News
Sampo buys out RMI to take over Hastings in full
Finnish insurer Sampo has paid Rand Merchant Investment Holdings £685m for its 30% stake in Hastings and now owns the whole business.
IMS files patent breach lawsuit over mobile app product from Cambridge Mobile Telematics
Telematics solutions provider IMS has filed a lawsuit against several companies owned by a German motor insurer over an alleged patent breach in a move that could have implications for the wider use of mobile data to personalise pricing.
'Challenging' changes ahead under consumer duty
The Financial Conduct Authority’s consumer duty proposals are set to 'change the face' of the consumer financial services market, experts have said.
Lloyd's to limit cyber exposures to 'best in class' syndicates as it approves £44bn GWP plans
Lloyd’s will remain open to new cyber business in 2022 but only “best in class” syndicates will be permitted to grow their exposures, its chief of markets Patrick Tiernan has said.
RSA UK&I CEO Scott Egan to exit
RSA has named Ken Norgrove as incoming UK & International CEO with Scott Egan to leave the business at the end of 2021.
FCA's consumer duty to cost firms up to £2.4bn
The Financial Conduct Authority has estimated that businesses will face a one-off bill of up to £2.4bn to comply with its proposed consumer duty rules, with ongoing annual direct costs of up to £176m.
Watchdog seeks views on future of financial services compensation
The Financial Conduct Authority is looking for input on a ‘fair and sustainable’ compensation framework.
FCA unveils consumer duty 'to drive a fundamental shift in industry mindset'
The Financial Conduct Authority has opened a consultation on the introduction of a consumer duty highlighting its concerns that financial services do not currently always work well for consumers.
ABI adds Colm Holmes and Clare Bousfield to board
The Association of British Insurers has added Allianz UK CEO Colm Holmes and Clare Bousfield, managing director for retail and savings at M&G, to its board.
Axa to reshape claims leadership following exit of Aviva-bound MD
Axa will not directly replace outgoing executive managing director for claims Waseem Malik, instead splitting responsibility for retail and commercial claims.
Storm Barra bears down on UK and Ireland
Storm Barra is expected to hit the Republic of Ireland before moving across to the UK tomorrow, bringing strong winds and rain in the wake of Arwen’s destruction.
FCA launches consultation on improving AR regime
The Financial Conduct Authority has launched a consultation on improving the appointed representatives regime and tackling harm from this model.
Aviva insures autonomous shuttle trial; brokers outscore insurers in CX research finds; Howden buys again; Gallagher completes on Willis deal and PPL updates on next gen platform
Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Marsh appoints head of climate and sustainability insurance innovation
Marsh has appointed Ryan Bond as head of climate and sustainability insurance innovation effective 1 January 2022.
Ex-Morrisons and Poundland chairman Andy Higginson to chair Ardonagh Retail
Ardonagh Group has appointed the former chair of Morrisons and Poundland Andy Higginson as chairman of Ardonagh Retail.
HMRC's IPT decision hailed as good news for brokers
Her Majesty’s Revenue & Customs has opted against making brokers liable for any unpaid Insurance Premium Tax where they used IPT unregistered insurers and against introducing IPT on brokers’ administration fees.
Christmas party warning in wake of Omicron Covid variant
While insurance lawyers believe a rash of Covid-related claims from Christmas parties is "unlikely", employers have been warned to proceed with caution as the Omicron situation emerges.
Watchstone files £13.7m claim against KPMG over botched audit
Watchstone has filed a £13.7m claim against KPMG, claiming damages allegedly arising from the accountant’s audit of the company’s 2013 financial statements.
Analysis: Astroworld - liability and legacy
The Astroworld tragedy could have a lasting impact on US legislation, experts have predicted, as a liability battle around the fatal event emerges.
Aviva recruits Waseem Malik from Axa as chief claims officer
Aviva has appointed Waseem Malik as chief claims officer for UK & Ireland general insurance.
Andrew Wallin on turbo-charging Ardonagh Specialty
The completion of Ardonagh’s $500m (£374.4m) takeover of the insurance operations of BGC Partners will turbocharge the business, according to Ardonagh Specialty CEO Andrew Wallin.
MS Amlin Underwriting names Amir Sethu as head of sustainability and ESG
MS Amlin Underwriting has appointed Amir Sethu to the newly created role of head of sustainability and ESG.
Claims volumes surge as a result of Storm Arwen
Insurers have received thousands of claims as Storm Arwen brought 98 miles per hour winds causing power cuts and travel disruption across the UK.
MCE CEO Edwards pledges legal action against Gibraltar regulator
MCE Insurance CEO Julian Edwards has pledged legal action against the Gibraltar Financial Services Commission following the appointment of administrators at MCE’s Gibraltar-based insurer.