Business Insurance

Login  |  Register Subscribe

United Kingdom Subscribe to RSS feed for 'United Kingdom'

Barclays takes $77M hit from British and U.S. fines

Published September 23, 2014 - 2:50pm CST

(Reuters) — British bank Barclays P.L.C. was hit with a combined $77 million in fines from British and U.S. regulators on Tuesday as the lender continues to be dogged by problems from its past.

Specialty insurer Brit launches coverage for cyber attacks

By: Judy Greenwald

Published September 15, 2014 - 4:36pm CST

Specialty insurer and reinsurer Brit P.LC. is leading several Lloyd’s of London syndicates to offer up to $250 million of first-party cyber coverage to protect companies’ critical operating infrastructure and industrial machinery from terrorist and other malicious attacks, such as sabotage, espionage and theft.

Advisen's Thomas Ruggieri to lead Cooper Gay Swett & Crawford's N. America unit

By: Matthew Lerner

Published September 15, 2014 - 2:31pm CST

Advisen Ltd. founder Thomas P. Ruggieri will join Cooper Gay Swett & Crawford Ltd. as president and CEO of its North American operations.

Standard Life to freeze its pension plan in 2016

By: Sophie Baker, Pensions & Investments

Published September 09, 2014 - 3:21pm CST

Standard Life P.L.C., Edinburgh, is freezing its U.K. defined benefit plan in April 2016 to mitigate risk and increasing costs associated with running the pension fund in the future.

U.K. pension funding deficit doubles in August

Published September 09, 2014 - 11:24am CST

(Reuters) — A funding shortfall in Britain's private-sector defined benefit pension plans has more than doubled over the past year to reach 170.6 billion ($278.54 billion) at the end of August.

Chubb names Jalil Rehman as Europe operations CEO

By: Sarah Veysey

Published September 09, 2014 - 9:06am CST

The Chubb Group of Insurance Cos. on Tuesday said it has appointed Jalil Rehman as CEO of its European operations.

UK government lends hand to BP in U.S. Gulf oil spill rulings

Published September 08, 2014 - 11:26am CST

(Reuters) — The British government has urged the U.S. Supreme Court to review appeals court rulings against BP P.L.C. over a 2010 Gulf of Mexico oil spill that produced one of the largest class actions in American history.

Reinsurers remain profitable despite alternative capital pressure: Fitch

By: Sarah Veysey

Published September 03, 2014 - 9:57am CST

LONDON — While the capital position and profitability of reinsurers looks set to remain strong, competitive pressures caused in part by the continued inflow of alternative capital and a drop in buyer demand for reinsurance have led Fitch Ratings Ltd. to assign a negative outlook on the sector, the rating agency said during a briefing in London Wednesday.

Kaufman buys Oval, which will rebrand to original Lochain Patrick

By: Bill Kenealy

Published September 02, 2014 - 3:28pm CST

The H.W. Kaufman Financial Group on Tuesday said it has purchased London-based Lloyd's of London broker Oval International Ltd.

Alternative capital keeps pressure on insurers in London market: A.M. Best

By: Sarah Veysey

Published September 02, 2014 - 10:05am CST

Insurers in the London market are facing a difficult trading environment as competition from alternative sources of capital threatens their market share, according to a Tuesday briefing report.

S&P downgrades Cooper Gay credit rating to B-

By: Matt Dunning

Published August 29, 2014 - 3:00pm CST

Standard & Poor's Corp. has downgraded Cooper Gay Swett & Crawford Ltd.'s credit rating to B- from B due to disappointing operational performance through the first half of 2014.

JLT shuffles execs, merges specialty units

By: Matthew Lerner

Published August 29, 2014 - 12:13pm CST

Jardine Lloyd Thompson Group P.L.C. said Friday that JLT Re CEO Alastair Speare-Cole will leave the company as Mark Drummond Brady is appointed deputy group CEO.

Aon Benfield secures reinsurance capacity for Aegis London cyber coverage

By: Bill Kenealy

Published August 29, 2014 - 11:57am CST

Reinsurance intermediary Aon Benfield Group Ltd. on Friday said it has sourced the reinsurance capacity for a recently announced cyber liability facility developed by the Lloyd’s of London syndicate of mutual energy insurer Aegis London, a unit of Aegis Insurance Services Inc.

RBS mortgage fine deals blow to boss McEwan

Published August 27, 2014 - 10:09am CST

(Reuters) — Britain's financial regulator has fined Royal Bank of Scotland for selling mortgages without checking if customers could afford them, undermining Chief Executive Ross McEwan's efforts.

OFF BEAT: Adjuster who drove her way out of a job winds up with settlement

Published August 20, 2014 - 10:19am CST

Even when a loss assessor contributes to losses for the insurer she works for it’s apparently not sufficient grounds in Ireland to fire her.

Integro acquires specialist London broker

Published August 08, 2014 - 10:21am CST

Integro Ltd. has acquired London-based Stonehouse Conseillers Ltd., a specialist insurance broker serviing the needs of commercial film production companies and international advertising agencies.

CNA reshuffles Canadian, European insurance leadership

By: Kate Shepherd

Published August 07, 2014 - 11:58am CST

CNA Financial Corp. has named John Hennessy president and chief operating officer of CNA Canada and David Brosnan as chief executive of CNA Insurance Co. Ltd. (CNA Europe).

Aon reports marine market risk overcapacity, soft market pricing

By: Judy Greenwald

Published August 06, 2014 - 4:01pm CST

Continued overcapacity for most marine risks is causing soft market pricing and increased attention to new product development and differentiation, says Aon Risk Solutions in a report on the marine market issued Wednesday.

Legal & General gets profit boost from company pension deals

Published August 06, 2014 - 9:44am CST

(Reuters) — British life insurance and pensions group Legal & General Group P.L.C. posted better-than-expected profit in the first half of the year, boosted by sales of high-margin pension services to companies.

Lockton expands global energy leadership with three specialty hires

By: Judy Greenwald

Published August 05, 2014 - 2:56pm CST

Lockton Cos. L.L.P. is bolstering its London-based energy group with hires from the RKH Group Ltd., Aon P.L.C. and Marsh L.L.C., the brokerage said Tuesday.

U.K. insurance buyers laud changes in Marine Insurance Act 1906

By: Sarah Veysey

Published August 03, 2014 - 6:00am CST

Proposed changes to the United Kingdom's century-old insurance contract law will prompt underwriters to review their business practices and policy wordings and should eliminate claims denials due to inadvertent buyer errors.

U.S. judge orders Microsoft to submit customer's emails from abroad

Published August 01, 2014 - 11:09am CST

(Reuters) — Microsoft Corp. must turn over a customer's emails stored in a data center in Ireland to the U.S. government, a U.S. judge ruled on Thursday in a case that has drawn concern from privacy groups and major technology companies.

Irish gambling site reveals data breach

By: Judy Greenwald

Published July 31, 2014 - 3:00pm CST

An online Irish gambling website said Thursday that data on 649,055 of its customers was hacked in 2010, although no financial information or customer passwords were accessed in the hacking incident.

Crawford acquires U.K.-based construction and engineering adjuster

By: Kate Shepherd

Published July 30, 2014 - 1:18pm CST

Crawford & Co. has finalized the purchase of Manchester, England-based construction and engineering adjuster Buckley Scott Associates Ltd.

XL reports $279.3M 2nd-quarter loss after selling life reinsurance business

By: Mark A. Hofmann

Published July 29, 2014 - 9:42am CST

XL Group P.L.C. reported a net loss of $279.3 million for the second quarter of 2014, reflecting a large after-tax loss on the sale of its life reinsurance operation, the Dublin-based insurer said.

More »