Biba unveils ‘Find a broker’ app
New app will help customers locate Biba members
Biba has launched a ‘Find a Biba Broker’ mobile app for iPhones and iPads to help customers locate Biba members and promote general insurance brokers.
The app can be used to search for Biba members by town, postcode or their current location. They can then either call or email brokers directly or retrieve directions via Google maps.
The new app is an extension of Biba’s existing online search and Find a Broker helpline which collectively receive more than 400,000 enquiries every year.
Biba chief executive, Eric Galbraith, said: “With the new signposting government agreement recognising our service as a suitable solution to help customers, we expect enquiries to increase further.
read moreAllianz triumphs in annual results rankings
Insurance Times ranks UK general insurers on financial performance
The results are in, the numbers have been crunched and Allianz has triumphed in Insurance Times’ first annual results ranking.
Allianz’s consistently strong performance, with COR below 100% in each of the past five years, helped it to come out on top. RSA in second place and Admiral in third were also boosted by their solid historical results.
The top-ranking insurers table compares the financial performance of the UK’s leading insurers using four different COR measures, balancing short-term performance with a longer-term view (see methodology, below).
In joint fourth place were Aviva, AXA, and Zurich, followed by Ageas in seventh position, and LV= and RBSI in joint eighth.
read moreBudget 2012: Government measures could attract more foreign insurers
But general anti-avoidance rule on tax cause for concern
More insurers could announce their intent to move to the UK over the next year, according to PwC.
The firm’s UK insurance tax leader Colin Graham said the 2012 Budget announced today showed Government’s ambition to attract and retain global companies.
The main concern, however, he said was over the introduction of a general anti-avoidance rule with the need to strike a balance between protecting tax revenues and enabling businesses to carry out commercially driven transactions with certainty.
Graham said that overall the Budget was good news for insurers, as was the move to a 22% corporation tax rate and the intent to reduce that further to 20%.
“The Chancellor referenced the progress that has been made on the controlled foreign companies (CFC) reform debate and the fact more firms are moving to the UK,” he said.
“We wouldn’t be surprised to see more announcements of insurers’ intention to move to the UK in the coming 12 months.
He continued: “The reduction of the higher income tax rate will also help the UK and it’s good news for life insurers that pensions relief is largely being left untouched.”
Anne Hamilton, UK insurance tax leader in Deloitte’s financial services tax practice, said that the insurance-specific measures announced today’s Budget were to be expected.
“For general insurers and Lloyd’s, the announcements on claims equalisation reserves and stop-loss arrangements confirm those already made in December 2011,” she said.
“For life insurers, the main interest will be when the Finance Bill is published next week and the amendments to the new life regime, as published in draft in December, can be assessed.
read moreJLT beats rivals with 7% organic growth
Profit up 13% as emerging markets revenues soar
Broking group Jardine Lloyd Thompson (JLT) achieved 7% organic revenue growth in 2011, beating fellow top-tier brokers Aon, Marsh, Willis and Arthur J Gallagher.
JLT’s Total revenues for 2011 were £818.8m, up 10% on 2010’s £746.3m. The broker’s 2011 profit before tax was also up, improving 13% to £134.5m (2010: 119.4%). Excluding £31.m of one-off costs, which ioncluded an £8.9m restructuring bill, the profit would have been £147.6m.
Profit after tax was down 2% at £88.7m (2010: £90.7m), but this was because a one-off £13.2m tax credit boosted the 2010 result.
“Our emphasis on being a client-first organisation continues to serve us well, as demonstrated by our strong growth record,” JLT chief executive Dominic Burke said in a statement.
read moreInsurance Policy Tip: Safe Driving for the Winter
In the winter, freezing temperatures and roads coated with salt can wreak havoc on your car, nevermind icy windshields, dead batteries, and cars that won’t start. Safe driving in all weather conditions can help you avoid car accidents and claims on your auto insurance policy,
In the winter, freezing temperatures and roads coated with salt can wreak havoc on your car, nevermind icy windshields, dead batteries, and cars that won’t start.
Europ Assistance UK in MBO
Travel insurer planning new products after independence
Travel insurance broker and breakdown assistance provider Europ Assistance Holdings Limited is to undergo a management buyout.
The company, which houses Europ Assitance Group’s UK and Ireland operations, will split from its French parent and become an independent entity, subject to FSA approval.
The company will continue to offer full underwriting services against all existing lines of business and will retain access to Europ Assistance Group’s worldwide network. It also plans to develop new solutions, and will announce full details in due course.
The firm will continue to be managed by current chief executive Patrick Leroy, supported by the existing management team.
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