Insurance news

• Three sentenced for £38k crash for cash scam against Direct Line

  01-02-2016 18:17
  
  Sentencing follows IFED investigation
  
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• Personal and commercial profit pressures spark insurers' wholesale interest

  01-02-2016 16:18
  
  Katie Marriner Postonline Growth ambitions have been pegged as the main driver behind prominent UK insurers expanding their wholesale market presence with competitive personal and commercial lines conditions forcing insurers to deploy capital elsewhere.
  
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• Towergate hires new legal head as Jennifer Owens departs

  01-02-2016 15:59
  
  Geoff Gouriet joins broking group from law firm Stephenson Harwood
  
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• Naming of storms to potentially impact apportionment of claims

  01-02-2016 15:24
  
  Callum BrodiePostonline The Met Office’s new policy of naming storms that make landfall in the UK could have a significant impact on the apportionment of claims between direct insurers and their reinsurers in the excess of loss market.
  
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• Milburn CEO McIntosh banned by PRA after failed PI insurer fined £2.86m

  01-02-2016 15:18
  
  Jonathan Swift Postonline The Prudential Regulation Authority has today imposed a £25,173 fine on Colin McIntosh, CEO of Millburn Insurance and has banned him from holding any controlled functions at any PRA-authorised firm.
  
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• Abbey Insurance to further grow branch network

  01-02-2016 15:15
  
  Broker says focus will be on integration and opening new offices following purchase of Open + Direct.
  
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• Abbey Insurance buys Open + Direct

  01-02-2016 15:00
  
  All Open + Direct staff and branches across Northern Ireland to transfer from Swinton to Abbey Insurance.
  
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• FCA hands out £15.5m of fines for solicitors’ PI and other insurance schemes’ failures

  01-02-2016 14:55 via insuranceage.co.uk
  
  First ever fine for a person for undertaking FCA regulated activities without approval.
  
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• FCA issues £15.5m in fines to fill hole caused by Eric, Balva and Millburn failures

  01-02-2016 14:48
  
  Jonathan Swift Postonline The Financial Conduct Authority has fined five individuals and two firms a total of £15.5m for their part in a market failure that left hundreds of solictors without valid cover.
  
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• FCA issues £15.5m in fines to fill hole caused by ERIC, Balva and Milburn failures

  01-02-2016 14:48
  
  Jonathan Swift Postonline The Financial Conduct Authority has fined five individuals and two firms a total of £15.5m for their part in a market failure that left hundreds of solictors without valid cover.
  
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• Mitsui completes Amlin takeover

  01-02-2016 14:20
  Mitsui Sumitomo Insurance completed its acquisition of insurer
  Amlin today (1 February).
  The sale was first agreed in September last year at a
  £3.5bn ($5bn) price that valued Amlin at 2.4x book value.
  Amlin will now rebrand as MS Amlin and will be integrated with
  the Mitsui Sumitomo Lloyd's business and with Bermudian
  reinsurance arm MS Frontier, as The Insurance
  Insider reported last week.
  Most of the leadership roles have gone to Amlin staff but about
  20 percent of the...
  
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• County Group acquires Welsh broker

  01-02-2016 14:19
  
  Denbigh-based broker George Williams has a 15/85 split between personal and commercial insurance 
  
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• FCA issues £15.5m fine over unrated insurer collapses

  01-02-2016 13:19
  
  Israeli businessman Shay Jacob Reches bears brunt of fine
  
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• ABI blames tax hike and CMCs for 8% rise in motor rates

  01-02-2016 13:07
  
  Callum BrodiePostonline The rise in insurance premium tax along with the activities of certain claims management companies have been blamed for an 8% uptick in the average private car comprehensive motor premium over the course of 2015.
  
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• County Group buys George Williams Insurance Services

  01-02-2016 13:06
  
  Acquisition is County Group's fourth in seven months.
  
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• PRA fines failed insurer Millburn £2.9m and bans ex-chief executive

  01-02-2016 12:27
  
  The regulator has also fined McIntosh £25,173
  
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• Government pledges £20m for driverless cars projects

  01-02-2016 12:09
  
  Katie Marriner Postonline The government has announced a further £20m of funding for projects developing driverless cars with consortia including members such as Axa and Direct Line Group among the beneficiaries.
  
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• DLG joins £5.5m driverless cars consortium

  01-02-2016 12:09
  
  Katie Marriner Postonline Direct Line Group is one of several companies involved in a driverless cars development consortium that was awarded a £5.5m government grant.
  
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• Chubb announces UK and Ireland distribution appointments

  01-02-2016 11:51
  Global insurer Chubb has announced a number of new appointments for
  its UK and Ireland division, after its merger with Ace completed on
  15 January.
  David Robinson has been named as executive vice president,
  Europe, and as president, UK and Ireland. Phil Sharpe, chief
  operating officer (COO) for the firm's UK and Ireland P&C
  business, and Jeremy Miles, head of distribution UK and Ireland,
  will report to Robinson.
  Jon Houghton and Jon Nottingham will report to Miles in turn in...
  
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• Canopius rebrands as Sompo Canopius

  01-02-2016 11:51
  Canopius has been rebranded as Sompo Canopius two years after the
  Lloyd's carrier was acquired by Japanese big three member
  Sompo.
  Sompo Canopius writes gross written premium of more than
  £1bn ($1.4bn) and operates through company platforms in Europe
  and the US, as well as other overseas offices, the company said
  today (1 February).
  Sally Coryn, head of corporate development at Sompo Canopius,
  commented: "The new brand enables us to articulate the best of
  our combined values - the strength
  
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• Chubb announces distribution managers and regional leaders

  01-02-2016 11:41
  
  Katie Marriner Postonline Chubb has announced two distribution management appointments for the UK and Ireland in the hires of Jon Houghton and Jon Nottingham.
  
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• Compulsory microchipping for dogs leads to calls for unified pet register

  01-02-2016 11:38
  
  Callum BrodiePostonline A unified pet register to counter fraud has been championed by pet insurance software firm Aquarium ahead of the implementation of compulsory microchipping for all dogs in England.
  
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• LV=’s O’Roarke to chair law firm Horwich Farrelly

  01-02-2016 10:49
  
  GI managing director joins law firm ahead of departure from insurer
  
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• Chubb unveils new regional management team

  01-02-2016 10:45
  
  The new look team was restructured after the £20.6bn merger with ACE
  
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• RSG completes purchase of MGA George & Partners

  01-02-2016 10:32
  
  Callum BrodiePostonline Ryan Specialty Group has acquired specialist managing general agent Hunter George & Partners.
  
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• LV boss O'Roarke to become chairman of Horwich Farrelly

  01-02-2016 10:26
  
  Callum BrodiePostonline Outgoing LV general insurance managing director John O’Roarke has been appointed chairman of insurance industry law firm Horwich Farrelly.
  
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• Canopius to rebrand as Sompo Canopius after merger

  01-02-2016 10:16
  
  The Lloyd’s insurer was bought by Sompo Japan in 2013
  
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• Canopius to rebrand as Sompo Canopius

  01-02-2016 10:16
  
  The Lloyd’s insurer was bought by Sompo Japan in 2013
  
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• LV’s O’Roarke signs up as Horwich Farrelly chairman

  01-02-2016 10:00
  
  Law firm also reveals new brand and website.
  
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• UK cyber market to resemble US amid tougher EU penalty regime

  01-02-2016 09:50
  
  Peta Fuller Postonline The UK insurance market is expected to increasingly follow its US counterpart as incoming EU legislation substantially toughens up penalties for data breaches.
  
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• Ryan Specialty completes takeover of MGA Hunter George

  01-02-2016 08:56
  
  The insurer is looking to expand its underwriting talent in EU markets
  
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• Slater & Gordon in debt restructuring talks after share price plummets

  01-02-2016 08:46
  
  The Australian firm bought the legal arm of Quindell, now Watchstone, for £600m before the problems started 
  
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• Henderson considers AIM listing, says may soon announce acquisition

  01-02-2016 08:32
  
  Broker reaches £30m revenue milestone after 30 years in business
  
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• Henderson celebrates 30th birthday by reaching £30m revenue

  01-02-2016 08:32
  
  The broker retains four of its original 10 staff, including founder Joe Henderson
  
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• Henderson raises possibility of AIM flotation

  01-02-2016 08:00
  
  Broker states it is on the verge of its next acquisition.
  
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• #Insagepeople: 1 - 7 February 2016

  01-02-2016 07:46 via insuranceage.co.uk
  
  Get your fix of the market movers each week in one place with our new way of bringing you the latest recruitment changes.
  
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• C-Suite: Traditional behaviour is incompatible with technological paradigm

  01-02-2016 07:14
  
  Andrew Tjaardstra Postonline Matthias de Ferrieres is sceptical if the industry will have a digital awakening this year.
  
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