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"The recession has had little impacts on contracts due for renewal in July, Munich Re said this week.
The world’s largest reinsurer by premium income said demand for reinsurance policies “continues to be pronounced”, especially for policies that cover natural disasters.
Some sectors will suffer, Munich Re said, as reduced sales of motor insurance, life insurance, and [...]" (2009-6-26)
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"Tesco’s motor and home insurance policies are to be underwritten by Fortis following a partnership agreement between the two firms.
The deal is set to create up to 1,500 UK jobs, with premiums sold by Tesco worth an estimated £500 million per year.
Fortis will replace RBS-owned UKI Partnerships as Tesco’s insurance partner if the deal, currently [...]" (2009-6-26)
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"It’s a rather sad but inevitable part of working in the insurance business that any headline news, whether a hurricane, or train crash, or a celebrity death immediately gets you thinking about the insurance coverage involved and the potential claims that will arise. And so it is with the death yesterday of pop legend Michael [...]" (2009-6-26)
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"Health-care spending in rich countriesAMERICA'S health-care system is the costliest in the world, gobbling up about 16% of the country’s economic output. Comparisons with other rich countries and within the United States show that its system is not only growing at an unsustainable pace, but also provides questionable value for money and dubious medical care. Economists at the OECD found that America does indeed do well on some measures, such as breast-cancer survival rates and cervical-cancer screening, but does worse in others. Infant mortality was 6.7 per 1,000 births in 2007, against an OECD average (excluding Mexico and Turkey) of 4.0. Reforms are being considered to extend coverage for the 49m people with no health insurance, possibly by obliging individuals to buy insurance. ..." (2009-6-26)
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"Novae Group, the specialist insurance and reinsurance carrier, has announced the appointment of John Renz to the post of Human Resources director.
In his new post Renz will be responsible for supervision of operations of Group, syndicate and insurance companies.
He leaves behind the post of HR director with Mourant, a financial services administration and advisory firm, [...]" (2009-6-25)
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"Belgium-based Fortis has emerged as leader of the pack of insurers vying for the contract to manage Tesco’s motor and home insurance businesses.
According to the Telegraph, Fortis is in ‘advanced’ talks to agree an insurance partnership with the UK’s largest retailer.
Tesco admitted earlier this week that it is reviewing its long-standing insurance arrangement with the [...]" (2009-6-25)
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"The financial crisis is the greatest business risk facing the insurance sector in 2009, according to the second annual business risk report from Ernst & Young and Oxford Analytica. It suggests that the consequences of economic events, financial shocks and their aftermath have been so profound that they are likely to shape the industry for [...]" (2009-6-24)
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"Pamplona has acquired a 7.4% stake in Chaucer, locking horns with Brit Insurance over its proposed takeover of the struggling Lloyd’s of London insurer.
The London-based private equity group, financed by Russia’s Alfa Bank, said it intends to purchase a third of Chaucer’s outstanding shares.
“We have bought 7.4% of the company today and we are still [...]" (2009-6-23)
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"An affinity partnership agreement has been signed today by Equity Direct Broking Limited (EDBL) and Santander Insurance Services UK (SISUK), part of Banco Santander.
The new motor insurance policy (Santander Car Insurance) is to be aimed at Abbey customers, and offers free breakdown coverage.
Abbey is one of several British banks the Spanish banking giant has taken [...]" (2009-6-22)
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"With more than a million people working from home on a regular basis, Aviva has updated its home insurance policy to cover business equipment as standard.
The updated policy covers loss or damage to office furniture and equipment that is used for business purposes, such as computers, printers, filing cabinets, office chairs, photocopiers, and answer machines, [...]" (2009-6-22)
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"Governments around the world are increasingly becoming involved in developing insurance programs and pools to provide terrorism coverage, though some countries still offer no governmental support at all, according to a new report from Guy Carpenter. The 2009 Global Terror Update summarizes terrorism insurance market developments in 34 countries across six continents. According to the [...]" (2009-6-22)
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"Insurance broker and risk adviser Marsh has announced the appointment of Wendie Le Vey as leader of its Public Sector business in the Southern region.
She has worked for the firm for the past three years and will retain her present post as client service director for the Southern region.
In addition, Le Vey brings two decades [...]" (2009-6-22)
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"The Association of British Insurers (ABI) is starting work on a new scheme aimed at providing low-cost contents insurance to low-income Londoners living in social housing.
The Association has teamed up with insurer Aviva and insurance broker Aon to embark on discussions with London local authorities and housing associations, with the idea of developing tenants’ insurance [...]" (2009-6-22)
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"Brit Insurance has revealed further details of its possible offer for Chaucer Holdings.
The group has confirmed a proposal to the board of Chaucer in the following terms: 0.23 new Brit ordinary shares for every existing Chaucer share; a recommendation from the Board of Chaucer.
The proposed all-share deal would result in Chaucer shareholders owning approximately 29% [...]" (2009-6-22)
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"European Union leaders avoided a row over bank regulation—but only by being ambiguousTWO DAYS after Barack Obama announced what he intends to be the biggest overhaul of American financial regulation since the Depression era, the European Union’s leaders, meeting in Brussels on June 18th and 19th, agreed that financial institutions in the 27-country block should be subject to common rules and overseen by new EU-level supervisors able to make binding rulings in disputes between national regulators. The heads of national government also agreed to create a European Systemic Risk Board, charged with providing early warning of potential threats to financial stability. The French president, Nicolas Sarkozy, hailed Britain’s agreement to the plan as a “complete change in Anglo-Saxon strategy” on financial regulation. But was it? The British prime minister, Gordon Brown, insisted he had conceded nothing. The 27 national leaders offered unanimous backing for the creation of a trio of EU supervisory authorities to watch over the banking, insurance and securities sectors. These would have the power to resolve clashes between national supervisors in financial firms’ home and host countries, and to decree that national supervisors were flouting EU rules. At the moment, multinational banks and other financial institutions are watched over by a patchwork of national bodies, with no clear mechanisms for resolving disputes. ..." (2009-6-19)
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"Two former Aon/Benfield employees this week joined SBJ Global Risks Limited.
Steve Ford and Simon Laycock will form a new binding authority team at the Lloyd’s and international insurance broker.
Both Ford and Laycock have over 20 years experience in the London insurance market, with a focus on business from North America and International Non Marine Binding.
They [...]" (2009-6-19)
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"Four in five risk managers at insurance firms have started measuring counterparty risks more frequently in the past 12 months, new research has discovered.
The poll by AIG UK also found that insurers are measuring their risks in greater depth, using guidance from broker rating committees, stock market analysis, their own analysis, and the Credit Default [...]" (2009-6-19)
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"Commercial broker Moorhouse has launched a new insurance policy for haulage firms, responding to research into brokers’ needs.
Available on Moorhouses’s Xbroker quotation system, and underwritten by AXA, the policy includes comprehensive cover up to £250,000 for any single vehicle.
Also included with the policy is £75,000 cover for goods in transit, and legal costs are covered [...]" (2009-6-19)
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"Allianz Re has confessed that it will be “difficult” to perform as strongly this year as in 2008, but continues to target an average growth of 10% by 2011.
The reinsurance unit of Germany-based Allianz said European windstorms at the start of 2009 will squeeze operating profits.
“There will be difficulties to reach the result seen in [...]" (2009-6-19)
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"Allianz Insurance has created a specialist motor insurance team and centralised its commercial motor trade claims operation in the wake of a successful pilot period of the scheme.
The new team, which is to be based in Birmingham, will enhance turnaround time by presenting a single point of notification and will offer customers top flight customer [...]" (2009-6-19)
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"Continuing unemployment insurance recipients dip while initial claimants jump.
" (2009-6-18)
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"Independent insurance broker Giles Insurance Brokers Ltd enjoyed a good night at The Sunday Times PricewaterhouseCoopers Profit Track 100 Awards Dinner, winning the Value Creation Award.
The Value Creation Award is given in recognition of businessmen who create value over a three year period.
Earlier in the year Giles came third in the Buyout Track 100 league [...]" (2009-6-18)
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"UK Landlord and Tenant insurer HomeLet has launched a new contents insurance product aimed at tenants, Tenant’s Contents Insurance +, following feedback from its customer base.
HomeLet has recognised that tenants increasingly frequently share the costs of renting with a friend/colleague and the new policy takes account of this by permitting up to three to share [...]" (2009-6-18)
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"American International Group assigned Morgan Stanley and Deutsche Bank as global coordinators for the upcoming initial public offering of AIG's Asian life insurance unit, a report says.
" (2009-6-18)
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"American International Group assigned Morgan Stanley and Deutsche Bank as global coordinators for the upcoming initial public offering of AIG's Asian life insurance unit, a report says.
" (2009-6-18)
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"Specialty insurance and reinsurance company Endurance has named James D’Onofrio as executive VP and head of Reinsurance for Endurance Reinsurance Corporation of America (ERCA).
D’Onofrio joined ERCA over six years ago and was previously senior VP of Casualty Treaty.
Earlier in his career he held senior positions with AXA Corporate Solutions and Gerling Global Reinsurance Corporation of [...]" (2009-6-17)
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The Obama administration will unveil its plan to overhaul financial regulation later today. Latest reports suggest that the plan includes proposals to create an Office of National Insurance within the Treasury department, but stops short of federal regulation of the insurance industry. According to a June 16 Reuters article by Kevin Drawbaugh and Patrick Rucker, [...]" (2009-6-17)
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"Insurance broker and risk adviser Marsh has announced the appointment of Neil Irwin to lead new client development across Europe, the Middle East and Africa (EMEA).
He has worked for Marsh for the last two decades during which time he has occupied numerous client development positions including leadership of EMEA Middle Market Client Development.
Irwin will be [...]" (2009-6-17)
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"During the JLT workshop ‘ERM and ART: A happy marriage’ at AIRMIC today, JLT advocated more ‘joined up thinking’ across the insurance Industry.
Neil Campbell who leads Jardine Lloyd Thompson Limted’s Risk Consulting Practice, says “Joined up thinking is a term often bandied around in the risk management and insurance world. Unfortunately in many aspects of [...]" (2009-6-16)
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"Zurich Global Corporate has launched a new product specifically designed to combat the threat of supply chain failures that might adversely affect a firm’s financial situation.
The Supply Chain Insurance proposition’s initial launch phase will focus upon companies with HQs in Europe, and offers a unique product within the European marketplace.
The All Risks policy was designed [...]" (2009-6-16)
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"Insurers are putting pressure on the government to modify new equality laws so they continue to refuse cover to elderly clients.
Currently, many insurers put upper age limits on motor and travel insurance policies, and charge people double premiums on travel insurance after they turn 66.
The government’s proposed Equality Bill would put an end to this [...]" (2009-6-16)
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"ACE European Group is to open a new office branch in the Turkish city of Istanbul, as part of its drive to expand across Central and Eastern Europe.
ACE received the necessary licence from the Turkish Under Secretary of Treasury required for insurance and reinsurance coverage for Property & Casualty and Accident & Health.
The firm’s Turkish [...]" (2009-6-16)
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"Thousands of angry Americans have signed a petition against the tallest building in their country being renamed after British firm Willis Insurance.
The 442 metre high Sears Tower in Chicago is to be rebranded Willis Tower in a renaming ceremony next month.
Locals, however, have condemned the change with an online petition against the move attracting 33,000 [...]" (2009-6-16)
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"The Chartered Insurance Institute (CII) has launched a review of policy on continuous professional development (CPD) and has surveyed over 3,500 of its General Insurance Faculty members to inform the study.
According to the research, the vast majority of members say that they keep up to date with industry issues by undertaking CPD; only 3% reported [...]" (2009-6-15)
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"Home insurance premiums in Ireland have sky-rocketed this year despite record unemployment and drastic price cuts across other sectors of the Irish economy.
Consumer watchdogs in the country have accused insurers of “crucifying” customers with “totally outrageous” premium rises of 25%.
In the overall economy, prices in Ireland have dropped by nearly 5% in the past year, [...]" (2009-6-15)
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"UK-based Brit Insurance Holdings confirmed Friday that is in merger talks with Lloyd’s of London insurer Chaucer.
Brit said any offer would be on an all-share basis.
Chaucer responded with a cautious statement warning that there is “no certainty” an offer will be made.
“A further announcement will be made when a conclusion to these discussions has been [...]" (2009-6-15)
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"Independent insurance broker Heath Lambert has won the insurance tender for the London Tideway Tunnels project.
The London Tideway Tunnels project is an initiative of Thames Water, and is aimed at delivering a significantly reduced quantity of untreated sewage being discharged into the Thames after rainfall.
For 7km from Abbey Mills to Beckton Sewage Treatment Works (STW), [...]" (2009-6-15)
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"The Financial Services Authority (FSA) has announced the appointment of Ken Hogg as Insurance Sector director.
Mr Hogg, who is currently interim chief financial officer at MGM Assurance, will take up his new post on Monday 6 July, succeeding Sarah Wilson.
He will report to the FSA’s managing director retail markets, Jon Pain, and lead a team [...]" (2009-6-15)
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"KGM Motor Insurance is upping the fight against spurious insurance claims with the appointment of a fraud manager.
David Wells’ role at the specialist motor insurer involves both strategic and operational aspects, developing and overseeing “rigorous fraud and financial crime management processes” across the business.
Mr Wells is moving from Highway Insurance, where he has spent the [...]" (2009-6-15)
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"Insurance companies can now take advantage of the newly launched ClaimSpec property damage claim system, designed to enable cost reductions, superior customer service and accelerated claim resolution timeframes.
ClaimSpec is a fully integrated Continuous Competitive Tendering system which will allow insurers to make savings in both time and money from property damage claims.
The system’s creators, Ellipta [...]" (2009-6-12)
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"Navigating health care’s labyrinthRURAL Kentucky, and particularly eastern Kentucky, is poor and relatively unhealthy. The people who live in the hills and hollows of central Appalachia face high rates of diabetes, heart disease, cancer and respiratory illness. Some of the area’s problems are common across America: many rural Kentuckians are uninsured, for example, which discourages them from seeking preventive care. Other hazards are distinct to the area. Walking can be a dangerous form of exercise, with oversize log and coal trucks barrelling down the twisty mountain roads. Some people live without running water, or in homes heated by kerosene. In any of these cases, people could do with a local expert to help them navigate the labyrinthine American health-care system.That is the idea behind Kentucky Homeplace, run by the University of Kentucky. The programme employs about 40 “lay navigators” who work in the poorest parts of Kentucky helping people figure out what they need and how to get it. In one case, Homeplace helped a steelworker who broke his arm on a day off. He had no health insurance to begin with and, after the injury, no income. Homeplace workers negotiated the price of the surgery, and persuaded a hospital to lend a free room. “You can’t let a man go around with his arm broke,” explains Fran Feltner, the director of the programme. ..." (2009-6-11)
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"In his address to the Association of British Insurers’ London conference earlier this week, the chairman of the Financial Services Authority (FSA) warned that Mortgage Payment Protection insurance could become of concern to the regulator during the economic downturn.
Lord Tuner observed that with the likelihood of unemployment-related claims increasing “some insurers are responding by increasing [...]" (2009-6-11)
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"Jean-Bernard Crozet has been named by Amlin as the firm’s new head of Aggregate Modelling for Amlin London, a global specialty business including the aviation, marine, property & casualty and reinsurance business units.
He is presently an associate director in the Actuarial Practice of PricewaterhouseCoopers (PwC), and has worked for PwC for the last four years.
Prior [...]" (2009-6-11)
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"The Government has agreed to back date access to “top up” cover on trade credit insurance to 1st October 2008.
The news has been welcomed by the British Insurance Brokers’ Association (BIBA), which has been petitioning the Department for Business Enterprise and Regulatory Reform (BERR) for the change.
According to BIBA, the original scheme failed firms with [...]" (2009-6-10)
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"The question of whether U.S. property/casualty insurance loss reserves will be adequate in the years ahead is gaining attention. A panel of actuaries and analysts at Standard & Poor’s recent Ratings Service insurance conference warned that some property/casualty insurers could be in for a rude awakening with respect to their reserve practices. Concerns were expressed [...]" (2009-6-10)
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"Insurance broker MMA Insurance plc has named its new chairman, with Graham Doswell succeeding the incumbent Scott Nelson.
Nelson stands down from the post after occupying it for five years, and has spent a total of nine years on the MMA board.
Doswell is a veteran of the insurance industry, and brings to the role of chairman [...]" (2009-6-10)
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"Motor insurers should use more sophisticated methods to calculate premiums so conscientious young drivers no longer have to subsidise the 20% of young motorists who crash within a year of passing their test.
Simon Douglas, director of AA Insurance, said companies should reward young motorists who drive carefully.
“I believe the industry must work together to find [...]" (2009-6-10)
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"Less than a month after announcing that it was recruiting 150 new staff, Hastings Direct is looking for a further 150 employees to fill new positions across the company.
The insurer was acquired from Insurance Australia Group in a management buyout earlier this year, since when it has begun an ambitious programme of expansion.
Last month the [...]" (2009-6-10)
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"Homeowners have been advised to make sure their garden contents are covered by their home insurance policy by moneysupermarket.com’s Steve Sweeney.
The average value of garden items is £700, and many gardens’ contents are worth over £1,000 with sun loungers, trees, smaller plants and barbecues.
However there is a significant shortfall between the average value of contents [...]" (2009-6-9)
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"According to a survey by KPMG International and the Economist Intelligence Unit, insurance executives are beginning to feel tentatively optimistic regarding the prospects of the next 12 months.
Many of those surveyed in March and April expected to see some growth during the next year. The executives came from 49 countries and numbered 315 in total.
Over [...]" (2009-6-9)
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"International general insurance and reinsurance firm Brit Insurance Holdings PLC has announced the appointment of Kevin Foley as class underwriter of International Property, part of the Global Markets business.
He leaves behind the post of Property Underwriting manager with German firm Munich Re to join Brit, and brings with him over a quarter of a century [...]" (2009-6-9)
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"The Association of British Insurers (ABI) has published new research indicating that one in four people have cancelled their home insurance in efforts to survive the recession.
The study was conducted by YouGov on behalf of the ABI and involved 2,000 adults across the UK.
It reveals the extent to which policies are either not being renewed [...]" (2009-6-9)
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"Searchlight Insurance has launched a new service aimed at helping insurance companies train staff effectively.
Under Financial Services Authority (FSA) rules, authorised firms must employ personnel with the skills, knowledge and expertise necessary for the discharge their responsibilities.
According to Searchlight, while most businesses understand that the FSA requires evidence that employees are competent, many are still [...]" (2009-6-9)
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"Three fraudsters who accessed customer information from Aviva and stole £638,000 have received custodial sentences from Southwark Crown Court.
The scam involved using personal details of Aviva directors obtained from Companies House to extract information about the directors’ life insurance policies from the insurer’s call centres in the UK and India.
The £638,000 was obtained by cashing [...]" (2009-6-9)
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"AXA Travel Insurance, part of the AXA Assistance Group, has secured a five year partnership with low cost airline, Ryanair, which expects to carry 67 million passengers this year.
The agreement will take effect in September 2010 when the insurer will provide Ryanair passengers with single-trip, multi-trip and annual travel insurance policies via the Ryanair website.
Acumus [...]" (2009-6-8)
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"The National Farmers Union Mutual Insurance Society (NFU Mutual) has announced that in 2010, it will be doubling the Mutual Bonus paid to its 870,000 general insurance customers.
The enhanced windfall will come during the group’s Centenary year and apply to all general insurance renewals, including motor, home, business, and horse cover.
According to the insurer’s [...]" (2009-6-8)
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"AIG has narrowed its choices to advise it on its spinoff of Asian life insurance unit American International Assurance.
" (2009-6-8)
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"Leisure insurance specialist, Towergate Bakers, is introducing a carbon offsetting policy for caravan owners.
The firm claims that caravan enthusiasts have a high level of “green” awareness compared to the public in general and are already more likely to be offsetting flights and using energy efficient products.
It has therefore developed a range of online caravan products [...]" (2009-6-8)
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"Iris Reinsurance (IrisRe), an authorised Class-3 reinsurance company, was launched this week by New York-based private equity firm Cartesian Capital Group.
Bermuda-based IrisRe, established in association with Schuyler Havens and Chase Toogood, will primarily offer reinsurance in the form of industry-loss warranties.
It will provide worldwide cover for a range of catastrophic risks.
Peter Yu, managing partner of [...]" (2009-6-8)
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"Aon has signed a £20 million per year shirt sponsorship deal with Manchester United Football Club.
The four-year contract will see Aon replace troubled US insurance firm AIG as shirt sponsor to the Premier League champions from June 2010.
AIG confirmed in January that it would not be renewing its £14 million per year shirt sponsorship deal [...]" (2009-6-8)
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"The Association of British Insurers (ABI) has published provisional long-term “business in force” figures for 2008, showing how the recession and changes in Capital Gains Tax continue to impact on the UK insurance sector.
Last year, total net premium income for life insurance and pensions stood at £97.7 billion, down 2% from £100.2 billion in [...]" (2009-6-7)
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"Independent insurance broker Heath Lambert has bolstered its Public Sector Team with a quartet of specialist appointments.
Peter Bristow leaves behind RSA to join the firm, and will take up the role of head of Public Sector.
He brings with him over three decades of experience, including time at Aon and in local government.
The new head of [...]" (2009-6-6)
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"Experts say it costs more to rebuild than it does to start from scratch, so the market value of a house doesn't indicate the amount of insurance you need.
There are a number of steps every homeowner should take to lower the cost of property insurance. But reducing the amount of coverage to match today's lower values is probably not one of them.
" (2009-6-7)
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"Question: Our board of directors made a claim against our insurance company that was denied. Without surveying the owners and membership or asking for a vote, the board filed a lawsuit. Before the court's judgment against us, the insurer made a significant offer to settle the claim and the board turned it down, again without advising the owners.
" (2009-5-31)
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"Aspray Ltd has enjoyed a good start to the year despite the more competitive insurance management sector.
The family-run business has seen interest increase and has opened half a dozen new branches in the UK and two in Ireland, bringing its total in both countries to 52 branches.
Aspray was founded in 2005, and has not had [...]" (2009-6-5)
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"CEO Vikram Pandit's hold on the top spot at Citigroup could be in jeopardy as the Federal Deposit Insurance Corp. is pushing for a shake-up of the bank's top management, a report says.
" (2009-6-5)
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"Insurer Lockton has named Michael Todorovich as its new vice president and producer to its St. Louis office.
Todorovich brings over a decade of experience in the insurance industry to his new role, particularly specialising in executive risk and mergers & acquisitions, as well as extensive knowledge of the private equity, manufacturing and services sectors.
Before joining [...]" (2009-6-4)
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"Fortis shareholders have threatened legal action against the Dutch state’s sale of Fortis Corporate Insurance to UK-based Amlin.
FortisEffect, the Fortis shareholders’ foundation, claims the sale is illegal.
FortisEffect lawyer Adriaan de Gier has written to the Dutch state and to Amlin claiming the deal will hurt Fortis shareholders.
Amlin said it is aware of the lawsuits and [...]" (2009-6-4)
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"Ropner Insurance Services has announced that it has enhanced its non-Marine team with the additions of David Pratt-Sinclair and James Sergeant.
The two new appointees join Ropner from Houlder Insurance Brokers, and add over four decades of experience between them to the firm.
They also bring with them a portfolio of clients as well as their extensive [...]" (2009-6-4)
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"Congress is about to tackle health care, for the first time since the debacle of 1993-94. Do the reformers stand a chance this time?A PICTURE of a handsome young man riding a bucking bronco hangs in the office of Max Baucus. The Democratic senator from Montana was a novice in the rough world of rodeo three decades ago, but when challenged he did not hesitate. The nerve-racking ride that ensued foreshadowed his current wild adventure. As chairman of the Senate’s Finance Committee, this relatively unknown figure has emerged as a central force in the struggle over health reform.Barack Obama has made health care a domestic priority. But rather than designing his own plan, he is leaving it to Congress to take the lead by crafting a bill which he hopes to sign before year’s end. Last month he gathered insurance and health-industry executives at the White House. This week he called in leading Democratic senators working on the issue. And on June 6th Organising for America (a political group that sprang from Mr Obama’s presidential campaign) plans to raise the heat further. Its website declares that “in thousands of homes across the country, we’ll gather to launch our grassroots campaign for health care.” ..." (2009-6-4)
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"Helix UK Limited, which provides administration and support services to the insurance industry and related businesses, has appointed a new chief executive officer.
David Pearson assumed his role in May having previously held various senior posts within the Capita Group, including chief executive officer of Capita London Market Services and managing director of Lambourn Insurance Services.
Commenting [...]" (2009-6-4)
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"The Association of British Insurers (ABI) is calling on the Government to ensure that regulatory changes aimed at preventing a future crisis in the banking sector do not harm the insurance industry.
In a new report entitled “Restoring Market Confidence” the ABI cautions against a “one size fits all” set of remedies that could inhibit competition [...]" (2009-6-3)
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"International general insurance and reinsurance group Brit Insurance Holdings PLC has announced that it is to open a representative office in Tokyo for Brit Insurance Limited and Brit Syndicates Limited.
The firm has also named Masaru Ito as its chief representative in the new office, taking effect from 1 July of this year.
He leaves behind Hannover [...]" (2009-6-3)
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"Global insurance broker Willis Group Holdings has named Les Boughner as executive VP and MD of its Willis HRH Captive Management Practice, which is responsible for the setting up and management of captives for its North American clients.
Before joining Willis he worked in Chicago for Arch Insurance Company and Zurich Insurance Company, occupying senior posts [...]" (2009-6-2)
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"American International Group, Inc. (AIG) has announced the appointment of Eric Martinez, Jr. as CEO of United Guaranty Corporation (UGC), a mortgage guaranty insurance provider based in Greensboro, North Carolina.
He has occupied a number of positions with AIG since the start of the year, including playinga significant part in AIG Global Real Estate’s $1.2bn prime [...]" (2009-6-2)
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"Kwik Fit Insurance are strongly advising Britons taking a holiday in the UK to make sure they have adequate travel insurance.
With the recession continuing many are looking to reduce their outgoings, and may consider insurance a soft option.
However, as Kwik Fit Insurance MD Brendan Devine states, it is just as easy to lose money or [...]" (2009-6-2)
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"A bill that would create a federal Office of Insurance Information within the Treasury department has been reintroduced in the House by Rep. Paul Kanjorski, D-PA. The Insurance Information Act of 2009 (H.R. 2609) calls for the new office to collect and disseminate data and information relating to insurance, advise the Treasury secretary on major [...]" (2009-5-27)
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"What your car insurance company or agent isn't telling you could cost you a lot of money. We'll show you how to get better auto insurance quotes." (2009-5-26)
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"Ratings agency Fitch is cautioning that the state of the economy and the financial market make it unclear as to whether the insurance industry would be able to reload capital losses should 2009 be a major loss year. If new capital does not flow into the market should a major loss occur, Fitch says the [...]" (2009-5-22)
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"The majority of fatalities in the New Orleans metropolitan area following Hurricane Katrina in 2005 were caused by the direct physical impacts of flooding, according to a new study in the journal Risk Analysis published by the Society for Risk Analysis. The study findings are reported in a May 18 online article at Insurance Journal. [...]" (2009-5-20)
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"Amlin Underwriting Services has teamed up with Oslo-based underwriting firm Vega Insurance Management AS to provide the Nordic region with marine hull & machinery and offshore energy risks underwriting support.
Hans Terje Anonsen and Terje Adolfsen founded Vega three years ago, and the pair will utilise their extensive knowledge of the region to find marine risks [...]" (2009-5-20)
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"Hastings Direct insurance has announced it is to hire 150 new employees throughout the company, in departments including marketing, finance and call centre.
The news will come as a welcome bright spot in the very overcast economic skies which now see unemployment over 2 million and many believing it will be substantially worse by the year’s [...]" (2009-5-19)
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"Adventurous holidaymakers have required AXA to revise some of its travel insurance terms to include activities such as Zorbing and Octopush.
With the rise in popularity of experience-based holidays showing no signs of abating, the insurer is reminding holidaymakers that it is essential to have the right level of cover in place before undertaking adrenaline-rush activities.
For [...]" (2009-5-19)
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"Memorial Day is different this year because more people are planning to drive than last year. Here are a few tips on staying out of trouble..." (2009-5-14)
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"American International Group (AIG) is proposing to spin-off American International Assurance (AIA), its Asian life insurance business, earlier than expected.
The group, which is now majority owned by the US taxpayer, says it will seek a listing for the unit on an Asian stock exchange, having considered this to be in the best interests of all [...]" (2009-5-18)
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"Stocks in the U.S. saw losses accelerate approaching Friday's close following a government report showing inflation at the consumer level was higher than expected last month and comments from the chairman of the Federal Deposit Insurance Corp. that indicated management changes at financial firms may be coming.
" (2009-5-15)
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"Insurance stocks lead the way for the hottest action in the market.
" (2009-5-15)
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"Fortis Insurance has released its first quarter performance which show ongoing success for the firm.
By the end of Q1 Fortis’ non-life GWP rose by 11% to £197.4m compared to the previous quarter which recorded gross written premiums totalling £177.7m.
It also marked a 7% rise on the same period last year (Q1 2008) which had GWP [...]" (2009-5-15)
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"The number of uninsured motorists is on the rise. If you have questions or are facing a claim involving one of these drivers, here are the facts you need." (2009-5-14)
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"Six of America’s largest life insurance firms are set to receive bailout funds from the US Treasury.
Prudential, Lincoln National, Allstate, Principal Financial, Hartford Financial, and Ameriprise have all been granted preliminary approval to receive funds from the Troubled Asset Relief Program (TARP).
The share price of many insurers rose between 3% and 6% following the news [...]" (2009-5-15)
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"It seems like I'm the only one who finds it sadly ironic that the federal government is bailing out more insurers. Isn't the insurance business all about risk management?
" (2009-5-15)
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"Sterling Insurance Group has launched a no cost, no obligation pre-cover commercial survey service to help its brokers win new business.
For risks that fall within the company’s preferred risk profile, the commercial insurer is offering a full risk management survey by in-house commercial surveyors, free of charge.
The initiative allows brokers to control the branding [...]" (2009-5-14)
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"Insurance broker and risk adviser Marsh has announced the appointment of Nabil Khawaja to head up the offshore construction team within the Global Energy Practice.
He has previously worked for Marsh in the energy construction unit, leaving the company in 2005.
Khawaja leaves behind Benfield Corporate Risk to join Marsh, and brings to his new role over [...]" (2009-5-14)
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"How should the federal government oversee insurance is the subject of a hearing today before the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises. The hearing comes as some form of federal regulation of insurance in the United States looks increasingly likely. As with many issues in our industry, this is one that [...]" (2009-5-14)
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"The real battle, over health care, is just beginningTHE first hundred days were busy, Barack Obama noted, but the pace would be just as hectic in the second hundred: they would be spent building “a library dedicated to my first hundred days”. The president delivered the joke at the White House press corps’ annual shindig, but it makes an apt metaphor for the past week. He and his officials have released a blizzard of tax and health-care proposals that largely repackage, or add detail to, the ambitious draft budget he released in February. That draft sought to extend health insurance to the millions of Americans who lack it, cut taxes for the majority of workers and spend more on education and energy research. To pay for it, Mr Obama would raise taxes on the rich and on corporations, cut wasteful programmes and auction off permits to emit carbon dioxide. ..." (2009-5-14)
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"The real battle, over health care, is just beginningTHE first hundred days were busy, Barack Obama noted, but the pace would be just as hectic in the second hundred: they would be spent building “a library dedicated to my first hundred days”. The president delivered the joke at the White House press corps’ annual shindig, but it makes an apt metaphor for the past week. He and his officials have released a blizzard of tax and health-care proposals that largely repackage, or add detail to, the ambitious draft budget he released in February. That draft sought to extend health insurance to the millions of Americans who lack it, cut taxes for the majority of workers and spend more on education and energy research. To pay for it, Mr Obama would raise taxes on the rich and on corporations, cut wasteful programmes and auction off permits to emit carbon dioxide. ..." (2009-5-14)
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"Heath Lambert is merging its core general insurance retail activities into one Heath Lambert Retail unit.
The move involves the integration of the following divisions: retail – major, financial and professional; retail – national, which includes art, jewellery and private client; treaty solutions and professional risks; commercial affinity and small business.
Two positions are being created within [...]" (2009-5-13)
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"The Association of British Insurers (ABI) has launched an initiative in response to the large number of households in the North West who lack home contents insurance.
The campaign comes shortly after the British Insurance Brokers’ Association (BIBA) published research showing that the recession is affecting home and car owner behaviour and reducing the number who [...]" (2009-5-12)
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"Marketform Group, which describes itself a leading provider for non-US medical malpractice and other specialty lines, is underwriting five new classes of business.
American Financial Group, owner of Great American Insurance, became the insurer’s majority shareholder in December of 2007 and the group’s chairman, Holly Bellingham, describes the expansion as “a natural progression following the Great [...]" (2009-5-12)
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"The British Insurance Brokers’ Association (BIBA) has published new research showing that consumers are reducing insurance cover as a result of the recession, with home and motor insurance taking the brunt.
In a survey of its members, the body found 23% of respondents had seen their personal lines customers reduce their level of insurance protection since [...]" (2009-5-12)
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"New research from the British Insurance Brokers’ Association (BIBA) shows the extent to which UK businesses are cutting back on insurance cover during the recession.
According to the body, more than half of BIBA brokers surveyed have seen commercial customers reduce their level of insurance protection during the economic downturn.
Of this group, 45% reported that clients [...]" (2009-5-12)
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"American International Group, Inc. (AIG) has announced it is selling a prime real estate holding in Tokyo for $1.2bn, in a deal expected to close in the next quarter.
The buyer is the Nippon Life Insurance Company, and the land itself is approximately an acre currently occupied by the AIG Otemachi Building.
The property’s value is enhanced [...]" (2009-5-11)
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"Berkshire Hathaway, the investment firm owned by US billionaire Warren Buffett, this week reported its first loss since 2001.
The company posted a first quarter loss of $1.53 billion (£1 billion), compared to profit of $940 million in the year ago period.
Revenues dropped 9.5% on year to $22.8 billion.
However, of its four key insurance businesses, only [...]" (2009-5-11)
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"A new study from the Chartered Insurance Institute (CII) proposes that large migrant groups are set to join the over fifties as a major market for insurance and other financial services products in the years ahead.
The body therefore suggests that more insurance and financial products that apply across Europe’s national boundaries must be developed over [...]" (2009-5-11)
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"Charles Taylor Consulting (CTC) has acquired Axiom, an independent insurance and reinsurance firm that provides support services to Lloyd’s and London insurance market businesses generally.
The purchase is being made for up to £7.85 million and is expected to be earnings enhancing this year.
CTC is a global provider of management and consultancy services to insurers and [...]" (2009-5-11)
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"The Financial Services Authority (FSA) has completed its investigation into the circumstances surrounding the £5 billion sale of closed life consolidator, Resolution, to Pearl.
When the deal was announced in November of 2007, Pearl was Resolution’s largest shareholder and the FSA has been examining the actions of insurance entrepreneur and majority owner of Resolution, Clive Cowdery, [...]" (2009-5-11)
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"Q: I purchased a condo in Florida in 1990. I lived there for 17 years, and then moved with the assumption that I would be able to rent it, as was the case at the time. After Hurricane Charlie, the board said that the insurance company was going to charge too...
" (2009-5-10)
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"American International Group, Inc. (AIG) has reported its financial results for the first quarter of 2009.
The troubled insurance giant posted a net loss of $4.35bn, or $1.98 per diluted share.
Although a substantial loss, it is a significant improvement on the firm’s performance in Q1 2008, when it incurred a net loss of $7.81bn, equivalent to [...]" (2009-5-8)
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"UK-based Beazley said underwriting conditions improved as expected in the first quarter, although investment markets remained challenging.
The specialist insurer and reinsurer saw gross written premiums increase 27% to £256.2 million in the first quarter, compared to £201.2 million in the same period last year.
The largest increase was in Beazley’s reinsurance account, which rose 52% to [...]" (2009-5-8)
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"Making a mistake when insuring your teenager for the first time can be very expensive. How do you avoid paying too much? Well..." (2009-5-7)
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"Comparethemarket.com has added seven new brands to its home insurance panel, as quote volumes for home cover rise sharply.
Kwik Fit, Endsleigh, Hiscox, Castle, Aim4agreatquote, Insureitall, and Policyshop now form part of the price comparison website’s resource.
The firm’s commercial director, Jeremy Moll, comments: “This year our home insurance quote volumes have increased by 300% and we [...]" (2009-5-8)
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"A growing number of insurers are providing low cost insurance to individuals in developing countries. For example just last week Munich Re announced a pilot project with Indonesian insurer Asuransi Wahana Tata and GTZ, the German government’s international development agency, to offer flood insurance coverage to low-income households in Jakarta. Instead of a lengthy policy [...]" (2009-5-7)
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"Helphire has hit out at insurance companies who delay paying their bills.
The accident management firm - which provides courtesy cars for no blame traffic accidents - said despite many insurers paying on time, a significant number are still paying too late.
According to the firm’s first quarter report, it received 106% of billed invoices during the [...]" (2009-5-6)
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"Hannover Re this week reported first quarter profits up 43%, aided by one-off gains from reinsurance contracts acquired in January from ING Groep NV.
Net income increased to €219 million, compared to €158 million in the first quarter of 2008.
Pre-tax profits grew 27% to €287 million, whilst premiums increased 17% to €2.66 billion.
Operating profit rose 25% [...]" (2009-5-6)
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"Visitors to Jersey can now enjoy a new Travel Insurance Policy courtesy of Jersey Tourism.
Recently the insurance arrangements for UK holidaymakers changed, with visitors being required to pay for medical treatment should they fall ill or suffer an injury.
In response to this change of affairs the island’s tourism board has collaborated with the States Insurers, [...]" (2009-5-6)
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"Online insurance exchange MarketScout said the average property/casualty rate decrease was 7 percent in April 2009, the same as in March 2009 and compared to a double-digit rate decrease of 12 percent a year ago. Rates were unchanged in all segments except the following: workers compensation rates decreased 8 percent, while D&O, EPLI, fiduciary and crime [...]" (2009-5-6)
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"If you own a boat, you should consider boat insurance. What is it and what do you need to know about it? We've got some information for you..." (2009-5-5)
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"Parliamentary Ombudsman, Ann Abraham, is keeping up the pressure on behalf of Equitable Life policyholders with a new report criticising the Government’s compensation proposals.
The UK’s oldest mutual insurance company came close to collapse in 2000 when it could not deliver the returns it had promised.
At the time, over one million savers lost up to 50% [...]" (2009-5-6)
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"Young Marmalade has received the endorsement of Business and Economics Minister, Ian Pearson MP, for a new initiative that could stimulate car sales and protect young drivers.
The firm operates a “safer car and insurance” scheme which it claims can reduce the likelihood of new drivers being injured in a serious accident.
The scheme works by combining [...]" (2009-5-6)
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"Hastings Direct has announced that it is acquiring Renew Insurance Services Limited, which specialises in a range of cover for the over 40s via its Renew brand and provides for younger customers with its Likewise brand.
According to Hastings chief executive officer, Edward Fitzmaurice: “The deal will bring together Hastings Direct’s strong brands and customer base [...]" (2009-5-6)
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"Global insurance broker and risk adviser Marsh has named Joe Grogan as the new leader of its Middle Market business in the UK and Ireland.
Grogan has been chief executive officer of Marsh’s operations in the Republic of Ireland since 2001, and will retain this position in addition to his new post.
He will divide his time [...]" (2009-5-5)
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"Willis Group Holdings has announced the appointment of Mathias Pahl as chief executive officer of its German operations.
Pahl replaces Ralf Geck, who is retiring, and will report directly to the CEO of Willis Continental Europe, Adam Garrard.
Pahl has worked for Willis over the last six years, and has 14 years of experience in the insurance [...]" (2009-5-5)
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"Insurance litigation firm Keoghs LLP has announced that Daryl Booth has been appointed as chief operating officer and joins the firm’s board.
Booth leaves behind Cheshire Building Society to join Keoghs, and has previously occupied senior posts with Deloitte, PricewaterhouseCoopers and Barclays Bank.
As chief operating officer he has been tasked with responsibility for operational and change [...]" (2009-5-5)
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"The British Insurance Brokers’ Association (BIBA) has negotiated special terms for the payment of regulatory fees and levies by its members.
Next year, BIBA subscribers will receive a discount of 0.5% on their dues to the Financial Services Authority, compared with non-trade association members.
The scheme is being provided in partnership with Premium Credit, which currently offers [...]" (2009-5-5)
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"Countdown to the official start of the 2009 Atlantic hurricane season is underway. We’re now just 27 days away, but as there’s a 30-day waiting period before a flood insurance policy takes effect, no time like the present to stress the importance of buying flood insurance. The National Flood Insurance Program (NFIP) Web site has [...]" (2009-5-4)
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"Motorcycle insurance is important if you have a bike. If you want to learn more about motorcycle insurance, we can give you a few tips..." (2009-5-1)
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"With the recession pounding the High Street, there is some welcome relief with the news that Hastings Direct is to invest in a string of new High Street shops.
The motor, home and travel insurance broker is taking on an innovative approach by offering its customers a broader choice of insurance options from new shops and [...]" (2009-5-1)
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"Kwik Fit Insurance is celebrating another award success having scooped the award for Customer Focus in recognition of its Smart Co department at the Contact Centre Innovation Awards.
Industry innovation is lauded at the awards ceremony, which took place in London as part of the 2009 Contact Centre Planning Conference and recognises firms who are substantially [...]" (2009-5-1)
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"Lloyds Banking Group has announced that it is merging its Scottish Widows and Clerical Medical units.
Lloyds TSB’s takeover of HBOS last year meant the new group included Lloyds TSB’s life insurance arm, Scottish Widows, plus HBOS’s Clerical Medical and Halifax Life.
Bearing in mind the need to make cost savings of over £1.5 billion by 2011, [...]" (2009-5-1)
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"Global insurance broker Willis Group Holdings Limited has announced its financial performance for the first quarter of 2009.
Earnings per diluted share from continuing operations stand at $1.15 with commissions and fees up almost a fifth (19%).
Reported net income totalled some $192m for Q1 2009, up from the Q1 2008 figure of $166m, and was substantially [...]" (2009-4-30)
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"The Financial Services Authority (FSA) has given its approval to new insurance broker Reale Insurance Brokers Limited, which is part of the Market insurance Brokers (MIB) group of companies.
Reale Insurance’s chairman is Derek Ford, and its chief executive officer is Mike Lewis.
Lewis has expressed his delight that the reinsurance and wholesale insurance broking services provided [...]" (2009-4-30)
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"Everest Re has posted a 40% increase in first quarter profits.
The Bermuda-based reinsurer reported net income of $108.6 million for the first three months of 2009, up from $77.9 million for the year ago period.
Everest attributed the increase in profit to smaller investment losses and booming reinsurance rates.
Since suffering heavy investment losses when the stock [...]" (2009-4-30)
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"Global risk and reinsurance specialist Guy Carpenter & Company, LLC has announced a raft of hires across the Latin America and Caribbean regions.
Albert J. Fischl joins the Latin America and Caribbean treaty team, and will be tasked with further fostering the firm’s business relationships as well as enhancing Guy Carpenter’s regional presence.
He will be directly [...]" (2009-4-29)
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"Insurers’ use of credit scoring and its impact on consumers will be the subject of a public hearing to be held tomorrow by the National Association of Insurance Commissioners (NAIC) in Arlington, VA. The hearing will focus on three key issues: an explanation of what constitutes a credit-based insurance score; an explanation of how insurers [...]" (2009-4-29)
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"True to its name, Swiftcover has reacted immediately to the Advertising Standards Authority (ASA) ban on its advertisements fronted by Iggy Pop, by announcing that it will in future insure musicians.
Earlier today, the ASA ruled the campaign was misleading for consumers “because the [car insurance] policy was promoted by a well-known musician, which might lead [...]" (2009-4-29)
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"Alan Gray, Inc. has set up London offices that will serve as a headquarters for European expansion.
The US claims audit company has also appointed Julian Ward, a former chief executive officer of JTW Reinsurance Consultants, as its director of European operations.
Mr Ward’s initial task is to build on Alan Gray’s presence and reputation in Europe [...]" (2009-4-29)
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"Steve Dowdle, managing director of Sony UK, said the government’s credit insurance top up scheme has “effectively signed the death warrant” for retailers across the UK.
The top up scheme - announced in last week’s Budget by Chancellor Alistair Darling - aims to support businesses that have had their credit insurance cover reduced.
A government spokesperson said [...]" (2009-4-29)
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"UK businesses are losing an estimated £2 billion pounds a year due to “document wastage”, the inefficient and sometimes unnecessary printing of work-related and personal materials in offices, and the insurance sector is one of the big losers, a new Europe-wide study by mailstream technology specialist Pitney Bowes reveals.
The UK’s insurance industry presents a major [...]" (2009-4-29)
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"Swiftcover’s advertisements featuring ageing pop star, Iggy Pop, have been banned by the Advertising Standards Authority (ASA).
Concerns about the £25 million campaign were raised by people in the entertainment and music industries in February, when it emerged that Swiftcover did not provide insurance for musicians.
However, the television adverts include Iggy proclaiming “I got it Swiftcovered. [...]" (2009-4-29)
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"NIG has announced plans to close eight of its 18 offices.
The restructure should be completed by the first quarter of 2010 and will involve job losses among the insurer’s 900 staff.
The property and casualty insurer forms part of the Royal Bank of Scotland (RBS) group, which is in the process of selling its insurance business.
However, [...]" (2009-4-29)
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"The AA’s latest British Insurance Premium Index shows a 1.3% rise in the average quoted premium for annual comprehensive car insurance over the first quarter of 2009.
Notably, premiums tend to fall during the first three months of the year as most car insurance renewals take place during this period and competition is therefore strong.
The index, [...]" (2009-4-28)
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"uSwitch has revealed an alarming level of reluctance among UK motorists to renew MOTs on time.
A recent survey from the price comparison website indicates that every year, 4.7 million Britons drive without an MOT and thereby invalidate their car insurance for the period of the lapse.
One third of respondents in this category took up to [...]" (2009-4-28)
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"Heath Lambert has announced that its Commercial Affinity & Small Business (CASB) team has created a new insurance scheme for the South East Photonics Network (SEPNET).
The initiative has been developed in partnership with Travelers; the insurer has been selected for its proven track record in the technology and electronics sector, where it has been active [...]" (2009-4-28)
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"The Association of British Insurers (ABI) has revealed that 2008 saw an increase in the number of people covered by Private Medical Insurance (PMI), despite the recession.
Last year 6.2m were covered by either personal or corporate PMI, with another 1.1m covered by Healthcare Trust arrangements.
The total of 7.3m covered marks a 2.7% increase on 2007, [...]" (2009-4-27)
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"Beazley Group plc has enhanced its property insurance business offering with the appointment of Mark Bodkin as senior underwriter on the Lloyd’s team, effective from 5 May.
Bodkin is an industry veteran who brings with him three and a half decades of experience in the insurance sector.
He recently worked for Hiscox as senior underwriter in the [...]" (2009-4-27)
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"Ping An has said it will vote against the sale of Fortis to BNP Paribas.
China-based insurance firm Ping An is Fortis’s biggest shareholder with a 4.8% stake.
The group insisted that there are other ways forward aside from selling Fortis, and that BNP Paribas’s offer is a bad deal for shareholders.
It said it will vote against [...]" (2009-4-27)
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