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. [...]
Allianz under investigation by German regulator September 7, 2021 An investigation into insurance giant Allianz has been launched by regulators in Germany, after the loss of some of its US investment funds last year, according to Reuters who first reported the news. The German insurance company is one of the largest money managers globally and has €2.4 trillion ($2.9 trillion) in assets under management [...]
Royal London insurance moves head office to EightyFen in heart of the City August 19, 2021 Mutual life insurance company Royal London has this morning announced it has taken up 55,000 sq ft of office space at 80 Fenchurch Street for its new headquarters in the City. The largest mutual life insurance company in the UK, with assets under management of £153bn, will enjoy panoramic views across London from the top [...]
Insurance payouts for Covid business interruption near £1bn August 17, 2021 Insurers have paid out almost £1bn in claims to businesses that were forced shut during nationwide lockdowns, according to the latest figures released by the Financial Conduct Authority (FCA) this week. Insurance companies paid out £637m in full settlements to policyholders with cover for business interruption since January as well as over £309m in interim payments, brining the total to £946m. But the total payments for claims could be higher still, as more than 38 [...]
Willis Towers Watson names investment head Carl Hess as next CEO August 16, 2021 Insurance giant Willis Towers Watson today named company insider Carl Hess as its next CEO and president, three weeks after the collapse of its planned $30bn (£22.9bn) mega-merger with rival Aon. Hess, who currently heads up the firm’s investment, risk and reinsurance segment, will step into current CEO John Haley’s shoes immediately upon his retirement [...]