News
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.
UK brokers waste millions every year according to survey
The British insurance brokers industry is wasting £2.3bn worth of profit every year, according to a new study by business analysts Plimsoll Publishing.
Affinity Solutions Strengthens Team to Support Growth
Affinity partnership consultancy, Affinity Solutions, has appointed founder and former managing director, Bob Hand as chairman. Neil Batley, formerly commercial director of the consultancy, will take up the role of managing director.
NG acquires Peter Adams Insurance Brokers
Broker Network Members NG Insurance Services Ltd (“NG”) and Peter Adams Insurance Brokers Ltd (“PAIB”) have joined forces, following the acquisition of PAIB by NG.
uSwitch highlight the rise of invalid insurance
More than 2.5 million motorists in the UK could find themselves with an invalid insurance policy by providing inaccurate information during the application process.
THB profits rise on 31% growth
THB Group, the UK-based specialist insurance broking and risk management group, has announced a growth in profit and turnover for the financial year ended 30 April 2007.
Budget Group of Companies changes name
The Budget Group of Companies has changed its name to the BGL Group. The broker stated that the name change aimed to reflect the increased breadth and diversity of the company, within its six trading divisions: Budget & Dial, Junction, comparethemarket…
Equity acquires Coventry broker's book
Equity has acquired the general insurance book of Coventry broker, R & C Insurance Consultants.