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Market Moves: Ecclesiastical, Hiscox and Mitsui Sumitomo lead the way in busy week for insurers
This week saw a host of major insurers complete hires in business areas ranging from sales to claims. Among the firms leading the recruitment race were Hiscox, Ecclesiastical and Mitsui Sumitomo. Elsewhere, while the broking sector registered little of…
Equity boosts board with five non-exec appointments
Equity Insurance Group has appointed five non-executive directors to the Equity Syndicate management board.
Equity names Xchanging’s Yorke as its first COO
Equity Insurance Group has continued to restructure its leadership following yesterday’s confirmation that the Aquiline purchase had completed.
Aquiline completes Equity acquisition
New York-based private equity firm Aquiline has completed its deal to purchase Equity Insurance Group.
‘Worrying trend’ for over-regulation making UK market less competitive
Rising regulatory costs are becoming a financial burden the UK’s insurance market can ill afford in the face of international competition, Lloyd’s finance director Luke Savage has warned.
Co-op appoints Deutsche Bank for GI sale
The Co-Operative has recruited Deutsche Bank to lead the sale of its general insurance operation with a price tag of more than £650m, according to reports.
Truell among bidders linked to Co-op sale
Mark Summerfield, managing director of The Co-operative Insurance, has said the planned sale of the general insurance business is “entirely in line with the group’s strategy” to build a “compelling competitor in high street banking that customers will…
Equity pair hit with Lloyd’s sanctions
Equity Red Star’s former active underwriter and finance director have been hit with Lloyd’s costs and barred from holding Lloyd’s director positions.
Market Moves: Brokers bring in more new recruits with JLT, Marsh and Willis welcoming fresh faces
Brokers Marsh, Willis and JLT dominated the broking space this week with a raft of new appointments. Marsh created a new corporate division, JLT added three new staff to its financial institutions team and Willis recruited chief executives for its…
Utley set to press on with Hastings IPO despite Lloyd’s Equity settlement
The outcome of a Lloyd’s investigation into former Equity Red Star chief executive Neil Utley is unlikely to affect plans to float at Hastings where he is currently chairman, according to market observers.
PI law firm to expand after securing equity
A Scottish personal injury legal firm has received a "six-figure" loan from Clydesdale Bank with the view of doubling its office space.
IAG to write off $260m following Equity sale to Aquiline Partners
Insurance Australia Group has announced that it recorded a loss of $182m in respect of its "discontinued" UK operations in the six months to 31 December 2012.
Utley settles on Lloyd’s Equity charges
Former Equity chief executive Neil Utley has been barred from applying for Lloyd's director positions for two years under terms agreed in a settlement on charges of detrimental conduct.
Equity adds Dacia to partnerships roster
Equity’s affinity arm has struck a three year deal to offer insurance to purchases of all new Dacia cars.
Confusion over Autofocus retrials
Solicitors have called for clarity over settled Autofocus claims after the Court of Appeal found cases that relied on dishonest evidence provided by Autofocus should be retried.
Investment fuels Chase Templeton’s growth plans
Private medical insurer specialist intermediaries Chase Templeton Group has secured investment from Palatine Private Equity.
Your say: Don’t tar all with the same brush
While Post’s story on the ruling in Webster Dixon v Equity Syndicate Management and Motor Plus on non-panel law firm rates charged for before-the-event legal expenses work highlights the importance of the decision for before-the-event insurers, it is…
Equity buys renewal rights to Ecclesiastical's Ansvar motor book
Equity Red Star has secured the rights to broker-sourced Ecclesiastical's motor business, underwritten by its ethical insurance arm Ansvar Insurance.
Judge blasts Equity's 'insouciance' despite legal win on BTE lawyer choice
Before-the-event legal expenses insurers have had their conduct condemned in the Court of Appeal despite securing a legal victory.
Editor's comment: Paying the price for profitability
As 2012 draws to an end, UK insurance industry debate centres on the one topic most likely to dominate headlines come the new year: profitability pressures in the motor insurance market.
Aquiline boosts Lloyd's foothold with cut-price acquisition of Equity Red Star
Aquiline Capital Partners' acquisition of Equity Red Star for £87m – a far cry from the £570m IAG paid for Equity Insurance Group in 2006 – marks the New York-based firm's latest foray into the Lloyd's market.
IAG sells Independent Commerical Brokers for £10m
Insurance Australia Group has sold Independent Commercial Brokers to the existing management team for £10m.
Lloyd's investigation into Utley to conclude next year
The Lloyd's investigation into three former senior figures at Equity Red Star, including Hastings Insurance Group chairman Neil Utley, could conclude around the middle of next year once the Accountancy & Actuarial Discipline Board completes its own…