All articles by Ima Jackson-Obot – Page 9
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NewsFCA slams brokers over lax AR controls
The FCA has slammed brokers for having poor oversight over their appointed representatives. In its thematic review released today, the FCA found significant shortcomings in the control and oversight of appointed representatives by their principal firms in the general insurance sector in a thematic review published ...
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NewsFCA issues two S166 reviews against brokers over 'AR mis-selling'
The FCA has taken action against five firms, including issuing two Section 116 skilled person reviews, as a result of its probe into appointed representatives. At the appointed representatives of one principal firm there was significant evidence of mis-selling leading to actual customer detriment, the regulator ...
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NewsAllianz makes four promotions to strengthen technical division
Allianz Insurance has made four senior management appointments to its newly formed Technical division, led by chief underwriting officer, Neil Clutterbuck. Catherine Dixon will take on the role of director of underwriting & technical, commercial lines. She has been promoted from her previous position as head of property and casualty. ...
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NewsUse of big data risks making some people uninsurable - CII
The increasingly sophisticated use of data could create an “underclass” of people who cannot afford insurance, a report from the Chartered Institute of Insurance (CII) has warned. And as a result consumers could miss out on some types of cover altogether if insurers deemed them too ...
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NewsLockton moves to bigger Scottish office to boost staff numbers
Lockton is moving to bigger offices in Glasgow as it makes plans to increase its staff headcount to 40 from 15. Lockton partner and head of corporate, Gordon Duncan, said: “Lockton is investing £250,000 in the move to the new 4,500 sq ft office, which will ...
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NewsPen Underwriting creates cyber lead role as it plots to expand offering
Pen Underwriting has appointed Adrian Scott to the newly created role of head of cyber liability. In his new role Scott will be responsible for developing Pen Underwriting’s capabilities in cyber risk management and insurance. He joins Pen from Ridge Global, a cybersecurity firm founded and ...
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NewsComparethemarket owner listing could value firm at £2bn - reports
The stock market listing that Comparethemarket owner BGL, is exploring, could value to company at more than £2bn, according to reports. An exact date for the listing has not been confirmed, but it is thought to be taking place in the first quarter of 2017. BGL ...
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NewsArron Banks 'not ruling out' leadership bid for UKIP
Arron Banks has not ruled out plans to launch a leadership bid to head up UKIP following the resignation of Nigel Farage. Speaking on BBC One’s Andrew Marr Show, Banks also vowed to spend £10m to fight Theresa May at the 2020 general election if she ...
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NewsDriverless cars will need cover against cyber attacks - AXA
Driverless cars will need insurance to protect against cyber-attacks, AXA Insurance technical director David Williams has said. Motorists using driverless cars may have to insure themselves against the risk of hackers remotely stealing their vehicles or taking control of them and then demanding ransom payments. A ...
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NewsPremiums rise 19.2% amid soaring car repair costs
Car insurance premiums rose by 19.2% in the second quarter of 2016 compared to Q2 2015, according to the latest Confused.com/Willis Towers Watson car insurance price index - the biggest annual rise recorded by the Index since 2011. This latest increase means that the average comprehensive ...
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NewsHemming: Aviva revamped SME products to clear up confusion
Aviva’s plan to tackle SME underinsurance and improve customer confidence in insurance will also give it a competitive edge in the market, according to Aviva SME commercial lines director Gareth Hemming. The insurer announced today that is was planning to remove average policy wordings that cut claims ...
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NewsBrexit: Lloyd’s says no need for extra capital after Pound slump
Lloyd’s of London has ruled out asking insurers to pledge extra capital after the pound fell to a 31-year low following the vote for UK to leave the EU. Each of the underwriters in Lloyd’s have to deposit money in a communal pot called Funds at ...
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NewsBrexit unlikely to dilute Solvency II rules
Brexit is unlikely to lead to a big dilution of the EU’s Solvency II capital rules, insurance experts have warned. Last week, Lord Turnbull, a former board member at Prudential, told the Treasury select committee that Solvency II was “an absolutely dreadful piece of legislation”. He ...
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NewsSolicitor's premiums cut by 90% after switching to Bar regulation
A solicitor who set up an entity with the Bar Standards Board (BSB) claims the move has cut his insurance costs by 90%. Specialist consumer credit lawyer David Bowden is the latest practitioner to ditch the Solicitors Regulation Authority (SRA) by regulating his Hertfordshire business, David ...
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News'True independence after MBO will drive growth': Compass MD Lincoln
Compass managing director John Lincoln said that becoming independent would drive growth for the network as it targets £1bn in gross written premiums over the next three to five years. Speaking with Insurance Times following the management buyout (MBO) of Compass from Arthur J Gallagher, Lincoln ...
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NewsCompass completes MBO from Gallagher
Broker network Compass has completed its management buy-out (MBO) from broking group Arthur J Gallagher, Insurance Times can reveal. The MBO was backed by Close Premium Finance, a subsidiary of merchant banking group Close Brothers. The companies did not disclose what Compass’s management team paid Gallagher to ...
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NewsBluefin settles with remaining defendants in poaching case
Bluefin has reached a settlement with the remaining two defendants - Mark Rogers and Suzanne Powell - in its poaching case. The broking group’s lawyer, Mr. Mansfield, said: “A settlement has been reached between the parties on all matters.” This follows the settlement Bluefin reached yesterday ...
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NewsBluefin, Bruce, GRP and Thornton agree settlement
Lawyers for Bluefin, Mike Bruce (pictured), GRP and Neil Thornton have agreed to settle their legal battle over allegations of staff poaching. But lawyers for Bluefin are still working out whether they can reach a settlement with the other two defendants, Mark Rogers and Suzanne Powell. ...
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NewsBluefin, Bruce and GRP close in on settlement
The parties in the Bluefin/GRP legal battle are close to reaching a settlement. The trial began today in London, but the judge has now dismissed all parties to discuss a possible settlement following discussions between the defendants’ and Bluefin’s lawyers. They will reconvene this afternoon. Bluefin’s ...
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NewsHDI plots Scottish expansion with Glasgow branch
HDI Global is planning to open an office in Glasgow. The insurer said it wanted to strengthen its regional footprint by establishing a presence in Scotland. It already has offices in London, Birmingham and Manchester. As a result of the move HDI has hired Paul McGhee ...
