News
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.
Ageas produces growth and profit across the board
Ageas has reported a huge boost in both gross written premiums (GWP) and profit for 2011 as the insurer’s Tesco deal begins to pay dividends.
Moreland teams up with British Franchise Association to drive growth
Scottish broker Moreland Insurance has entered into a strategic partnership with business organisation the British Franchise Association (BFA) in a move designed to widen its UK reach.
Chubb rides in with seven new staff
Chubb Insurance has recruited seven new senior London-based employees to enhance its personal lines offering.
PwC: Companies must adapt to changing market dynamics
Over two thirds (70%) of insurance CEOs are planning to change their strategy over the next 12 months as they tackle ongoing economic difficulties and increasing regulatory pressures.
Miller adds Marsh and AJ Gallagher experts to team
Miller has appointed James Cunningham and Ewan Wauchope to bolster its political risk, trade credit and political violence capabilities.
Broker satisfaction with insurers remains high, survey says
Broker satisfaction with insurers has remained stable over the past five years and seen an increase for commercial lines, according to an annual survey carried out by General Insurance Market Research within Aura (Gimra).
Oliva management go it alone as Cooper Gay pulls capacity
Cooper Gay has pulled capacity from managing agency Oliva to focus its MGA strategy on international business.
MGAA unveils first elected board
The Managing General Agents Association (MGAA) has announced the members of its first elected board at its inaugural AGM.
THB makes latest purchase from AFL Insurance
THB has acquired AFL Insurance Brokers' UK commercial wholesale account.