Keep up with what has been happening this week in our latest insurance news round-up…
In XPS Pension Group’s Transfer Watch 2020 review, it has revealed that 49% of pension transfers processed during 2020 showed a red flag warning sign of it being a pension scam with a 20% fall in transfer activity.
AXIS Capital Holdings’ division, AXIS Insurance have announced the appointment of two new underwriters to join its renewable energy team. This will support the expansion of its renewable energy business in Spain, Portugal, and Latin America.
Legal & General have announced that it has agreed to a £544 million annuity deal of four pension schemes sponsored by Evonik UK Holdings Ltd. This will allow Legal & General to secure the benefits of over 3,600 UK defined benefit pension scheme members.
Aviva has confirmed that they will be closing a number of offices across the UK with staff working remotely, they have also announced restructuring plans with the insurer planning to combine office space in some locations.
Willis Towers Watson has revealed in its 2020 Reputational Risk Survey published last year that 86% of their clients were concerned about the loss of income and reduced customer based due to reputational risk.
Finance chief of BMW told Reuters that they aim to return to their pre-Covid operating margin target which will see the company having to simplify its vehicle portfolio with their big investments in electric cars.