Insurer Hiscox names new group chief financial officer December 21, 2021 International insurer Hiscox Ltd has announced former EY partner and industry expert Paul Cooper as its new group chief financial officer. A qualified chartered accountant who trained with PwC, Cooper is currently the interim group chief financial officer of M&G Plc, a FTSE 100 asset manager and life insurer. Cooper will be rewarded with a [...]
Things between Zurich and Greggs heat up as insurer insists on slicing bakery’s £100m covid claim to £2.5m December 14, 2021 Zurich Insurance has retaliated in a London court against a claim by bakery chain Greggs for between £50m to £100m in payouts for Covid-19 related losses, according to reports. The insurance giant told the court that its business interruption cover went up to £2.5m for a single event, according to Legal 360, which first reported [...]
LV= to review new Royal London takeover offer after £530m Bain bid scrapped by members December 12, 2021 Insurance mutual LV= will this week assess a takeover offer back on the table from rival Royal London after its members last week rejected a £530m takeover bid from US private equity giant Bain. In a vote on Friday, 69 per cent of LV=members who voted supported the deal with Bain – but they fell [...]
LV= chairman quits after members reject £530m Bain Capital takeover December 11, 2021 Alan Cook has stepped down as chairman of mutual insurer Liverpool Victoria after failing to secure the backing of members for a £530m deal with a US private equity firm. Cook resigned within minutes of the vote results being announced, revealing that 69 per cent of LV= members who voted supported the deal, which needed [...]
Exclusive: LV= CEO Mark Hartigan on the controversial £530m takeover by Bain Capital, ten days ahead of the vote of his life December 1, 2021 Last week, Liverpool Victoria (LV=) , the 178-year old mutually owned life insurance and pensions provider, turned down an improved offer from its competitor Royal London, which had proposed dismantling the business. The development came amid increasing criticism over a £530m proposed takeover of LV= by Bain Capital, as non-profit members would receive just £100 [...]
Pandemic affects retirement plans for over half the nation, says Aviva November 25, 2021 Covid-19 has affected the retirement plans of 54 per cent of UK adults, with people nearing mid-life bearing the brunt of anxiety, according to new research.
Rising insurance costs could be ‘last straw’ for struggling small businesses November 24, 2021 Half of small and mid-sized UK businesses have seen increases in pandemic-related exclusions in their cover, according to broker Marsh, as insurers try to stop their £1bn bill from mounting further.
Law Society slams proposal by solicitors’ regulator to throw out additional insurance cover November 24, 2021 The professional body has warned that scaling back insurance for law firms would make the marketplace “less safe” for consumers, after the Solicitors Regulation Authority (SRA) launched a consultation on the controversial proposals. The Law Society of England and Wales today said “consumers could be left high and dry if the regulator pushes ahead” with [...]
LV to launch fresh charm offensive to get £530m Bain takeover approved November 21, 2021 Insurance mutual LV is this week expected to stage a fresh charm offensive for member-owners to talk up the benefits of a £530m bid from US private equity firm Bain. The takeover for the mutual formerly known as Liverpool Victoria has come into the spotlight after members balked at the prospect of just a £100 payment [...]
London’s Wolseley restaurant owners take Axa to court over Covid insurance disputes November 20, 2021 Hospitality groups, including the owner of London's Wolseley restaurant, are set to bring lawsuits to Axa insurance over Covid-related losses, according to reports.