Claims-Hit Insurer Direct Line Taps New CEO: The London Rush

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Direct Line named Adam Winslow as chief executive officer, ending a months-long search. Penny James resigned as CEO in January after the motor insurer scrapped its final dividend amid ballooning claims. Car insurance is one of the starkest examples of cost inflation in the UK — and experts say the industry faces an overall loss for the year before possibly returning to profitability in 2024.

Cars parked outside a row of residential terraced houses in Cambridge, UK, on Thursday, April 13, 2023. Cambridge is a crucial part of the UK’s goal to become a science and technology superpower by 2030 and the university’s contribution to the domestic economy is almost quadruple that of UK soccer’s Premier League. Photographer: Chris Ratcliffe/Bloomberg , Bloomberg

Prudential Plc: The company plans to more than double its new business profit by 2027 as CEO Anil Wadhwani ramps up his strategy less than a year into the job. UK Insurers: The sector is feeling the heat from a rising claims inflation rate, especially for cars, with industry figures warning that motorists should brace for another year of steep increases in insurance premiums.

Meanwhile, a group of UK lawmakers called on the government to enforce clearer and tougher rules on artificial intelligence systems that are trained off the work of artists, writers and other content creators.What to do with the HSBC Canary Wharf tower after it’s empty? The bank’s plan to leave the landmark building for a smaller site shows the global challenges ahead in repurposing unwanted office space for a post-pandemic world.

 

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