News
Lloyd’s HQ closed for day as Extinction Rebellion blocks entrances
Lloyd’s has closed its headquarters for the day as protesters from Extinction Rebellion blocked entrances into the building.
Mulsanne ordered to pay 60% of Marshmallow's costs following legal battle
Mulsanne has been ordered to pay 60% of the costs incurred by Marshmallow during a recent legal battle between the insurer and its former broker.
Fears OIC portal is not meeting objectives as unrepresented claimants make up less than 10% of users
Latest figures from the Ministry of Justice show that unrepresented claimants still make up less than 10% of those using the Official Injury Claim portal, as concerns grow that portal is not meeting objectives of being “consumer friendly”.
Start-up Peppercorn to launch this year with a customer-empowering motor solution
Exclusive: Insurtech start-up Peppercorn will launch later this year with a digital motor solution that will challenge the mechanics of traditional incumbents.
Trade credit insurers face 'elevated risk' from remaining trade with Russia, warns ratings agency
DBRS Morningstar has warned that trade credit insurers “should expect to deal with an inflow of credit default claims” as Russian buyers start missing payments as a result of the fallout of the war in Ukraine.
Nikhil Rathi pledges to make the FCA more assertive and quicker in stamping out wrongdoing and consumer harm
The Financial Conduct Authority has launched a three-year strategy to improve outcomes, with the CEO Nikhil Rathi pledging to make the regulator more assertive and quicker in responding to changing financial services sector.
Insurers to save £2bn as Vnuk law set to be axed by the end of June
The controversial Vnuk law, which could have created an extra £2bn a year of costs for the insurance sector, is expected to be axed by the end of June as Motor Vehicles Bill passes through House of Lords’ committee stage with no amendments.
Charlotte Halkett appointed as Many Pets CUO
Many Pets, formerly known as Bought By Many, has appointed Charlotte Halkett to its newly-created chief underwriting officer.
Revolut in Allianz tie-up; AUB confirms Tysers talks; QBE poses resilience challenge; and Rear’s SPAC Financials Acquisition Corp to raise £150m via listing
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
FCA regulatory reforms no ‘silver bullet’ but step towards more nimble regulator
Regulation experts have praised the Financial Conduct Authority’s steps towards tackling authorisation delays but have warned they will not be enough to tackle the problem on their own.
Settlement reached in Besso 'secret profits' case
Long-running litigation between Besso and a group of Caribbean hotel and resort companies has ended in an out-of-court settlement.
Lords Committee expresses concerns of ‘overly demanding’ and ‘burdensome’ regulation of London Market
The Industry and Regulators Committee has written to the Economic Secretary to the Treasury John Glen to outline concerns about lack of proportionality in the regulation of the London Market by the Financial Conduct Authority and the Prudential…
British Insurance Awards: 2022 shortlist revealed
This year the British Insurance Awards return back to their spiritual home at the Royal Albert Hall after a two year absence.
IBM ordered to pay another £80m after it unlawfully breached Co-op IT contract
The Court of Appeal has found that IBM must pay another £80.6m to the owner of Co-operative insurance due to breach of an IT contract in 2017.
Dual appoints European executive chairman to spearhead 'hire and acquire' strategy
Howden-owned managing general agent Dual has appointed Maurizio Ghilosso as executive chair of its European business.
McPhail swaps Zurich for Keoghs
Calum McPhail, formerly head of liability claims at Zurich, has left the insurer to join Keoghs as strategy consultant on a part-time basis.
FCA reforms authorisation process as it continues recruitment push
The Financial Conduct Authority has said it is committed to bring a more robust and efficient authorisation process and confirmed it has reformed its authorisation process with more decisions now taken by individual senior managers rather than by…
Woodgate & Clark acquires media and entertainment adjuster Spotlite
Woodgate & Clark has acquired media and entertainment adjuster Spotlite as it continues to build specialist expertise.
Jensten Group launches retail brand as it restructures
Jensten Group has announced a restructure that will see it launch four new brands in the coming months, affording greater prominence to the Jensten name.
RSA's Norgrove promises broker service improvements
RSA UK and international CEO Ken Norgrove has promised to materially improve the insurer’s level of service to brokers by the end of the year, admitting that it had fallen short in recent years.
Tokio Marine voids 'fraudulently obtained' Greensill policies
Tokio Marine has accused Greensill of fraudulently obtaining insurance policies and said it will “vigorously defend any claims against it” under the policies it has now voided.
Aviva names RSA’s Charlotte Jones CFO
Aviva has appointed Charlotte Jones as chief financial officer starting in September.
UK regulators are not 'lumbering' and should not mirror Bermuda, says Glen
Calls from the London market to reform the UK regulatory regime to more closely resemble that of, for example, Bermuda should be resisted, the Economic Secretary to the Treasury John Glen has said.
Clyde & Co merges with BLM; Beazley unveils underwriting structure; KGM buys Eridge Underwriting Agency; Blanc becomes WWF ambassador; and Swiss Re warns of global protection gap
For the record: Post wraps up the major insurance deals, launches, investments and strategic moves of the week.