RANDY CARROLL, CEO OF THE INSURANCE BROKERS ASSOCIATION OF ONTARIO Ontario’s Ministry of Finance has proposed regulatory amendments stemming from the work of the province’s auto insurance anti-fraud task force. It is looking for comments from stakeholders by 23rd February on changes to the Statutory Accident Benefits Schedule (1st...
According to the Independent, UK insurers have spent more than GBP three billion implementing Solvency II. FTSE 100 insurers told the paper that the cost of complying with the new European Union capital regime, which has yet to come into force, had far surpassed the FSA’s original GBP 1.8 billion...
LAS Claims has said that it will take on extra staff over the festive period to handle claims coming from the recent heavy rain across the UK. In a statement, the loss adjuster said that its staff in Birmingham and Bristol were on high alert. LAS is already handling claims...
Moody’s Investors Service has downgraded the insurance financial strength (IFS) rating of Aviva Life and Annuity Company (Aviva Life) to Baa1 from A1 and the long-term issuer rating of intermediate U.S. holding company, Aviva USA Corporation, to Ba1 from Baa1. All the ratings have been assigned a developing outlook. These...
ED NOONAN, CHIEF EXECUTIVE, VALIDUS Validus’s Sandy loss estimates are net of reinstatement premiums and reinsurance. Of the USD 333.1 million loss, Validus expects USD 256.2 million to come from its reinsurance segment and the USD 76.9 million balance from its Lloyd’s operation, Talbot. Validus chief executive Ed...
Fiscal Reps’ founder and chief executive Mike Stalley told market representatives: “Since the start of the financial crisis, we have been warning insurers that European govt. would increase their focus on indirect taxation to fund budget shortfalls. Now the promised changes are upon us and in the coming year, we...
The BGL group’s Frontline business has unveiled plans to expand across the personal lines market as the group celebrated 20 years in business this month. BGL was formed with the launch of Budget Insurance Services in November 1992. Back then, Budget was a direct insurer selling policies over the telephone. ...
Loss adjuster GAB Robins has received a 50 percent spike in calls this week following the extensive flooding across the UK. Most of the calls were from Exeter and parts of the South West. GAB’s building inspection team was also inundated with increased volumes of smaller building claims, but said...
Towergate’s core retail broking division posted flat revenue growth in the first nine months of 2012 despite the consolidator making 19 acquisitions in the period. The position was an improvement over the two percent decline seen at the half-year stage and profitability at the division continued to improve, with earnings...
