insurancepeople
CBG
News
continues profit run
Mike Askew
M
anchester-based AIM- listed insurance broker and financial services specialist CBG Group recently posted profits for the seventh year in a row, despite
challenging trading conditions. Group managing director Mike Askew says, “We have taken the necessary steps to re-align our cost base. This will ensure that we remain financially strong and suitably resourced with appropriate technical and operational capability to service our client portfolio. We continue to focus on improving our business systems to drive efficiencies and are well positioned to invest in the
Robin Slinger
business through targeted acquisitions.”
Chairman Laurie Turnbull announces his decision to stand down after five years in the role. He will be replaced by non-executive director Robin Slinger. In addition Stuart Mollekin, currently executive director, becomes a non- executive director and Stephen Rees, managing director of the group’s financial services division, is appointed financial services operations director. For the financial year at end 2009, revenue dropped to £8.9m (2008: £11.1m) with adjusted pre-tax profits also falling from £2.2m to £1.02m.
Ablett joins
Europ Assistance
E
Tim Ablett
urop Assistance has appointed Tim Ablett as non-executive director. His 40 years’ experience includes several non-executive directorships. Most recently he was chief executive of FirstAssist Group and before that was with Royal & SunAlliance and Groupama.
Transactor wins Cornish Mutual order
West-based insurer Cornish Mutual with a complete Microsoft-based technology system scheduled to go live this summer (2010). The new system will include all insurance business processes from new business to claims with a complete range of fully automated policy transactions available to the operator, both in the office and on the internet. Ray Vincent, managing director of TGSL says, “Cornish Mutual operate in a part of the market that we have been keen to break into for quite a while, with a range of insurance covers
T
ransactor Global Solutions Ltd is to provide South
Ray Vincent
that will demonstrate Transactor’s strengths around some very interesting personal and commercial classes of business.”
BIBA critical of FSA Threshold Condition 4
B
IBA chief executive Eric Galbraith has criticised the Financial Services Authority’s approach to its Threshold Condition 4 (adequate resources). Speaking at the FSA Insurance Sector Conference in London he asked why the regulator takes such an intense interest in the area of adequate resources and why any regulation is needed. He said that general insurance brokers present the lowest risk and that
engagement by the regulator in aspects beyond the principles and minimum financial requirements is unnecessary, time consuming, and expensive.
Galbraith said that brokers present no systemic risk and that the potential failure of an
Eric Galbraith
APRIL 2010 insurancepeople 23
intermediary does not present a need for high level regulation of this area with risk transfer, client money protection, professional indemnity insurance, intense competition and the FSCS already in place.
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