All News articles – Page 123
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NewsBennetts Motorcycling Services joins the Ardonagh Group
Specialist motorcycle insurer Bennetts Motorcycling Services is now part of the Ardonagh Group. It was purchased from its former parent company, Saga, on 7 August this year. The Competition and Markets Authority launched an investigation in July on Ardonagh’s acquisition of Bennetts - this formed part of the purchase process.
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NewsNavigating the harsh market
A “harsh” insurance market means risk managers need to adapt fast to conditions most have never seen before. Average double-digit hikes in commercial insurance pricing and broader exclusions have turned the screw in what was already a “harsh” market, according to John Ludlow, CEO Airmic. “The hard market has accelerated ...
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News‘Keen to make acquisitions’ – Gallagher chiefs discuss M&A strategy
Gallagher has a strong balance sheet and a track record of buying UK brokers. Gallagher UK underwriting and broking boss, and M&A head Olly Homer, discuss acquisitions. The duo insist a strong cultural fit is paramount in making a deal.
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NewsPandemic BI test case heads to NSW Court of Appeal
Test case was launched by the Insurance Council of Australia (ICA) to examine the application of certain infectious diseases exclusions in business interruption policies
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NewsMahnke “cautiously optimistic” over pandemic risk solution
GVNW president Alexander Mahnke warned of futher economic challenges to come at the association’s virtual symposium
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NewsCoronavirus lockdown causes 0.3% decline in home insurance premiums
Insurance premiums for buildings and contents policies have decreased by 0.3% over the last three months as the national lockdown, implemented to mitigate the spread of Covid-19, influenced a steep drop in recorded crime. However, average premiums for this line of business has increased by 3% over the last 12 ...
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NewsMunich Re-backed insurtech raises extra £1.6m for growth in new markets
Munich Re-backed insurtech Urban Jungle has raised an extra £1.6m for growth as it prepares to expand into new markets. Despite the pandemic having an impact on the insurtech sector, Urban Jungle has managed to raise funding yet again.
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NewsInsurers unveiled 107,000 fraudulent insurance claims in 2019
New figures published by the ABI reveal that insurers discovered a total of 107,000 fraudulent insurance claims in 2019, worth approximately £1.2bn – this is a 5% increase on the fraudulent claims detected in 2018. This equates to a new scam being revealed every five minutes last year, amounting to ...
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NewsSompo International to acquire Diversified Crop Insurance Services
Sompo International Holdings announced today that it will acquire Diversified Crop Insurance Services (“Diversified”), a subsidiary of CGB Enterprises, Inc. (CGB). The addition of Diversified to Sompo International’s existing global AgriSompo platform, which already includes ARMtech, currently the 6th largest underwriter of U.S., federally sponsored multi-peril crop insurance, will ...
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NewsAspen reports results for the six-months ended 30 June, 2020
Aspen Insurance Holdings Limited (“Aspen”) (NYSE: AHL) reported today an operating loss after tax of $48.2 million and a 109.2% combined ratio for the six months ended June 30, 2020, which included losses associated with COVID-19 totaling $187.3 million or 15.7%. Excluding COVID-19 losses, the Company reported an operating gain ...
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NewsThe Rooney Rule: Could it improve the recruitment and retention of ethnic minorities in insurance?
The recruitment and retention of ethnic minority staff in the insurance industry has been an ongoing issue – and one that was reawakened after protests by the Black Lives Matter movement. Although some firms such as Aon have put schemes in place to help, the African Caribbean Insurance Network ...
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NewsInsurance broker accused of ‘forgery’ to win commission
An insurance broker has been accused of ‘forgery’ in a bid to win commission from AXA. A legal claim has been filed against the broker after it was accused of forging documents to deceive a client regarding a policy pay-out to retain its relationship with AXA Insurance UK, it is ...
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NewsEx-Aviva boss and major reinsurer in dramatic Saga takeover
Ex-Aviva boss Mark Wilson has been revealed as the architect of a plan to take over troubled personal lines broker and cruise business Saga. Ex-Aviva chief executive Mark Wilson left the business in 2018 not long after a preference share controversy Wilson had also partnered with Munich Re and ...
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NewsIUA open letter calls for right to cancel professional indemnity cover for solicitors
The International Underwriting Association (IUA) is calling for the right to cancel professional indemnity insurance for solicitors in an open letter. It published an open letter to solicitors highlighting that professional indemnity insurance could become unsustainable if underwriters cannot cancel policies if the premium is not paid.
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NewsMarkerstudy cuts compulsory redundancies for proposed Co-op Insurance deal
Markerstudy has reduced the number of compulsory redundancies for the proposed deal with the Co-operative Insurance. Earlier in the week an Early Day Motion was filed by Rochdale MP Tony Lloyd on 1 September, alongside a protest with trade union Unite outside the birthplace of the Co-operative movement.
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NewsSimply Business and AXIS Insurance to Launch Customised Insurance Offering for Entrepreneurs
Homeowners’ insurance policies may not cover commercial losses, and as a result, entrepreneurs who run their businesses from home may not be protected from a variety of unexpected events that could jeopardise their business. The Home Based Business policy intends to fill these key gaps.
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NewsBest’s Market Segment Report: Swiss Re Holds Onto Top Spot in AM Best’s Top 50 Ranking of Global Reinsurers
Swiss Re maintained the top spot in AM Best’s annual ranking of the Top 50 Global Reinsurance groups in 2019 for the second-straight year, and widened its lead over the No. 2-ranked Munich Reinsurance Company, as detailed in the new Best’s Market Segment Report, “Global Reinsurers Maintain Equilibrium Through COVID-19 ...
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NewsUSD 30mn invested in Softlogic Life’s growth by Finnfund, NorFund and Munich Re
Norfund and Finnfund are impact investors funded by the governments of Norway and Finland and private capital markets whose objectives are to fund sustainable development through responsible and profitable businesses across the globe. What makes the transactions even more significant are that they are being executed amidst the ongoing COVID-19 ...
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NewsAM Best Affirms Credit Ratings of Emirates Insurance Company
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Emirates Insurance Company P.J.S.C. (EIC) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect EIC’s balance sheet strength, which AM Best categorises as very ...
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NewsTreasury initiates next five-year review of Pool Re
HM Treasury has confirmed that it will begin the latest five-year review of Pool Re, the insurance industry’s mutual for insuring terrorism risk in Great Britain. Conducted in liaison with Pool Re itself, as well as stakeholders across Whitehall, the Treasury will also consult with the UK (re)insurance sector in ...
