Lloyd’s/London
Commercial insurance "crisis looming"
The Association of Insurance and Risk Managers has welcomed today’s Mactavish / PwC report, which it claims has “lifted the lid” on a “potential crisis” looming in the UK commercial insurance market.
CFC launches medical device cover
CFC Underwriting has launched a product designed to provide comprehensive cover for medical device companies.
Tawa completes acquisition
Tawa has acquired 100% of the issued shares of Oslo Reinsurance Company (UK).
Lloyd's: Too early to assess Japan losses
Lloyd's has said it is "far too early" to assess the business impact of the natural disasters to hit Japan over the last 24 hours.
Jubilee appoints senior A&H underwriter
Lloyd’s insurer Jubilee has appointed Neil Tayler as accident & health underwriter at Jubilee Syndicate 5820.
Lloyd's opens Rotterdam office
Lloyd’s has opened a Benelux office in Rotterdam.
FSA publishes regulation responses
The Financial Services Authority and Financial Reporting Council have published a feedback statement summarising the responses to the joint discussion paper on enhancing the auditor’s contribution to prudential regulation.
Claims operation launches to assist the London market
A new company offering claims management services to assist the London market has been launched.
Munich Re hit by £931m cat losses in 2011
Natural catastrophes in Australia and New Zealand have already cost Munich Re AUS$1.5bn (£931.1m) in 2011.
Canopius accuses industry of "folly"
Canopius chairman Michael Watson has accused the insurance and markets of “folly” as rates continue falling despite 2010 being “one of the six” most costly years for insured catastrophe losses.
Catlin estimates $125m quake loss
Catlin Group has estimated that the 22 February 2011 earthquake near Christchurch, New Zealand caused its losses of $125m.
Post history - 10 years ago: Rock band serves writ on syndicates
Looking through Post's back catalogue paints a unique picture of more than 150 years of insurance news, as this highlight from 10 years ago reveals.
Postbox: Are the dog days over?
Forty to 50 years ago, the London insurance market claimed it would offer cover for any legitimate risk and, as a young broker, I never imagined I would one day be frustrated by the failure to quote for a simple risk.
Novae: UK corporation tax may force us to redomicile
Novae chief executive Matthew Fosh has said the UK’s economic landscape is set to force the insurer to redomicile, so it can remain competitive and yield bigger returns for shareholders.
Amlin blames earthquakes for £250m drop in profit
Amlin will monitor rate increases in earthquake zones in 2011, after blaming significant catastrophe activity for a £250m drop in profit for 2010.
Chaucer profits fall due to cat exposure
Chaucer has attributed its fall in profit and property underwriting loss to its exposure to global catastrophes.
Capita Managing Agency to manage new run-off
Capita Managing Agency has been approved by Lloyd’s to manage a newly created run-off syndicate at Lloyd’s, 2255.
Brit takeover continues
The deadline by which Brit shareholders can accept or decline Achilles offer for the company has been extended again.
Southern hemisphere catastrophe events hit Beazley syndicate
Beazley Syndicate 623, which writes business on behalf of Names at Lloyd’s, has reported a 13.4% return on capacity for the 2008 underwriting year (previously 10%).
Liberty outlines mid-corporate aspirations
Liberty Mutual Insurance Europe has outlined plans to expand into commercial lines mid-markets.
Chaucer reports £32.9m profit
Chaucer has reported profit before tax and foreign exchange on non-monetary items of £34.8m (2009 £75.3m) and profit before tax of £32.9m (2009 £42.0m).
Novae considers move abroad
Novae Group's underlying profit before tax has improved 105% year-on-year to £36.2m (2009: £17.7m).
Amlin hit by retro quake losses
Amlin’s results “beat consensus”, albeit driven by reserve releases, while its 88% combined ratio in difficult conditions was “impressive”, according to analysts at Jefferies International.
LMA revamps terms of engagement
The Lloyd’s Market Association energy claims group has presented their revamped ‘Terms of Engagement for Energy Loss Adjusters’ at this year’s Lillehammer Energy Claims Conference.