Commercial
Fitch: French windstorm losses material, but managable
Fitch does not expect losses from the catastrophe to result in a material capital erosion for the French insurance market. The agency expects that the rating actions due to the storm are likely to be limited.
Moody’s affirms Prudential’s Aa2 rating
Moody’s has reaffirmed Prudential’s Aa2 financial strength rating following the announcement that it plans to acquire American International Assurance Company.
JLT restructures UK business to capitalise on new MGA unit
News comes as broker reported a 14% rise in fees and commissions to £612.9m (2008: £536.1m) and a 28% jump in underlying profit excluding exceptional items to £97.1m (2008: £76.2m).
JLT restructures UK business to capitalise on new MGA unit
News comes as broker reported a 14% rise in fees and commissions to £612.9m (2008: £536.1m) and a 28% jump in underlying profit excluding exceptional items to £97.1m (2008: £76.2m).
Towergate opens North East underwriting office
Towergate Underwriting has opened its new office in Newcastle to serve brokers based in the North East and Cumbria.
Argo moves into marine cargo
Argo has added marine cargo to its portfolio appointing Nick Derrick from Chubb Insurance as class underwriter to lead the new business.
Apil “disappointed” at plaques decision
The Association of Personal Injury Lawyers said it has always believed the House of Lord’s ruling should be overturned, so the government’s decision on pleural plaques is a disappointing end to a long, drawn out consultation process.
Brit finance director to stand down
Brit Insurance finance director Matthew Scales will step down from his role within the next 12 months.
Allianz Insurance profit up 5.2%
The UK arm of the German giant recorded a combined ratio down 2.3 percentage points to 92.9%, with the retail business improving its COR by 8.2 percentage points over 2008.
Markel appoints new Swedish boss
Anne-Sofia Hedin has been appointed general manager of Markel Sweden, which is based in Stockholm and provides insurance products across Nordic countries, the Baltic states and Russia.
Markel appoints new Swedish boss
Anne-Sofia Hedin has been appointed general manager of Markel Sweden, which is based in Stockholm and provides insurance products across Nordic countries, the Baltic states and Russia.
FSA fires warning letter to brokers
The Financial Services Authority has reminded insurance intermediary firms that they must have adequate financial resources at all times.
ABI backs government asbestos plans
The Association of British Insurers has backed Justice Secretary Jack Straw’s package of measures for people with asbestos-related diseases.
Ansvar appoints new sales director
Ansvar insurance has appointed Richard Lane into the newly created position of sales director.
Thompsons' mixed reaction to government's asbestos decision
Thompsons Solicitors has expressed disappointment at the decision not to restore compensation for people with pleural plaques in England & Wales.
Chartis forms captive practice group
Chartis UK has established a captive practice group to assist clients in dealing with current issues in the captive environment.
Asbestos bill reaches Lords committee stage
Baroness Quin’s private members Asbestos Bill – calling for the reinstatement of damages for asbestos-related pleural plaques – will reach the committee stage at the House of Lords next month.
Complaints against insurers revealed
Lloyds TSB Bank received more complaints relating to general insurance than any other financial services company in the second half 2009.
Lockton warns companies over “new wave” of hackers
Insurance broker Lockton has urged corporate risk managers to take precautions with information systems to protect against a “new wave” of hacker attacks.
Towergate companies sign £10m deal
Open GI, has signed a £10m contract with Power Place to develop new electronic products on the Open Trader platform.
Capita turnover increases 10%
Capita has reported an increase in turnover of 10% to £2.69bn (2008: £2.44bn). Underlying profit rose by 11% to £357.7m (2008: £320.9m) and underlying profit before taxation increased by 17% to £325.1m (2008: £277.2m).
The Royal Hospital Haslar added to CBG portfolio
CBG Group has been appointed to provide a programme of insurance for The Royal Hospital Haslar.
RBSI profits slump by over £500m to £58m in 2009
CEO Paul Geddes described 2009 as "exceptionally challenging"
RSA bullish despite 10% fall in operating profit
CEO Andy Haste hails progress in emerging markets and international arms.