XL Group has significantly raised its estimate for cost synergies from last year’s merger with Catlin from $300mn a year to $500mn by year-end 2017. The new target, which excludes integration costs relating to the deal, is the third upwards revision of cost savings by the company since the deal to combine XL and Catlin […]

Aviva UK life chief executive Andy Briggs has been appointed as the next Association of British Insurers (ABI) chairman. Briggs (pictured) will succeed AXA UK chief executive Paul Evans in the role. Evans will step down in October after serving his two year term. Last April, Briggs became head of Aviva’s UK life business after it bought Friends […]

GoCompare. the price comparison website, has a new boss but could well be sold off by its owners esure. The motor insurance specialist, which took control of the website last year, announced it would carry out a “strategic review” of the business which could result in it being spun off. Esure, which bought GoCompare for […]

For those who follow technological innovation, it can often seem like certain areas of investor enthusiasm come out of nowhere — suddenly and with huge momentum. The wave analogy is often used, and not incorrectly — fevered investment propels increasing interest and drives new opportunistic entrepreneurs into a specific industry area, building until it inevitably […]

Nearly half of workers don’t see a long term future in their current role (Source: Getty) Cuts to bonuses and stagnant salaries are causing many workers in the Square Mile to consider jumping ship. As a result, more than half of City workers do not believe that they will be doing the same job in […]

The Treasury’s most senior civil servant is in line to become chairman of Legal & General (L&G). John Kingman is acting permanent secretary at the Treasury and has been strongly tipped as the frontrunner for the chairman ship of L&G, according to The Times. The role comes with a £340,000 salary for three days a week. […]

Insurance executives meet with government officials in Paris Monday to assess the cost of flooding in the Centre and Ile-de-France regions as the Seine river recedes from its highest levels in more than three decades. The river flowing through the French capital was 5.5 meters (18 feet) above its normal level at 6 p.m. Sunday […]

The proposed and unprecedented plan to change the basis for Tata steel members’ future pension increases from Retail Price Index to Consumer Price Index is another reality check of the real pressure faced by companies which are trying to remain competitive and, at the same time, honour generous legacy defined benefit (DB) pensions, which in many cases […]

Never mind Eva and Frank – figures out today show that Storm Desmond alone cost the UK £597m in insured property losses. While that may sound like a large chunk of cash, this third estimate to be produced by PERILS is actually a reduction on the £662m it forecast back in March. This map, provided […]

Major insurers American International Group Inc and Prudential Financial Inc would be required to hold enough capital to head off risks to the U.S. financial system as part of a regulatory shakeup of the insurance industry proposed by the Federal Reserve on Friday. The U.S. central bank gained regulatory authority over the two systemically important […]