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Rates could be uncompetitive if state fixes premiums Foreign insurers should soon be able to sell comprehensive motor insurance in China after a deal was sealed by vice-president Xi Jinping at a meeting held in the US. The agreement was announced as part of the joint statement of outcomes under the US-China Strategic Economic Dialogue. [...]
London broker Chesterfield a ‘cultural fit’ US-based Kaufman Financial Group has bought London broker Chesterfield Group. Chesterfield Group has businesses in the UK, USA, and Canada. Kaufman president, chairman and chief executive Alan Jay Kaufman said: “The acquisition of the Chesterfield Group is an important addition to the Kaufman Financial Group and will act as [...]
Ryan Birbeck to lead AXA’s biggest sales team AXA Commercial Lines has appointed Ryan Birbeck as its new London sales manager. Birbeck joined AXA in 2005 on the graduate scheme and has worked in a number of roles across AXA Insurance, including underwriting and sales He was key account manager for some of AXA’s major [...]
The insurer repurchased six million shares in the fourth quarter Chubb’s net income for the fourth quarter of 2011 fell $168m (£107m) to $452m, compared to $620m for the same period in 2010. The insurer’s Q4 shares for 2011 were worth $1.60 each, compared to $2.02 each for the same period in 2010. Operating income [...]
Managing director John Paleomylites offered £2m credit facility to aggregator prior to Google’s £37.1m acquisition Super-rich Google paid £37.1m for BeatThatQuote despite a year end loss of £262,705 loss and a shareholders’ deficit of £1.7m, latest accounts show. The accounts ending January 2011 also reveal that founder and managing director John Paleomylites offered a £2m [...]
Fraud rises 9% in 2011 compared to 2010 but false insurance claims fall The UK’s economic problems have contributed to record levels of fraud, according to the UK’s Fraud Prevention Service. CIFAS, a not-for-profit membership association dedicated to fraud prevention, recored over 236,500 cases of frauds during 2011– the highest number ever recorded. That was [...]
Life insurance sales have trended lower in 2011 when compared with 2010, but quarter-to-quarter growth in 2011 has been consistently positive, according to the Kehrer-LIMRA Life Report. Most of the top writers, and about half of the manufacturers overall, grew their sales during the third quarter, as well as for the first nine months of [...]
London Market premium income up 2% in 2010 The net worldwide premium income of the UK insurance sector has fallen for the third year running in 2010 to £198.7bn. According to the Insurance 2011 report by TheCityUK, the 2% fall during the year and one-quarter decrease from the peak in 2007 was largely a result [...]
Marsh claims record cat losses have triggered a ‘two-speed market’ Global insurance rates continued to climb in most loss-affected geographies and classes of business in the fourth quarter of 2011, but rate decreases are still achievable in many lines of business, according to a Marsh report. Despite record insured catastrophe losses of more than $100bn [...]
Lloyd’s insurer takeover talks end Bermudan reinsurer Haverford has withdrawn its offer buy a stake in Lloyd’s insurer Omega Insurance after the two sides failed to agree on a price. Haverford, led by Mark Byrne, told the London Stock Exchange this morning that it informed the Omega board on December 21 that it was pulling [...]