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"Price comparison site Gocompare.com claims it is the first in the UK to compare over 100 different car insurance providers.
Adding Flux Direct and Nissan Insurance to its panel brings the total number of motor insurers compared on the site to 101.
Hayley Parsons, Gocompare.com’s chief executive officer, said: “Offering over 100 insurance providers on the panel [...]" (2009-3-31)
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"As part of its review of the impact of federal assistance on the property/casualty insurance market the Government Accountability Office (GAO) has found no evidence to suggest that American International Group’s (AIG) commercial insurance companies are charging a price that is inadequate for the risk involved to gain a competitive advantage in the market. The [...]" (2009-3-31)
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"India's savings patterns are shifting, with far-reaching implications for the economy and financial systemThe downward plunge of the Indian stockmarket has hurt the fortunes of thousands of investors, big and small. It will also have broader implications for India's financial system and the future of savings and investment patterns. Over the past few years, cautious investors had started to diversify away from bank deposits and cash, moving into equities, mutual funds and insurance products. But the market turmoil is driving them back to the safety of bank deposits, reducing the amount of capital available to other instruments and possibly retarding the growth of the financial-services industry as a whole.India's high savings rate has been a crucial driver of its economic boom, providing productive capital and helping to fuel a virtuous cycle of higher growth, higher income and higher savings. Since the 1990s, the gross domestic savings rate has risen steadily from an average of 23% to an estimated high of 35% in the 2006/07 fiscal year (April-March). The latter rate compares very favourably not only with developed economies (the US and the UK have savings rates of around 14%), but also with other emerging economies—with a few exceptions such as Malaysia (38%) and Chile (35%). ..." (2009-3-31)
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"Auto insurance can be a major expense for many people. However, it is possible to reduce your premium without sacrificing quality. Here are 10+ tips to help you save money on car insurance." (2009-3-30)
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"Fortis has reported that its insurance business posted a net profit of €6 million in 2008, with earnings generated entirely by the group’s Belgium business, which had to accommodate a €534 million loss on its investment portfolio during the year.
Activity across Fortis Insurance International’s other businesses achieved “break-even”.
However, the troubled group, which became a [...]" (2009-3-31)
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"Colemont Insurance Brokers Limited has announced the appointments of a new director and associate director of the firm’s Aviation division.
Phil Stafford, newly appointed director, brings with him a decade of experience in aviation insurance.
Stafford began his career with Aon in 1998 and during his time with the firm was promoted to the post of Aviation [...]" (2009-3-30)
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"In light of the recent changes to healthcare for visitors to the Channel Islands, EssentialTravel.co.uk has reassured its customers by stating that from 1 April (when the changes take effect) medical costs will be covered by one of its standard insurance policies.
Insurance director Stuart Bensusan has said that the firm recognises the importance of [...]" (2009-3-30)
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"Global insurance broker and risk adviser Marsh has doubled its client advisory expertise in the Private Client practice of its Edinburgh branch.
The increase in capability is a reaction to the growing demand for high net worth insurance and risk advice not only in Scotland, but also in the north of England.
Marsh has announced that John [...]" (2009-3-30)
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"Today we cast an eye across the pond to the much anticipated Group of 20 meeting of heads of government. One point of discussion will be greater international coordination on financial regulation. The question is what is the likely impact for the global insurance sector? The Geneva Association has just released a letter signed by [...]" (2009-3-30)
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"Lloyds Banking Group is reported to be considering the sale of part of its insurance business.
The group, which has been created through the merger of Lloyds TSB and HBOS, includes Lloyds TSB’s life insurance arm, Scottish Widows, plus HBOS’s Clerical Medical and Halifax Life.
Bearing in mind the group has already announced plans to [...]" (2009-3-30)
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"EssentialTravel.co.uk is urging travellers taking advantage of bargain-basement air fares to make sure they have adequate travel insurance in place.
According to the travel insurance specialist, the airline industry is in trouble, suffering from what the firm’s director, Stuart Bensusan, describes as a “vicious cycle of falling passenger numbers and falling air fares”.
Mr Bensusan expects casualties, [...]" (2009-3-27)
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"Insurance premiums are set to rise this year, Lloyd’s of London said this week.
The increases are being driven by higher rates for windstorms, and coverage of airlines and bank executives, as well as declining returns on investments.
Richard Ward, Lloyd’s chief executive officer, said: “We’re seeing sort of single-digit price movements at the moment, and it’s [...]" (2009-3-27)
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"A report says regulators believe the U.K. bank may not need to sign up for government insurance against losses on bad assets.
" (2009-3-27)
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"The Financial Risks division of Jardine Lloyd Thompson Ltd (JLT) has launched a dedicated Residual Value Insurance (RVI) Centre of Excellence.
Based in London, Stephen Allum will lead the new team to handle RVI business exclusively. Steve was previously the Chairman of Aon’s Global Marine Practice and during this time, he was responsible for expanding [...]" (2009-3-26)
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"Specialist insurance market Lloyd’s has announced that its new underwriting performance director is to be Tom Bolt.
He brings to the role over a quarter of a century of experience in both insurance and reinsurance on the international stage, and has recently worked with Marlborough Managing Agency as managing director.
Bolt, whose appointment is effective in Autumn, [...]" (2009-3-26)
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"Tony Cabot has been named by XL Insurance as the firm’s new Global Programs director.
He is a veteran of the firm, having worked there for the last decade, and brings a quarter of a century of industry experience to his new post.
Cabot has served as XL Insurance’s country manager for Italy, and will retain his [...]" (2009-3-26)
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"AA Insurance has warned motorists to look out for motorcycles coming back on the roads after a winter in hibernation.
Most of Britain’s 1.6 million motorbikes will be back on the road over the next few weeks, and according to the AA, insurance claims relating to motorcycles increase 40% at this time of year.
Many bikers are [...]" (2009-3-26)
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"Abbey Protection has reported a 13% rise in pre-tax profit for 2008, to £8.3 million.
Revenue increased 11% to £30.3 million and the company reported an improved claims ratio of 63.9%, down from 69.7% in 2007.
The firm, which specialises in legal and professional fees insurance to UK small and medium-sized enterprises, says it had [...]" (2009-3-26)
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"Wesleyan Assurance Society has reported a sharp rise in new sales of general insurance products, which rose 120% in 2008.
The mutual, which was founded in 1841 and offers its services to doctors, dentists, teachers and lawyers, says it plans to grow this area of its business further over the next five years and is therefore [...]" (2009-3-26)
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"The revival of American populism is partly synthetic, but mostly realA WEEK or so ago America was seized by a spasm of fury over the bonuses paid to executives at AIG, a troubled insurance company. Across the country Americans were enraged that people who had helped to cause the financial meltdown were being rewarded for their incompetence. And Washington responded in kind. Congressmen queued up before the television cameras to tell everybody how upset they were. Larry Summers, the president’s chief economic adviser, described the bonuses as “outrageous”. Even Barack Obama tried to drop his ultra-cool persona to say how “angry” he was. The House voted overwhelmingly to impose a 90% tax on such bonuses. ..." (2009-3-26)
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"Lockton has secured a licence from the Dubai Financial Services Authority to operate as an insurance broker in the emirate.
The firm, which claims to be the world’s largest privately owned independent insurance broker, will establish an office at the Dubai International Financial Centre.
The move will enhance Lockton’s presence in Middle Eastern and North African markets, [...]" (2009-3-26)
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"Agent satisfaction can have a major impact on policy growth for an insurance company according to a new study from J.D. Power and Associates. It found that as agent satisfaction increases, the likelihood of agents increasing their premium business with an insurer also rises. In 2009, nearly 70 percent of agents with satisfaction scores averaging [...]" (2009-3-26)
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"Eighty six percent of properties in the UK are ’significantly underinsured’, according to recent research by Norwich Union.
The home insurance provider surveyed 128 homes, and found £314 million of under-insured property.
Most properties had not undergone a professional valuation for insurance purposes, Norwich Union said.
It added that professional valuations are essential for adequate insurance cover because [...]" (2009-3-26)
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"Letsure Property Insurance products are once again to be made available via jml-property-Insurance.co.uk.
When the website was first launched seven years ago its very first product was the Letsure Landlord and Tenants insurance policy.
As technology and the importance of the internet grew Letsure took the step of making its products available online.
Two years ago the insurer [...]" (2009-3-24)
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"Halifax Home Insurance is warning households that thefts from gardens are likely to jump again this year.
According to the insurer, summer 2008 saw a 63% rise in the number of claims made for items stolen from gardens, compared to a year earlier.
London saw the greatest influx of such claims but garden thieves were also very [...]" (2009-3-24)
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"Mandatory helmet use laws start lots of arguments. What's the problem?" (2009-3-24)
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"Specialist travel insurer AllClear has warned that many holidaymakers are travelling with inadequate travel insurance.
The primary cause for concern revolves around the European Health Insurance Card (EHIC) which does provide coverage should an individual fall ill overseas.
However, the unfortunate holidaymaker may still be lumbered with paying for expensive drugs, contributing towards treatment and the cost [...]" (2009-3-23)
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"AIG's competitors have found it more complicated than imagined to take advantage of the troubled insurance giant while its down.
" (2009-3-23)
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"The National Farmers Union Mutual Insurance Society (NFU Mutual) has selected Guidewire BillingCenter as its new billing system.
According to the agricultural insurer, the move should streamline its premium billing and collection processes.
Guidewire provides a web-based single-system solution that can offer real-time visibility into its billing transactions and operations.
It should therefore reduce costs by getting [...]" (2009-3-23)
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"Property/casualty insurance and reinsurance specialist Catlin Group Limited has announced the appointment of Patrick Wills as deputy chief investment officer.
He leaves behind Montier Partners LLP to join Catlin, and has also occupied a range of senior positions with a number of banks including Deutsche Bank, HSBC, Bear Stearns International and BNP Paribas.
Over 20 years ago [...]" (2009-3-23)
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"Legislation proposed in the House (H.R. 1583) last week would remove the insurance industry’s limited antitrust exemption under the McCarran-Ferguson Act but maintain state regulation of insurance. The proposed legislation introduced by Rep. Gene Taylor (D.MS), and Peter DeFazio (D.OR), is the latest attempt to repeal what is a very limited federal antitrust exemption for [...]" (2009-3-23)
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"Lloyd’s of London has signed a contract with IBM for the IT services provider to trial the Lloyd’s Exchange Messaging Service.
The new facility enables the electronic distribution of data between London insurance market insurers and brokers, replacing traditional paper-based methods of circulation.
It is seen as a major step forward in modernising the London market and [...]" (2009-3-23)
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"The Financial Services Authority (FSA) has levied a £21,000 fine on Blackburn-based insurance intermediary, Aspray Limited.
The firm, which specialises in managing insurance claims for property repairs, has been found wanting in its supervision of appointed representatives.
It also misled customers and failed to maintain appropriate systems and controls for the recruitment, training and monitoring of appointed [...]" (2009-3-20)
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"Starting on the 1st of April business visitors bound for the Channel Islands will be required to have adequate travel insurance.
The move has been made at the behest of the Department of Health in anticipation of an alteration to the way UK visitors to the Channel Islands receive healthcare.
At the end of March the present [...]" (2009-3-20)
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"Price comparison site Moneysupermarket.com has added three new insurers to its home and motor insurance panels.
Churchill, Privilege and Virgin Money have signed up to join both panels.
This brings the total number of motor insurers compared at Moneysupermarket.com to 97, whilst the total number of home insurers is now 50.
“We are delighted to now offer these [...]" (2009-3-20)
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"Everyone wants to save money. But cutting out coverage? Don't do it!" (2009-3-19)
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"Americans used to move to where the jobs were. But now home-ownership and health insurance freeze many of them to the spotNEELY WHITES bought a former crack house in New Orleans and fixed it up. It was looking really nice when Hurricane Katrina struck. In the storm’s aftermath the neighbourhood where she lived turned even rougher than before. Weary of drive-by shootings, Ms Whites moved to Long Beach, Mississippi, and bought a house there in September 2006. It was not the best timing. The property market promptly crashed. After fleeing a city that was literally under water, Ms Whites is now stuck in a home that is figuratively so. She would like to move closer to her new job as a financial consultant, cutting the daily commute from an hour each way to something less onerous. But she cannot sell her home. A nearly identical one on her street has been on the market for ages at $125,000 and found no takers. Ms Whites’s mortgage is over $160,000. To make matters worse, she is in the middle of a divorce. Not being able to sell the house prolongs that painful process. ..." (2009-3-19)
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"Qatar Financial Centre Authority (QFCA) has set its sights high with the goal of making Qatar a regional hub for insurance and reinsurance activity.
The group’s director-general, Stuart Pearce, said the country must develop strategic initiatives from locally-based assets if the goal is to be achieved.
“Following the 500 meetings that QFCA official had held with leading [...]" (2009-3-19)
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"UK-based insurance firm Willis is offering its staff unpaid leave as part of a cost-cutting exercise.
The global insurance broker is seeking to cut costs amidst the worldwide economic downturn.
It is also understood that chief executive Joe Plumeri has offered staff a cash incentive in exchange for reducing their working hours.
" (2009-3-19)
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"American International Group (AIG) is being penalised by the US Treasury for its insistence that it is contractually obliged to pay huge bonuses to staff, some of whom played a part in the spectacular demise of the insurance company.
The US Treasury says it will be deducting $165 million from AIG’s latest rescue package in lieu [...]" (2009-3-19)
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"RBS insurance subsidiary, NIG, has been appointed to a panel of insurers that is launching new commercial property owners’ and let property owners’ policies, through PowerPlace.
Towergate subsidiary, PowerPlace, is currently used by over 160 brokers operating off the Open GI platform.
NIG will take its place on the panel alongside Zurich, Groupama, Fortis, MMA Insurance and [...]" (2009-3-19)
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"One in five motorists admitted to driving a car without insurance in a recent survey by moneysupermarket.com.
The price comparison site found that 19% of drivers have broken the law by getting behind the wheel of a vehicle they weren’t insured to take on the road.
Nearly a tenth (9%) of motorists have driven their own car [...]" (2009-3-18)
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"Home insurance renewal forms are the most confusing documents received through the post, according to a poll of UK households.
Research commissioned by Gocompare.com found that 24% of Brits simple file their home insurance documents and allow the policy to renew automatically because they find the renewal documents too confusing.
Gocompare warns that because of this confusion, [...]" (2009-3-18)
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"The Finance Professor weighs in on the future of mortgages, rating agencies and insurance companies.
" (2009-2-24)
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"The Financial Ombudsman Service (FOS) has reported that it is dealing with over 800 complaints about payment protection insurance (PPI) each week.
The widespread mis-selling of the insurance, which is intended to cover loan repayments should a borrower become too ill to work or face redundancy, has already led the Financial Services Authority to ban the [...]" (2009-3-17)
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"Which? has launched an online tool to help people who have bought Payment Protection Insurance (PPI) and claim that the insurance was mis-sold.
Which? estimates that up to two million people may have been sold the insurance when they don’t need it or are unable to make a successful claim.
Consumers who believe they fall into these [...]" (2009-3-17)
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"Eighty percent of Brits oppose government bailouts for insurers, according to research by the Financial Times.
Only one in five of those surveyed said they would support bail-outs of insurance firms, compared to 36% who backed state aid for banks.
Two in five backed government support for car manufactuers.
The only area of the economy where the majority [...]" (2009-3-17)
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"JML Property Insurance has announced that it has become an introducer agent in the UK for Rentguard Property Insurance.
Residential and commercial lettings are catered for by the products and services on offer from Rentguard, who, in addition to this, also provide Owner Occupier Insurance and UK Holiday Home Insurance.
Philip Suter of JML has described the [...]" (2009-3-17)
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"More signs of market stability are indicated in the latest commercial lines insurance pricing and profitability trends survey (CLIPS) from Towers Perrin. The survey found that commercial insurance prices declined just 3 percent during the fourth quarter of 2008 — their smallest reduction in the past eight quarters. According to Towers Perrin, product lines and [...]" (2009-3-17)
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"Allianz Insurance has announced its financial results for the full-year of 2008.
IFRS operating profit soared by more than a third (36.8%) to £193.6m, up from £141.5m in 2007.
The Commercial business, Allianz Legal Protection and Petplan all saw growth during 2008, despite difficult economic conditions.
Andrew Torrance, chief executive officer, has expressed his pleasure at the strong [...]" (2009-3-17)
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"Anger grows over bonuses for AIG staff in America, but little can be done about themTHE revelation that $165m in bonuses have been paid by AIG, a giant insurance company bailed out with roughly $170 billion of taxpayers' money after it came close to collapse last year, has turned into a political drama for Barack Obama. The latest payments are in addition to $55m paid out in bonuses in December. It is one that may constrain his ability to obtain future funds from Congress should money be needed for more bail-outs. Mr Obama has been forced into the embarrassing position of instructing his treasury secretary, Tim Geithner, to see if there are any legal ways to claw back the money. Since it seems unlikely that there is (contracts being contracts), this protest will merely serve to highlight his impotence. Gordon Brown, Britain's prime minister, knows all about that; a similar eruption of fury followed news that the man who presided over the collapse of Royal Bank of Scotland, Sir Fred Goodwin, was walking away with a pension worth over GBP700,000 ($986,000) a year. Mr Brown and various of his ministers threatened all sorts of retribution, but there has been none. They even had to resort to hoping that Sir Fred would feel honour-bound to return the money. He has not. ..." (2009-3-17)
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"BikeDevil.Net, a motorbike website, has launched Bike Devil Insurance, with its comparison insurance service offering customers a branded insurance solution which searches 95% of all motorcycle brokers.
Bike Devil has collaborated with Only Insurance to offer the service, which has been designed to be user friendly and fast.
Prices will be listed from brokers, direct providers and [...]" (2009-3-16)
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"AXA has announced that now Acturis users will be able to benefit from access to its range of core household insurance products.
Acturis users will have access to ABC, ABC Lite and Extra, and to make it easier and quicker for brokers to handle their household insurance business all the products will be hosted as Full [...]" (2009-3-16)
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"Did you know these St. Patrick's Day facts?" (2009-3-16)
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"Something to keep an eye on is the National Association of Insurance Commissioners’ (NAIC) Spring National meeting held in San Diego, California the first half of this week. One key matter up for consideration is the NAIC’s revised climate risk disclosure survey proposal. The draft survey requires insurers to answer generalized questions about the risks [...]" (2009-3-16)
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"Just how the recession will affect different lines of insurance is a common topic of discussion these days. A new study by Conning Research and Consulting suggests that the general liability line of insurance will see accelerating growth in losses and expenses in the next couple of years due in part to the recession. According [...]" (2009-3-13)
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"General Electric, a bellwether of American business, suffers a blowFOR decades America’s General Electric (GE) has worn its AAA credit rating as a badge of pride. The company has also used it to mint money in its financial-services business, GE Capital. No longer. On Thursday March 12th Standard & Poor’s (S&P), a credit-rating agency, stripped the company and its financial arm of their top-notch ratings, downgrading them to AA-plus. That added insult to the injury that GE has already suffered as a result of the deterioration in the quality of part of GE Capital’s loan portfolio.Despite its image as an industrial behemoth with a reputation for innovating in a wide range of sectors from wind turbines to brain scanners, GE makes a good deal of money from GE Capital’s activities. Last year the outfit generated a profit of $8.6 billion, or almost 48% of GE’s total earnings. By exploiting its AAA rating, GE Capital was able to raise capital cheaply and then deploy it to fund everything from commercial-property and home loans to credit-card lending and insurance. But the chaos triggered by the credit crunch has taken the shine off GE’s cash machine, which has seen some of its property and other loans turn sour. Announcing its decision to downgrade the business, S&P predicted rising credit losses in coming months in several areas of GE Capital’s portfolio. ..." (2009-3-13)
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"General Electric, a bellwether of American business, suffers a blowFOR decades America’s General Electric (GE) has worn its AAA credit rating as a badge of pride. The company has also used it to mint money in its financial-services business, GE Capital. No longer. On Thursday March 12th Standard & Poor’s (S&P), a credit-rating agency, stripped the company and its financial arm of their top-notch ratings, downgrading them to AA-plus. That added insult to the injury that GE has already suffered as a result of the deterioration in the quality of part of GE Capital’s loan portfolio.Despite its image as an industrial behemoth with a reputation for innovating in a wide range of sectors from wind turbines to brain scanners, GE makes a good deal of money from GE Capital’s activities. Last year the outfit generated a profit of $8.6 billion, or almost 48% of GE’s total earnings. By exploiting its AAA rating, GE Capital was able to raise capital cheaply and then deploy it to fund everything from commercial-property and home loans to credit-card lending and insurance. But the chaos triggered by the credit crunch has taken the shine off GE’s cash machine, which has seen some of its property and other loans turn sour. Announcing its decision to downgrade the business, S&P predicted rising credit losses in coming months in several areas of GE Capital’s portfolio. ..." (2009-3-13)
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"Car insurance and safety seats are two ways to protect your children. New results from the NHTSA have many parents scared." (2009-3-12)
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"W. R. Berkley Corporation has announced the appointment of Douglass E. Pfeifer as the new president of Riverport Insurance Company, with immediate effect.
Riverport provides property and casualty insurance products and services for government bodies, human services organisations and others.
Pfeifer succeeds incumbent president Kenneth R. Hopkins who is to retain his seat on the firm’s board [...]" (2009-3-12)
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"Omega Insurance Holdings Limited has posted its financial results for 2008, with profits down 56% on year.
Profit for the fiscal year ending 31 December 2008 was $22.21 million, or $0.14 per share, compared to $50.54 million, or $0.33 per share, in 2007.
Pre-tax profit was $28.22 million, down from $59.48 million the previous year.
The fall in [...]" (2009-3-12)
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"Starr International has appointed AIG’s chief reinsurance officer Charles (Chuck) Dangelo into three executive positions.
His departure follows a growing number of AIG executives who have left for positions at other insurance companies following the group’s government bailout in September 2008.
Dangelo takes up the positions of chief executive for Starr Indemnity and Liability, chief executive [...]" (2009-3-12)
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"Beazley Group plc has announced that it has promoted Patrick Hartigan and that he will be leading the firm’s Reinsurance division.
Hartigan, who assumes his new role on 1 August, will report directly to Neil Maidment, underwriting committee chairman.
Maidment is to retain a supervisory role over the Reinsurance division, as well as the Political and Contingency [...]" (2009-3-12)
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"Insurance broker and risk adviser Marsh has announced that it is to bolster its Market Relationship Management team (MRM).
Tracy Harrington and Sarah Powell are both to be based in London and will be dedicated to enhancing the firm’s market relationships with Europe, the Middle East and Africa (EMEA).
Harrington leaves behind the post of client relationship [...]" (2009-3-12)
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"LV=, the mutual insurance and investment group, has announced that it is to team up with ASDA, which in addition to its well-known supermarket network also provides financial services.
Under the deal ASDA customers will benefit from a range of road rescue products provided to it from LV=, through the insurer’s Britannia Rescue division.
The agreement takes [...]" (2009-3-12)
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"Do you want to know how insurance companies decide what to charge for car insurance? (Admit it, you stay awake at night wondering!)" (2009-3-10)
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"Delays (19.1 percent), denial of claims (18.4 percent) and unsatisfactory settlement offers (14.2 percent) were once again the top three reasons consumers filed formal complaints against their insurance companies in 2008, according to data just released by the National Association of Insurance Commissioners (NAIC). Premium/insurance rating issues (4.7 percent) and policy cancellations (4.0 percent) rounded [...]" (2009-3-11)
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"Kwik Fit Insurance (KFI) is in the news again, having ranked as the best UK insurance company to work for in the Sunday Times 100 best companies to work for list.
The accolade is based on an employee survey, which has also placed the Lanarkshire-based company 17th in the “best UK employer” category, having covered the [...]" (2009-3-10)
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"Keoghs has announced the appointment of Edward Armitage to the role of finance director.
Armitage leaves behind his former employer, online computer hardware firm Overclockers UK, to join the insurance litigation firm.
He brings with him his expertise as a chartered accountant and experience accumulated during the course of his career which has seen him work for [...]" (2009-3-10)
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"Unicorn Underwriting, which specialises in bloodstock, commercially let property and fraud insurance, has secured an agreement with Zurich Insurance to begin underwriting property investors’ business.
The firm forms part of the THB group and its Property UK insurance was previously underwritten on behalf of Zurich by the parent company’s risk solutions unit.
The product has now been [...]" (2009-3-10)
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"Research from Kwik Fit Insurance (KFI) suggests that UK homeowners have reduced the value of their home contents cover by up to one-third over the past year.
The economic downturn is forcing consumers to save money wherever they can and the year long study of renewal patterns covering 24 major UK towns and cities, revealed [...]" (2009-3-10)
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"The Green Insurance Company has announced that it has written its 25,000th car policy since the company’s launch in August 2007.
The motor insurance intermediary, which promises to offset 100% of policyholders’ motoring carbon emissions, says last year’s trading exceeded expectations and its team of 60 local staff is likely to be expanded in the near [...]" (2009-3-10)
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"Kwik Fit Insurance (KFI) has reported that sales of home insurance policies increased by 65.8% last month, compared with a year earlier.
In February, total home insurance policies held by the intermediary rose to 74,000, following on from an annual rise of 62%, in January.
The company also reported a sharp rise in sales of both home [...]" (2009-3-9)
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"Bupa International has launched a new print and online advertising campaign.
Under the “Healthcare. Everywhere.” banner, the medical insurance group is promoting its international cover for expatriates and their families.
The campaign has been created by FBH Incite and will appear across a number of international media titles with images that should reinforce brand awareness and publicise [...]" (2009-3-9)
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"Carole Nash Insurance Consultants has posted pre-tax profit of £7.6 million for 2008, up from £6.3 million a year earlier.
Turnover at the motorcycle insurance broker rose to £25 million, from £24.9 million in 2007.
The firm, which is owned by French insurer, Groupama, attributes some of the rise in earnings to a range of newly [...]" (2009-3-9)
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"Brit Insurance is relocating its corporate headquarters to The Netherlands.
The UK-domiciled general insurance and reinsurance group announced the news as it reported a pre-tax profit of £89.2 million for 2008, against pre-tax profit of £191.2 million a year earlier.
The company has been examining relocation options since last summer, when together with a number of other [...]" (2009-3-9)
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"Online insurance exchange MarketScout said the average property/casualty rate decrease was 8 percent in February 2009, compared to a double-digit rate decrease of 14 percent a year ago. According to its analysis a slow moderation in rate decreases continues as insurers evaluate their 2008 results and the impact of a slowing economy in 2009. MarketScout [...]" (2009-3-9)
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"Enjoy a staycation near your home instead of traveling for spring break." (2009-3-6)
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"ABC Insurance, part of the Liverpool Victoria group (LV=), has been added to the AA’s car insurance panel.
The private car brand, which was launched in 2007, takes its place alongside more than 20 other insurers quoted via the AA’s website or call centres, including sister LV= brand, Highway.
According to the AA, the addition of ABC [...]" (2009-3-6)
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"Price comparison site Comparethemarket.com has added twelve new car insurance providers to its panel in recent weeks.
The new providers are Quote a Car, Broker King, Policy Shop, One Call, Premium Choice, My Motor Quote, Insure Your Motor, 1st Central, Express, Only Insurance, and Insure Pink.
The site has received ‘unprecedented’ levels of traffic since it started [...]" (2009-3-6)
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"Xchanging has commissioned a survey which reveals that standards of service and claims recovery decline when businesses enter run-off, and that legacy businesses should be outsourced by insurers.
The survey was conducted in London during the ARC Congress and showed that four out of five of professionals within the insurance industry are of the opinion that [...]" (2009-3-6)
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"Bluefin Insurance has appointed Peter Elliott as head of marketing.
Elliott joins the AXA-owned provider from Rushton International, where he worked as marketing director.
Prior to working at Rushton, Elliott led the Travelers’ insurance marketing team, where he developed UK-wide marketing, brand, and PR.
At Traveler’s, Elliott worked on developing joint marketing initiatives directly with brokers.
In his role [...]" (2009-3-6)
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"Aviva shares plunged 33% yesterday, the largest drop in 20 years, after the company posted a 2008 net loss of £885 million.
The loss is compared to a profit of £1.5 billion in 2007.
Europe’s biggest life insurance provider blamed the loss on the global financial crisis, which forced it to write down £1.6 billion on investments, [...]" (2009-3-6)
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"Giles Insurance Brokers has appointed two new board directors.
The firm’s retail managing director, Howard Pearson, and its wholesaling managing director, Mark Addis, will both join the board of the independent broker, although regulatory approval has yet to be secured.
In addition, Simon Brooke is assuming responsibility for business in the South of England and Tom Ernoult [...]" (2009-3-5)
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"What will health reform do for the unhealthiest Americans?HIS bedside manner would unnerve the most stoical of patients. In the past eight years, says Barack Obama, health-insurance premiums have grown four times faster than wages. Every year a million Americans lose their coverage. The crushing cost of health care causes a bankruptcy every 30 seconds, and by the end of the year it could cause 1.5m Americans to lose their homes. In short, America’s health-care system is sick, and “there’s no easy formula” for fixing it.After the financial crisis, health reform is Mr Obama’s most urgent domestic priority. This week he named his second choice for health secretary (Kathleen Sebelius, the governor of Kansas) and was due to convene a health summit at the White House as The Economist went to press. His first choice for the health job, Tom Daschle, had clout on Capitol Hill and a mastery of health-care policy, but had not paid all his taxes and so had to drop out. ..." (2009-3-5)
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"Staysure Travel Insurance has plans to launch new online motor and home brands by the summer of this year.
The broker has signed a three-year contract with software provider, Open GI, to develop the new business alongside its existing online brands, Staysure.co.uk and Insureme4.co.uk.
Staysure.co.uk was launched in 2004 and focuses on the over 50’s travel insurance [...]" (2009-3-5)
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"Colemont Insurance Brokers Limited has announced a quartet of new directors for its Aviation division.
Andy Edwards, Matthew Farrar, Anthony Frankel, and Doug Ogilvie have been welcomed into their new roles by chief executive officer and chairman of Colemont, Surinder Beerh.
Andy Edwards brings with him over 20 years of experience from within the aviation sector, and [...]" (2009-3-4)
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"Insurance broker Neil Cook of Ember JD Insurance, is raising concerns about the cost of insuring whole blocks of flats.
He says he is aware that hidden commission charges are being shared between brokers and managing agents at the property owner’s cost.
In a recent article in the Observer, Mr Cook suggested that some property owners are [...]" (2009-3-4)
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"Is Gulf of Mexico windstorm risk still an insoluble risk management problem? This is the question posed in the latest annual Energy Market Review from Willis. The report notes that fallout from a major Gulf of Mexico windstorm is once again casting a shadow over the energy insurance market in the wake of Hurricane Ike. [...]" (2009-3-4)
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"Directors’ and Officers’ (D&O) liability insurance costs for financial institutions increased 50 percent in the fourth quarter of 2008 compared to that of 2007, according to the Quarterly D&O Pricing Index from Aon Corp’s Financial Services Group. This is the first time year-over-year price increases were found in over five years. Aon said a number [...]" (2009-3-3)
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"Insurance fraud is rising. Here's how to get caught." (2009-3-3)
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"With a major winter storm barreling out of the Southeast and up into the Northeast United States overnight, it’s a good time to revisit some winter storm facts and stats. According to Insurance Information Institute (I.I.I.) research, winter storms result in about $1 billion in insured losses annually and are the third-largest cause of catastrophe losses, [...]" (2009-3-2)
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"President Obama promises quality affordable health care." (2009-2-26)
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"Securities class actions are only one of a rapidly multiplying array of securities-related suits that are transforming the D&O insurance market, according to a new report from Advisen. Traditional securities class action suits accounted for less than half of new securities litigation in 2008, while suits alleging common law torts, breach of fiduciary duty and [...]" (2009-2-25)
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"The insurance industry’s perception of major risks has undergone a near total change amid the volatile financial climate, according to the results of the second Insurance Banana Skins survey from London-based think tank Center for the Study of Financial Innovation (CSFI) and PricewaterhouseCoopers. Investment performance, equity markets and capital availability now head the list of [...]" (2009-2-24)
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"Rob Klapper joins Insurance.com and is ready to listen and learn." (2009-2-23)
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