News
Spanish Football Federation to run World Cup €14.6m prize indemnity risk uninsured
Spanish insurance industry publisher Inese has reported that the Royal Spanish Football Federation (RFEF) has decided not to buy prize indemnity insurance and to run its €14.6m in World Cup player and management bonus incentives uninsured after failing…
Alex Forbes CEO resigns as sell-off talks start
Broker Alexander Forbes' group chief executive Rael Gordon has resigned, and it is in discussions with potential private equity buyers of the company, with options for its International Risk Services business that may see it spun-off in a management led…
Alexander Forbes admits sale plan
Broker Alexander Forbes has announced today on the South African Stock Exchange that it is in talks which could lead to a sale of the company.
Better insurance deals offered to top law firms
West of England law firms need to step up their management of day to day business risks in the run up to their professional indemnity insurance renewals, as insurers are starting to offer preferential long term packages to the best managed solicitors.
Smart & Cook adds another buy
Harrogate-based national insurance broker Smart & Cook has completed the purchase of Bath broker Kallender Jeffries, its 51st acquisition.
Wellington to hit target on cat exposures, continues Aspen exit
Lloyd’s insurer Wellington has reported accelerating average rate increases and said that it expected to have written all its targeted aggregate catatrophe exposures by 1st July.
Catlin sees 28% increase for loss-affected business, modest slide elsewhere
In an AGM statement Bermudian (re)insurer Catlin Group conformed the divergent (re)insurance market, reporting a weighted average premium increase of 28% for hurricane-affected areas, but a 1% premium discount for other areas.
Swiss Re announces new Nat cat programme
Swiss Re has announced the placement of a natural catastrophe protection programme called Successor, the follow-up vehicle to the PIONEER and Arbor programmes, which has allowed it to place $950m in protection.
Rainbow helps create national standard for carpet cleaning
An initiative to create a British Standard for carpet cleaning is being sponsored by restoration specialists Rainbow International.
Absolute bought by Blue Cube
Blue Cube Group, a provider of intelligent protection security solutions, has acquired Sussex based cognitive interviewing business Absolute to create a new business combining security and fraud solutions primarily targeting the insurance and financial…
Japanese majors post strong 05-06 non-life results
Fitch Ratings today said major Japanese non-life insurers posted strong underwriting results for the fiscal year ending March 2006 (FYE06), following a drop in earnings in FYE05 as a result of natural disasters.
Fitch releases new capital model methodology
Fitch Ratings has released an enhanced methodology for incorporating a review of an insurer's in-house capital model into its ratings. According to the agency it believes that such models can often promote a superior understanding of risks in addition to…
Davis appointed deputy at Competition Commission
Minister of State for Trade, Investment and Foreign Affairs, Ian McCartney, today announced the appointment of Peter Davis as the new deputy chair to the Competition Commission.
Equitas admits disappointment over US liability claims and asbestos reserves
Lloyd's run off vehicle Equitas today announced that its retained surplus fell by £18m from £476 m to £458m for the year ending 31st March 2006. Its solvency margin (retained surplus stated as a percentage of net claims outstanding) also fell marginally,…
Fortis to recruit over 250 new staff as its moves to new office
Fortis has secured agreement to develop a new office in Gloucester, which will see it recruit more than 250 staff over the next two years.
IUA launches e-claims pilot
Members of the International Underwriting Association have begun a pilot project to test a new electronic claims system for the London Market. The scheme will allow companies to assess new technology designed to make the submission of claims information…
FSA appoints new small business boss
The Financial Services Authority has today appointed Mark Rothery as chairman of the smaller businesses practitioner panel. He succeeds Ruthven Gemmell who - having served a two year term as chairman - stands down and assumes the role of deputy chairman…
NIG hires new regional boss
NIG has appointed Peter Lycholat as head of operations north. He will have overall responsibility for NIG’s Glasgow, Ashington, Manchester, Liverpool and Leeds regions.
Credit insurer opens London Market business
Credit insurer Coface UK has created a new London Markets team to co-ordinate the promotion of its range of products to brokers and specialist financial institutions dealing within the London market.
Weightmans' record year triggers bonus scheme
Insurance Law firm Weightmans has celebrated its record breaking year with a number of partner and associate promotions throughout its national practice.
New binder for pubs and clubs launched
Leisure broker Marsh & Co has launched a new product for bars and nightclubs which it claims will save them up to 40% on premiums.
Brit reveals new appointments
Brit Insurance has announced the appointment of two senior positions to its operations division.
Highway joins 1 Answer Network panel
Highway Insurance has joined the insurer panel of 1 Answer Network, the personal lines solutions network. In total, there are now five key panel insurers with numerous others still in discussion about involvement.
Inaction over climate change could leave industry bust: Report
The insurance industry must face up to the growing threat of climate change or risk being swept away, according to a report released today by Lloyd's.