News
APPG calls for more guidance on EU gender ban
Concerns over the implementation of the gender ban in insurance pricing have been raised by the All Party Parliamentary Group (APPG) on Insurance and Financial Services at a recent meeting.
Evolution agrees five year capacity deal with Allianz
Evolution Underwriting has announced the extension of its capacity arrangements with Allianz for a further five years covering property, casualty, excess of loss and motor lines.
Whittington heads out from London
Lloyd’s-based managing general agent, Whittington Capital Management Syndicate 2525, has appointed Stephen Fitzgerald to develop business in the UK regions that is not currently accessed through the Lloyd’s broker channel.
Two senior players leave Gallagher Heath for rival Bluefin
Bluefin has snapped up two senior brokers from rival firm Gallagher Heath.
Towergate responds to Fitch rating warning
Towergate has declared its finances to be “rock solid” as credit rating agency Fitch downgraded its outlook from stable to negative.
Laspo bill delayed until April 2013
The Jackson reforms will not be implemented until April 2013, the government has announced.
Towergate warned on rating downgrade risk
Fitch Ratings has warned that Towergate Finance faces an issuer default rating (IDR) downgrade in the next two years unless the broker can deleverage further and increase its EBITDA.
ABI refuses to renew statement of principles for flood insurance
The Association of British Insurers (ABI) has hit out at the government and said it would not renew the statement of principles for flood insurance as it was supposed to be a short-term measure and grossly distorted the market.
New schemes dedicated event hits Manchester
Insurance Age is delighted to announce the launch of a brand new broker-only event dedicated to the schemes market.
AA warns homes may become uninsurable against flood risk
AA Insurance has called on the government to take “decisive action” before homes in flood-prone areas of the UK become uninsurable.
Biba signs up Groupama broker as latest member
Carole Nash, the Groupama-owned motorcycle and classic car broker, has joined the British Insurance Brokers’ Association (Biba).
MPs criticise government over flood defences
The Commons Public Accounts Committee has criticised the government over flood defences and urged the Association of British Insurers to renew its statement of principles on flood insurance.
Sants claims he was talked into taking top job
Hector Sants, chief executive of the Financial Services Authority (FSA), claims he was talked into taking the job and that he would never let the former management of RBS work in finance again.
Biba reveals keynote speakers and panelists for 2012 conference
The British Insurance Brokers’ Association (Biba) has revealed that the father of the internet and one of the UK’s leading political journalists will be the keynote speakers at this year’s Biba Conference.
Biba splits from RWA
The British Insurance Brokers’ Association (Biba) has split with RWA Group, one of its compliance partners.
New claims mediator launches to brokers
Expedite Resolution has launched a new service that it claims could bring a flexible and cost effective approach to claims settlement.
Lloyd’s broker bought by US group
London-based broker and underwriting company Chesterfield Group has been bought by US-company H.W. Kaufman Financial Group.
Leroy completes MBO of Europe Assistance Holdings
Patrick Leroy, chief executive of Europe Assistance Holdings, has completed a management buyout of the firm.
FSCS spent nearly £400m on management expenses last year
The Financial Services Compensation Scheme (FSCS) spent nearly £400m on management expenses in the 2010/11 year as it took in nearly £1bn in levies and paid out over £535m in compensation.
Standard & Poor’s outlook for insurers remains negative
Standard & Poor’s (S&P) has reaffirmed the credit ratings of Allianz, Aviva and Axa groups but warned the long term outlook for all three was negative mainly as a result of the Eurozone crisis.
A&A Group in management buyout
Darwin Private Equity has entered into an agreement to acquire The A&A Group and Hyperformance Limited in a management buyout.
Premiums rise as profits fall at Chubb
Chubb has reported net income in Q4 2011 of $452m (£287.7m) down from $620m in the same period of 2010.
Insurance companies lagging behind in payments
UK firms improved their overall payment performances in the final quarter of 2011, but insurance companies did not follow this trend, figures from Experian have revealed.
FCA chief vows to end laid back regulation
The Financial Conduct Authority (FCA) needs to make better, bolder, faster decisions and will not lie back and let financial markets run themselves.