News
London Ghost broker sentenced; Just Travel buys Alpha Underwriting; Coalition and We Fox raise $650m combined; and WTW acquires Glasgow firm
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Zego withdraws job offers and makes 17% of staff redundant due to increased costs
Motor insurance provider Zego withdrew job offers it had extended due to increased costs, which also led it to make 17% of its staff redundant.
Next Gen PPL platform must overcome data standards roadblocks to protect dominant London market role
Lloyd’s and London market electronic placement platform PPL has been warned market participants could turn to alternative solutions if their needs aren't met following delays to its next generation platform, now set for launch in 2023.
Aviva’s Amanda Blanc calls on the government and regulator to resolve the issues around Solvency II to help UK ‘level up’
Aviva’s CEO Amanda Blanc has flagged a “discrepancy between the regulator and the industry” in the overhaul of Solvency II regulations and urged the government to support UK insurers levelling up so they can help both the climate and the economy.
Shortlist for 2022 Insurance Post Claims and Fraud Awards revealed
The shortlist is now out for the 2022 Insurance Post Claims and Fraud Awards.
Government and insurers warned to 'wake up' to planning reform before Flood Re ends
Flood Re CEO Andy Bord has called on the government to take a “once in a generation opportunity” and reform UK planning policies to reflect growing flood risk.
Aercap names AIG and Lloyd’s in $3.5bn lawsuit over planes seized by Russian airlines
Aircraft leasing giant Aercap has launched a $3.48bn (£2.93bn) lawsuit against its insurers as it seeks to recoup losses incurred by the seizure of 141 planes by Russian airlines following Russia’s invasion of Ukraine earlier this year.
Ecclesiastical accused of putting its reputation above abuse survivors as mishandling settlement exceeds abuse settlement
Insurer Ecclesiastical is facing criticism that is cares more about its reputation than child sexual abuse survivors after it paid out more for revealing the identity of survivor than it has for the abuse the survivor suffered.
LV appoints MIB’s Ben Fletcher as director of financial crime
LV has appointed Ben Fletcher from the Motor Insurers’ Bureau, where he holds the position of chief customer officer, as it’s director of financial crime.
Covid claim against Pound Gates could lead to an increase in broker negligence claims
Claimants will have “a mountain to climb” to get over the hurdles to sue brokers for negligence in Covid cover, however if successful, the claim against Pound Gates could act as encouragement for claimants to pursue claims they wouldn’t have otherwise.
RSA recruits CUO and CPO from parent Intact and LV
Nathalie Dufresne and Georgina Farrell will join RSA as chief underwriting officer and chief people officer respectively later this year, Post can reveal.
Ashley Alder appointed as FCA chair
Ashley Alder, currently the CEO of Hong Kong’s Securities and Futures Commission, has been appointed as chair of the Financial Conduct Authority by HM Treasury.
EY predicts motor NCR of 113.8% in 2022; Geo buys Lorega; Konsileo secures Series A funding; and ex-Fresh trio launch new broker
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Auto-repair industry calls for access to connected vehicle data from ‘anti-competitive’ OEMs
Figures in the auto-repair market have called for original equipment manufacturers to allow them access to connected vehicle data, allowing end users “freedom of choice” around car repairs.
Zurich, Amanda Blanc and Vicky Carter among big winners at the 2022 British Insurance Awards
Zurich was the big winner at the 2022 British Insurance Awards this evening, taking home three awards – including the highly coveted General Insurer of the Year gong.
‘Software-defined’ Adas vehicles will bring ‘fundamental change’ for claims
Driver assistance systems will make cars a "software-defined product", and effect the cost and frequency of claims, according to the Allianz Centre for Technology.
Third round of FCA strikes cancelled amid renewed hopes of union recognition
Planned strikes by staff at the Financial Conduct Authority, which had been scheduled to go ahead on Tuesday and Wednesday this week, have been cancelled after Unite the Union said it had “secured a route to union recognition.”
Howden CAP appoints Mary O’Connor as CEO
Mary O’Connor has been named CEO of Howden CAP, Howden's capital, advisory and placement business for financial institutions and corporates, with immediate effect.
Greggs v Zurich trial delayed and shortened due to Covid-19 infection
The High Court trial in bakery chain Greggs’ business interruption claim against Zurich Insurance has been delayed until later this month.
Inflation is the number one concern for insurers globally
With inflation hitting 11% and repair costs running at up to 30% price increase, inflation tops the number of concerns for insurers, Anna Fleming, retail chief operating officer at Axa, has told Insurance Post.
Folgate appoints Ian Russell as group CEO
Folgate has appointed Ian Russell to succeed Brian Russell as group CEO, with effect from 1 July.
David Howden: MGAs have come of age and are 'outperforming' the market
MGAs are driving change and innovation in the insurance industry and are vital in keeping the industry up to speed with key issues facing insurers right now.
Analysis: A ‘boring’ reputation leaves brokers facing hiring struggles
Recruitment issues have hindered UK brokers’ optimistic growth expectations and are impacting insurance brokers of all sizes, according to research from Aviv
Convex group names Paul Brand as group CEO
Convex Group has appointed Paul Brand to succeed Stephen Caitlin as CEO with immediate effect.