News
More change in HNW sector as RK Harrison acquires fellow broker
RK Harrison Group has had a bid to buy high net worth specialist Mercury West Associates (MWA) accepted.
Market moves: welcome home
October saw a lot of business development action with insurers chasing brokers and brokers chasing clients in the static UK economy. While there were numerous appointments across the board, as seems to have been the case throughout 2012, Scotland and the…
County unveils new consolidator
County Group has launched County Insurance Northwest with the aim of acquiring 15 brokers in the North of the UK over a five year period.
Deadline nears for Broker Expo
There is still time to sign up for Insurance Age’s 2011 Broker Expo at Coventry’s Ricoh Arena.
Homeserve suspends sales after mis-selling review
Homeserve has suspended all telephone sales and marketing following a review of its UK telephones sales operations and procedures.
Brokers missing out on untapped event market
Brokers around the UK could be taking better advantage of local event cancellation business, according to research commissioned by Beazley.
Invicta completes Fountain acquisition
Invicta Insurance Services has acquired the household and property owners’ portfolios of Fountain Insurance & Investment Services.
RBS offered £4bn for insurance division
Royal Bank of Scotland (RBS) has been offered £4bn for its insurance arm by private equity group CVC Capital Partners.
Aon reports third quarter growth
Aon has reported a 51% increase in total revenue to $2.7bn (£1.7bn) for the third quarter of 2011 compared to the same period of 2010.
Transactor restructures as profits and revenue rise
Insurance software provider Transactor Global Solutions Limited (TGSL) has announced a 24% increase in turnover to £5.2m with group pre-tax profits up 18% to £0.5m for the year ended 31 March 2011.
Lawyers warn of loophole in referral fee ban
Global law firm Kennedys has warned there is a significant loophole in the government’s proposed ban on referral fees.
Insurance Age blog: Faking your own death
A whole month since my first blog. By now of course I've gained enough expertise to rant and rave about all manner of things insurance-related, which is particularly impressive to my friends and relatives who have all recently discovered how glamorous…
FSA scrutinises banks' bundling of insurance products
The Financial Services Authority (FSA) has made a host of proposals to change the way that insurance is sold when bundled into bank accounts.
LV appoints senior underwriter from Aviva
LV has appointed Tom Maughan as a senior underwriter for its Bournemouth branch which looks after brokers in Dorset, Hampshire, West Sussex, the Isle of Wight and the Channel Islands.
Profits tumble at Aspen
Aspen Insurance Holdings has revealed a 76% fall in third quarter profits to $22.2m (£13.8m) compared to the same period of 2010 when it made $92.8m.
Ecclesiastical aims for growth in Ireland with new MD
Ecclesiastical has appointed a new managing director for its Ireland business.
Allianz rolls out fleet changes
Allianz has unveiled new motor fleet products in a move to separate small fleet cover from that for mid to large businesses.
Aim restructures following difficult year
Aim Legal Expenses has undergone a restructure following a “period of uncertainty”.
Axa reveals 1% growth in UK P&C business
Axa’s results for the first nine months of 2011 have shown a small increase in UK property and casualty (P&C) revenue to €2.82bn (£2.47bn) from €2.79bn in the comparable period of 2010.
Ace posts Q3 loss
Ace has reported a net loss for the third quarter of 2011 of $31m (£19.4m) compared with a profit of $675m in the same period of 2010.
Sterling loses out to newcomer for Biba scheme
The British Insurance Brokers’ Association (Biba) has chosen newcomer Aqua Underwriting over holding insurer Sterling to run the association’s high net worth (HNW) scheme.
Escape of water costs home insurers £730m a year
Legal & General (L&G) has calculated that insurance claims for escape of water damage in UK homes cost the insurance industry £730m in 2010, nearly double the £370m cost of burglary claims over the same period.
ABI welcomes vote on banning referral fees
The banning of referral fees will be debated in the House of Commons next week and provided the vote is successful, will be added to Legal Aid, Sentencing and Punishment of Offenders Bill, Justice Secretary Kenneth Clarke has announced.
Ex-Axa UK CEO to chair Chaucer Syndicates
Former Axa UK chief executive officer Mark Wood has been confirmed as chairman of Chaucer Syndicates.