Keep up with what has been happening this week in our latest insurance news round-up…

XPS Pension Group reveal pension scams in 2020

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 Insurance hires new underwriters to renewable energy team

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 announce buy-in deal with Evonik

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 confirm office closures

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.

Businesses concerned about reputational risk

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.

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