News
LIU moves into IFA professional indemnity market
Liberty International Underwriters Europe (LIU), a division of Liberty Mutual Group, has expanded its professional indemnity presence with a new team covering the market for Independent Financial Advisers (IFA).
FSA fines insurance claims handler for noncompliance
The Financial Services Authority (FSA) has fined Blackburn insurance broker Aspray Limited £21,000 for control failings over its appointed representatives (ARs) and for misleading both its clients and the regulator.
Willis staff offered cash incentives for unpaid leave
Willis chief executive Joe Plumeri has offered staff cash incentives to cut their working hours in a bid to trim costs, Reinsurance can reveal.
New Lloyd's syndicate set to launch
Arch Insurance Company Europe, a subsidiary of Arch Capital Group, is set to launch a new syndicate at Lloyd's.
Heath Lambert reports flat trading
Heath Lambert has reported flat trading with earnings before interest, tax, depreciation and amortisation (EBITDA) remaining at £17.5m.
CCV makes purchase in Warrington
Cullum Capital Ventures (CCV) has purchased the general insurance business of K F Garner & Co. Based in Warrington, the company was established in 1983 and controls gross written premiums of £2m.
Arista raids AIG to establish Birmingham office
Arista Insurance has opened its sixth office to support Birmingham and Midlands-based brokers. The move continues Arista's strategyaim of establishing offices in the main UK insurance centres.
Arc appointed claims handler for CCV buy-to-let business
Arc Legal Assistance has been appointed by CCV Letting Agents Solutions (CCV LAS), part of Cullum Capital Ventures, to provide landlords legal and rent guarantee protection claims handling services following CCV LAS's move into this market.
Arag acquires solicitors' network
Arag has strengthened its position in the after-the-event market with the purchase of leading intermediary ATE Ltd for an undisclosed sum.
OurNetwork claims 200th member
OurNetwork has announced it has signed up its 200th member.
Insurance Age TV
Insurance Age deputy editor Martin Friel talks to Grant Ellis, CEO of the Broker Network Group about current market trends. He talks about how the recession has impacted brokers' businesses; how insurers have adopted a "take it or leave it" approach to…
UK insurance companies not in line with Solvency II requirements
Accountancy Moore Stephens has warned that some existing internal business models in the UK insurance industry may not be in line with standards required under Solvency II, the EU project to create a system of risk-based prudential regulation in the…
Marsh launches new community initiative for SME brokers
Marsh has formed a nationwide community of independent mid-sized UK brokers, as a key part of its growth strategy in the SME sector and in response to regional broker needs.
Oxygen establishes new facilities team
Oxygen Insurance Brokers has created a facilities broking team, to be headed up by Donald Alcorn and Jonathan Woods.
Enterprise Rent-a-Car launch new direct hire service
Enterprise Rent-A-Car has launched a new not-at-fault direct hire model for insurers. The company said that the model would provide insured drivers involved in not-at-fault accidents with a way to access their rights to mobility and access to justice,…
Unicorn Underwriting launches new property division
Unicorn Underwriting, the specialist underwriting agency arm of THB group, has secured full delegated authority from Zurich Insurance to start underwriting property investors business.
Ascot lays financial foundations for further growth
Ascot Underwriting has deposited an additional $100m at Lloyd's to support its 2009 business plan.
Dual's Kilpatrick appointed executive chairman
Dual Corporate Risks has promoted managing director Russell Kilpatrick to the newly created position of executive chairman.
Brit to redomicile in the Netherlands
Brit Insurance has announced it is set to redomicile in the Netherlands as it reported a drop of over £100m in pre-tax profits to £89.2m (2007: £191.2m).
Hiscox sees £130m drop in profits
Hiscox has reported a slump in pre-tax profits of over £130m to £105.2m (2007: £237.2m) for 2008. The insurer also reported a deterioration in its combined ratio to 91.1% (2007: 85.5%) which it blamed poor investment returns.
Insurance Age TV
Insurance Age reporter Jessica Pothering discusses this week's broking headlines: Aviva's financial results; Paul Cosh's planned departure from Hero following its acquisition by the Capita Group; and former Axa CEO Peter Hubbard's move to Keoghs.
BeatThatQuote goes green
BeatThatQuote.com has announced that eco friendly insurance intermediary the Green Insurance Company has joined its panel bringing the total number of contracted motor insurers up to 62.
Novae reports £40.2m pre-tax profits for 2008
Lloyd's insurer Novae has reported a pre-tax of £40.2m for 2008 despite an estimated $40m (£28.1m) loss from Hurricanes Gustav and Ike (net of reinsurance and reinstatement premiums).