All articles by Ben Dyson – Page 39
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NewsElite to set up Luxembourg unit to combat Brexit
Gibraltar-based insurer Elite has chosen Luxembourg as the location for its second insurance company, which it is setting up to counter the effects of Brexit. The company said last month that it was planning to set up a new regulated insurance company in the European Union ...
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NewsMPs renew call for FCA split
Senior MPs have said there is a case for splitting the FCA into separate supervisory and enforcement bodies. The call for a split was published in a Treasury Committee review of the 2008 failure of banking group HBOS. The committee said the existing system, where supervision ...
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NewsJLT reveals deeper-than-expected job cuts at UK EB unit
JLT announced today that it has cut more than 300 jobs at its UK and Ireland employee benefits (EB) unit during its restructuring. When it revealed the restructuring in March, the broking group said that the restructuring would result in a cut of around 10% of ...
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NewsJLT reports 46% profit drop and 1% organic growth for first half
Broking group Jardine Lloyd Thompson (JLT) made a profit before tax of £55.2m in the first half of 2016, down 46% on the £101.5m it reported in the same period last year. The main cause of the drop was one-off costs of £34m. These included £10.2m ...
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NewsAnalysis: Insurers brace for Brexit upheaval
Companies consider moving business, people and headquarters. Some firms aren’t prepared to wait and see before taking action.
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NewsZurich’s Tim Holliday joins Trak Global board
Former Zurich UK general insurance personal lines managing director Tim Holliday has joined the board of telematics technology firm Trak Global as a non-executive director. Holliday, who left Zurich last year, will work with Trak Global chief executive Nick Corrie to develop the company’s insurer proposition. ...
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NewsGibraltar insurer Enterprise goes bust
Gibraltar’s Financial Services Commission (FSC) has ordered Enterprise Insurance Company to stop writing new insurance contracts immediately after the insurer advised it that it is insolvent and has been unable to secure additional funding. The regulator has also issued directions under Section 100 of the Financial ...
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NewsFormer Oval boss backs new broking group with national ambitions
The family trust of former Oval chief executive Philip Hodson has invested in a new broking group that is aiming to build a national presence through acquisition and hires. Investors in the new group, UKGlobal Holdings, also include Richard Hodson, formerly director of technology insurance at ...
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NewsSupreme Court: Insurers cannot avoid claims over 'collateral lies'
Insurers can no longer avoid paying a claim if there are so-called collateral lies in the claim, the Supreme Court has ruled today. A collateral lie is one that does not affect the validity of the claim. The Supreme Court judges voted four to one to ...
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NewsFCA to publish proposed new mission statement in autumn
The FCA is planning to publish proposal for a new mission statement in early autumn. It will invite “intensive public consultation” on the new mission, which is designed to provide greater clarity to consumers and companies about the regulator’s obligations to them. The FCA believes it ...
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NewsFCA’s Bailey: Brexit will not trigger regulatory ‘bonfire’
The UK’s exit from the European Union will not necessarily mean a big clear-out of EU-derived legislation, new FCA chief executive Andrew Bailey said. Responding to a question about the potential for deregulation post-Brexit at the FCA’s annual public meeting yesterday, Bailey said: “It is important ...
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NewsGable’s Dewsall paid £440k bonus despite £24.3m loss
Gable chief executive William Dewsall was paid his full performance-related bonus of £440,000 in 2015 despite his company making a £24.3m pre-tax loss that year. But the company said in its annual report that it is now reviewing whether the bonus provisions in Dewsall’s contract are ...
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NewsAmTrust buys legal expenses MGA Arc Legal
Insurer AmTrust International has bought legal expenses underwriting agency Arc Legal Assistance for an undisclosed sum. Arc Legal manages more than 14 million legal expenses insurance (LEI) policies covering personal, motor, commercial, affinity, property owners, travel and leisure risks. The agency distributes products in partnership with ...
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NewsGable stops writing new business as capital falls below requirements
Gable has stopped writing new business as part of its plan to bring the company up to Solvency II compliance. The company also admitted in its results this morning that its regulatory funds had fallen below the required level. Gable said that it had instructed its ...
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NewsAllianz UK puts 80 more jobs at risk following review
Allianz UK has put 80 more jobs at risk after completing a review of its organisational structure. The potential redundancies will fall across the business in areas such as operations, technical and market management. This is in addition to the 170 jobs the insurer put at ...
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NewsFCA paid ex-chief Wheatley more than acting head last year
The FCA paid its former chief executive Martin Wheatley a total of £641,233 in the year to 31 March 2016, the regulator’s annual report shows. This is more than the £570,000 paid to acting chief executive Tracey McDermott in the same period. However it is less ...
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NewsMarsh and Chaucer do first deal on new London market platform
Marsh and Chaucer have bound the first risk on PPL, the London market’s newly launched electronic placement system, yesterday morning. Marsh was the broker for the standalone terrorism risk bound on the platform, and Chaucer the underwriter. PPL went live yesterday for standalone terrorism risks – ...
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NewsBrexit could mean end for gender pricing ban – report
Insurers are hoping that the UK’s decision to leave the European Union will mean an end for the ban on basing premiums on a customer’s gender, the Telegraph reports. Since 21 December 2012, the EU Gender Directive has required that insurers offer gender-neutral pricing, which has ...
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NewsHyperion’s DUAL looks to XL Catlin for new UK chief executive
Hyperion-owned underwriting agency DUAL has hired former XL Catlin executive Richard Clapham as UK chief executive and regional chief executive of DUAL Europe. Clapham will take up his new job on 5 September and report to DUAL International chief executive Talbir Bains. He will be based ...
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NewsBrightside replaces lost Markerstudy capacity with two deals
Brightside said it has fully replaced its lost Markerstudy capacity by signing new deals with Covéa Insurance and another insurer, which it declined to name. The broking group is also planning to sign up more insurers in the coming months. Markerstudy, one of Brightside’s main capacity ...
