United Kingdom (UK)
Axa offers £50 compensation after walking back BI cover confirmation
Axa has offered a UK policyholder £50 in compensation after rejecting a business interruption claim it had initially indicated would be covered.
Hastings agrees £1.66bn takeover
Finnish insurer Sampo and South African financial services firm Rand Merchant Investment Holdings have agreed a £1.66bn takeover with the directors of Hastings.
Analysis: Legal expenses insurers: Rising to the challenge
Legal expenses insurers saw at least double-digit increases in call volumes as the government moved to combat the outbreak of the coronavirus by locking down the UK. Providers rose to the challenge and believe they are well placed to meet any further…
Swiss Re UK CEO Tavaziva Madzinga joins ABI board
Tavaziva Madzinga, CEO of Swiss Re UK and Ireland, has joined the board of the Association of British Insurers.
Direct Line open to acquisitions and partnerships: CFO Tim Harris
Direct Line Group remains open to inorganic growth from acquisitions and partnerships despite the Covid-19 impact, DLG chief financial officer Tim Harris has confirmed.
AIG adds $458m of Covid-19 losses in Q2
AIG reported an underwriting loss of $343m (£262.8m) for general insurance business in the second quarter of 2020.
Co-op under fire from union over Markerstudy insurance deal
Trade union Unite has accused Co-op of having "forgotten its principles" by selling its Manchester-based insurance business to Markerstudy, alleging the deal will result in 200 job losses.
PE firms circle AA for takeover talks
Motoring group The AA has confirmed holding takeover talks with three private equity parties as it discusses “a wide range of potential refinancing options”.
Covea agrees €1.5bn investment with Exor after Partner Re deal collapse
Covéa will invest €1.5bn (£1.35m) with Exor and special purpose reinsurance vehicles managed by Partner Re, after its bid to buy the reinsurer fell apart earlier this year.
FCA warns of action on BI claims deductions
The Financial Conduct Authority has warned insurers making deductions to non-damage business interruption claim payments based on government payouts that it will intervene if firms do not meet its expectations and treat customers fairly.
RSA to exit wedding insurance in early 2021
RSA will cease to underwrite wedding insurance when its John Lewis contract ends at the beginning of next year, Post has learned.
Further cost-cutting expected at RSA UK
RSA will look to cut further costs in its UK arm, RSA CEO Stephen Hester confirmed as the insurer released it first half results for 2020.
Markerstudy's Gary Humphreys on the impact of Covid-19 on businesses
Pre-23 March, my diary for 2020 was already reasonably committed. The usual mix of work and family obligations, interspersed with one or two holiday highlights, not dissimilar, I imagine, to the majority of my friends and colleagues.
No evidence of reputation hit to business, says Hiscox global retail CEO
Hiscox has not seen a slowdown in business as a result of its high-profile involvement in disputes over coronavirus business interruption claims, the insurer’s global retail CEO Ben Walter told Post.
FCA vulnerability guidance ‘far from enough’ warns former retail GI boss
The Financial Conduct Authority's guidance to help firms understand and assist vulnerable customers may be a start "but is far from enough”, the watchdog's former retail general insurance boss has cautioned.
Hiscox bulks up Covid claims hit estimate as group faces loss
Hiscox swung into a loss for the first half of 2020 as it increased its Covid-19 claims hit estimate.
Alex Williams promoted to MD at i-Wonder
Alex Williams has been appointed at the first managing director of technology firm i-Wonder.
Interview: Michael Lee, First Central
A year into his role and Michael Lee, CEO of First Central, explains to Jen Frost what he believes are the three elements needed to be successful in motor insurance
Registration for virtual diversity event Dive In opens
Registration for diversity and inclusion festival Dive In has opened with over 90 virtual events taking place in over 30 countries from the 22 to 24 September.
NFU Mutual rejects accusation it misbehaved by deducting government grants from payouts
NFU Mutual has defended itself against claims by self-catering accommodation businesses that it is unfairly deducting the value of government grants from coronavirus-related payouts.
Thatcham publishes requirements for repair of ADAS vehicles
Thatcham releases insurance industry requirements for the safe repair of ADAS-equipped vehicles.
Insurance Covid-cast: Grumpy old insurance execs - Bunker, Cooter, Hanks and Smith on trading through a hard market
For the 36th episode of Post and Insurance Age’s Covid-Cast video series we gathered together an esteemed panel of ‘grumpy old insurance execs’ to talk about how to trade through a hard market, something many might have not experienced before.
BI court case judges aiming for draft judgment in mid-September
Lord Justice Flaux has confirmed the middle of September as the target date for a draft judgment in the business interruption court case brought by the Financial Conduct Authority against UK insurers.
Aon/Willis combination not ‘good for clients or good for the market’: MMC CEO Dan Glaser
In a half year results call, Marsh and McLennan CEO Dan Glaser aired a “personal” view that the Aon and Willis Towers Watson merger will be negative for clients and the market .