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Groupama Insurance credit rating upgraded

Following the completion of Ageas UK’s acquisition of Groupama Insurance Company in November, Standard & Poor’s has raised Groupama Insurance’s financial strength rating to BBB with a “stable outlook”. The ratings agency took a number of factors into consideration in making its decision including the company’s good competitive position, established and diversified broker base, strong […]

ICO fines “compensation” text generators £440k

The owners of a company that has been plaguing the public with unsolicited text messages and then selling on respondents’ details to claims management firms has been fined £440,000 by the Information Commissioner’s Office (ICO). An example of their work includes: “You have still not claimed the compensation you are due for the accident you […]

Towergate appoints Wood as CEO of Paymentshield

Former Ecclesiastical UK managing director Steve Wood returns to the insurance industry to join Towergate’s executive team. Towergate Insurance has appointed Steve Wood as chief executive officer of Paymentshield. The appointment marks Wood’s return to the insurance market after having previously left his post as UK managing director of Ecclesiastical Insurance Group in 2013. Towergate […]

Retiring Deloitte partner Ian Clark joins Gallagher

Arthur J Gallagher has hired Deloitte Partner Ian Clark as a strategic business consultant to its UK and international operations. Clark, who has led Deloitte’s mergers and acquisitions (M&A) and strategy practice for the past 10 years, will retire from the consultancy this Friday after 24 years as a partner at Deloitte and its predecessor […]

BoE warns on insurance industry “shadow banks”

Speaking to insurance company heads yesterday, Bank of England deputy governor, Paul Tucker, highlighted the potential for insurance firms to build “shadow banks” within their groups, for example through their securities lending business. According to the deputy governor, “nothing must be done to jeopardise the essential functions of securities lending” which, he said, are key […]

Equinox reinforce macroeconomic forecasting capability

Equinox Global, the recently established specialist trade credit insurer, has appointed Gaurav Ganguly as head of risk strategy and Marian Berden as senior credit and macro analyst. Both will take up their roles on 1st March, with Mr Ganguly joining from Atradius where as chief economist, he built and led an economics unit specialising in […]

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