What are the big stories hitting the headlines this week?

Sale

Zurich, Allianz and AXA as well as several private equity firms, were considering making a bid for Groupama. RSA is thought to have registered an early interest, but stepped back. Bids were due in on Tuesday 28 February.

Bill

Allianz paid out a “five figure sum” to credit hire provider Accident Exchange after it emerged the insurer had been using the now-defunct rate setting company Autofocus to provide credit hire spot rates. Accident Exchange alleged that Autofocus supplied incorrect and potentially fraudulent information.

Departure

Robert Hiscox is to step down as chairman of the board after 47 years at the insurance company. He joined Hiscox in 1965 and took control of the business from his father in 1970.

Worry

York MPs Julian Sturdy and Hugh Bayley urged banks not to withdraw support from troubled credit card insurer CPP, following a recent FSA probe into alleged mis-selling.

Payout

Mitsui could pay out as much as £15m as the insurer of the son of a food tycoon who crashed his Land Rover into a toddler who now requires 24-hour care.

 

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