News
Flagstone raises $136m in debt sale
Bermudian start-up reinsurer, Flagstone Re has raised $136m through a private sale of junior subordinated deferrable interest debentures.
Brit US Cat exposure plummets, sidecar plan on hold
Lloyd’s and UK company (re)insurer Brit has disclosed that its exit of catastrophe retro business is almost complete, along with significant reductions in its Property reinsurance, US Direct property and offshore energy aggregates.
Admiral records marginal rate rises as profits jump 24%
Admiral this morning reported a 24% jump in profit before tax to 68.7m pounds for the first half of 2006, with turnover up 12% to 359.2m pounds. Its combined operating ratio worsened slightly to 87.0% (2005 86.5%).
Brit profits up in first half
Brit Insurance has announced its first six months' figures, reporting gross written premiums up 2.6% to £695.3m. Net earned premiums rose 16.0% to £522.2m (2005 H1: £450.0m) and profit before tax and foreign exchange movements on non-monetary items was …
FSA bans Walsall Bridge Insurance for failing to insure consumers
The Financial Services Authority (FSA) today stripped Walsall Bridge Insurance Consultants Limited of its permission to carry on regulated activities after it found the firm had failed to pass on received client premiums to insurers, leaving clients…
Equitas not out of the woods yet says S&P
A report published by Standard & Poor's Ratings Services says that Equitas' management rightly deserves plaudits for having maintained its solvency at its 10th anniversary.
CII and BIBA announce Autumn training programme
The Chartered Insurance Institute (CII) and the British Insurers Brokers' Association BIBA are joining forces again to offer an expanded Autumn regional training programme of 45 courses in 13 locations around the country.
Former Aviva and NFU director joins Fortis board
Fortis Insurance has appointed Bob Newton as a non-executive director.
Explosions witnessed as industrial estate burns
A huge chemical fire has broken out at an industrial estate at Andoversford near Cheltenham in Gloucestershire.
NIG launches motor trade product on imarket
NIG claims it has become the first insurer to offer a Motor Trade product on imarket.
FSA bans broker from trading
The Financial Services Authority today stripped Walsall Bridge Insurance Consultants Limited of its permission to carry on regulated activities after it found the firm had failed to pass on received client premiums to insurers, leaving clients uninsured,…
Arc Legal announces deal with Axa Assistance
Arc Legal Assistance has announced its move into the provision of travel legal expenses and a multi-million policy deal with Axa Assistance.
Amlin profit falls 13.2%
Shares in Amlin, the listed Lloyd's insurer, fell 2.5% in early trading after it reported profit before tax of £120.1 million for the first half of 2006. The figure is down 13.2% on the corresponding period in 2005, which the insurer said was owing to…
First City sets up regional UK base
FirstCity Partnership, the insurance and reinsurance advisory firm, is to open its first regional office in Manchester. The City of London-based company has recruited Peter Stevenson, a highly rated senior insurance professional from the Manchester…
Helphire appoints MD for collections
Helphire Group has appointed Peter Gomes to the position of collections managing director.
Alex Forbes launches healthcare risk solutions
Alexander Forbes has launched a range of insurance risk solutions aimed at corporate and larger not-for-profit healthcare operators.
ACLP to underwrite for Litigation Indemnity
Allianz Cornhill Legal Protection has signed contracts with professional services company Litigation Indemnity to underwrite commercial legal expenses policies for their clients.
Hiscox plans sidecar reinsurer
Hiscox announced today that in order to take advantage of expected underwriting conditions, Hiscox Syndicate 33, which it manages and in which it has a 72.5% participation, is in discussions which could lead to the creation of a new reinsurer which will…
Ernesto makes landfall on Carolinas
Tropical Storm Ernesto has made landfall on the North Carolina coast, bringing heavy rains and winds just below hurricane strength to the area.
Swinton commercial completes software deal
Swinton Business, the commercial broking division of Swinton Group has selected the Acturis Broking Platform after a competitive tender process
Zurich promotes LaGrassa for reinsurance role
Zurich North America has promoted John LaGrassa to senior vice president and director of ceded reinsurance.
Spectrum makes in-house legal appointment
Spectrum Syndicate Management has appointed Mark Everest as the company’s chief legal counsel.
US P&C market shows marked improvement, claims Swiss Re
The US property and casualty (P&C) insurance industry's underwriting performance in its first quarte...
AM Best plan to give sidecar ratings a 'haircut'
AM Best has said that in the future, it will be looking more closely at the true financial benefit t...