Lloyd’s/London
Gallagher International announces latest acquisition, SBA
Gallagher International has acquired Australia-based natural resources risk management provider Specialised Broking Associates for an undisclosed sum.
Aon results highlight 8% fall in broker's UK revenue
Broking giant Aon today reported an 8% decline in commission and fees for its UK arm, in the second quarter of 2010 to $167m (Q2 2009: $181m).
Broker JLT boss Dominic Burke hails Australasia arm as revenue and profits rise
Jardine Lloyd Thompson this morning reported a 21% rise in revenue to £377.8 (H1 2009: £313.0) and an underlying trading profit of £70.7 (H1 2009 £57.8m) up 22%.
APC launches office product for Irish broker market
Commercial insurance underwriting agency APC has launched a new office product specifically designed to cover Ireland’s traditional and home based businesses.
Willis UK sees growth after several negative quarters
Willis Group has reported net income from continuing operations for the quarter ended June 30 was $89m, compared with $87m in the same period a year ago.
Aon Benfield boss joins GC France
Philippe Renault will join Guy Carpenter as president and chief executive of its Paris operations,
Torus expands European operation
Torus has appointed Esther Fittinghoff as professional lines manager and Kurt Fleischmann as senior casualty underwriter.
Ace CEO sees opportunities despite slow economic recovery
Ace today reported net income for the first six months of 2010 was $1.432bn (2009: $ 1.102bn) and increase of 30%.
Brit cuts UK private motor book by 60% as it reports £72.8m profit
Brit Insurance this morning reported that profit before tax excluding the effect of foreign exchange on non-monetary items increased by 12.2% to £72.8m for the first six months of 2010 (30 June 2009: £64.9m). It recorded a profit before tax of £77.5m (30…
Brit opens books to PE house as Apollo ups bid to £10.75 a share
Brit Insurance today confirmed that private equity house Apollo has submitted a revised indicative proposal to acquire the entire issued and to be issued ordinary share capital of the company at a price of £10.75 per share in cash.
Consolidation - global brokers: Too big for their boots?
The creation of the global broker in the 1980s resulted in a dominant few. David Trezies asks whether this consolidation has produced any tangible benefits for clients.
Lloyd's & London market: Bargain hunt
It looks like investors searching for a piece of the action in Lloyd's can pick up a bargain right now, as depressed share prices shine a light on profitable businesses trading at a discount to their net asset value. Ralph Savage investigates whether a…
BIS countdown - Sean McGovern interview: Getting to grips with government
Lloyd's general counsel Sean McGovern talks to Jonathan Swift about the incoming Solvency II directive and his role building relationships with the new government.
Beazley gives warningover energy rate spike
Worldwide energy insurance rates will continue to harden in 2010 due to the Deepwater Horizon oil disaster, with a further spike possible at the reinsurance renewal season, Beazley has claimed.
Lewis leaves Jubilee
Jubilee's group finance director, Kate Lewis, has resigned from the Lloyd's syndicate.
Insurers concerned over double regulatory burden
The lack of detail concerning the regulation of the Lloyd's market could mean insurers there have more influence than others over the eventual shape of their replacement regime for the Financial Services Authority.
Arch sees income rise $85m
Arch has recorded net income of $237m, or $4.45 per share for the second quarter of this year, compared to $152.1m, or $2.43 per share for the same period last year.
Montpelier Q2 net written premiums up 7%
Reinsurer Montpelier claims that premium growth in the last quarter has been driven by its Lloyd's and US operations, particularly its marine book.
Beachcroft warns of cost of reform
Dan Preddy, financial services litigation partner at Beachcroft, has responded to publication of the Treasury consultation paper on financial services regulation.
CEO Utley out at IAG UK
Insurance Australia Group has announced today that Ian Foy, currently CEO of IAG’s New Zealand business, will return to the United Kingdom to become CEO of IAG’s UK business, succeeding Neil Utley.
Insurers are rightly concerned about new regulatory framework
This is according to Paul Edmondson of law firm CMS Cameron McKenna, speaking about the Treasury Consultation Paper on the new financial regulatory framework announced today.
Amlin appoints former Aon director to broker role
Amlin has appointed Patrick McMillen as business development and broker relationship manager.
Argo expands D&O team
Argo International has expanded its directors' and officers' team with the appointment of Rita Mistry and Anthony Hope.
QBE adopts US dollar for reporting as it forecasts 40% profit drop
QBE has decided to adopt a US dollar presentation currency for 2010 onwards, as it is claims this is more relevant for measuring performance given that around 75% of business is now written in 48 overseas countries, and over 50% of annualised premium…