Category: info

UK General continues senior hiring spree with new COO

New UK General COO to join from Assurant Specialist personal lines underwriting agency UK General has hired Vicky Hodgson as its new chief operating officer (COO). Hodgson joins from mobile phone and gadget insurance broker Assurant Intermediary, where she was commercial director. She will join UK General on 2 October, reporting to chief executive Karen […]

AmTrust to merge three Lloyd’s syndicates into one

Combined AmTrust syndicate will have over £500m capacity Insurance group AmTrust has asked for approval to merge its three non-life Lloyd’s syndicates into one for the 2018 year of account. Under the plan, syndicates 1206, 5820 and 1861 would be combined under the 1861 number. Syndicate 44, which writes life business, will remain separate. The new […]

Chubb teams up with Swiss Re to launch flight delay cover

Chubb launches new flight delay cover Insurer Chubb has teamed up with app firm App in the Air, Swiss Re and FlightStats to launch a new flight delay insurance product. The flight delay cover is underwritten by Chubb European Group in partnership with Swiss Re and flight tracking data firm FlightStats. The cover will be […]

Direct Line hires Prudential director to replace departing CFO

New chief financial officer for Direct Line Direct Line Group has hired Prudential chief risk officer Penny James as its new chief financial officer, replacing long-standing finance chief John Reizenstein (pictured). Reizenstein is retiring to pursue a non-executive career, the insurer said. He will step down after Direct Line Group’s annual general meeting in May 2018. Reizenstein […]

New Ogden law could save industry billions – EY

Insurers and reinsurers could reap big benefits from new Ogden law Insurers and reinsurers could reap up to £2.5bn of benefits if the Ogden discount rate is raised to 1% from its current minus 0.75%, according to accounting firm EY. The government unveiled draft legislation this morning that would change the way the Ogden rate […]

L&G in digital tie up with SSP

L&G in digital tie up with SSP on home insurance Legal & General has partnered with SSP to launch SmartQuote, a digital tool to speed up and simplify buying home insurance. SmartQuote uses SSP Intelligent Quotes Hub (IQH) to generate a binding customer quote, with the customer only needing to input their postcode and type […]

Ogden rate to be reviewed regularly under new law

Government reveals big change to how Ogden rate will be set in future The Ogden discount rate will be reviewed at least every three years under new legislation proposed by the government today. In another key change, the Ogden rate will be set with reference to a diversified portfolio of low-risk investments rather than just […]

Insurers welcome positive Ogden rate plan

Insurers and analysts hail announcement the government will set a new positive Ogden rate News that the government will change the Ogden rate has been welcomed by the insurance industry. The Ogden discount rate rate could be set at between 0% and 1% under new draft legislation to be laid before Parliament later today, the […]

Positive Ogden rate proposed in new draft law

Lord Chancellor to lay new Ogden rate legislation before Parliament later today The Ogden discount rate rate could be set at between 0% and 1% under new draft legislation to be laid before Parliament later today. However, the new positive rate will not apply retrospectively, and the new framework for setting the rate will only apply if the […]