Insurance

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Aviva acquires Irish provider Friends First

Aviva has acquired Irish pensions, life and investment provider Friends First Life Assurance Company for £116m. Friends First is currently owned by Dutch insurer Achmea Holding and has a 6 per cent market share. The deal makes Aviva one of the biggest composite insurers in Ireland. The amount Aviva has agreed to pay for the […]

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Martin Lewis wins claim against PPI chaser that used his image

Consumer champion Martin Lewis has won a battle against a payment protection insurance claims firm that used his image to promote their services. Lewis and Moneysavingexpert.com, the website he founded, challenged two advertisements from Civil Claim Services. One was a Facebook post that included text stating that “the BBC, Martin Lewis and national press have […]

Aviva to sell Friends Provident International for £340m

Aviva is to sell its offshore Friends Provident International business in Asia and the Middle East for £340m following a strategic review. It has agreed to sell the offshore arm to International Financial Group, formerly known as RL360. The deal is subject to regulatory approval, and will see Friends Provident International’s £7.6bn funds under management […]

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Aviva’s Briggs to head up insurance business as part of restructure

Aviva will bring all of its UK insurance businesses – life, general and health insurance – together under one roof as part of a number of structural changes at the provider. Andy Briggs, formerly Aviva UK life chief executive, has been named UK insurance chief executive with responsibility for all of Aviva’s insurance businesses in […]

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Tenet to offer lower risk firms cheaper PI deals

Tenet is to offer directly authorised clients a new professional indemnity scheme with cheaper premiums available to those that purchase more compliance services from the network. Policies will be individually underwritten on a case-by-case basis and Tenet hopes the scheme will offer more realistic excess levels and more affordable premiums to lower risk firms. Group regulatory […]

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L&G turns to EY for CFO hire

Legal & General has appointed EY senior partner Jeff Davies as group chief financial officer, replacing Mark Gregory. Davies, who leads EY’s European Risk and Actuarial Insurance Services practice, will start the role in spring. Previously, he held senior actuarial roles at Swiss Re Life & Health. Gregory will step down once Davies joins L&G […]

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Diamond in the rough: Can something good come out of the broken PI market?

The clamour to reform advisers’ professional indemnity insurance is growing as trade bodies and the regulator face up to the fact PI cover is not working for advice firms. Speaking at the Association of British Insurers conference last week, FCA chief executive Andrew Bailey acknowledged advisers’ PI is not adequately covering firm failures. Bailey said […]

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Sanlam combines DFM and advice arms

Sanlam has set up a new wealth management business to bring together its discretionary fund management and financial advice arms. Sanlam Partners will house the Sanlam Private Wealth and Sanlam Wealth Planning businesses under a new division to be led by the former chief operating officer of employee benefits group A J Gallagher John White. White […]