Car Insurance UK: Latest Events: Automotive and Aviva prepares for US listing

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Aviva prepares for US listing. Aviva has announced that it intends to list on the New York Stock Exchange (NYSE) and will commence trading on 20th October 2009. No new Aviva ordinary shares will be issued in connection with the listing and the group will retain its current primary listing on the London Stock Exchange. The UK’s biggest, and world’s fifth-largest, insurer [...] Aviva prepares for US listing. Published at 20:10, 09.10.2009

FSA tackles shifting MPPI terms. The Financial Services Authority (FSA) has announced that it has developed an industry-wide package of measures in conjunction with Mortgage Payment Protection Insurance (MPPI) providers, which will result in consumers receiving refunds totalling around Ј60 million. According to the regulator, the industry has acted in response to its concerns over recent increases in premiums and reductions [...] FSA tackles shifting MPPI terms. Written at 23:10, 07.10.2009

Aviva proposes sweeping pension reforms. Aviva is calling for a series of reforms to the UK pension system to make retirement saving “more flexible, relevant and attractive to savers”. The insurer says research has identified “widespread confusion” among Britons planning for retirement and it would therefore like to see the introduction of a flat-rate tax relief on pension contributions. In addition, the [...] Aviva proposes sweeping pension reforms. Printed at 22:10, 07.10.2009

Launches pet insurance price comparison. Go compare has become the first UK comparison site to compare pet insurance policies. The service, launched this week, allows pet owners to compare up to 16 pet insurance policies, with more to be added in the near future. As well as comparing price, pet owners can compare the level of cover provided and the length of [...] Gocompare.com launches pet insurance price comparison. Written at 21:10, 07.10.2009

AXA warns against cutting insurance costs. AXA Insurance, in association with the British Chambers of Commerce (BCC), has commissioned research which reveals that over 500,000 people are uninsured in their place of work. In addition, only 34% of businesses are aware of the legal necessity to cover their employees with employers’ liability insurance. From this sub-optimal starting point many businesses are also looking [...] AXA warns against cutting insurance costs. Approved at 19:10, 07.10.2009

Aviva appoints head of UK life and business. Aviva has announced that it is bringing together its UK life and general insurance businesses under the leadership of Mark Hodges, who has been appointed chief executive officer UK, effective from 1st January 2010. The insurer says both units have been reshaped under the leadership of Mark Hodges and Igal Mayer (respectively) over the past two [...] Aviva appoints head of UK life and general business. Printed at 22:10, 06.10.2009

MMA appoints operational claims director. MMA Insurance, the broker insurer, has announced the appointment of Andrew Wooster as operational claims director. The hire has been made with the intention of enhancing the firm’s claims proposition. He joined the firm 16 years ago and has held positions in finance, operational management, customer services and claims. Wooster will be directly responsible to Claims Director Bob [...] MMA appoints operational claims director. Approved at 21:10, 06.10.2009

Direct Group use Validate for Protection claims. Direct Group is following up its success of its new Validate fraud-screening product for travel claims by widening the scope of Validate’s utility into Protection claims. Over the last 12 months Accident, Sickness and Unemployment claims have seen savngs of Ј2,800 per claim (on average) thanks to Validate. Direct Group Investigation Services (DGIS) has also, whilst maintaining [...] Direct Group use Validate for Protection claims. Submitted at 20:10, 06.10.2009

CBI survey detects optimism among insurers. A new survey from the Confederation of British Industry (CBI) indicates that there are signs of growth in the UK financial services sector, for the first time since September 2007. In a joint study with PricewaterhouseCoopers, 32% of firms questioned said that volumes had risen in the three months to early September, while 24% reported a [...] CBI survey detects cautious optimism among insurers. Posted at 22:10, 05.10.2009

Guy Carpenter acquires Rattner Mackenzie Limited. Risk and reinsurance specialist Guy carpenter & Company, LLC has declared it is to acquire 100% of the issued shares in Rattner Mackenzie Limited (RML) from HCC Insurance Holdings, Inc. (HCC). RML is a reinsurance broker based in London, responsible for the placement of HCC’s reinsurance programs in the London market. The move has been made in [...] Guy Carpenter acquires Rattner Mackenzie Limited. Posted at 21:10, 05.10.2009

Direct Group plans acquisition drive. Direct Group has completed a major debt refinancing which will enhance the firm’s market consolidation strategy with the extra funding now available. The firm has moved its banking relationship to Lloyds TSB Corporate Markets as part of the refinancing. Direct Group intends to use the facilities, provided by Lloyds TSB Corporate Markets Acquisition Finance, to take advantage [...] Direct Group plans acquisition drive. Compiled at 21:10, 05.10.2009

Motorists tempted to crash for cash. Over one million British drivers have considered deliberately crashing their car to make a fraudulent insurance claim, research by moneysupermarket.com found this week. Of these, nearly 350,000 have successfully staged an accident. Male drivers and Londoners were the most likely to consider crashing for cash. Moneysupermarket.com slammed drivers who crash for cash as desperate and dangerous. “Desperate times do [...] Motorists tempted to crash for cash. Written at 20:10, 05.10.2009

Learner drivers ripped off by insurers. Young Marmalade, the specialist car insurer for the young, has commissioned research which reveals that 86% of learner drivers are being ripped off by insurers who charge excessively for adding them to pre-existing parental policies. Learner drivers who are 17 typically cost Ј2,000 at least and Ј50,000 (per year) at most to be added to the [...] Learner drivers ripped off by insurers. Issued at 20:10, 05.10.2009

Aviva announces IPO for Delta Lloyd Group. Aviva has announced an initial public offering (IPO) of its Delta Lloyd Group unit, which will be listed on NYSE Euronext Amsterdam. Delta Lloyd is a financial services provider offering life insurance, general insurance, fund management, and banking products and services. Its core markets are in the Netherlands and Belgium where the group mainly operates under the [...] Aviva announces IPO for Delta Lloyd Group. Checked at 07:10, 05.10.2009

Lawyers shun PI cover as premiums rocket. The Law Society Gazette has reported that the cost of insuring the legal profession against professional negligence claims has prompted one in 20 UK law firms to lapse their commercial professional indemnity cover with provider, ARP The insurance is unusual because it has a universal renewal date at the start of October, as the legal year [...] Lawyers shun PI cover as premiums rocket. Checked at 23:10, 02.10.2009

Helphire reports ВЈ149m loss. Helphire has posted a full-year pre-tax loss of Ј149 million for the 12 months to 30 June. Adjusted operating profit before tax fell 90% to Ј4.7 million, down from Ј55.4 million last year. The company, which supplies replacement vehicles to drivers whose cars are being repaired following an accident, blamed the loss on non-cash exceptional charges. In addition, [...] Helphire reports ВЈ149m loss. Published at 20:10, 02.10.2009

Aviva sets out with-profits reattribution terms. Aviva has confirmed details of the reattribution of the with-profits surplus from its CGNU and CULAC funds, having secured High Court approval for the settlement earlier this month. The final value of the reattribution stands at Ј1.25 billion and the total payout to policyholders is worth Ј470 million, meaning that 90% of eligible customers will receive [...] Aviva sets out with-profits reattribution terms. Compiled at 20:10, 01.10.2009

ABI: UK insurance resilient in recession. The British insurance sector is holding up well, despite the recession, according to the Association of British Insurers (ABI). Insurance accounts for approximately one-third of those employed in financial services, and 2008 saw a moderate rise of 1.3% to 313,000 individuals working in the sector. Net premium income from general insurance rose by 3% to Ј34bn, with [...] ABI: UK insurance resilient in recession. Published at 20:10, 01.10.2009

Willis acquires 100% stake in Argentine business. Global insurance broker Willis Group Holdings has announced that it has acquired 100% of the share capital in Herzfeld Willis S.A. (Retail operation) and Willis S.A. (Reinsurance operation) in Argentina. Ten years ago Willis acquired a 20% stake in insurance broker Herzfeld & Levy and established its presence in Argentina in doing so. Herzfeld & Levy (renamed [...] Willis acquires 100% stake in Argentine business. Published at 19:10, 01.10.2009

Lucida strikes deal with Merchant Navy. Lucida Plc, the insurance company focused on the annuity and longevity risk business, has agreed to insure Ј500 million in pension liabilities held by the trustees of the Merchant Navy Officers’ Pension Fund (MNOPF). The MNOPF was set up in 1937 to allow shipping companies to provide retirement and death benefits for their officers and the [...] Lucida strikes deal with Merchant Navy Officers' Pension Fund. Compiled at 23:09, 30.09.2009

Car Insurance UK: Latest Events

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Aviva prepares for US listing

• Car Insurance UK: Latest Events

  • Aviva prepares for US listing
  • FSA tackles shifting MPPI terms
  • Aviva proposes sweeping pension reforms
  • Launches pet insurance price comparison
  • AXA warns against cutting insurance costs
  • Aviva appoints head of UK life and business
  • MMA appoints operational claims director
  • Direct Group use Validate for Protection claims
  • CBI survey detects optimism among insurers
  • Guy Carpenter acquires Rattner Mackenzie Limited
  • Direct Group plans acquisition drive
  • Motorists tempted to crash for cash
  • Learner drivers ripped off by insurers
  • Aviva announces IPO for Delta Lloyd Group
  • Lawyers shun PI cover as premiums rocket
  • Helphire reports ВЈ149m loss
  • Aviva sets out with-profits reattribution terms
  • ABI: UK insurance resilient in recession
  • Willis acquires 100% stake in Argentine business
  • Lucida strikes deal with Merchant Navy

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