UK
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.
'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.
Interview: Johnny Timpson
Post meets Johnny Timpson, the driving force behind the Access to Insurance Working Group, which led to the creation of the British Insurance Brokers’ Association’s Access to Insurance Committee launched last summer.
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.
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.
Blog: Bringing entertainment risk into the spotlight
Pippa Morris, senior underwriter for entertainment at Markel International, discusses emerging risks in the film and TV industry, and how brokers and production companies can stay on top.
Aston Lark’s Peter Blanc on why tough conversations are the most important ones with clients
Peter Blanc, group CEO of Aston Lark, warns against taking the “easy road” in client conversations urging the industry to focus on the right claims outcomes with risks and risk mitigation instead of premiums at the top of the renewal agenda.
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.
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.
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.
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.
RSA’s Mandy Hunt on bringing through the next generation
Mandy Hunt, chief underwriting officer for commercial lines at RSA and chair of the Chartered Insurance Institute’s Society of Underwriting Professionals, looks at the challenges and actions needed to make insurance a career of choice and attract the…
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.
FCA streamlines decision making process to prevent consumer harm
As part of its transformation to become a more innovative and assertive regulator, the Financial Conduct Authority has confirmed more decisions will be taken by its senior managers than by the Regulatory Decisions Committee.
Jaime Swindle moves to Geo as Scott Bennett steps up at Bravo Networks
Jaime Swindle is joining the leadership team at Geo Underwriting with Scott Bennett taking up the post of managing director of Bravo Networks, Ardonagh has confirmed.
Zurich to make up to £25m voluntary contribution in East West administration
Zurich will pay up to £25m to help policyholders of structural defects specialist East West Insurance Company, the insurer and administrators Ernst & Young have confirmed.
Policy Expert owner Qmetric names Sanchit Suri as CEO
Qmetric has appointed Sanchit Suri as CEO to take the reins from co-founder Tony Deacon who has retired, Post can reveal.
FOS business interruption uphold rate drops to 11%
The Financial Ombudsman Service upheld 11% of business interruption insurance cases between July and September this year, according to its latest figures.
RSA boosts family friendly policies for staff
RSA has unveiled changes to its maternity & adoption, paternity leave and shared parental leave policies to come into effect from January.
Gallagher appoints chief broking officer
Gallagher has appointed a new market management director from Aon, with incumbent Ron Hayes stepping into the chief broking officer role.