News
Ace enters US Life reinsurance fray with Hartford deal
Ace has Group of Insurance and Reinsurance Companies announced today its expansion into the US life reinsurance market with the acquisition of Hart Life Insurance Company from the Hartford Financial Services Group.
Million policy motor insurer strikes new claims deal
Helphire has signed what it described as "a significant contract" for the provision of accident management services to a major insurance company with around one million motor policy holders. The contract is for a five-year term commencing 2 May 2006, and…
Investment returns lift Munich Re 1Q to record high
Munich Re has returned a record operating result of €1,234m for the first quarter, beating a high of €945m in the same quarter last year (Last year’s figures in brackets). The reinsurance segment contributed €841m (€604m) to the consolidated result and…
Sidecars becoming more important, claims Moody’s
According to Moody's Investors Service in a new report, reinsurance side-cars represent an innovative capital and risk management development, and are likely to become increasingly important to the business strategy of insurers and reinsurers, whether in…
SBJ appoints new MD
SBJ Group's, employee benefit consulting subsidiary, SBJ Benefit Consultants, has appointed Eamonn O’Connor as the managing director of its new City division, which began trading this month.
Allianz Cornhill and Sirius launch integrated product
Allianz Cornhill Commercial and Sirius have expanded their existing trading relationship with the launch of their first i-market integrated product.
Loss adjuster launches new tie up
Loss adjuster Agrical has unveiled a joint venture with Mark Shelton, an specialist investigative accountant, to form Agrical Shelton.
Liberty Mutual denies Spitzer allegations
Liberty Mutual Group has issued a statement in response to allegations by the Attorneys General of New York and Connecticut concerning the company’s conduct associated with quotations, commission payments and reinsurance brokering.
Insurers bemoan regulation barriers to M&A success
Almost one third of respondents regard national and foreign regulation as a barrier to acquisition activity according to KPMG International.
Lancashire poaches ops director from IAS
New Bermudian (re)insurer Lancashire Holdings has announced that Colin Alexander will be joining the company in Bermuda as operations director.
Regional broking giant swoops again
Broking consildator Jelf has acquired Swansea-based Brian D Thomas Insurance Services, increasing general insurance premiums (excluding healthcare) managed by the Jelf Group to over £85m. It is its first purchase since the merger with Goss earlier this…
US Securites class action settlements rising
The number of securities class actions filed in the US against foreign companies in 2005 fell by 34%, according to the latest PricewaterhouseCoopers Securities Litigation Study. However, the total value of settlements rose by 113% from $633.7million in…
Liberty Mutual hit by Spitzer lawsuit
New York Attorney General Eliot Spitzer has filed a lawsuit against Liberty Mutual, alleging that the firm participated in a bid-rigging scheme.
Brit extends cricket sponsorship deal
The biggest sponsorship deal in English club cricket history was announced today as Brit Insurance signed a new five-year deal to sponsor Surrey County Cricket Club and the Brit Insurance Oval.
Fortis boss hails another affinity win
Fortis Insurance has successfully secured a three-year deal with Coventry Building Society.
Broker Network adds another buy
Broker Network Holdings has completed the acquisition of commercial insurance brokers Adam & Gaskell.
Highway partners TMS for new repairer network
Motor insurer Highway has launched a new commercial approved repairer network in partnership with TMS Fleet.
NU warns of continued breaches in working at height rules
According to Norwich Union businesses are still flouting the law and causing accidents – even in trades not considered “high risk” – a year on from the Working at Height Regulations.
Banking giant appoints new insurance boss
HBOS General Insurance has announced the appointment of Tom Woolgrove as its new managing director from 1 June 2006. He will replace Rob Devey who has been appointed managing director HBOS Retail Distribution and will take a seat on the retail board.
Allianz Cornhill extends credit hire deal with CCL
CCL UK Group, the £30million turnover vehicle replacement and claims services group, has commenced a new three year contract with Allianz Cornhill, representing approximately 5,000 hires per annum.
R&SA revamp see McManus take new role
Royal & SunAlliance has re-organised its commercial business. The changes include transferring R&SA’s Personal General & Brand Broker business into a single division with Commercial, led by Brendan McManus. The new division will be known simply as …
Equity appoints JPMorgan and Union Bancaire to invest £500m
Equity Insurance Group has appointed JPMorgan Asset Management and Union Bancaire Privée to equally manage its £500m insurance portfolio. They have been chosen to manage the assets to an absolute return objective of Libor plus 1.5%.
Axis unveils new CFO
Bermudian (re)insurer Axis has announced that David Greenfield will join the company as Chief Financial Officer during the third quarter.
Axis 1Q confirms turbulent 2006 market
Bermudian (re)insuer Axis has reported net income of $195.2m for the 1st quarter 2006, up from $151.8m for the same quarter in 2005. However gross reinsurance premiums fell 5.4% in the same period as the reinsurer reassessed its Cat book and adverse…