Willis Towers licks wounds of failed mega-merger with a board shakeup November 18, 2021 Willis Towers Watson has appointed four new directors, as the company tries to move forward after a failed mega-deal with Aon earlier this year.
EV premiums tumble by £97, research says November 18, 2021 Insurance rates for electric vehicles (EV) have gone down by £97, from £753 to £656, while premiums for petrol and diesel slumped by £82 to £622 in the third quarter of 2021. Research from price comparison website Comparethemarket has revealed that, despite the decline, the average annual insurance for EV is still £33 more expensive [...]
LV= rejects new Royal London offer and stands by £530m Bain takeover November 16, 2021 Mutual insurer Liverpool Victoria has turned down the latest offer from its competitor Royal London which had proposed dismantling the business, amid increasing criticism over a £530m proposed takeover which would end the firm’s member-owned status. LV= has been pushing its members to vote to allow the controversial takeover deal by US private equity firm [...]
£450bn of UK pension funds’ inflation-linked liabilities remain unmatched November 11, 2021 £450bn of inflation‐linked liabilities belonging to UK pension funds remain unmatched, according to new data shared with City A.M. this afternoon. As higher inflation risks currently prevail means demand for inflation-linked assets continues, yet there is a lack of supply of such assets, according to Alpha Real Capital The firm’s analysis suggests the value of [...]
Dead cash: Over £230bn in millions of UK life insurance policies at risk of going unclaimed November 11, 2021 Over £230bn worth of life insurance policies is at risk of going unclaimed in the UK, according to new data shared with City A.M. this morning. Millions of widows and widowers or child beneficiaries could be missing out on billions in life insurance payouts, as nearly one fifth (18 per cent) of Brits had not told their [...]
Insurance body ABI names Nicky Morgan new chair amid management shake up November 10, 2021 Former MP Nicky Morgan has been appointed as the first independent chair of the Association of British Insurers (ABI), as the trade body overhauls its management. Two more senior appointments were today announced by the ABI, whose members include Aviva and Axa, as part of reforms by the organisation to improve consumer trust in the [...]
Insurer LV= offers £100 to every member for £530m Bain Capital takeover November 3, 2021 British insurer LV= is offering its members £100 as a one-off payment, which will cost of a total of £111m, should takeover plans by private equity firm Bain Capital go ahead. Eligible members of LV= are scheduled to cast their vote on the proposed takeover deal, worth £530m, on Dec 10. Three quarters of votes [...]
Post-Brexit accounting body to face first major test over insurance sector October 14, 2021 The UK Endorsement Board, which oversees accounting rules, is preparing to come to heads with insurers in the first major test of the new body, according to reports. The UK Endorsement Board (UKEB) was formed in direct response to Britain’s exit from the European Union, which forced the country to manage and endorse international accounting [...]
Lloyd’s chief: City firms owe it to younger employees to get back to office September 10, 2021 The City of London has a duty to get employees back to the office so that younger staff don’t miss out on career development and learning from their seniors, the Lloyd’s of London chief executive has said. John Neal, who heads up the insurance giant, called for more people to return to the Square Mile [...]
Insurtech Marshmallow reaches $1.25bn valuation and becomes UK’s second black-founded unicorn September 8, 2021 Digital car insurance provider Marshmallow has smashed the $1bn threshold after its latest Series B funding round, making it the second UK unicorn with founders of Black heritage. Marshmallow’s latest cash injection of $85m values the insurtech at over $1.25bn (£907m), joining the ranks of other recent UK unicorns Starling Bank, Gousto, Zepz and Zego. [...]