News
Markerstudy releases capacity to new MGA
Markerstudy Group has confirmed it is providing £25m underwriting capacity to managing general agent Xpect.
Allianz sees profits rise in UK
Allianz has reported an 11.4% rise in operating profits for its UK arm to €206m (£174.3m) in 2011, up from €185m in 2010.
Commercial broker launched in London
New commercial broker Q360 has been launched in London using capital provided by Tawa, a specialist investor in insurance industry businesses.
RSA delivers good 2011 result but commercial continues to drag
RSA UK delivered £310m profit before tax on premiums of over £3bn in 2011 while turning in a combined operating ratio (COR) of 98.2%.
RBSI reports jump in profit and improved COR
RBS Insurance has reported a combined operating ratio (COR) of 100% for the year ended December 2011, an improvement on its COR of 121% in 2010.
RSA appoints CFO from Aspen
RSA has appointed Richard Houghton to the role of group chief financial officer with effect from early June 2012.
Barclays' general insurance complaints double
Barclays has reported an increase in general insurance complaints, from 59,003 in the second half of 2010 to 122,992 in the second half of 2011.
HCC reports fall in profits
HCC Insurance Holdings has reported a fall in net earnings in 2011 to $255m (2010: £162.3m) with a deterioration in its combined operating ratio to 90.8% from 84.6% the previous year.
SSP launches real-time pricing hub
SSP has claimed that it is set to transform the intermediated personal lines market with the launch of a new ‘quote hub’ providing brokers with real-time pricing.
Ageas reveals commercial COR of 110.9%
Ageas Insurance has confirmed it recorded a combined operating ratio (COR) of 110.9% in commercial lines business for the year ended 31 December 2011.
PPI payouts hit new monthly high
Customers received £441m in payment protection insurance (PPI) payouts in December 2011, figures from the Financial Services Authority (FSA) have revealed.
Second broker in a week enters administration
Chester-based insurance broker Astbury Wren and Company has been sold to a competitor after the business went into administration.
Aon expands Manchester chief’s remit to include Leeds and Sheffield
Aon Risk Solutions has appointed Jane Kielty as area director to head the Manchester, Leeds and Sheffield operations of its corporate business.
RSA commercial chief threatens to exit unprofitable markets
RSA’s commercial chief has confirmed that he will pull out from product lines that are not working for the insurer as he continues his revamp of RSA’s commercial book.
Riverbourne enters administration
The Riverbourne Group, a Cobra Network member, has gone into administration.
Bridge and Brit in B&B partnership
Bridge Insurance brokers has teamed up with Brit Insurance to launch Hospitality, an insurance scheme focused on boutique bed and breakfast businesses.
CNA creates chief underwriting role
CNA Insurance has appointed John Taylor to the newly-created role of chief underwriting officer.
Hiscox promotes Gott to lead on art and private clients
Hiscox has announced the promotion of Justin Gott to the position of head of art and private client, Hiscox UK and Ireland.
Ageas’ chief bearish on commercial hardening
Barry Smith, chief executive of Ageas UK, has described himself as “very pleased” with the step change from loss to profit at the insurer but admitted he was not confident of seeing any commercial market hardening in 2012.
Insurers must improve customer service, according to survey
UK consumers are twice as likely to switch insurance provider as their mainland European counterparts, according to a survey conducted by Ernst & Young.
Lloyds Bank claws back directors' bonuses due to PPI scandal
Lloyds Banking Group is to strip five directors of their bonuses, totalling over £1m, as a penalty for their role in the payment protection insurance (PPI) mis-selling scandal, the Daily Telegraph has reported.
Momentum signs up first Scottish AR
Momentum has signed up Dancas Insurance Brokers as its first Scottish member.
Aviva’s McMillan bullish on insurer summit outcomes
David McMillan, chief executive officer UKGI at Aviva, has told Insurance Age he was as optimistic as he had ever been on reducing the cost of motor premiums following the outcome of last week’s insurance summit with the Prime Minister, David Cameron.
QBE creates new combined team
QBE has combined its casualty international and professional and financial lines teams to form a new division led by David Harries.