialty insurance with a host of insurers including AIG, Beazley and Ace, for the construction of…
QBE sees European business GWP slightly reduce
QBE Europe saw gross written premium reduced by 4% to Aus $5137m (£2421m) and gross earned premium reduced by 1% to Aus $5158m in 2007.
Towergate acquires Leicester-based broker
Towergate Partnership has acquired T F Bell Group. Under the deal, all 57 staff and directors have made the move to Towergate. The team will continue to be led by chief executive officer, Stephen Hough based at two sites in Hinckley, Leicestershire.
Car insurance premiums on the increase
The average car insurance premium has increased by 5.24% in the last year, according to the latest Sainsbury’s Car Insurance Index.
Towergate to sell minority stake to private equity firm, according to reports
Towergate founder Peter Cullum is in talks to sell a 25% stake in his business to a private-equity group in a deal that will value his company at more than £3bn, according to reports.
Open GI creates new team to advise on ‘best fit solutions’
Open GI has created a new Solutions Consultancy and Educational Services team to provide a more proactive approach to the broker-software provider relationship.
PPI industry set for massive upheaval, says Defaqto
Defaqto’s latest report, “Payment Protection Insurance – 2008 – The party’s over ” has predicted that over the next two years there will be a massive upheaval in the industry as lenders, underwriters and consumers are forced to adjust to consequences…
New Thatcham chairman appointed
Bill Paton, chief claims officer, at Zurich Financial Services, has been appointed chairman of Thatcham.
New VP board announced
Stuart Reid has unveiled the management board for Venture Preference (VP) following his appointment as sole chief executive of the Axa-owned broker subsidiary a month ago.
Competence of young drivers called into question
Crashes and insurance claims among young drivers are a bigger risk than ever for companies, according to Norwich Union (NU).
Home & Legacy expansion plan may result in staff losses
Home & Legacy has announced plans to move its operations team to new premises as part of an ongoing expansion programme.
Groupama 'content to sacrifice volume' to continue strong profitability
Groupama has reported strong profitability in its annual results for 2007.
Private equity company in line to buy broker
Giles Insurance Brokers is understood to have been acquired by a private equity company, Insurance Age has learned.