News
Lloyd's broker confirms run off deal
The Senator Group has entered into a run off agreement with London market broker CRS. It has stopped taking new business and is now in solvent run off as first revealed by Post.
FSA calls for renewed energy at TCF conference
The pace of progress must increase if firms are to meet next year's deadlines, according to the latest report from the Financial Services Authority.
PPI insurers off the hook
The Competition Commission has called off its investigation into payment protection insurers and those who both underwrite and distribute the products, saying their practices do not distort competition. The body published a consultation document inviting…
Validus reports net income of $136.5m for 3Q07
Validus Holdings Limited has reported net income of $136.5m for the third quarter of this year, compared with $69.7m in the same period in 2006.
Tawa buys PXRE US run-off for $114m
Tawa the UK-quoted non life run-off consolidator, has announced that it has entered into a stock purchase agreement with Argo Group to buy its US PXRE Reinsurance company for an estimated $114m in cash.
Clubley returns to Crawford
Margaret Clubley has been appointed in a strategic development role at Crawford's third party administration business reporting to Ian Muress, CEO Europe, Middle East and Africa.
Run off firm enters US market with PXRe acquisition
Non life run off consolidator Tawa has entered into a stock purchase agreement with Argo Group International to acquire its subsidiary, PXRe Reinsurance for an estimated cash consideration of US$114m.
Allied World appoints US reinsurance COO
Bermduian (re)insurer Allied World has appointed John Bender as Chief Operating Officer of US Reinsurance. Mr. Bender joins from Platinum Underwriters where he served as Chief Underwriting Officer of its reinsurance casualty division from 2006, and…
Beazley hails upgrade for US subsidiary
Lloyd's (re)insurer Beazley has announced that the financial strength rating of Beazley Insurance Company, its admitted insurance company in the United States, has been upgraded by AM Best from A- to A.
Bermuda premier opens election campaign with savage attack
Bermuda’s premier Ewart Brown has launched an astonishing attack on the opposition United Bermuda Party (UBP) party who he claims “unceasingly attempted to smear” him over alleged government corruption listed in a leaked police file.
ABI pushes adaptation message at Environment Agency conference
The Government's Climate Change Bill must face up to the consequences of more erratic and dangerous weather, as well as the causes, according to Stephen Haddrill, Director General of the Association of British Insurers.
BGL aggregator appoints agency for £20m advertising push
Price comparison site comparethemarket.com has completed a media agency review, selecting ZenithOptimedia as its preferred agency.
Marsh hails employee's top score in IRM module
Rhiannon Jones, a consultant in the risk strategies team at Marsh has achieved the highest score globally in the ‘risk and control’ final-year module of the Institute of Risk Management’s diploma.
Zenith hires Nationwide for motor claims
Zenith Insurance has appointed Nationwide Network Services to provide first notification of loss and accident management services on its range of motor insurance policies including private car, commercial vehicles and taxis. This 2-year appointment…
Construction firms to benefit from Moorhouse Homepro collaboration
Moorhouse Group has teamed up with Homepro and The Insurance Services (UK), an innovator of home improvement protection products, to provide a white labelled insurance service to their small to medium-sized enterproses (SME) construction clients.
Norwich Union in strategic management reshuffle
Norwich Union Insurance has announced significant changes to its operating model. The company said the move, which involves a number of senior executive role changes, is designed to drive growth and improve service by making the most of its market…
Goldmans enters Lloyd’s with $135m Arrow syndicate for 2008
Goldman sachs is to set up a Lloyd’s syndicate for 2008 to with a stamp capacity of £65m ($135m) for the 2008 year of account.
Cats hit Munich’s 3Q reinsurance results
Munich re has unveiled third-quarter 2007 results showing it wrote €5,476m for a combined ratio of 97.1% against premiums of €5,504m and a combined ratio of 92% in same period a year earlier.
Boisseau steps up as Lefevre quits Groupama UK
Pierre Lefèvre has been appointed as chief of Groupama’s Italian subsidiary companies: Groupama Assicurazioni, Groupama Vita and the newly acquired Nuova Tirrena.
Associate promotions at Plexus Law
Plexus Law has announced that Heather Grimbaldeston, Connie Cobb and Justin Collins have all been promoted to associate partner.
CSC finds flood risk will make insurance unaffordable
A new study by Computer Sciences Corporation has found that 91% of UK insurance professionals believe insuring homeowners with properties at risk of flooding will become “unaffordable” unless the Government increases its flood defence spending.
QBE announces 1 Jan rebrand
QBE has announced the rebrand of Limit, Ensign and MBP under the QBE name and the simultaneous launch of its new product and distribution structure.
Ironshore buys US admitted shell
Bermudian start-up Ironshore's US subsidiary has completed the acquisition of Stockbridge Insurance Company, a US-based admitted insurance company, from Folksamerica Reinsurance Company. Subject to regulatory name change approval, the company will be…
NU completes £1.7bn five year deal
Aviva announced today that it has completed the acquisition of Hamilton Insurance Company and Hamilton Life Assurance Company from HFC Bank, a subsidiary of HSBC Finance Corporation. The Hamilton companies, which provide a range of creditor insurance…