News
Zurich unveils name change
Zurich Financial Services Group announced today that Zurich Insurance Ireland, the group's Ireland-based European general insurance risk carrier, will be changing its name and incorporation status to Zurich Insurance Public Limited Company with effect…
XL disappointed by S&P downgrade
Bermudian (re)insurer XL said that it is disappointed by the decision by Standard & Poor's to downgrade its counterparty credit and financial strength ratings to 'A' from 'A+'.
Bermudians say have no exposure to Madoff funds
XL and Flagstone Re have both said that they have no exposure to funds run by disgraced fund manager Bernard Madoff, who is alleged to have committed a $50bn fraud involving paying investors back with current investors' money- called a 'ponzi' scheme.
Swiss Re says Madoff exposure less than 3m CHF
Swiss Re, the Swiss reinsurance giant, said that it has less than 3m CHF of "immaterial indirect" exposure to funds run by disgraced fund manager Bernard Madoff through its hedge fund investments.
AIG completes RMBS sale to US government
Stricken US insurer AIG said that it has completed a deal to sell its residential mortgage-backed securities (RMBS) interests to the US government via a newly set-up limited liability company Maiden Lane II.
Scottish Widows to support charity through sales of policies
Scottish Widows will be donating one pound to the British Heart Foundation for every Scottish Widows Protection For Life policy sold throughout December.
IIB responds to commission disclosure decision
The Institute of Insurance Brokers(IIB) has welcomed the long-awaited feedback statement from the Financial Services Authority (FSA) regarding transparency and commission disclosure in the commercial market.
US (re)insurer to delist from NYSE
Hartville, the US (re)insurer, said that it intends to voluntarily deregister its common stock under the Securities Exchange Act of 1934 and cease filing reports with the Securities and Exchange Commission prior to the end of 2008. In addition, the…
Buncefield report published on third anniversary of blast
The cost of the Buncefield explosion could cost £1bn, according to the Major Incident Investigation Board report, which was published on Friday.
David Rasche wins business award for SSP
SSP executive chairman David Rasche was named Business Leader of the Year at the Yorkshire Post Business Awards on Friday.
Broker Network in recruitment drive after relocation
Broker Network is to recruit 70 new members of staff having moved to new headquarters.
Swiftcover signs three year deal
Swiftcover has renewed its three-year contract with Auto Windscreens.
Aspen UK given Australian authorization
Aspen Insurance Holdings Limited, the Bermudian (re)insurer, said that its subsidiary, Aspen Insurance UK Limited, has been authorized by the Australian Prudential Regulation Authority to operate as a branch insurer to underwrite general insurance…
Lockon Re takes senior exec from Collins
Lockton Re said it has appointed John Daum as executive director based in New York, the insurabroker's first US-based reinsurance Associate.
Product recalls up 20% to new high, claims law firm
The number of product recalls in the UK has jumped to a new high, up 20% over the last year to 230 (to 31 October 2008) compared to 192 in the previous year, according to annual research by Reynolds Porter Chamberlain LLP.
Lloyd's reinsurers examine exposure to $50bn fraud
Lloyd's casualty reinsurers are scrambling to find out whether they may be the final victims of disgraced Wall Street trader Bernard Madoff's $50bn fraud.
Insurers lead Nikkei charge
Mitsui Sumitomo, one of Japan's biggest insurers, saw its share price rocket over 10% in Monday's trading on Japan's Nikkei exchange.
Aon appointed by Birmingham International Airport
Birmingham International Airport has appointed Aon to manage its insurance programme and provide strategic advice on risk matters.
Further consolidation seen amongst midmarket US brokers
There will be further consolidation amongst midmarket brokers in 2009, analysts at Keefe, Bruyette & Woods say.
IIB slams FSA plans for unlimited compensation limits
The Institute of Insurance Brokers has voiced strong opposition against unlimited Financial Services Compensations Scheme awards.
US baseball team sues Ace subsidiary
(BestWire) - The Los Angeles Dodgers have filed a lawsuit alleging an insurance company it used to insure one of its pitchers has not paid the more than $9 million in claims the club says is owed to them.
AIG and others awarded $141m in Banc of America lawsuit settlement
(BestWire) - American International Group and a group of insurance and financial institutions have been awarded $141m from Banc of America Securities LLC in a lawsuit charging misrepresentation of risk in a 1998 securities sale.
Broker BGL in new outsourcing push
The BGL Group is to offer call handling services externally to third party organisations, the broking ginat announced this morning.
Marsh predicts hardening in accountants' PI
Deteriorating economic conditions and a subsequent rise in company insolvencies will increase the number of claims against accountants and auditor firms, according to Marsh.