Latest Insurance News

Taking Stock

CONSUMER Holidays-to-car insurance for the over-50s firm Saga today appointed UBS and Merrill Lynch to advise it on a flotation planned for the second half of this year. Saga was bought out by management for Pounds 1.35 billion in 2004. (c) 2007 Evening Standard; London (UK). Provided by ProQuest Information and Learning. All rights Reserved.

HSBC and Aviva Enter into General Insurance JV

International banking giant HSBC has selected insurance provider Aviva to form a joint venture, under the HSBC Insurance brand, with a vision to become a top 10 player in the UK general insurance market. Under the terms of the planned joint venture, HSBC and Norwich Union Insurance, the UK general insurance arm of Aviva, will underwrite and distribute general insurance products to HSBC's 10.2 million customers in the UK. Dyfrig John, CEO of HSBC Bank, said: "The proposed joint venture wil...

What Passed

By Diane C. Lade, South Florida Sun-Sentinel May 10--GIFT CARDS Gift cards cannot expire or lose value if not used by a certain date. CAR INSURANCE Volunteers who provide transportation to seniors through charity or nonprofit programs cannot have their auto insurance rates raised or their policies canceled because of this activity. HOTEL SAFETY Carbon monoxide detectors will be required in most Florida hotel rooms, a measure promoted by a Weston mother whose teenage daughter died ...

Admiral's Fun Factory Steers Path for Growth ; the City INTERVIEW

By LUCY FARNDON THERE are more tattoos than ties in Admiral's head office. Forget the stuffed shirts seen at many insurers, Admiral staff are more likely to be donning Mexican Sombreros or stockings and suspenders in preparation for their latest theme party. Call centre work doesn't have to be boring, says founder and chief executive Henry Engelhardt. He has encouraged a Ministry of Fun ethos at the car insurer, in an effort to drive profits while keeping employees happy at the same time....

Insurance Tie-Up

BANKING giant HSBC said it had teamed up with Norwich Union to improve its lacklustre performance in the insurance sector. The planned joint venture will see Norwich Union underwrite and distribute general insurance products to HSBC's 10.2m UK customers. The move extends a 23-year underwriting relationship between the firms, as HSBC currently distributes protection, home, travel and car insurance products by Norwich Union. The aim is for HSBC Insurance to be a top 10 player in the UK insu...

State Car Is the Same As Private ; Court: Insurers Can't Exclude Govt. Agencies

By WINTHROP QUIGLEY Journal Staff Writer Uninsured motorist coverage applies to accidents involving government-owned vehicles even when insurance policies specifically exclude such coverage, the State Supreme Court has ruled. Writing for a unanimous court, Justice Pamela B. Minzner said the state Legislature intended uninsured motorist coverage to place a policyholder who is injured by an uninsured or underinsured driver in the same position as she would have been if the driver at fault h...

Provident Sells Car Insurance Arm ; Business News IN BRIEF

Provident Financial, the door-to-door lender, has offloaded its car insurance arm for [pound]170m ahead of its planned demerger. The move drew a downbeat reaction from analysts, who said the price was a disappointment. The unit was sold to GMAC Insurance Holdings, part of the financial services arm of US carmaker General Motors. Provident plans to spin off its international arm. The car insurance arm has long been considered non-core and the company will book a [pound]70m one-off gain. Shares...

Misguided Car-Insurance Changes

By JAMES AHEARN NEW JERSEY'S revitalized automobile insurance market has emerged intact from criticism that it permits insurers to consider education and employment in calculating driver risk. The state Senate Commerce Committee has rejected a bill to forbid the practice. The only committee member who supported the bill when the panel voted in March was Sen. Nia Gill, a Montclair Democrat and a sponsor of the measure. She argued that education and job status were proxies for race and inco...

Special Session Could Save No-Fault Auto Insurance System

By The Palm Beach Post, Fla. May 5--Florida's 37-year-old no-fault auto insurance system is scheduled to expire Oct. 1 because state lawmakers failed to reach agreement on how to change the system before the end of the regular legislative session Friday. But no-fault, or some version of it, could still be revived. GOP Gov. Charlie Crist said he was disappointed that the law would end and that it was likely no-fault would be taken up at a special legislative session on property tax refor...

Briefs

La. officials to test Chinese seafood Chinese seafood will be tested for a banned antibiotic before it can be sold in Louisiana, the state Department of Agriculture and Forestry says. Alabama's agriculture commissioner alerted Louisiana officials about the possibility of fluoroquinolones in Chinese catfish last week. Fluoroquinolones were previously found in Vietnamese seafood in 2005 and seafood from Vietnam is screened before it is sold in Louisiana, the department said. State Farm ...