All articles by Ben Dyson – Page 44
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NewsAllianz’s Dye: AGF run-off sale will free up resources
Allianz’s recent sale of a book of UK run-off employers’ liability business will free up resources that can be deployed elsewhere, according to Allianz UK chief executive Jon Dye. It emerged in March that Allianz had agreed to sell subsidiary AGF Holdings (UK), which went into ...
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NewsMarkerstudy joins SSP’s Keychoice panel
Markerstudy has joined the insurer panel of Keychoice, the insurance distribution business owned by software house SSP. Under the deal, Keychoice member brokers can access Zenith Insurance and Zenith Marque private car and commercial vehicle products at exclusive preferential rates. Keychoice general manager Liz Mitchell said: ...
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NewsMarkerstudy’s Zenith cuts Irish motor exposure with agency exit
Markerstudy’s Gibraltar-based insurer Zenith has reduced its exposure to the Irish motor market by exiting a deal with a local underwriting agency. The Irish Times reported that Zenith will stop writing business through ARB Underwriting on June 23. Zenith will continue to honour all existing policies, ...
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NewsAllianz UK reports 89.9% commercial COR but 101.2% in personal
Allianz UK reported a commercial lines combined operating ratio (COR) of 89.9% for the first quarter of 2016, which chief executive Jon Dye hailed as the unit’s “most profitable quarter for some years.” The commercial lines COR was a 6.9 percentage point improvement over the 96.8% ...
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NewsLloyd’s calls for end to US government-backed flood cover
Lloyd’s insurers have called for the US government to stop providing flood damage, the Financial Times reports. In the US, the National Flood Insurance Programme (NFIP), which has 5.2 million policyholders, pays for flood damage. But Lloyd’s insurers argue that state payment of flood risks has ...
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NewsMacquarie downgrades RSA stock over pension risk
Investment bank Macquarie has downgraded its rating on RSA’s shares to ‘underperform’ from ‘neutral’ because of the risk from the insurer’s pension scheme. In a research note, the bank also warned that it expects RSA’s UK commercial business to face pricing pressure. Macquarie has downgraded its ...
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NewsAviva gathers cast of celebrities to promote safer driving
Aviva has teamed up with Channel 4 and celebrities including rap star Tinchy Stryder and entertainers the Chuckle Brothers (pictured) for a series of short videos promoting safer driving. Also starring in the videos are Made in Chelsea’s Louise Thompson, musician Martin Kemp, Radio 1’s Chris ...
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NewsLark buys marine broker Euromarine
Broking group Lark has bought Kent-based marine broker and underwriting agency Euromarine Insurance Services for an undisclosed sum. Following the deal, Lark will have annual revenues of over £28.5 million and employ 350 staff in eight offices across London, the South East and East Anglia. All ...
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NewsResults show Zurich ‘is not broken’ – analyst
Zurich’s first quarter results show that the Swiss insurance group “is not broken”, according to a research note by Macquarie analyst Andy Hughes. Yesterday Zurich reported a group profit of $875m (£605m) and a general insurance operating profit of $542m for the first quarter of 2016. ...
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NewsPwC warns of weak casualty reserves in London market
Casualty claims reserves being set by London market (re)insurers for business written in 2015 are weaker than in previous years, according to a review by accounting firm PwC. The review found that London market (re)insurance casualty reserves are, on average, 3% weaker than for business written ...
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NewsChaucer grows political risk team with former XL Catlin exec
Lloyd’s insurer Chaucer has hired former XL Catlin underwriter Jonathan Bint as political risk underwriter and analyst. Bint was part of the credit and political risk underwriting team at XL Catlin. Chaucer said it hired Bint to help drive the expansion of its political risk and ...
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NewsBiba to return to Manchester in 2017
Next year’s Biba conference will be held at Manchester Central on 10 and 11 May. Biba chief executive Steve White said: “The feedback we have from exhibitors, sponsors and delegates is that Manchester works very well, as evidenced by the fantastic two days we have ...
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NewsManchester ghost broker jailed for £200k scam
A ghost broker who set up 151 fraudulent motor policies as part of a £200,000 scam has been jailed for 20 months. 38-year-old Romanian national Maur Dumitru of Sherrington Street, Manchester, went on the run for nine months after failing to appear at court for his ...
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NewsHood Group predicts ‘rapid growth’ following Clydesdale refinancing
Affinity insurance broker Hood Group says it is set for a period of “rapid growth” after completing refinancing with Clydesdale bank. The company said that the refinancing will allow it to continue with its growth plans, which could include acquisitions. Hood Group picked Clydesdale following a ...
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NewsLV= Broker gains chartered status
LV= Broker has been awarded chartered insurer status by the Chartered Institute of Insurers (CII), LV= Broker handles general insurance business that comes to LV= through brokers. The insurer said the new status recognised its professional attitude, skills and knowledge as well as the service it ...
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NewsZurich group GI profit drops 23% in first quarter
Zurich’s global general insurance (GI) business made an operating profit of $542m (£375m) in the first quarter of 2016, down 23% on the $706m it made in last year’s first quarter. But while the result was down on 2015’s first quarter, Zurich said the performance was ...
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NewsBiba appoints Lorega as loss recovery insurance provider
Biba has appointed Lorega as the provider for its loss recovery insurance scheme for members. Lorega has been appointed for a three-year term, starting on 13 May this year. Under the scheme, Biba member brokers will be able to offer the Lorega cover to their personal ...
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NewsMotor premiums up 7.2% in Q1 – Biba/Acturis
Personal motor premiums increased by 7.2% in the first quarter of 2016 compared with the same period last year, according to the Biba/Acturis Insurance Price Index. This excludes recent rises in insurance premium tax (IPT). With the November IPT hike to 9.5% from 6% included, the ...
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NewsNovae GWP grows 9.8% in first quarter despite rate pressure
Novae reported gross written premium (GWP) of £282.8m in the first quarter of 2016, up 9.8% on the £257.6m it reported in last year’s first quarter. The Lloyd’s insurer enjoyed growth across all three of its business segments. The casualty unit reported the strongest growth, where ...
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NewsAllianz UK profit up 43% in first quarter
Allianz UK made an operating profit of £47.4m in the first quarter of 2016, up 43% on the £33.2m it reported in last year’s first quarter. The insurer’s combined operating ratio improved by 1.8 percentage points to 95.9% (Q1 2015: 97.7%). But gross written premium fell ...
