Insurance news

• Enterprise targets Service Company customers

  25-03-2015 18:38
  
  Insurer looking to snap up motor trade and taxi cover accounts.
  
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• Redress for opt-out add-on buyers mooted

  25-03-2015 17:30
  
  Katie Marriner Postonline Redress for consumers who bought add-ons unnecessarily through the opt-out process would be a "logical conclusion" of the Financial Conduct Authority consultation into the sales practice, according to PWC.
  
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• MoJ reforms fail to stem tide of nuisance calls

  25-03-2015 17:03
  AA report accuses claims firms of circumventing cold-calling clampdown
  
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• AA refuses to rule out Gibraltar for "well advanced" new insurer launch plan

  25-03-2015 16:21
  
  Jonathan Swift Postonline The AA is “well advanced” in its plans to launch a new insurance company vehicle to quote on its broker panel for motor insurance, with a launch expected within months.
  
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• Property bodies call for delay to final Flood Re regulations

  25-03-2015 15:57
  
  James Verrinder Postonline A coalition of property industry bodies have written to Secretary of State Liz Truss calling for the government to delay laying the final regulations of its flood insurance scheme, Flood Re, to ensure that homeowners are not left exposed to rocketing insurance premiums.
  
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• Industry warned of potential class suit from rugby concussion claims

  25-03-2015 15:49
  Katie Marriner Postonline A predicted big "storm" of concussion injury claims from rugby union players has the potential to lead to a costly class action lawsuit, legal experts have warned.
  
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• AA broking division’s trading profit drops 6% as revenue falls

  25-03-2015 15:39
  Trading EBITDA followed decline in revenue driven by fall in policy numbers
  
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• AA plans £935m refinancing and new insurance underwriter

  25-03-2015 15:10
  New money to pay down debt inherited under previous private equity owners
  
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• Money Supermarket's Nixon backs out of share sale

  25-03-2015 15:05
  
  Katie Marriner Postonline Money Supermarket founder Simon Nixon has decided against selling a 6.4% stake in the company one day after it was proposed.
  
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• Tulloch concerned over climate change

  25-03-2015 14:43
  
  James Verrinder Postonline Aviva's CEO Maurice Tulloch has voiced his concerns over climate change at the Association of British Insurers' event on the subject on 24 March.
  
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• FCA to ban pre-ticked 'add-on' insurance sales

  25-03-2015 14:13
  
  Watchdog finds consumers unwittingly purchase £100m worth unwanted insurance every yearThe pre-ticked selling of insurance “add-ons” – such as legal expenses cover added to home insurance and breakdown cover as part of a car insurance deal – is to be banned by the Financial Conduct Authority.The FCA found that about one in five people don’t even realise they are purchasing the insurance or the add-on cover because they are focused on buying the main product. It estimated that opt-out
  
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• Ecclesiastical UK posts flat underwriting profit at £9.8m amid improved COR

  25-03-2015 13:51
  But group returns to underwriting profit of £9.2m from and £8.2m loss – the best for five years.
  
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• AA posts 1% increase in revenue as it unveils refinancing plan

  25-03-2015 13:07
  
  Francesca Nyman Postonline
  
  
  The AA posted a 1% increase in revenue to £983.5m for the year ended 31 January 2015, preliminary figures published today revealed.
  
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• ERS to close Brentwood headquarters affecting 380 staff

  25-03-2015 13:00
  
  Insurer aiming to achieve a 90% COR over the next three to four years.
  
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• ERS puts 380 staff on notice as it targets 90% COR

  25-03-2015 13:00
  
  Francesca Nyman Postonline
  
  
  Specialist motor insurer ERS today put 380 staff on notice of redundancy ahead of the closure of its Brentwood office.
  
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• ERS puts 380 jobs at redundancy risk as it closes Brentwood HQ

  25-03-2015 13:00
  Chief executive Ian Parker insists move is not about cost-cutting as group headcount will grow by 28
  
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• Gravity aims to double turnover in two years

  25-03-2015 12:46
  
  West Midlands-based broker adds three new members of staff.
  
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• Fraudster jailed after trying to con RSA

  25-03-2015 12:40 via insuranceage.co.uk
  
  Maharouf Fahad given a 12-month sentence after staging a road traffic accident.
  
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• FOS presses ahead with levy freeze plan

  25-03-2015 12:29
  No change in PPI complaints level estimate
  
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• AA insurance services division sees revenue slip

  25-03-2015 12:04
  
  Broker's trading Ebitda and total number of policies also dropped.
  
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• CFC offers cover against 'lone wolf' terrror attacks

  25-03-2015 12:04
  MGA claims new standalone policy competes with increasingly pricy Pool Re
  
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• Blog: Things we should learn from Post's Hackathon

  25-03-2015 12:00
  
  Francesca Nyman Postonline
  
  
  The insurance industry's reputation for innovation leaves a lot to be desired. When describing the speed with which new technologies are adopted in the industry, references to oil tankers and dinosaurs are much more appropriate than those to jet planes and jaguars.
  
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• Ageas promotes Middle to head up retail division

  25-03-2015 11:57
  
  Tracey Jones Postonline
  
  
  Ageas Retail’s Partnership director Ant Middle has been appointed as CEO of Ageas Retail.
  
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• FCA mulls ban on opt-out selling of add-ons

  25-03-2015 11:52
  
  Francesca Nyman Postonline
  
  
  The Financial Conduct Authority has sounded the death knell for the opt-out method of selling of add-ons, following its market study last year.
  
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• Sentiment Survey: Time is running out

  25-03-2015 11:37
  
  The clock is ticking for brokers to make their voices heard - survey set to close this Friday.
  
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• Middle takes over Ageas Retail top job

  25-03-2015 11:29
  Ex-Aviva and AXA executive replaces Mark Cliff as broker business CEO
  
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• Ant Middle takes over Ageas Retail top job

  25-03-2015 11:29
  Ex-Aviva and AXA executive replaces Mark Cliff as broker business CEO
  
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• Ageas confirms Middle will replace Cliff as retail CEO

  25-03-2015 11:28 via insuranceage.co.uk
  
  Ant Middle joined the insurer's parternships business last year from Aviva.
  
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• FOS confirms 11% reduction in budget and freezing of fees

  25-03-2015 11:25
  
  Consultation leads to total budget of £223.9m.
  
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• FCA unveils plan to ban 'add on' sales ruses

  25-03-2015 11:06
  Consumer finance watchdog moves to end ‘opt out’ selling
  
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• FCA proposes to ban opt-out selling

  25-03-2015 11:00
  
  Regulator to abolish opt-out selling following study into the general insurance add-ons industry.
  
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• Flood Re hires Canopius’s Gary McInally as chief actuary

  25-03-2015 10:56
  New hire brings 15 years’ actuarial experience to flood insurance scheme
  
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• Allianz underwrote Alps crash plane

  25-03-2015 10:46
  Insurance giant led on policy for doomed Germanwings flight
  
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• Hood Group picks Cega to support travel insurance programme

  25-03-2015 10:34
  
  James Verrinder Postonline
  
  
  Affinity insurance provider Hood Group has appointed global assistance partners Cega to deliver emergency assistance and claims services.
  
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• Ecclesiastical swings from underwriting loss to profit in 2014

  25-03-2015 10:19
  
  UK COR improves to 94.1%.
  
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• Ecclesiastical celebrates best underwriting figure for five years

  25-03-2015 10:00
  
  James Verrinder Postonline
  
  
  Ecclesiastical has posted a pre-tax profit of £48.2m for 2014 and an improved combined operating ratio for the year.
  
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• Portsoken partners with QBE in MGA deal

  25-03-2015 09:30
  
  Firm to write recruitment and property professionals business.
  
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• Nationale Suisse shares delisted

  25-03-2015 09:22
  
  James Verrinder Postonline
  
  
  The Cantonal Court of Appeal in Basel-Stadt has declared the shares in Nationale Suisse that are not held by Helvetia to be invalid.
  
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• Post magazine - 26 March 2015

  25-03-2015 08:57
  Post Online Postonline
  
  
  The latest issue of Post Magazine is now available for Post subscribers. Download the latest Post iOS App Edition on the App Store or read the Post Digital Edition online.
  
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• Berkeley pre-tax profits fall 77.5% amid refinancing and acquisition costs

  25-03-2015 08:30
  But broker expects to see profit levels rise significantly in 2015 driven by growth in construction sector
  
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• Editor's comment: Moving with the times

  25-03-2015 08:12
  
  Stephanie Denton Postonline
  
  
  Cyber is the watchword of this generation and it’s hard to image how our world would function without all the technology we use every day.
  
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• JLT chief Dominic Burke’s pay drops 22% in 2014

  25-03-2015 07:30
  But chief executive in line for 5% base salary increase in 2015
  
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• Industry should prepare for $1bn container ship loss, says AGCS

  25-03-2015 04:26
  
  Andrew Tjaardstra Postonline
  
  
  After a 80% plus increase in container ship capacity in a decade Allianz Global Corporate Specialty is warning of some significant loss events to come.
  
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• Crash-or-cash con man sentenced for trying to defraud RSA of £50,000

  25-03-2015 04:00
  Maharouf Fahad lied about not knowing the person that had crashed into him
  
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• 'Crash for cash' con man sentenced for trying to defraud RSA of £50,000

  25-03-2015 04:00
  Maharouf Fahad lied about not knowing the person that had crashed into him
  
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