Britain’s largest insurance company, Aviva, parent of Norwich Union, is looking for another swathe of job cuts as part of a bid to save £350 million a year in costs.
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Corporate activity has continued to preoccupy the insurance sector.
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Insurers face the risk of being swept away if they fail to take adequate measures to cope with climate change, warns the Lloyd’s insurance market.
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Big insurance companies are ripe for breaking up or participating in the breaking up of others.
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As Richard Harvey, chief executive of Britain’s largest insurer, Aviva, prepares for his retirement in July, the path to his succession appears to have been cleared by the departure of Patrick Snowball, head of the company’s UK operations.
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Increasing competition and margin pressure in areas such as critical illness cover and the bulk annuity pensions buy-out provided a less than cheerful background to Legal & General’s announcement that it was ‘one step nearer’ a £1 billion cash return to shareholders.
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Against an uninspiring background of easing premium rates and a weak dollar – in which most world insurance is transacted – the Willis broking group has teamed up with leading academic experts
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Mark Tucker, chief executive of insurance giant Prudential, has had the unenviable task of defending the company’s decision to sell Egg.
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The prospect of finally ridding 34,000 old Lloyd’s ‘names’ of their exposure to past liabilities has begun to look like reality.
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As speculation intensified about how soon Sandy Crombie would retire as chief executive of Standard Life, the recently floated life insurer unveiled disappointing interim profits, after making a £100 million provision for customers surrendering their policies.
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