Company news
Beazley doubles Covid claims hit estimate to $340m
Beazley has increased the estimated cost of coronavirus claims to its first party business, in a move labelled “disappointing” by analysts.
Direct Line Group completes Brolly buy
Direct Line Group’s deal to buy insurtech Brolly closed last week, Post can reveal.
Theo Butt replaces Paul Brand as Convex Insurance UK CEO
Convex Group has appointed Theo Butt as CEO of Convex Insurance UK and Matt Paskin as CEO of Bermuda-based Convex Re replacing founder Paul Brand who remains with the business as group deputy CEO.
Insurer shares climb despite BI payout predictions
Some of the Insurers involved in the Financial Conduct Authority’s business interruption test case saw share prices increase following the verdict, despite participants being told to pay out for some claims.
RSA estimates £104m hit from FCA BI judgment
RSA has revealed the additional financial impact of the Financial Conduct Authority test case judgment is £104m, or £85m net of reinsurance.
Hiscox pegs Covid BI claims at ‘less than £100m’ after judgment
Hiscox expects to pay ‘less than £100m’ net of reinsurance towards business interruption claims, the insurer said in an update following a court judgment.
Lloyd’s sees underlying underwriting improvement as Covid weighs on H1 result
Lloyd’s posted a £438m loss in the first half of 2020 driven by £2.4bn of Covid-19 claims, which added 18% to its combined operating ratio.
Jelf slams DRP response in 'unlawful conspiracy' poaching legal battle
A filing by Jelf has slammed DRP’s defence and counterclaim allegations for including “much irrelevant and often inaccurate information, seemingly included for perceived prejudicial value” and addressed the accusations of grossing up premiums and gender…
Former branch director sues Jelf for invasion of privacy over Facebook messages
Jason Lauchlan, a former branch director of Jelf’s Malton office, is seeking compensation for what he alleges was an “unlawful” breach of his privacy after Jelf obtained and shared Facebook messages between him and another former employee.
CII to move to Walkie Talkie
The Chartered Insurance Institute will move into the Walkie Talkie in early 2021.
Six MPs back early day motion calling for Co-op to rethink Markerstudy deal
Tony Lloyd, Labour MP for Rochdale, filed a motion in House of Commons on 1 September calling on Co-op to review its decision to sell the Manchester-based insurance business to Markerstudy.
Profit shrinks at Arron Banks’ Somerset Bridge
Pre-tax profit at Arron Banks’ personal lines broker Somerset Bridge Insurance Services fell to £5.04m in 2019, down from £6.54m the previous year.
Irish regulator settles with former Quinn director
The Central Bank of Ireland has reached a settlement with former Quinn Insurance director Kevin Lunney.
Zurich picks Tim Bailey to replace Tulsi Naidu as UK CEO
Tim Bailey has been named Zurich UK CEO, moving across from being group chief operating officer for Europe, Middle East and Africa.
Top 30 European Insurers 2020: A year of profit
The top 30 European insurers saw growth in non-life premiums in 2019 and overall profit after tax was significantly higher than in 2018. Mathilde Jakobsen, director, analytics, AM Best, explains what the market is facing
Gallagher Re a shout not a whisper says boss Rupert Swallow
The brand change from Capsicum Re to Gallagher Re will help the business win the keenly fought “war for talent”, according to CEO Rupert Swallow.
Tulsi Naidu to depart as Zurich UK CEO
Zurich’s Tulsi Naidu is set leave her role as UK CEO to take up the position of Asia Pacific CEO in Singapore from 1 January 2021.
Co-op faces union protest against Markerstudy job losses
Today members of trade union Unite the Union gathered outside the Rochdale Pioneers Museum in Greater Manchester to oppose incoming job losses at Co-op insurance and the de-recognition of the independent trade union on its sale to Markerstudy.
Saga confirms £150m raise with ex-owner Sir Roger De Haan returning as chairman
Sir Roger De Haan, the former owner of Saga, is set to invest up to £100m in the business as it seeks to raise £150m through a share placement.
AA secures four week extension for takeover talks
The three groups eyeing up a takeover of the AA have been given an extra 28 days to make an offer for the business with the deadline moved back from today.
Capsicum to rebrand as Gallagher Re from next month
Capsicum Re is to rebrand as Gallagher Re from 1 October in order to align the business with Gallagher’s retail and insurance broking operations.
QBE CEO Pat Regan leaves insurer after investigation
Pat Regan, QBE group CEO, will leave the business following an investigation into “workplace communications.”
Gallagher appoints Michelle Bree as UK retail COO
Gallagher has appointed Michelle Bree, currently chief operating officer at Pen Underwriting, as chief operating officer for its UK retail division, with effect from 1 October.
Aon and WTW merger gets shareholder vote of approval
Aon and Willis Towers Watson shareholders have voted in favour of the risk giants' merger.