News
Swinton to create more than 100 jobs in Manchester
Swinton is to create more than 100 call centre jobs to manage new business coming in from a deal struck with HPI.
Quinn seeks to defend himself against Anglo Irish claims
Seán Quinn has told the Commercial Court in Dublin he wishes to personally defend the former Anglo Irish Bank’s claim that he has a liability for loans of €2.34bn (£1.98bn).
FOS reveals PPI complaints halved in H2 2011
The Financial Ombudsman Service (FOS) received a total of 106,193 complaints between 1 July and 31 December 2011, and figures show that Barclays Bank was by far the biggest culprit in terms of payment protection insurance (PPI) complaints.
RSA receives rating upgrade from S&P
RSA Group has had its second piece of good ratings news in as many weeks with Standard & Poor’s (S&P) upgrading the insurer to A+ Stable.
Allianz chief sees room for underwriting improvement despite good results
Allianz UK CEO, Andrew Torrance, has conceded that the insurer’s underwriting performance is not good enough despite recording top line and profit growth and producing an overall combined operating ratio (COR) of 95.7% and a commercial one of 94%.
O’Roarke reveals targets for 2012
John O’Roarke, managing director of LV general insurance, has revealed the insurer is targeting an increase in profit of at least 20% in 2012.
Direct Line subsidiary awarded 'A' credit rating
UK Insurance, the main operating insurance subsidiary of Direct Line Insurance Group (DLG), has been assigned an ‘A’ financial strength and counterparty credit rating by Standard & Poor’s (S&P).
Welsh broker ranks 85 on 100 Best Small Companies List
Thomas, Carroll Group has re-entered the Sunday Times 100 Best Small Companies list.
Allianz UK sees growth across the board
Allianz UK has revealed increased gross written premium, higher operating profits and an improved combined operating ratio in its 2011 results.
LV doubles insurance profits as COR improves
LV has reported a doubling in general insurance profits before tax to £70m in 2011 from £35m the previous year.
Bids for Groupama due in tomorrow
Bids for Groupama’s UK business are close to being tabled with Zurich, Axa and Allianz all in the frame according to reports.
Hiscox remains in profit despite cat losses as chairman steps down
Hiscox has reported a pre-tax profit of £17.3m for 2011, down from £211.4m the previous year, as the company’s chairman Robert Hiscox announced his intention to step down.
Chartis turns from loss to profit
American International Group (AIG) has revealed that subsidiary insurer Chartis, the general insurance arm of the global business, made an operating profit of $1.12bn (£709m) in 2011 reversing its loss of $1.07bn the previous year.
Blackburn broker banned by FSA
The Financial Services Authority (FSA) has banned Mukhtar Khan, trading as United Finance and Insurance Services (UFIS), for not being fit and proper on competence and capability grounds.
Credit card insurer faces multi million pound bill over sales process
The credit card insurer CPP, which has been under investigation from the Financial Services Authority (FSA) for the past year, could face a £15m bill as part of a committment to review past sales.
Insurance websites failing customer needs
Insurance company websites are not meeting even the most basic customer experience standards according to a recent survey.
Lloyds Bank losses hit £3.5bn after PPI mis-selling
Lloyds Bank has confirmed that it made a loss of £3.54bn in 2011 the vast majority of which it attributed to the mis-selling of payment protection insurance (PPI).
AM Best confirms RSA's 'A' rating
RSA has had its ‘A’ rating for financial strength confirmed by AM Best.
CCV on acquisitions drive with operations hire
CCV has appointed David Bruce as operations director.
Quinn family closer to avoiding liability for Anglo loans
Seán Quinn’s wife, Patricia, and their five children are one step closer to avoiding liability for loans worth up to €2.34bn (£2bn), the Irish Times has reported.
Invicta expands with portfolio purchase
Invicta Insurance Services has agreed to acquire the general insurance portfolio of surrey-based IFA Financial Profiles.
In conversation with Zurich: Corporate underinsurance for plant machinery repair and replacement
There have been a number of surveys that have highlighted underinsurance in the corporate market, with a heavy emphasis on business interruption and property reinstatement. But another insurable cost is often over-looked, that of plant machinery repair…
Equity owner reports UK loss
Insurance Australia Group (IAG) has reported a loss of AU$7m (£4.77m) for the first half of the financial year 2012 for its UK division.
Markerstudy releases capacity to new MGA
Markerstudy Group has confirmed it is providing £25m underwriting capacity to managing general agent Xpect.