News – Page 144
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NewsA-Plan deal a ‘stepping stone’ to further growth says David Howden
Howden’s acquisition of Top 50 Brokers rival A-Plan Group will create a new £1bn challenger broker for the UK market, says Hyperion Insurance Group’s chief executive, David Howden. Speaking to Insurance Times, Howden says the acquisition will give the broking group genuine scale in the marketplace and turn the business ...
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NewsLoss Reserve Protection Covers: Solutions for Achieving Capital Optimisation
The COVID-19 pandemic clearly presents significant challenges to insurers, but it is also becoming increasingly clear that (re)insurers are likely entering a far more favorable underwriting environment.
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NewsLloyd’s taken off Fitch ratings watchlist
Fitch Ratings has taken Lloyd’s off of its watchlist of companies it is concerned could be facing a downgrade of its financial ratings after the market released its half-year results.
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NewsAM Best Comments on Credit Ratings of Barents Reinsurance S.A. Following Relocation Announcement
AM Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Barents Reinsurance S.A. (Barents Re Lux) (Luxembourg) both with negative outlooks remain unchanged following the company’s announcement of its plans to relocate Barents Re Lux to the United Kingdom ...
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NewsDeutsche Rückversicherung to start writing business in the Middle East
The reinsurer has appointed Tarik Aouad as Head of Middle Eastern Markets, reporting to Board member Achim Bosch and based in Düsseldorf, Germany, effective from 15 April 2020. The newly created market segment will focus on traditional property and casualty reinsurance business.
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NewsBusiness interruption battles could cut demand for insurance, UK regulator says
Disputes over whether pandemic-related claims are covered by business interruption insurance could hurt demand for insurance protection more broadly, according to a U.K. regulator.
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NewsInperio signs new multi-year deal with specialist underwriter
MGA Inperio has signed a new multi-year deal with European programme underwriter – Accredited Insurance (Europe) Limited (AIEL). The deal will bring capacity to solicitors and Independent Financial Advisors (IFA).
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NewsSpecialist broker Flock selected as Biba drone scheme provider
Specialist broker Flock has been appointed as the British Insurance Brokers’ Association’s (Biba) newest drone scheme provider for its members. Underwritten by aviation underwriters, the scheme allows Biba members to easily access cover for small businesses as well as global operators and large fleets.
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People & OpinionAXA XL appoints risk consulting head
Jonathan Salter has more than 20 years of experience in risk consulting and property risk engineering
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AIRInsurtech sector backs FCA’s ‘price walking’ ban as move towards restoring trust
The insurtech sector has backed the FCA’s move to ban ’price walking’ as a step towards gaining customer’s trust. The FCA revealed in its pricing practice report yesterday that new and existing insurance customers would now be charged the same price, and that the loyalty penalty would end.
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NewsHowden to buy A-Plan Group as it aims to expand its retail broking reach
Howden is snapping up A-Plan Group, which, if approved, would create a broking business managing more than £4bn in GWP. Howden, which is part of the employee-owned Hyperion Group is aiming to expand its retail distribution and specialist product offering via the acquisiton, which will also encompass Endsleigh.
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NewsFSCS urges customers to ask key questions before switching insurers
The Financial Services Compensations Scheme (FSCS) is urging customers to ask questions before switching insurers. It has put together a list of key questions that customers can ask before they make the switch.
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NewsAXA XL launches custom-built insurance for new class of construction business - Highly Protected Projects
AXA XL’s North America Construction insurance business is building tailored insurance programs and services for construction projects that qualify as a “Highly Protected Project” (HPP) because of their implementation of technologies designed to reduce project risk.
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NewsZurich to sponsor reforestation in Brazil’s Atlantic Forest
Exclusive reforestation sponsorship will help to restore biodiversity by planting 1 million trees, including one for each employee.
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NewsBest’s Market Segment Report: MENA Reinsurers Strive to Adapt to Testing Conditions
Regional reinsurers operating in the Middle East and North Africa (MENA) are no strangers to challenging operating conditions. In recent years, the region’s reinsurance market has been characterised by competitive pricing pressures, overcapacity and increased incidence of large losses.
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NewsInsurers Passing the test on Claims, but UK Consumers remain sceptical about Insurance Industry
Guidewire has published results of research that shows that consumers are cautious about insurers’ attempts to interact with them through new services and the use of new technology.
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People & OpinionABIR members lead Bermuda economy
The Association of Bermuda Insurers and Reinsurers (ABIR) today released the results of its 15th annual ABIR Bermuda Economic Substance Survey, detailing significant contributions to the Bermuda economy and workforce.Highlights from the report, which tracks 2019 calendar-year data, include: ABIR members contributed over $830 million to the Bermuda economy, ...
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NewsFCA warns on premium financing in pricing crackdown proposals
Regulator is concerned that customers may not be treated fairly on premium financing and warns providers could be in breach of law
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NewsInsurance firms will be forced to end price walking as FCA reveals rip-off remedies
Firms will be forced to offer the same price for insurance products at renewal as they do for new business, the FCA said in its final report on pricing practices released today. The proposed remedy aims to end the practise of so-called ‘price walking’, where customers - particularly in retail ...
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NewsData subject insurance claims are ‘sting in the tail’ for corporate cyber breach victims
Data subject claims – made by individuals whose data has been compromised following a corporate insured experiencing a data breach – is “effectively becoming the new PPI”, often acting as a “sting in the tail” for organisations attempting to recover after a cyber attack.
