All articles by Ben Dyson – Page 38
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NewsAnalysis: High admin fees, hidden profits, no transparency - why brokers playing the short game won't win
Put your customers’ interests first, not your own, or lose out. This was a core message of the inaugural Insurance Times Insuring SMEs event in mid-June. Marsh UK and Ireland chief executive Mark Weil set the tone for the day. He hit out at broker consolidators ...
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NewsJohn O’Roarke makes his first hire at Horwich Farrelly
Former LV= GI boss makes his mark at insurance law firm
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NewsCMA’s motor no-claims bonus rules come into force
Insurers now have to give better information when selling NCB protection
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NewsGable remuneration committee chair resigns
Non-executive diretor leaves troubled insurer’s board
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NewsAon broking profit rises 16% in first half
Aon’s broking division made an operating profit of $802m (£608m) in the first half of 2016, up 16% on the £691m it made in the same period last year. Revenue at the division, Risk Solutions, was flat at $3.7bn, but the profit was boosted by a ...
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NewsAXA replaces failed Enterprise on Bollington Underwriting products
AXA has replaced failed Gibraltar insurer Enterprise as capacity provider for certain commercial motor products offered by Bollington Underwriting, Insurance Times understands. Bollington Underwriting, an underwriting agency, is part of Macclesfield-based broking group Bollington. Bollington said in a statement that it had launched new single vehicle ...
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NewsBiba renews call for telematics IPT break as rates jump
Call comes after Q2 spike in motor premiums
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NewsMarsh parent’s broking profit rises 7% in first half
The broking division of Marsh & McLennan Companies (MMC) made an operating profit of $1.03bn (£781m) in the first half of 2016, up 7% on the $960m it made in the same period last year. The division, which comprises insurance broker Marsh and reinsurance broker Guy ...
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NewsEnterprise liquidator advises policyholders to arrange new cover
The provisional liquidator of failed Gibraltar insurer Enterprise has advised policyholders to seek alternative cover. Frederick White, who was appointed provisional liquidator on Monday, said: “Insurance policies issued by Enterprise have not been cancelled or disclaimed but I am unable to currently pay any claims arising ...
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NewsAIG UK launches Brexit insurance
Insurer AIG UK has launched a Brexit add-on to its directors’ and officers’ liability (D&O) coverage. The add-on will cover the cost of legal challenges that might arise as a result of the UK’s decision to leave the European Union. For example, it would cover the ...
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NewsFCA probing former Quindell adviser Cenkos
Stockbroker Cenkos Securities has admitted that it is being investigated by the FCA following press reports that it faces a fine from the regulator over its work for insurance outsourcer Quindell. Cenkos was the house broker and nominated adviser for Quindell, now known as Watchstone, up ...
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NewsEnterprise parent’s bond ratings suspended
Rating agency Creditreform Rating has temporarily suspended its ratings of Enterprise Holdings’ two bonds following the collapse of subsidiary insurer Enterprise Insurance Company. Enterprise Holdings has two bonds listed on the Frankfurt stock exchange. One, which expires next year, was rated BBB by Creditreform, while the ...
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NewsCourt finds insurers can recoup payments on exaggerated claims
Insurers can claw back claims payments after settlement if the claimant has deliberately exaggerated a claim, the Supreme Court has ruled. In a judgement handed down today, Supreme Court judges ruled that injured worker Colin Hayward should only be paid a settlement of £14,720 even though ...
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NewsBroker Fish looks to UK General to replace Enterprise capacity
Personal lines broker Fish Insurance has switched its motor excess protection book of business to underwriting agency UK General following the collapse of Gibraltar insurer Enterprise. UK General managing director Karen Beales (pictured) said that the company signed the transfer agreement at close of play on ...
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NewsLancashire profit drops 36% as earned premiums fall
Specialist London-based insurer Lancashire Holdings made a profit before tax of $56.6m (£43.1m) in the first half of 2016, down 36% on the $88.6m profit it made in the same period last year. The main cause of the profit reduction was a 16% drop in net ...
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NewsParent of stricken insurer Enterprise unveils MGA plans
The parent company of failed Gibraltar insurer Enterprise is planning to expand its managing general agency (MGA) in a bid to replace some of the revenue it will lose. Enterprise Holdings, which owns 100% of the recently collapsed Enterprise Insurance Company (EIC), also owns an established ...
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NewsCharles Taylor buys travel claims firm CEGA for £29.8m
Insurance services firm Charles Taylor has bought medical assistance and travel claims management firm CEGA Group for £29.8m. CEGA will continue to be run by its current management team. CEGA chief executive Alistair Hardie will report to Charles Taylor chief executive David Marock (pictured) and will ...
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NewsMGA Euna opens motor trade office
Specialist managing general agency Euna has opened a new office dedicated to motor trade. The new office, in Chelmsford, is Euna’s first office outside its London headquarters. The company has also hired Alana Galbraith as assistant underwriter in the motor trade underwriting team. She will work ...
