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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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"The Financial Services Authority (FSA) has announced that it is going ahead with proposed changes to the compensation limits for insurance, investment and home finance advice business, in the event of a firm failing.
The move is aimed at achieving greater simplicity and consistency in the Financial Services Compensation Scheme (FSCS).
The regulator’s managing director of retail [...]" (2009-4-27)
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"Global insurance broker and risk adviser Marsh has announced the appointment of Flavio Piccolomini as chief executive officer of Marsh Italy.
In addition to this, Emanuele Cordero di Vonzo has been named general manager.
Piccolomini leaves behind the post of Continental Europe CEO with Willis to join Marsh, ending an 18 year stint with Willis.
Whilst with his [...]" (2009-4-25)
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"China Re, Asia’s largest reinsurer, this week reported its first quarter results with a profit if 1.58 billion yuan ($231 million).
This is compared to a 3.14 billion yuan loss for the same period during 2008.
Increased investment returns were the main driver behind the increase, together with a 30% rise in reinsurance premiums.
Total premium income reached [...]" (2009-4-25)
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"Jardine Lloyd Thompson Limited (JLT) warns this week that whilst some real estate investors have good insurance claims records because they manage their risks, others have just been lucky.
When insurance policies come up for renewal in the current climate, underwriters are looking for evidence of a risk strategy and not just luck.
John Searing, Head [...]" (2009-4-24)
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"Key players in the credit insurance industry have criticised the government’s credit insurance top-up scheme as insufficient.
Euler Hermes and Atradius said the government’s top-up support for businesses - announced in this week’s budget - is two narrow and will only help a small number of firms.
A key limitation of the scheme is that only [...]" (2009-4-24)
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"Retaining existing customers has never been more important for insurance carriers in terms of long-term profitability, according to a new survey from J.D. Power and Associates. The 2009 Personal Insurance Retention Special Report finds that even though 90 percent of customers overall stayed with their insurer during the past 12 months, those households that are [...]" (2009-4-23)
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"The Association of British Insurers (ABI) has described yesterday’s budget as “a mixed bag for the UK insurance industry”.
Director general, Stephen Haddrill, has noted with pleasure the Government’s decision to accept the ABI’s arguments on foreign profits and the need to raise ISA limits.
However, he says the decision to curtail tax relief, even if only [...]" (2009-4-23)
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"Saga has enhanced its car insurance offering with an option of added healthcare cover for injuries sustained in a road accident that requires medical care.
The insurer is aware that health concerns are a major source of anxiety for the over 50s and is promoting its new Accident Healthcare as offering the best chance of a [...]" (2009-4-23)
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"Hartford Financial is seeking bids from rivals including Travelers for its flagship property insurance business, a report says.
" (2009-4-23)
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"Motorcyclists comprise just 1% of road traffic, yet are involved in 19% of all accidents according to figures from the Department for Transport.
Hastings Direct motorcycle division, Hastings Bike Team, are aiming to support bikers by offering them up to £15,000 free Personal Accident Cover on every bike insurance policy, also including £750 or less towards [...]" (2009-4-22)
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"Earth Day means a focus on saving the planet and reducing waste. You can achieve savings on your car and auto insurance with a few simple changes." (2009-4-21)
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"In today's economy, making friends with an honest mechanic is more important than ever. How do you find one to fix your car?" (2009-4-21)
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"We glance across the pond today where the UK government announced in the Budget that it will offer a temporary top-up scheme for companies struggling to get trade credit insurance amid the economic downturn. According to latest reports, the scheme will provide up to £5 billion ($7.2 billion) of additional trade credit insurance to businesses [...]" (2009-4-22)
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"A leading retailer has warned that government plans to provide credit insurance will fail to help the businesses that need it most.
Focus DIY boss Bill Grimsey said Alistair Darling’s credit insurance top-up scheme will not help the retailers that are struggling most, because it does not provide insurance to firms that have had cover withdrawn.
Writing [...]" (2009-4-22)
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"Going against the grain, Allstate is launching a public campaign calling for national regulation of insurance companies.
" (2009-4-22)
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"Government plans to make UK roads the safest in the world and cut road deaths by one-third by 2020 could impact favourably on car insurance premiums.
Road Safety Minister, Jim Fitzpatrick, yesterday outlined a range of proposals, which include a review of both speed limits and the driver training and testing process.
An expert panel is being [...]" (2009-4-22)
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"Brit Insurance Holdings PLC has announced the appointment of John King as portfolio director - short tail, a newly created post.
He brings with him 24 years of experience in the London market, and leaves behind Beazley Group to join Brit.
During his five years with Brit he held a number of posts, latterly as underwriter of [...]" (2009-4-22)
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"Allianz has warned that government help would be needed if a European insurer collapsed.
Helmut Perlet, Chief Financial Officer of the Germany-based insurance group, said that although the collapse of a European insurer cannot be ruled out, such an event is ‘very unlikely’.
Asked if the state should intervene if an insurer collapsed, Perlet said, “That should [...]" (2009-4-21)
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"Gary Burgess, an inspector for Cornish Mutual Insurance, has been praised for his work supporting flood victims and assisting them in their recovery.
Six months ago a heavy hailstorm struck Ottery St Mary, and Burgess led Cornish Mutual’s response to the freak event.
Only hours after the incident he was present at the scene, and began to [...]" (2009-4-21)
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"Amid the unprecedented economic crisis, the First Quarter RIMS Benchmark survey of North American corporate risk managers finds that insurance premiums for businesses continued to slide towards a soft landing, rather than an abrupt reversal resulting in rate increases. While banks and other financial institutions bought directors and officers (D&O) insurance at substantially higher rates, [...]" (2009-4-21)
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"Credit insurance claims increased 51% on year during the fourth quarter of 2008, the Association of British Insurers (ABI) revealed this week.
As the credit crunch began to bite, the number of claims increased to 8,366, compared to 5,540 during the same quarter in 2007, a rise of 51%.
The value of claims paid out by credit [...]" (2009-4-21)
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"Sainsbury’s Car Insurance has extended its motor insurance cover to include support for motorists who fall victim to road rage or car jacking.
The broker’s manager, Joanne Mallon, comments: “It’s important that these victims aren’t left high and dry, which is why we offer a counselling and financial package for motorists who have been victims of [...]" (2009-4-21)
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"Lloyds TSB Insurance, part of Lloyds Banking Group, has appointed Bevan Brittan to handle its liability claims work.
The law firm has been awarded an exclusive mandate for an initial two-year term with the option to extend.
The work involves advising on liability claims and associated litigation brought against Lloyds TSB Insurance.
Cases will be forwarded [...]" (2009-4-21)
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"Ironshore Inc. has announced that Anthony Mammolite has been appointed to the post of executive vice president of its US Property unit.
He brings extensive experience to the position, having worked in the sector for 35 years, including 20 years in property lines.
Prior to taking on his role with Ironshore, Mammolite worked for Lexington Insurance Company [...]" (2009-4-20)
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"International general insurance and reinsurance firm Brit Insurance Holdings PLC has announced the appointment of Neil Manser as head of Investor Relations.
Manser was formerly an equity analyst with Merrill Lynch, where he was responsible for covering the UK insurance sector.
Earlier in his career he worked for Fox-Pitt, Kelton as an equity analyst and began his [...]" (2009-4-20)
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"Environmental risk management is among the many topics up for discussion at this week’s Risk and Insurance Management Society (RIMS) 2009 Annual Conference in Orlando, Florida. On Friday the Environmental Protection Agency (EPA) confirmed that greenhouse gases are air pollutants that may endanger public health or welfare. The proposed finding, which now moves to a [...]" (2009-4-20)
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"Independent insurance broker Giles Insurance Brokers Ltd has reached the 9th spot in The Sunday Times PricewaterhouseCoopers Profit Track 100.
The Profit Track 100 is well-respected in the business sector and ranks private companies according to their average profits over the last three years.
Over the period covered by the most recent Profit Track 100 Giles has [...]" (2009-4-20)
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"The German government is considering plans to offer credit insurance cover to small and medium sized businesses (SMEs) in the country.
According to a report in the Wall Street Journal, the scheme would involve giving temporary credit protection to SMEs that would otherwise struggle to secure loans to pay suppliers.
SMEs in Germany’s steel, construction, manufacturing and [...]" (2009-4-20)
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"One in five women have been the victim of handbag theft, and the crime now costs UK insurers £55 million per year.
Research by Direct Line home insurance found that the cost of replacing items in a handbag now averages over £100, including make-up, cash, keys, mobile phone, and medication.
In addition, handbags themselves are becoming more [...]" (2009-4-20)
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"While the importance of trade credit insurance has been in the business news, a firm that specialises in travel and wedding insurance is alerting couples planning their nuptials to the need for similar cover.
According to Voyager, the credit crisis is ruining an increasing number of weddings because firms involved in creating the big day are [...]" (2009-4-20)
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"Whether it's a new puppy in the White House or your house, learning the basics of pet insurance will help you decide whether you need it or not." (2009-4-16)
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"American International Group (AIG) is selling its US car and commercial vehicle insurance business to Zurich Financial Services Group.
The disposal is being made for $1.9 billion and is the twelfth but largest yet to be made by the troubled group since its near collapse in September of last year.
Since then, AIG has been propped up [...]" (2009-4-17)
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"Global insurance broker Willis Group Holdings has announced the appointment of Staffan Larsson as chief executive officer of its operations in Sweden.
Larsson is a veteran of the Swedish insurance industry, and brings to his new post 35 years of experience, the last decade of which has been spent with Willis.
Before joining Willis he worked for [...]" (2009-4-16)
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"The ABI (Association of British Insurers) has revealed figures which show that insurers are detecting record numbers of fraudulent claims.
The false claims, worth £14m a week, totalled 107,000 last year, a rise in number of 17% on 2007 and a rise in value of 30%.
Home insurance was particularly prone to fraud with 55,000 false/exaggerated claims [...]" (2009-4-16)
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"UK car insurer Fortis Insurance Limited and the Insurance Services Office (ISO) have entered into an agreement for a period of five years whereby Fortis will utilise the ISO Claims Outcome Advisor (COA) solution.
The deal has been signed after a pilot with Fortis Personal Injury claims team lasting six months and will enable the insurer [...]" (2009-4-16)
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"Making an entrance at prom is tough, but group transportation like a party bus or limo can make it easier." (2009-4-15)
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"Kwik Fit Insurance, the UK insurance intermediary, has been given the Gold Award by the Scottish Centre for Healthy Working Lives.
The award was won by Kwik Fit Insurance because of its status as one of the country’s safest and healthiest employers, and comes after a number of initiatives designed to enhance the health of the [...]" (2009-4-15)
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"Chancellor of the Exchequer, Alistair Darling, is expected to announce a state-guaranteed credit insurance scheme in next Wednesday’s budget.
Demand for such action has been increasing in recent months, with the Confederation of British Industry a leading voice.
The insurance protects companies when customers fail to pay or enter administration and claims have been rising sharply [...]" (2009-4-15)
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"Recent research undertaken by DQM Group indicates that public confidence in the ability of insurance companies to keep personal data secure has fallen away in the past year.
The data protection company says that little research work has been done to evaluate levels of trust specifically in relation to customer data security.
To fill the [...]" (2009-4-15)
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"Equitable Life policyholders are demanding a judicial review of the compensation offer made by the Government in January.
In 2001, millions of investors in the UK’s oldest mutual insurance company lost up to 50% of the value of their pension funds when Equitable Life came close to collapse.
From the 1950s the company had sold policies that [...]" (2009-4-15)
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"International general insurance and reinsurance firm Brit Insurance Holdings PLC has announced the appointment of Neil McMillan as class underwriter in the Property Liability part of its Global Markets business.
McMillan will assume his new role on 17 April, and be directly responsible to Jonathan Nunes-Carvalho, the divisional underwriting director.
He brings to the role over a [...]" (2009-4-14)
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"Heath Lambert’s specialist insurance scheme for people with pre-existing medical conditions, Unique, has entered into a partnership with the British Polio Fellowship.
The British Polio Fellowship, which is the largest UK charity dedicated to supporting sufferers of polio and Post Polio Syndrome, has teamed up with Heath Lambert to offer travel, life annuities, home, motor and [...]" (2009-4-14)
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"In recent times there has been an increasing number of professionals in the insurance and risk management fields whose business dealings do not fall under the umbrella of a single trade body.
The Insurance Manager’s managing director, Danny Cooper, has stated that in the five years of trading the firm found its combination of risk management [...]" (2009-4-14)
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"A new study from the US highlights the increased risk of death and injury posed by the small car involved in a head-on crash, even when it is fitted with the latest safety equipment.
A report published by the Insurance Institute for Highway Safety (IIHS) states that even with airbags, electronic stability control and strong front-crash [...]" (2009-4-14)
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"Aon Risk Services has reported that shipowners navigating the Gulf of Aden are seeing insurance premiums for kidnap and ransom (K&R) rise tenfold.
Some could therefore be paying a premium of $30,000 for $3 million of cover during one journey across seas that have become treacherous because of the activities of Somali pirates.
According to the company, [...]" (2009-4-14)
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"The Post Office has increased the cost of its payment protection insurance (PPI), which is provided by AXA.
A flat premium of £4.50 per £100 of cover is being replaced by a premium based on circumstances that can cost up to £6.50 per £100 of cover.
Controversially, cover for existing policyholders is being reduced at the same [...]" (2009-4-14)
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"The National Insurance Crime Bureau (NICB) yesterday reported that 2008 marked the fifth consecutive year of declining vehicle thefts in the United States. Its annual Hot Spots study said preliminary crime data from the FBI indicates that 2008 will post a double-digit decline (-12.6 percent) in vehicle theft when final numbers are released in the [...]" (2009-4-14)
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"The property/casualty (P/C) insurance industry’s full year 2008 results released yesterday brought the industry’s worst financial performance since 2001. The industry’s annualized statutory rate of return on average surplus fell to 0.5 percent in 2008, down sharply from the 12.4 percent return recorded in 2007. In his commentary on the results I.I.I. president Dr. Robert Hartwig notes that [...]" (2009-4-10)
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"UK commercial property, investment and development company Targetfollow has selected independent insurance broker Heath Lambert Group to place its general insurance.
Targetfollow’s speciality is seizing opportunities city centres and owns property in London, Birmingham, France and Germany.
Based in Norwich, the firm’s portfolio of office, industrial and retail buildings is continuing to grow and now stretches across [...]" (2009-4-10)
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"Online insurance exchange MarketScout said the average property/casualty rate decrease was 7 percent in March 2009, compared to a double-digit rate decrease of 12 percent a year ago and an 8 percent rate decrease in February. While underwriters received a better net rate for each risk they wrote in March, their gross premiums probably decreased [...]" (2009-4-9)
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"National Deposit has announced that it is rebranding as National Friendly from next month.
The friendly society and private medical insurance provider said the name change reflects a new focus on building the healthcare side of the business, and better conveys the values of the company.
In particular, market research by the group found that the word [...]" (2009-4-9)
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"QBE yesterday announced the appointment of John Rumpler as chief executive of its Americas Division.
In his new role, Rumpler will lead the Americas division of the Australia-based insurance group, continuing its strategy of growth and focused diversification.
Rumpler has worked at QBE since 1997. He led the development of the group’s credit, surety, and lenders [...]" (2009-4-9)
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"" (2009-4-8)
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"The British Furniture Association (BFA) has lambasted the government’s support for the furniture industry during the recession as ‘inadequate’ and has demanded state-backed credit insurance for its members.
In a letter to The Times newspaper, BFA chairman Martin Jourdan said government action on credit insurance is a must to save otherwise healthy businesses from bankruptcy.
“The general [...]" (2009-4-8)
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"Luxury yachts are being beached or sunk around the US coastline as their owners make fraudulent insurance claims.
A growing number of dumped boats are clogging the water around the coast of states such as Florida, according to a report in The New York Times.
The boats’ owners can no longer afford mooring and maintenance costs because [...]" (2009-4-8)
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"Like the best of horror stories, the long-running saga over the sale of Payment Protection Insurance (PPI) alongside consumer credit agreements has a sequel.
Following a Competition Commission enquiry, the sale of the notoriously expensive single premium PPI with a loan is to be banned from 29th May.
Lenders have also been told that from 2010 they [...]" (2009-4-7)
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"General insurance and reinsurance firm Brit Insurance Holdings PLC has announced it is bolstering its Birmingham presence with the additions of Edward Hanson and Gary Suffolk.
Hanson and Suffolk, Professional Risks underwriter and Commercial Combined underwriter respectively, have been appointed by Brit to enhance the firm’s underwriting capabilities in Birmingham.
Hanson leaves behind RSA Insurance to join [...]" (2009-4-7)
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"The Insurance Fraud Bureau (IFB) has reported that people suspicious of insurance fraud are increasingly using its Cheatline Internet facility, which was relaunched in an enhanced version in November of last year.
According to the Bureau, 50% of reports are now being made online, with January and February of this year seeing a rise in the [...]" (2009-4-7)
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"Lloyds TSB has announced that if any of its new home insurance customers are made redundant they will not have to pay premiums for up to six months.
The waiver applies to any customer who purchases a Home Solutions policy in branch between 6 April and 6 June, and who is made compulsorily redundant between purchasing [...]" (2009-4-7)
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"Fortis’s Asian insurance unit is not for sale, the company has said yesterday.
Stuart Frasier, CEO of troubled Belgo-Dutch insurance group Fortis, said the company has no plans to sell its Asian unit, and has not discussed a sale with any party.
“There has been media speculation that Fortis Insurance Company Asia is for sale,” Frasier said.
“This [...]" (2009-4-7)
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"DIY accidents will peak the day after Good Friday, costing an average of £900, according to AXA.
The spike in accidents, the most common of which is spilled paint, could see a large number of people perusing their insurance policies anxiously or even heading for A&E.
AXA has commissioned research showing that 23% of the 17m Easter [...]" (2009-4-7)
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"The Nursing Times has reported that new government proposals could mean that all nurses and midwives will need professional indemnity (PI) insurance in place before they can register to practise.
The magazine is warning that nurses and midwives may therefore eventually have to pay for the own insurance, as is the case with their doctor and [...]" (2009-4-7)
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"Heritage’s growth plans in the Middle East were secured this week as it received an official license to set up an insurance management company in the Dubai International Financial Centre (DIFC).
The Dubai Financial Services Authority (DFSA) approved Heritage’s plans to establish a UAE-based subsidiary, Heritage Insurance Management (Dubai) Ltd. (HIMD), in the DIFC.
HIMD will offer [...]" (2009-4-6)
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"The chief executive of Norwich Union (NU) General Insurance has apologised for sending “conflicting messages” over job cuts.
In a recent interview with Professional Broking magazine, Igal Mayer indicated that there would be no redundancies announced during the remainder of this year.
However, last week, NU owner Aviva said it is proposing to cut 1,100 jobs in [...]" (2009-4-6)
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"European insurer Glacier Insurance has announced that it is to open a new underwriting office in Zurich.
In addition to providing an office for Glacier Insurance’s underwriting operations the new accommodation will also provide space for Glacier Re’s marketing presence to take root in the city.
The chief executive officer of Glacier Insurance, Richard Etridge, is to [...]" (2009-4-6)
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"A pair of Consumer Intelligence Gold Awards have been given to LV= for its motor and home claims service.
In February of this year the firm was awarded the Which? Magazine’s People’s Choice award for its car insurance claims handling meaning it has won a brace of awards already in 2009 for its car insurance.
The Gold [...]" (2009-4-6)
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"Specialist executive search firm GRS has stated that over half of insurance professionals support legal changes designed to enable parents greater flexibility in their working hours, effective from 6 April.
Under the changes parents with children of 16 and under will be entitled to request more flexible hours, a move backed by 50.8% of the 2,500 [...]" (2009-4-6)
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"American International Group (AIG) announced Thursday that it has completed the sale of AIG Life of Canada to BMO Financial Group for $263 million.
BMO Financial said it expects the acquisition to strengthen the competitive position of its life insurance business.
AIG Life of Canada sells life and health insurance, including universal life and term life plans, [...]" (2009-4-6)
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"Fortis Insurance UK has reported a doubling of profits in 2008, and has pledged to create at least 150 new jobs this year.
Non-life profit before tax increased to £76 million in 2008, compared to £30 million the previous year.
The increase came despite a small drop in non-life gross written premiums, down to £758 million compared [...]" (2009-4-6)
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"Heath Lambert Group and Fortis Insurance UK have secured a five-year commercial SME agreement with Post Office Financial Services (POFS).
The companies claim the move creates the “largest SME affinity deal for commercial insurance in the UK”.
POFS will be launching products for the SME market later this year and its relationship with Fortis is well established [...]" (2009-4-6)
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"It has been announced by Zurich Financial Services Group that the firm’s chief growth officer, Patrick O’Sullivan, is to retire from the organisation.
O’Sullivan has been with Zurich for over a decade, but will retire with effect from 30 April.
Originally O’Sullivan operated as CEO of General Insurance and Banking within the UKISA Business Division.
Four years later [...]" (2009-4-5)
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"UKA, the National Governing Body for athletics in the UK, has appointed insurance broker and risk adviser Marsh to manage the UKA’s insurance and risk programmes.
In this capacity Marsh will undertake a comprehensive assessment of the key risks for UKA and its membership and in response craft appropriate insurance coverage.
Adrian Willmott, Marsh’s regional client development [...]" (2009-4-5)
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"The Barrett-Jackson collector car auction starts soon in Palm Beach, Florida. Car insurance is the least of bidders' worries." (2009-4-3)
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"Gloucester-based insurer Ecclesiastical has bought a 40% stake in specialist broker Lycetts, and said it plans to increase this holding over the next few years.
Lycetts offers insurance to farms, estates, historic houses, fine art, and bloodstock markets.
Headquartered in Newcastle, the company controls gross written premiums of over £70 million. It has 12 offices in the [...]" (2009-4-3)
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"The Life Science team at Jardine Lloyd Thompson Limited (JLT) has worked in partnership with HDI-Gerling to develop a web based application that is claimed to revolutionalise the purchasing and management of clinical trials insurance by providing a faster, more efficient service that puts the insurance buyer in control.
Instant quotations and documentation, the [...]" (2009-4-3)
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"The steady incorporation of vehicle safety features like front and side airbags into motor vehicles has had a beneficial impact on auto injury insurance claims costs, according to a new study from the Insurance Research Council (IRC). The report found a rapid transition from seatbelts only to front and side airbags as model years advanced [...]" (2009-4-3)
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"Insurance stocks have been punished, but some present good values based on objective measures.
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"The biggest life insurance companies might suffer as defaults rise on commercial mortgage-backed securities.
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"It's no accident that drivers often save money on their auto insurance bills if they haven't been in a fender-bender or other roadway mishap." (2009-2-20)
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"Over 20 million quotes were generated by brokers using the e-commerce solutions of Open GI in February, a statistic that continues to rise with the addition of new aggregator partners.
InsureTECH Systems Limited-owned CheaperCover.com has become the latest to sign up to Open GI’s eAggregator panel, granting aggregator channel access to brokers selling car insurance.
They are [...]" (2009-4-2)
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"Will insurers once again scupper health-care reform?THE final nail in the coffin of Hillarycare came when Harry and Louise appeared on television. Hillary Clinton’s effort to introduce a government-run health system over a decade ago fell apart when two worried, middle-aged Americans were shown equating reform with bloated bureaucracy. That ad was paid for by the health-insurance lobby. Now Barack Obama says that reform is a priority again. He argues that the recession only adds urgency, as there is no way to tackle long-term deficits without fixing health care. Kathleen Sebelius, his new nominee for the post of secretary of health and human services, this week pointed out to a Senate committee that nearly half of all recent home foreclosures have resulted, in part, from families being hit by health expenses not covered by insurance. ..." (2009-4-2)
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"A plethora of April 1 reinsurance market reports are out, all of which are worth a read. They point to pockets of rate hardening across the global reinsurance market and the ongoing influence of currency fluctuations and other factors on capacity:
Aon Benfield’s Reinsurance Market Outlook sees continued hardening for property catastrophe renewals in June and [...]" (2009-4-2)
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"Swiss Re has announced plans to cut 10% of its 11,560 staff following record losses that forced the company to turn to Warren Buffett for capital.
The reinsurance firm said the jobs will be axed within the next year, saving the company 400m Swiss francs ($350m) by the end of 2010.
Last month the group reported its [...]" (2009-4-2)
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"Marketingweek.co.uk has reported the results of the Reader’s Digest annual survey, the ninth of its kind.
After five years of holding onto the top spot as most trusted insurance provider Norwich Union has lost out to Direct Line.
Brand loyalty is of utmost importance to firms, and many established financial brands have seen their reputations take a [...]" (2009-4-1)
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"Global insurance broker and risk adviser Marsh has announced that it is responding to increased demand by expanding its Forensic Accounting and Claims Services (FACS) Practice in Europe, the Middle East and Africa (EMEA).
Recently the EMEA has seen a surge in demand for experts in specialist claims resolution and more FACS professionals have been hired [...]" (2009-4-1)
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"Brightside Group has reported a 182% rise in profit from continuing operations in 2008, to £6.2 million. Revenue increased by 42% to £33.2 million.
The results compare with profit of £2.2 million and revenue of £23.3 million in 2007.
The firm saw its insurance broking customer base expand to 149,381 last year (up from 131,254 in 2007) [...]" (2009-4-1)
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"Third party wholesale insurance group Faber and Dumas have named Nigel Cotton as chief operating officer and finance director.
Cotton, who assumes his two roles with immediate effect, will report directly to chief executive officer Steve Hearn.
He also retains his present position as finance director of independent company Glencairn.
In joining Faber and Dumas he brings with [...]" (2009-3-31)
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