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"Groupama Insurances recorded a 6% rise in revenues for 2008, to £432.6 million.
The company reported that the rating environment across personal lines had hardened during the year, with personal motor accounts rising consistently.
The insurer also saw strong results from its home insurance and niche accounts so that altogether, personal lines revenues rose to £225.2 million, [...]" (2009-2-20)
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"Home insurance underwriting agency, Plum Underwriting, has launched Plum Elite, a new product for the mid net worth (MNW) home insurance market.
The move has been accompanied by a re-launch of the firm’s non-standard household product, Plum Flex.
Both Elite and Flex are underwritten at Lloyd’s by Beazley Group and are available to new and existing [...]" (2009-2-19)
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"Car insurance premiums fell during the last six months of 2008, according to research by Sainsbury’s Financial Services.
The insurer calculates that the average premium for December stood at £498.22 a drop of 3.1% on June of last year, when motorists paid an average £514.16.
However, Sainsbury’s warns that premiums could soon be on the rise [...]" (2009-2-19)
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"A new company has been formed to provide a subscription service on European catastrophe insurance data.
Perils AG is a Zurich-based business that will aggregate industry-wide data from European-based insurers and catalogue it by risk type and CRESTA zones (the defined European geographical zones for natural catastrophe insurance).
Founding shareholders include: Allianz, AXA, Groupama, Guy Carpenter, Munich [...]" (2009-2-18)
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"Even as the economy weakened, customer satisfaction with the property/casualty insurance industry remained high in the fourth quarter of 2008, improving over 2007 levels. The latest University of Michigan American Customer Satisfaction Index reveals that the p/c sector saw a 1.3 percent gain to record a score of 81 in Q4 2008. In the aggregate, [...]" (2009-2-17)
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"Insurance Services Office (ISO) has launched a Personal Injury Claims Assessment Service (PICAS), which has the capacity to entirely digitise the personal injury claims process.
According to the risk data provider, benefits of the new system include speedier contacts between lawyers and insurers and fairer settlements.
Parties can then process claims using an integrated system that allows [...]" (2009-2-17)
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"Lloyd’s has appointed Bin Yang as chief representative in its Beijing representative office.
Ms Yang has over 15 years experience in insurance and reinsurance, most recently as vice president of client markets at Swiss Re’s Beijing office. She has extensive contacts in the Chinese insurance market.
Jose Ribeiro, Lloyd’s director of international markets, said: “I am [...]" (2009-2-17)
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"Lancashire Holdings posted its 2008 results this week, with pre-tax profits down 75% at $97.6 million (£68.6 million).
This is compared to 2007 pre-tax profit of $392 million.
Chief executive Richard Brindle said 2008 was “one of the toughest years that many of us have experienced in the insurance industry”.
The group reported a $150 million loss on [...]" (2009-2-17)
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"The British Insurance Brokers’ Association (BIBA) is not happy about the proposals contained in the Financial Services Authority’s (FSA) consultation paper CP09/7, which contains regulatory fee and levy rate proposals for 2009/10.
BIBA’s chief executive, Eric Galbraith, acknowledges that the FSA has an ever-growing workload and that the fees for 10,000 small firms have been frozen.
However, [...]" (2009-2-16)
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"Open GI has developed a new tool to enable insurance providers to compare rates.
The software specialist has been working with Business Insight to produce Premium Insight, which will be marketed to insurers, underwriters and wholesale brokers.
The firm claims that users can improve profitability using the new system because they are able to benchmark products against [...]" (2009-2-16)
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"MMA Insurance has relaunched its commercial combined policy for small and medium sized enterprises (SMEs).
The firm says it is keen to develop its commercial lines business and that policy changes have been applied according to feedback from both brokers and their SME clients.
Enhancements include the addition of cover for refrigerated stock, loss of licence and [...]" (2009-2-16)
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"Liberty International Underwriters Europe (LIU Europe) has launched a new environmental impairment liability underwriting unit to cover the UK, Ireland, Continental Europe and the Middle East.
The company, which is a London-based subsidiary of US insurance giant Liberty Mutual Group, says the division will underwrite a wide range of environmental risks.
In doing so it will develop [...]" (2009-2-16)
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"Insure your new engagement ring or wedding ring." (2009-2-15)
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"Brian Pardo, CEO of Life Partners, explains how his company has been purchasing life insurance policies from baby boomers and watching its shares soar.
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"Global insurance broker Willis Group Holdings Limited has announced its results for the fourth quarter of last year and its annual performance for 2008.
The firm made a net income of $62m during the fourth quarter, equivalent to $0.37 per diluted share, down from $95m from Q4 in 2007 (partly due to the acquisition of Hilb [...]" (2009-2-14)
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"Money-saving tips or a waste of time?" (2009-2-13)
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"Assistance insurance brand, Theft Protect, has announced that over 400 brokers have signed up for access to its product.
The cover has been launched by Nice 1 Ltd on the HSBC Platform 24 broker platform, as a stand alone policy that can provide an immediate replacement vehicle for the victims of vehicle theft and certain types [...]" (2009-2-13)
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"The UK’s heaviest snowfall in 20 years left car insurance firms with 45,000 claims worth £63 million, according to estimates by Sainsbury’s Car Insurance.
The week of the snowfall saw 45% more car insurance claims compared to the same week in 2008, the supermarket insurer said.
Joanne Mallon, Sainsbury’s Car Insurance manager, said: “Last week was one [...]" (2009-2-13)
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"Bupa International, which specialises in expatriates insurance, has appointed two new advertising agencies to assist in its global expansion plans.
FBH Incite has picked up the online creative brief and MediaVest will handle the company’s online advertising strategy.
Both companies will work alongside Bupa International’s offline agency, Total Media.
London-based MediaVest will focus on promoting the benefits [...]" (2009-2-13)
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"Co-operative Insurance has launched a pay-as-you-drive policy, aimed at helping young drivers.
According to research by the mutual, the UK’s young drivers saw the average cost of motor insurance rise by four times the rate of inflation in 2008.
Premiums for under 25-year-olds increase 11.5% to an average £1,463 and Co-ops director of general insurance, David Neave, [...]" (2009-2-13)
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"With Valentine’s Day fast approaching, price comparison site Confused.com has revealed that being married makes car insurance cheaper.
Married couples save an average of £34 with the top ten car insurers, Confused.com said - enough money to deliver a bouquet of red roses to their spouse on Valentine’s Day.
Will Thomas, Confused.com head of motor insurance, said: [...]" (2009-2-12)
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"AIG may sell its motor insurance business to Zurich following reports that the two companies are engaged in advanced merger talks.
AIG’s values its US motor insurance business, 21st Century, at $2 billion (£1.4 billion).
Zurich would pay for the purchase using mostly non-cash assets. This needs special permission from the Federal Reserve, which requires at [...]" (2009-2-12)
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"The future shape of insurance regulation in the United States is one of many topics that elicit a wide range of views within the industry. So insurers will be closely monitoring the progress of a revised insurance regulatory bill, the National Insurance Consumer Protection and Regulatory Modernization Act, which is expected to be introduced in the [...]" (2009-2-12)
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"If you suddenly find yourself out of work, and not sure what to do about health insurance, here are five tips to help your search.
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"Salaam Halal insurance, which claims to be the UK’s first Islamic motor insurance provider, is now listed by price comparison website, moneysupermarket.com.
The brand was launched in July 2008 by Principle Insurance with the aim of growing business among the 1.6 million Muslims living in Britain.
Policies are Sharia-compliant which means that the risk is spread [...]" (2009-2-11)
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"Chinese insurance group Ping An, the biggest shareholder in Belgian-Dutch bancassurance group Fortis, said it plans to vote against the sale of Fortis assets to French bank BNP Paribas - despite Fortis’s efforts to revise the terms of the deal.
“Since September 2008, the decisions to sell assets were driven by the Belgian government and have [...]" (2009-2-10)
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"Insurance companies are being warned that they must consider their obligation of fairness to customers when cutting the value of bonuses on with-profits funds.
In its 2009 Financial Risk Outlook report, the Financial Services Authority states that “falling asset values combined with low interest rates are a particular issue for with-profits firms”.
The report goes on [...]" (2009-2-10)
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"Insurance.com survey shows only 60% plan to celebrate this year." (2009-2-9)
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"Kwik Fit Insurance is making an appearance on Facebook by providing the social networking site with a “widget” that users can programme to count down the hours and minutes before their next holiday.
The site’s 150 million users can search the application directory for Kwik Fit’s “reminder” facility and follow the on-screen instructions to install [...]" (2009-2-9)
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"MMA Insurance is enhancing its presence in Manchester and Birmingham with the addition of two new offices in the important regional cities.
The move comes as part of the broker insurer’s wider strategic approach to bolster the firm’s bespoke commercial offering which is made via its regional trading environment.
The brace of new offices will cater to [...]" (2009-2-9)
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"The world’s biggest insurance broker, Aon Corporation, has reported its 2008 results with net income up 71%.
Net income for the year was $1.48 billion, or $4.91 per diluted share, compared to $864 million, or $2.69 per diluted share, in 2007.
Revenues increased 4% on year to $7.63 billion.
The results came despite a 95% drop in fourth [...]" (2009-2-9)
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"Giles Insurance Brokers Ltd has reported that it has been listed in third place in the Sunday Times Buyout Track 100.
The independent broker was acquired in a management buyout in 2006 and has since pursued a successful organic growth and acquisition programme, doubling in size every year for the last three years.
In March of last [...]" (2009-2-9)
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"Lloyd’s insurer and reinsurer, Chaucer, has reported that it has received interest from a number of parties since announcing that it was exploring options to raise capital.
At the end of last month the company revealed plans to raise £75 million (net of expenses) “in light of the improving underwriting outlook for the insurance sector and [...]" (2009-2-9)
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"As the Met Office continues to issue severe weather warnings for heavy snow and icy roads, the AA has expressed concern that drivers braving the weather could be risking their lives as local authorities run low on salt for road gritting.
The car insurance and breakdown service provider called on the government to lead a co-ordinated [...]" (2009-2-9)
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"Credit insurer Euler Hermes has told some of Debenhams’ clothing suppliers that they will no longer be given credit insurance cover, according to the Telegraph.
Credit insurance covers suppliers if their customers fail to pay for goods.
As such, Debenhams may be required to pay its suppliers for clothing up front - a fate that drove Woolworths [...]" (2009-2-6)
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"Zurich has posted its 2008 results with net income down 47% on year to $3 billion.
The Swiss insurer’s fourth quarter profits were hit particularly hard, down 87% to $205 million compared to $1.53 billion in the year ago period.
Combined ratio for general insurance worsened to 98.1%, compared to 95.6% in 2007.
General insurance gross premiums and [...]" (2009-2-6)
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"Take our quiz and learn more about pioneers for equality." (2009-2-6)
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"Online broker JML Insurance has launched a new website offering car hire excess insurance.
Car hire companies frequently sell insurance with higher than usual excess charges, which can come as a nasty shock to motorists involved in accidents.
Rental agreements normally include cover for collision damage and theft and excesses generally apply to both.
In the Eurozone [...]" (2009-2-6)
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"Barack Obama’s health agenda has been harmed by Tom Daschle’s fallWAS Tom Daschle so uniquely gifted that his departure from the twin posts of health secretary and White House health tsar must now set back Mr Obama’s health-reform efforts? In the short term, the answer is yes. Mr Daschle’s unusual strengths as both an elder statesman of the Senate and a serious policy wonk meant that he, more than anyone, might have been able to get the job done. His fall is a pity, because the Republicans are already unsheathing their knives. The president has included a handful of health measures in his big stimulus package, such as the temporary expansion of health insurance for the unemployed; but these mostly sensible steps are already being denounced as socialist medicine by stealth. When Mr Obama signed a law expanding SCHIP, a health scheme that covers children in poor families, on February 4th, his opponents loudly decried it. ..." (2009-2-5)
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"Florida once again has made the insurance headlines in the last week with the announcement by State Farm that it plans to discontinue offering property insurance in the sunshine state. The planned withdrawal of the largest property insurer in the state understandably has led to widespread media coverage. As our blog has noted before, insurers [...]" (2009-2-5)
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"LV=’s Broker Division is expanding in Scotland with the opening of a new office in the financial district of Glasgow.
The mutual says much of its Scottish insurance business is with companies based in the city and the move will enable it to provide a first class service to local brokers.
The new team is [...]" (2009-2-5)
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"Munich Re has reported its 2008 results, with profits down 62% on year due to writedowns on investments.
Full year net income dropped to €1.5 billion, compared to a record €3.9 billion in 2007, the Germany-based reinsurer said.
Combined ratio in reinsurance worsened to 99.5%, compared with 96.4% in 2007. On primary insurance, including legal expenses [...]" (2009-2-5)
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"Troubled insurance giant American International Group (AIG) is seeking to sell its AIG Investments subsidiary as a part of an effort to pay off its bailout loan from the US government.
Analysts estimate that the global asset-management unit could fetch up to $2.1 billion - a fraction of the $60 billion owed by AIG.
The bidding deadline [...]" (2009-2-4)
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"Small and medium sized businesses (SMEs) are facing increasing numbers of unfair dismissal claims after neglecting to follow the correct statutory procedures when making employees redundant.
Small business insurer Hiscox said the last quarter saw a threefold increase in insurance claims from employers being sued by employees for ‘unfair dismissal’.
Businesses making redundancies must adhere to recognised [...]" (2009-2-4)
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"Hastings Direct has been acquired from Insurance Australia Group in a management buyout.
The purchase includes the personal lines broker’s Advantage business and its insure.co.uk, insurepink.co.uk and insureblue.co.uk brands.
The deal was announced in December of last year and has now secured regulatory approval.
The new owners say they will be investing in revitalising the Hastings Direct brand [...]" (2009-2-4)
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"Bluefin Insurance Services has acquired the general insurance business of Lakeland Insurance Services, which is based in Windermere and has around 2,000 clients.
Lakeland specialises in guesthouse insurance, having developed its own scheme for the sector and also provides SME and personal lines insurance.
Directors Eileen Holmes, Malcolm Dand and Ruth Dand will continue to work for [...]" (2009-2-4)
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"Motor insurers have been inundated with claims this week following heavy snowfall across much of the UK.
AA’s call centres struggled to cope with the number of insurance claims, whilst esure reported a 100% increase in snow related claims.
AA said the increased number of claims were largely due to UK motorists being unfamiliar with driving in [...]" (2009-2-4)
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"What happens to your vehicle warranty and resale value?" (2009-2-3)
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"International general insurance and reinsurance group Brit Insurance Holdings PLC has expanded its Personal Accident team with the appointment of Andrew Bowers.
In his new role Bowers is directly responsible to Brit Global Markets business’ Keith Thorogood.
Bowers leaves behind Aon Benfield, where he served as director of the Accident & Health division, to join Brit Insurance.
Prior [...]" (2009-2-3)
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"Zurich Financial Services aims to avoid job cuts by increasing premiums, chief executive James Schiro has revealed.
Asked by the Sonntag newspaper whether Zurich would be cutting jobs, Schiro said: “I hope not.
“The insurance industry is still doing well.
“Life insurance is in demand, people are driving less and therefore there are fewer accidents.”
However, he [...]" (2009-2-3)
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"Older motorists have made no more insurance claims than usual this week despite heavy snowfall across the UK, Saga Insurance has revealed.
The insurer said its claims centre was not deluged with calls yesterday - as might have been expected - because of the experience of its customers, all of whom are over 50.
Saga said its [...]" (2009-2-3)
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"One in five UK motorists have downsized to a smaller car since the start of the credit crunch, new research has revealed.
Car insurance provider LV= discovered that 19% of drivers have sold their car in favour of a smaller model, with each downsizing motorist saving an estimated £309 on running costs.
Nearly one in three who [...]" (2009-2-3)
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"FWD Research, which provides services to the UK financial sector, has been surveying brokers to gain a snapshot of levels of confidence in the insurance sector.
The research, which is based on the opinions of 250 brokers across the UK, revealed that brokers remain confident that the industry is weathering the economic downturn well.
Forty-seven per [...]" (2009-2-3)
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"Jardine Lloyd Thompson (JLT) has recruited Andy Bear to head its new transport, engineering and utilities industry practice group.
Mr Bear has expertise in dealing with the risk management and risk financing needs of both national and international organisations, particularly in the area of transport risks.
He has worked in the insurance industry since 1984, gaining experience [...]" (2009-2-2)
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"Drive defensively or move to Maine?" (2009-2-2)
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"The Coalition Against Insurance Fraud has just released its annual Insurance Fraud Hall of Shame, highlighting America’s most brazen, vicious or plain klutzy insurance crooks. Among the top swindlers elected to the No-Class of 2008 are: a serial home arsonist; an elected judge who made phony auto-injury claims; two elderly women who killed homeless men for [...]" (2009-2-2)
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