Lloyds Banking Group
Exercise Watermark set for insurer-specific rerun
The Association of British Insurers has confirmed Exercise Watermark, the government's emergency flood scenario run nationwide in March, will be re-enacted specifically for the insurance industry in August, in conjunction with the Cabinet Office.
Aviva Life CEO heads to Lloyds Banking Group
Lloyds Banking Group has appointed Aviva UK Life CEO Toby Strauss to the position of group director for Insurance.
Lloyds execs to hand back bonuses
Lloyds Banking Group is taking back part of the bonuses awarded to senior executives as a result of the £3.2bn hit the bank took for mis-selling payment protection insurance.
Lloyds seeks GI partner to focus on banking
Lloyds Banking Group is expected to seek a joint venture partner for its general insurance business amid strong speculation that it is gearing up to dispose of its Edinburgh-based life and pensions business Scottish Widows.
BBA rules out PPI appeal as banks plan for payouts
The British Bankers' Association has abandoned plans to appeal a high court ruling, after four of the major banks have set aside money for to compensate mis-selling payment protection insurance.
BBA abandons PPI appeal
The British Bankers' Association will not appeal the High Court judgement on the mis-selling of payment protection insurance.
Lloyds Banking Group reports huge £3.2bn Q1 losses after PPI provision
Part-nationalised Lloyds Banking Group has recorded a statutory loss after tax of £3.47bn for Q1 2011 (Q1 2010: £721m), after the bank made provisions of £3.2bn for payment protection insurance payout costs.
Former Homeserve duo reunited
Crawford & Company account manager Ritchie Marshall is set to take up a newly created role at claims validation specialist Imperial Consultants, Post has learnt.
Former Lloyds insurance boss to become Royal London CEO
Royal London,the mutual life and pensions company, today announced the appointment of Phil Loney as group chief executive.
RBSI ousts Esure as Sainsbury’s signs up new motor insurance underwriter
Royal Bank of Scotland Insurance has won a multi-million pound contract to replace Esure as motor insurance provider to Sainsbury’s Finance.
RBSI ousts Esure to win Sainsbury’s Finance contract – Insurance News Now – 24 March 2011
Post news editor Mairi MacDonald outlines this week’s major general insurance stories including the decision by Sainsbury’s Finance to replace its current motor insurance provider Esure, with Royal bank of Scotland Insurance.
Acquisition-hungry Swinton spells out 2011 buy strategy
High street broker Swinton is targeting at least 25 acquisitions in 2011, after completing five such deals so far this year.
Kane to leave Lloyds Banking Group
Archie Kane is to retire from his position as Lloyds Banking Group executive director as part of a management restructure.
Broker focus – private equity: the start of a broader movement?
2011 has already seen one major broking private equity deal involving Towergate. Rachel Gordon assesses whether this is likely to be a one off, or the start of a broader movement within the intermediary market.
LBG sees slight rise in pre-tax profit
Lloyds Banking Group's general insurance business pre-tax profit in 2010 was £372m marking an increase of 1% on the 2009 result (£367m).
Lloyds Bank GI profit rises 1% to £372m
Lloyds Banking Group this morning reported that its profit before tax and fair value unwind from general insurance increased by 1 per cent to £372m in 2010.
Towergate concludes refinancing deal and cuts debt by £100m
Towergate Partnership has announced the completion of its refinancing and £200m investment from private equity firm Advent International.
Towergate secures £520m bond issue
Towergate’s bond issue has been oversubscribed by as much as ten times, Post Online has learnt.
Former UKDN employee lied
A former UK Drainage Network employee has been forced to retract claims that the company handed over shares to land a fulfilment contract, after admitting the allegations were false.
Nationals call for FSA talks as Towergate seals £200m deal
Chief executives from some of the UK's largest brokers have called for a meeting with the Financial Services Authority to discuss concerns over the increasing level of intervention in compliance issues by the regulator.
News analysis - Towergate refinancing: Towergate to kick into full IPO mode
With confirmation of Advent's £200m cash injection, what does Towergate have planned next? Mairi MacDonald explores the options.
Lloyds insurance boss quits after 12 months for Friends role
Lloyds Banking Group's CEO of general insurance Andy Briggs is to leave to become CEO of Friends Provident.
Oval nabs HBOS financial services team
Oval has recruited seven consultants from HBOS, the investment arm of Bank of Scotland Investment Services.