News
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.
Policy sales up at Brightside ahead of results release
Brightside has revealed a 30.7% increase in policy sales to 444,189 [2010: 339,916] ahead of announcing its full year results to 31 December 2011.
New London sales chief for Axa
Axa Commercial Lines has appointed Ryan Birbeck as its new London sales manager.
Thoresen urges FCA to tone down the rhetoric
Otto Thoresen, director general of the Association of British Insurers (ABI), has called on the Financial Conduct Authority (FCA) to engage with balanced rhetoric to head of a confrontational relationship with the industry.
CCV starts 2012 with two acquisitions
CCV has bought Crown Insurance Brokers in Birmingham and Lyon Insurance Services in Anglesey.
RSA reveals 120 jobs at risk in UK business review
RSA has confirmed to sister title PostOnline that 120 jobs are at risk in a review of its UK business.
Zurich wins Chartered Insurer status
Zurich has been granted Chartered Insurer status by the Chartered Insurance Institute (CII).
Ex-Gallagher Heath MD joins Knowlden Titlow
Knowlden Titlow Insurance Brokers has appointed Rod Palmer, former managing director of Gallagher Heath’s Norwich branch, as broking director.
Powerplace chief executive out after only eight months
Powerplace, the Towergate online wholesale subsidiary, is to appoint its third chief executive in a year.
FSA issues warning about motor broker Aston Midshires
The Financial Services Authority (FSA) has warned customers of motor broker Aston Midshires Insurance to check that their insurance policies are valid.
Aviva considering tied agent model in Ireland
Aviva has told staff in Ireland that it is considering selling some branches while others may be used in a franchise model, according to reports in the Irish press.
Towergate reveals capacity deals with Brit and Allianz
Towergate Commercial Underwriting (TCU) has announced a five-year capacity deal with Allianz providing 70% and Brit the remaining 30%.
ULR parent reports £3m loss
Motorplus, parent company of Norwich-based ULR, has reported an operating loss of £3.4m for the year ending 31 August 2010.
Quindell adds to insurance business with Ai Claims deal
Quindell Portfolio, a software outsourcing specialist, has acquired 29.9% of Ai Claims Solutions.
QBE maintains rating status despite profit warning
Credit rating agencies Fitch and AM Best have both reaffirmed their ‘excellent’ level ratings on QBE following it announcement on 12 January that group profits would be up to 50% lower than the $1.3bn (£834m) announced in 2010.
Ex-Groupama claims chief appointed as IFB director
Phil Bird has been appointed full-time director of the Insurance Fraud Bureau (IFB) on a six month secondment.
Welsh broker hires in growth push
The Thomas, Carroll Group has announced 11 new appointments as it gears up to expand its headquarters.
Travelers opens Lloyd's event cancellation policy to regions
Travelers is to provide access to its Lloyd’s event cancellation policy to regional brokers.