News
Fall in profits and revenue at Confused.com
Price comparison website Confused has announced a 10% fall in revenue and 20% decline in profit during the first six months of the year.
Fortis reports return to profit in Q2 but trails behind last year's H1 result
The insurer reported profit before tax of £8.4m for Q2 2010, an improvement on the £3.2m loss made in Q1, but behind last year's H1 profit of £26m.
Admiral's H1 2010 profit grows to £126.9m
Admiral's group profit before tax has soared to £126.9m for H1 2010, a 21% increase on the same period last year (H1 2009: £105.3m).
11 year high in claims against professional firms
High Court cases launched against professional firms for negligence have hit an 11 year high forcing more firms to borrow to pay increased professional indemnity insurance rates, according to independent finance provider Syscap.
FSA slaps Zurich UK with record fine for data loss
The Financial Services Authority (FSA) has hit Zurich UK with a record fine of £2.275m for failing to have adequate systems and controls in place to prevent the loss of customers’ confidential information.
Capita buys insurance scheme provider National Dental Plan
The Capita Group has acquired the National Dental Plan (NDP) group of companies for a cash consideration of £30m on a cash-free, debt-free basis.
QBE raids Chubb for accident and health underwriter
QBE has announced the appointment of Gemma Seymour as accident and health underwriter in its non-Lloyd’s A&H team.
Groupama completes claims consolidation with four senior appointments
Four appointments have been made as Groupama completes the centralisation of commercial and personal claims to its claims centre in Port Solent, Portsmouth.
Hiscox's H1 results reveal a fall in profits
Hiscox’s profits before tax have dropped to £97.2m (H1 2009: £141.1m) and the group combined ratio has increased by 5.8% to 93.6% (H1 2009: 87.8%).
Carbon offsetting: Energy bills to rise
Brokers could face an increase in annual energy costs of £368 by 2020 as a result of climate change policies, the government has admitted.
MP banned after driving without insurance
Bolton South East MP Yasmin Qureshi has been banned from driving for six months after being caught using her mobile phone while driving without insurance, according to the BBC.
Westinsure members approve Ink takeover
Giles-owned Ink Underwriting Agencies has completed the acquisition of the Westinsure Group for an undisclosed sum.
Quinn confirms withdrawal from solicitors' PI
Quinn Insurance has confirmed today that it will not be re-entering the solicitors’ professional indemnity insurance market in England and Wales this year.
Brit loses distribution head Tim Grant
Brit Insurance's head of distribution Tim Grant is leaving to join Dual Corporate Risks, Insurance Age can reveal.
BCIS study reveals nearly a third of UK home insurance policies are incorrect
Homeowners may have paid the wrong premium for their buildings insurance if they insured for market value rather than rebuilding cost, according to The Building Cost Information Service (BCIS).
RSA warned to raise Aviva offer to £8bn
RSA will have to raise its offer for Aviva’s general insurance business by 60% to £8bn to seal the deal, according to a report in the City AM newspaper.
Ace raids Chartis and Aviva for Birmingham team
Ace has announced two new appointments to its Midlands regional management team.
QBE reports rise in European profits
QBE European Operations has reported a rise in pre-tax profit to US$222m for H1 2010, compared to $213m for the same period last year.
PB Week: Thinking about motor rates
Further to the news that car insurance premiums have jumped 14.2% in the second quarter 2010 it was interesting to note NIG's recent announcement that they were changing their strategy and moving away from the personal lines market, writes Paul Muir,…
Ray Cox lands Brit CEO role ahead of Burrows retirement
Mr Cox will replace Peter Burrows as chief executive officer of its UK strategic business unit. The appointment is effective from 1 September 2010.
FSA dishes out £150,000 fine as it bans five for insurance fraud
The Financial Services Authority (FSA) has banned five individuals for failings in relation to insurance fraud. It has also imposed one of its largest ever fines of £150,000 for insurance fraud on one of these individuals and £50,000 on another.
UK inflation rate falls again
Annual inflation in the UK has fallen for the third month in a row to 3.1% in July.
RSA responds to press speculation about Aviva
RSA has confirmed that it put forward a proposal to Aviva to acquire its UK, Canadian and Irish general insurance businesses excluding RAC and Health for £5 billion in cash.
Allianz's half year results show GWP rise but profits drop
As part of Allianz’s half year results CEO Andrew Torrance has promised further double digit rate increases in private motor and said there was a “prospect of underwriting profit” in this area in 2011.