News
Landmark Act on corporate manslaughter approved
Companies whose gross negligence leads to the death of individuals will now face prosecution for manslaughter under tough new legislation approved today.
Discrimination tribunal costs on the up
Tribunal costs for UK Small to medium-sized enterprises are rapidly increasing as staff discrimination cases have rocketed and, with new age discrimination laws now in force, many will be expecting to see further increases during the second half of 2007.
Open GI reports slight profit increase
Open International, the holding company for Open GI, the Countrywide network, and London market technology provider, Mi Limited, has announced further growth in revenues and profits for the year ended 31 May 2007.
Brit receives A+ Fitch rating
Brit Insurance Holdings has announced that Fitch Ratings has affirmed Brit Insurance Limited’s Insurer Financial Strength Rating at ‘A+’.
Insurers could cut flood cover warns Aon
Insurers could remove flood cover in more areas of the UK if the government does not start investing in adequate flood defences rapidly, Aon has warned.
QBE fails to buyout Syndicate 386 Names
QBE confirmed today that it had withdrawn a proposed offer to buyout the remaining Names that participate on its specialist liability Syndicate 386, managed at Lloyd's under the Limit brand within QBE European Operations. The external minority comprises…
Markel upgraded to A rating by A.M. Best
Markel International Insurance Company (MIIC) has been upgraded to an ‘A’ rating by A.M. Best, with a positive outlook assessment.
Fitch predicts flood costs could exceed £3bn
Fitch Ratings has said that the total cost to insurers of recent flooding in the UK could exceed £3bn. However, Fitch expects the flooding to have a limited rating impact on UK insurers.
Brit restructures in bid for profitable growth
Brit Insurance Holdings, the UK-domiciled international general insurer and reinsurer, has announced a group restructure as it continues its strategy of profitable growth.
Broker launches web-based quote facility for the construction industry
PWS Holdings, the independent international reinsurance broker, has launched an Internet-based facility to offer insurance brokers real-time insurance quotations on-line for construction industry-related insurance.
Standard and Poor's increase Allianz rating
The ratings of Allianz Insurance and Allianz SE have been raised by Standard and Poor's to AA- and AA respectively, both with a stable outlook.
Unitas appoint chairman of new underwriting agency
Unitas, the alliance of leading UK Independent Insurance Brokers, has appointed Mark Boucher chairman of the recently-announced Underwriting Agency Company. Mark was, until recently, chief executive officer of Endurance Worldwide Insurance.
Outright takes steps to secure customer data
OutRight, one of the UK’s leading affinity phone and internet insurance brokerages has implemented a ban on non-essential mobile phones and other electronic storage devices (such as USB drives and iPods) in its call centre to further secure its customer…
R3: acquire military travel and holiday specialist
The R3: Group has completed the acquisition of the Forces Travel business and plans are underway to integrate the company with Forces Financial, R3’s specialist UK Police and Armed Forces insurance and financial services division.
Biba challenges Transport Select Committee report
The British Insurance Brokers’ Association (Biba) has warned that suggestions from the Transport Select Committee for the insurance industry to reduce premiums for novice drivers could lead to increased premiums for claim-free drivers.
Name of new ABI chairman announced
Archie Kane, chief executive of Scottish Widows, has become the new chairman of the ABI (Association of British Insurers).
Fitch issues preliminary PRISM results
Fitch Ratings has issued preliminary results for the UK non-life sector from PRISM, a next-generation stochastic capital model for the insurance industry. Fitch believes PRISM will change the way insurance risks are viewed by investors and industry…
Swinton acquires Rockford Insurance Brokers
Swinton Group has announced the acquisition of commercial insurance broker Rockford Insurance Brokers. Swinton said the deal would substantially increase its B2B offering and complement the work of its existing commercial arm, Swinton Business.
UKUL launches travel assistance unit
UK Underwriting (UKUL) has announced the launch of its new in-house travel assistance unit under the name Primary Assist.
CII Group to make record investment
The Chartered Insurance Iinstitute (CII) Group is to invest heavily in building a robust professional framework for its 90,000 members this year after reporting record revenues for 2006.
Equity acquires Surrey broker
Equity Insurance Group has acquired its 17th regional purchase since July 2006 - Chertsey broker, Tuley Hall & Co.
Cullum swoops again
Cullum Capital Ventures (CCV) has announced its latest acquisition, with Worthing–based Crawford Davis joining the group.
Countrywide membership exceeds 700
Countrywide has gained six new members in the last two months bringing the total membership to over 700.
Oval makes first expansion into the North West
Oval has acquired Warrington based Creamer Group. This is Oval’s first move into the North West and the seventh acquisition in as many months for the fast growing company.