News
Intermediary receives FSA fine and ban for 'turning blind eye'
The Financial Services Authority (FSA) has fined an intermediary £25,000 and banned him from working in regulated financial services for his part in a scheme that defrauded Markel and QBE, through its agent Amalfi, of more than £2m.
Hastings to recruit 350 to meet expansion plans
Bexhill-based insurance broker Hastings Direct has announced it is to recruit 350 members of staff in 2011.
Mayer tasked with EMEA focus in London return
Igal Mayer has returned to London as Aviva's chief executive of Europe, Middle East and Africa. The move from CEO of the North American division comes a year after the implementation of the restructure, which saw Mark Hodges appointed to lead UK…
Systems and regulation top brokers' 2011 concerns
Improving systems and regulation are the issues that concern brokers and underwriters most for 2011, according to insurance software specialist Sequel.
Bespoke insurance regulation is top of Biba agenda
The British Insurance Brokers' Association (Biba) has put regulation at the top of its 2011 manifesto agenda as it continues to campaign for a regulatory approach more tailored to its members.
E-commerce: Commercial market struggles to meet fraud prevention demand
As the capacity for online small to medium-sized enterprise (SME) trading increases, the commercial insurance market continues to lag behind in fraud prevention, according to APC underwriting director, Ian Russell.
TEn commits to Aldermanbury
TEn Insurance has become the first stand-alone network to sign the Aldermanbury Declaration.
E-commerce: First for Lloyd's as contract is exchanged on iPad
The first electronic fully-placed contract via iPad was exchanged at Lloyd's between BMS and Catlin using the RI3K platform.
No let-up in FSCS levy burden for next two years
Brokers have been warned that the heavy cost of the levy imposed by the Financial Services Compensation Scheme (FSCS) in 2010 could become the norm for the next two years.
Prime Professions hits back
Prime Professions has rejected claims it is struggling financially and had been in discussions with Aon about a takeover late last year.
Zurich and joint Anglo-Liberty bid leading race for Quinn
Reports in the Irish press have indicated that there are two front runners in the bidding process for Quinn Insurance. The differing articles named Zurich and a joint Anglo Irish Bank and Liberty Mutual bid as leading the way. Previously, Travelers and…
Majority of firms ill-equipped to cope with new Bribery Act
Nearly two thirds of insurance firms are still not prepared for new anti-bribery legislation set to be enforced in April this year.
Brokers to see FSA fees fall in 2011/12
Brokers will see a fall of 9.4% in minimum fee levels from the Financial Services Authority (FSA) in 2011/12 according to its Regulatory Fees and Levies consultation document.
FSA requests over 10% increase in funding
The Financial Services Authority (FSA) has asked for a 10.1% gross increase in annual funding for 2011/12 to £500.5m, up from £454.7m in 2010/11.
Oxford Insurance Brokers appoints two in UK PI team
Oxford Insurance Brokers has revealed the first step in its growth strategy following a £1.4m investment from venture capitalists BP Marsh & Partners in June last year.
Delay to Bribery Act should not distract businesses, says PWC
The Ministry of Justice (MoJ) has confirmed that the Bribery Act, due to come into force in April, will be delayed until it has issued further guidance to businesses.
Jelf Insurance Brokers set for 'aggressive' growth despite dip in revenue and profits
Premium finance arrangements are the reason behind the shortfall in Jelf Group’s insurance business, says chief executive Alex Alway.
Jelf Group results reveal profit boost and debt reduction
In its final results for the year ended 30 September 2010 Jelf reported operating profit was up to £3.1m from a loss of £9.7m in the same period of 2009.
Saffron continues growth spree with Chris Semmens merger
Saffron Insurance has merged with Baldock-based Chris Semmens (Commercial) Insurance Broker.
Advent deal may see Towergate float in three years
Advent International has agreed to inject £200m, including a £90m acquisition fund, into Towergate Partnership, Insurance Age understands.
Direct Line targets mid-net worth sector
Direct Line has announced the launch of Direct Line Select Insurance.
Arista opens Leeds office
Arista Insurance has expanded its branch network to seven by opening a new permanent office in Leeds.
Fraud costs UK over £38bn each year, according to NFA report
The National Fraud Authority (NFA) has reported that fraud costs the UK over £38bn a year with insurance fraud accounting for £2.1bn.
Simply Business claims commercial insurance platform first
Simply Business has launched what it says is the commercial insurance industry’s first live online tracking platform for its customers going through the claims process.