News
FSA equipped with new immunity power
The Financial Services Authority (FSA) has welcomed the proposals announced by the government to give it new statutory powers, including the power to grant immunity, when investigating criminal cases such as insider dealing.
Al Fayer Retakaful's ratings put under review by AM Best
Kuwaiti retakaful insurer Al Fayer Retakaful Insurance's financial strength rating of A- (Excellent) and issuer credit rating of "a-" of Al Fajer Retakaful Insurance Company KSCC (Al Fajer Re) (Kuwait) has been put under review with negative implications.
Pick of the week
Post senior reporter Sarah Hills rounds up the top stories from the general insurance sector. This week: Aviva arm signs up insurers after broker distribution deal; broker boss says market must drive price hikes; RBSI chief says sale remains "too close…
Lockton says 'ahead of budget and revenue' for 2009
Lockton International, the international arm of privately-owned US (re)insurance broker Lockton, is ahead of budget and revenues for the first eight months of the year.
Ex Moneysupermarket employee joins rival as insurance head
Moneyextra has appointed Peter Gerrard as head of insurance. Mr Gerrard, who until recently worked at competitor site Moneysupermarket as head of travel insurance, will report into the newly-appointed managing director of Moneyextra, Richard Mason.
Mitsui launches US weather insurance product
(BESTWIRE) Mitsui Sumitomo Insurance has launched weather insurance in the United States with a target to reach 1 billion yen (US$11.2 million) in sales within the next three years.
Oval makes Shropshire acquisition
Oval has acquired Shropshire based financial specialists Wills & Partners.
Liberty Syndicates hires new space underwriter
Liberty Syndicates, Liberty Mutual's Lloyd's (re)insurer, has appointed of Simon Clapham as aerospace underwriter for Syndicate 4472 and the LibSat Consortium Managers Limited.
Whittington makes two senior actuarial appointments
Whittington Group, the international insurance investor and services provider, has strengthened its in-house actuarial team with two key appointments.
AIG manager leaves for Ace
Ace Europe has appointed Jeff Carr from AIG UK as client relationship manager for its UK and Ireland major risks business.
AIG's ILFC unit receiving bids - sources
AIG has received opening bids for International Lease Finance Corp, its plane leasing company, Reinsurance has learned.
Watson Wyatt expands non-life insurance team
Watson Wyatt has further enhanced its growing non-life insurance consulting team with the appointment of Kate Angell as a senior consultant.
Outlook for brokers in 2009 'improved'
The outlook for 2009's major brokers has improved in the wake of the hardening market, analysts at Keefe, Bruyette & Woods have said.
Milli Re general manager retires
Milli Re, the Turkish reinsurer, has said that Cahit Nomar, its general manager, is to retire after working at the company for 28 years.
Aon looks to ex Willis global client advocate to boost mulitnational business
Aon Global UK has appointed Fiona Davies as a director to drive business growth and relationship management with multinationals.
Confused.com adds to its home, travel and motor insurance panels
Confused.com has confirmed the addition of five new partners, to its comprehensive list of providers for home, travel and motor insurance.
Reinsurer agrees to pay share of crash claim
Aviabel, the Belgian reinsurer, has agreed to pay its share of the €45m claim made by the North Korean Insurance Corporation following a helicopter crash in 2005.
Allianz lauded by brokers for service and products
Allianz Insurance has received an award from independent insurance intermediary group Coversure Insurance Services.
RBS in £1.6bn disposal
The Royal Bank of Scotland has disposed of its 4.26% equity stake in Bank of China for a net consideration of £1.6 bn. RBS - which has also been looking at the potential disposal of its insurance businesses including Direct Line and Churchill - sold 10.8…
MIB appoints fraud investigators
The Motor Insurers' Bureau has appointed The Cotswold Group as one of its preferred suppliers for Investigation services which will focus on potentially fraudulent motor and exaggerated personal injury claims.
Pick of the week
Post senior reporter Sarah Hills rounds up the top stories from the general insurance sector. This we...
Amlin snaps up ex-XL Re vice president for speciality lines division
Amlin Bermuda, Amlin's wholly-owned reinsurance business, has appointed Richard Neame as class underwriter – specialty lines focusing on proportional and special risks, reporting to underwriting director, Rob Wyatt.
Broker pulls out of motor sports sponsorship deal
Broker Bennetts has announced it is to stop sponsoring the British Superbike championship in 2009, having been title sponsor for the last four years.
Lockton International investors pump in a further £15m
Lockton International has been handed £15m of further investment by its original backers.