Britain’s market watchdog warned about 4,000 small financial firms are at greater risk of failure from the coronavirus as the country endures a third lockdown. The Financial Conduct Authority said Thursday that the pandemic is pushing the firms to the …
UK insurer Hasting Group Holdings has agreed to a £1.66 billion (US$2.2 billion) cash acquisition by Finnish insurer Sampo and Rand Merchant Investment Holdings Ltd., a South African financial services investment company. Hastings investors will receive 250 pence for each …
Insurer Direct Line gave a double bonus to shareholders on Tuesday as first-half profits beat expectations due to a slump in motor claims as Britons drove less during the coronavirus lockdown. Britain’s biggest car insurer raised its interim dividend 2.8% …
Britain and the European Union are set to miss their end-June deadline for assessing future cross-border trade in financial services, leaving just six months before a potentially messy UK exit, financial industry and EU officials say. Britain left the EU …
UK car and home insurer Admiral Group Plc is considering a potential sale of its price comparison platform Penguin Portals, according to people familiar with the matter. The FTSE 100 company is working with boutique advisory firm Houlihan Lokey Inc. …
Most insurance policies bought by smaller UK companies do not cover disruption caused by the coronavirus pandemic, but those that do should make interim pay-outs quickly, a watchdog said on Wednesday, as insurers come under fire for being slow to …
UK travel insurers expect to pay record claims of at least £275 million (US$319 million) due to the coronavirus pandemic, according to first estimates from the Association of British Insurers (ABI). The vast majority of payouts will be for cancellations, …
The UK Financial Conduct Authority (FCA) reminded insurers on Thursday to have “robust” operational resilience and business continuity plans in place to respond to possible disruptions caused by the coronavirus pandemic. The FCA expects firms to have “sufficiently robust systems …
Losses from storms Ciara and Dennis, which brought strong winds, torrential rain and widespread flooding to the UK, will increase pressure on UK household insurers’ profits in 2020, said Fitch Ratings. While the claims are unlikely to exceed £500 million …
The insurance industry is facing a complicated cocktail of massive political and economic uncertainty, climate risks, huge shifts in technology and increasing regulatory burdens. These are just some of the industry challenges cited by Jon Dye, chief executive of Allianz …
