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Broker Network eyeing more acquisitions, reveals double-digit growth in 2017 | Insurance Business

Broker Network looks set to swoop for more broking firms this year as its CEO says it will continue to build on its “regional powerhouse” strategy. The network has posted its 2017 financial results, which saw revenues come in at £23.1 million – up 13% on a like-for-like basis from the previous year. EBITDA was at £5.7 million for the year ending December 31, 2017, up 10% like-for-like compared to 2016. “We

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Insurance News 

AXA Commercial appoints new broker-focused director | Insurance Business

AXA Commercial has created a new director role which it says will bring together all of its broker trading contact points to help deliver “enhanced cohesion” to its broker distribution strategy in the UK commercial market. Nick Watson, former Arista MD, has been appointed director of commercial distribution and trading, and will have responsibility for broker marketing, development, the branch network and strategic partnerships, the insurer revealed today.

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Insurance News 

Allianz says no to hostile takeovers | Insurance Business

“We would never go after anybody against their will; never.” These were the words of Allianz chief executive Oliver Bäte, as reported by the Financial Times, while talking about possible mergers and acquisitions. According to the report, the insurance boss believes large deals within the financial services industry would not succeed without the support of both sides – ruling out hostile takeovers in its hunt for firms to snap up.

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Insurance News 

Credit insurance giant: Expect price hikes | Insurance Business

While motor insurance costs in the UK have hit the brakes, it looks like we will be seeing acceleration in prices somewhere else… and trade credit insurance giant Euler Hermes has pointed to a couple of culprits.     “On average we are targeting a 5% increase in pricing because of the impact of Brexit and pressure on retail, which has been exacerbated by Brexit,” Euler Hermes chief executive Wilfried Verstraete told the Financial Times. The credit insurer had to respond to

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Insurance News 

Willis Towers Watson launches upgraded insurance pricing platform | Insurance Business

Willis Towers Watson (WTW) has launched an updated version of its pricing software, adding new features and functionality to the platform. Radar 4.0 now allows users to build gradient boosting machines and classification models directly within the platform’s decision support environment, a release said. Thanks to enhancements, the software allows even those without programming skills to visually identify complex behaviours. The software

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Insurance News 

Covéa Insurance optimistic despite profit slide | Insurance Business

“I remain very confident that we are well placed to keep delivering profitable growth across all our lines of business over the coming years.” These were the words of Covéa Insurance chief executive James Reader even after the British insurer saw its profit (after tax) fall from £38.4 million in 2016 to last year’s £24.1 million. A couple of factors drove the decline. “We’ve faced a number of

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Insurance News 

Chubb creates new regional role in the UK | Insurance Business

Andy Macfarlane’s (pictured) remit has just widened. Chubb’s regional manager for Scotland is now also in charge of branches in Manchester, Leeds, and Newcastle – having been promoted to the newly created role of regional manager, Scotland and the North. In his broader capacity, Macfarlane will continue to report to Chubb’s head of corporate division for UK and Ireland Sara Mitchell. “I am delighted that Andy has

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Insurance News 

Paris City Council calls on insurers to ditch coal | Insurance Business

Paris City Council has urged European insurance and reinsurance companies to ditch their support of the coal industry in Europe and in Poland in particular, calling out several insurers directly. In a motion passed last night, the council put pressure on insurers to commit to action ahead of the Geneva Association’s general assembly in Paris later this month, which will be attended by insurance industry leaders, the Unfriend Coal campaign said.

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Insurance News 

«There is no ‘one size fits all’ approach to Brexit preparedness» | Insurance Business

It’s been said a number of times, but it looks like there’s no stopping the insurance industry from clamouring for clarity as we near the UK’s departure from the European Union. Anthony Brennan, president of trade body Insurance Ireland, has reiterated the need for certainty when it comes to contracts – calling on negotiating teams to give just that in the soonest time possible. Speaking at Insurance Ireland’s annual lunch in Dublin, he expressed how crucial it

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Insurance News 

Direct Line reveals impact of recent snow madness | Insurance Business

One major weather event has hit insurer Direct Line hard. Releasing its trade update for the first quarter of 2018, Direct Line Insurance Group plc said claims related to the recent cold snap in the UK are likely to cost around £50 million post-tax – the expected amount easily a huge chunk of the allocated budget for weather claims for the whole year.  “The group’s current assumption of a normal annual level of claims

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