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Broker banned for using £570k of client money - Friday, September 03, 2010
The Financial Services Authority (FSA) has imposed a lifetime ban on David Marriott, a former chief executive of two insurance intermediaries: Target Underwriting Ltd and Professional Insurance Select Ltd. Mr Marriott failed to segregate and protect money from clients’ insurance premiums and used client money to support the day-to-day finances at both failing firms. He also used ...
Standard Life to cut 500 jobs - Thursday, September 02, 2010
Standard Life has announced up to 500 job losses over the next 15 months, as the group continues its cost reduction programme. The life and pensions provider may be cutting as many as 600 jobs, mostly at its Edinburgh base, while at the same time creating up to 100 new posts. It is understood that 100 of ...
Marsh launches contamination cover for water utilities - Thursday, September 02, 2010
Marsh has launched a product designed to protect water utility companies against the cost of a serious contamination incident. With industry regulation tightening and the threat of terrorism increasing, water utility firms globally are firming up their attitude to risk and the insurer claims the policy is the first of its kind. It can provide cover of ...
Allianz hires household claims operations manager - Thursday, September 02, 2010
Allianz has announced the appointment of Gary Coton to the position of household claims operations manager. Coton brings to the post 17 years of experience, and most recently worked for AIG where he was tasked with enhancing the efficiency of operations pertaining to the Premium Booking and Accounts Receivable process. In his new role he will ...
Aon expands renewable energy team - Wednesday, September 01, 2010
Aon has appointed Bruce Grant as senior broker, renewable energy team. Mr Grant joins from Marsh, where he managed the renewable energy team and designed and placed major offshore wind policies, having co-designed what have since become the standard offshore wind policy wordings. He brings over a decade of renewable energy experience, including working on the ...
Aviva’s RAC launches misfuelling service - Wednesday, September 01, 2010
Aviva’s RAC unit has launched a specialist patrol team to aid the 400-plus motorists per day who accidentally put the wrong fuel in their cars. RAC Fuel Patrol vans are fitted with equipment to extract the contaminated fuel and flush the vehicle’s fuel system on the spot, with motorists driving away, on average, 40 minutes after ...
Road rage benefits valued by scarce - Wednesday, September 01, 2010
Only one in eight car insurance policies offer any cover for road rage incidents, according to Defaqto’s latest report on the motor insurance industry. Where they do exist, road rage benefit limits range from £500 to £5,000, with cover for professional counselling costs usually included, and sometimes cover for physical assault. However, the firm’s general insurance insight ...
swiftcover reveals insurance claims tricks - Wednesday, September 01, 2010
Online car insurer, swiftcover.com, is suggesting that motorists are increasingly trying to get insurers to pay for old damage and normal wear and tear as part of genuine insurance claims. To combat the trend, the company has published the top insurance claims tricks and misconceptions as follows: The “Two For One” claim – a driver will pass-off ...
Homeowners give thieves a sporting chance - Tuesday, August 31, 2010
Specialist home insurer Hiscox has commissioned research which reveals that homeowners are exposing themselves by leaving valuable sports equipment, unsecured, in gardens and garages. The goods, with an average value of £770, are left in gardens and car boots by 53% of the professionals surveyed. More than a quarter (26%) also admitted that their gardens and outbuildings ...
Annuity rates hit all-time low - Tuesday, August 31, 2010
Annuity rates have hit an all-time low, according to new research from Moneyfacts.co.uk. Insurers that provide annuities offer a monthly income in exchange for a retiree’s pension pot and rates have apparently been falling steadily for months. The financial website claims that the average rate for a male aged 65 purchasing a level without guarantee annuity (based ...