News
Lloyd's and Markel woo Italian brokers
Lloyd’s of London and Markel International, have taken London to Italy when they embarked on a series of Italian roadshows, introducing Italian producers to the opportunities that lie in the Lloyd’s Franchise and at Markel.
Omega bucks Lloyd’s trend with healthy profit for 2005
Omega Underwriting, the Lloyd’s managing agent and Bermudian start-up (re)insurer has unveiled 2005 profits of £6.8m, with no material impact from hurricanes Katrina, Rita and Wilma.
FSA changes application process
The Financial Services Authority has announced changes to its application process so that mortgage, general insurance and investment firms can now build their own application pack tailored to their type of business. The regulator has also redeveloped its…
Max Re Capital review could delay results
Max Re Capital has admitted that the audit and risk management committee of its board of directors has started a review of three finite risk retrocessional contracts written in 2001 and 2003 to determine whether the company properly accounted for them.
Benfield sells employee benefits arm to SBJ
Benfield Group has announced the sale, subject to the approval of the UK Financial Services Authority, of the Orbit group of companies to SBJ Group Limited. The proceeds of the sale will be approximately £4.5m.
SBJ makes Benfield acquisition
SBJ Group has announced the acquisition of Orbit Benefits Limited, Orbit Interactive Limited, Orbit Protection Limited and TIMA Tools Limited (“Orbit”) from Benfield Holdings Limited (“Benfield”).
Hannover Re may shun retro in 06
Hannover Re has said that it may sidestep the traditional retrocession market altogether as the 1st May renewal of its main retro programme looms.
Independent trial to start in 2007
The trial into the collapse of Independent Insurance will start after Easter 2007, a preliminary hearing at Southwark Crown Court heard today.
Aviva pulls Pru offer
Aviva has withdrawn its merger proposal due to Prudential’s lack of interest.
Brokerbility makes sixth addition
Intermediary consolidator Brokerbility has added a sixth broker to the group and is set to break its scheduled target of £100 million in gross written premiums before June.
Liberty International appoints new PI head
Liberty International Underwriters has appointed Richard Mason to lead its professional indemnity push in south west England as its senior regional PI underwriter.
Holt to step down at Axa
Dennis Holt, Axa UK group chief executive and chairman of the Association of British Insurers' general insurance committee, is to retire from his executive role as of 30 June.
AM Best affirms Steamship Mutual’s ratings
AM Best has affirmed the financial strength rating of A- (Excellent) and assigned an issuer credit rating of “a-” to The Steamship Mutual Underwriting Association (Bermuda). The outlook for both ratings is stable.
RIMS convenes insurance placement forum
The Risk and Insurance Management Society has announced the results of a forum it held in New York to improve quality in insurance placement practices.
RMS loads Florida and Gulf Cat models by 40%
Risk Management Solutions (RMS) has announced that increases to hurricane landfall frequencies in the company's U. hurricane model will increase modeled annualised insurance losses by 40% on average across the Gulf Coast, Florida and the Southeast, and…
NU: businesses slow to implement noise at work regulations
Businesses have been slow to respond to impending legal changes affecting noise at work, according to Norwich Union.
R&SA's US operations ratings reduced
Standard & Poor's ratings services today lowered its counterparty credit and insurer financial strength ratings on Royal & Sun Alliance Insurance Group US insurance operations to BB from BB+. The outlook remains negative. At the same time, the ratings…
Groupama profits double to £42.8m
Broker-only insurer Groupama has seen its profits double to £42.8m, and its revenues up by more than 12%.
FSA in TCF stock take
Sarah Wilson, Financial Services Authority director responsible for Treating Customers Fairly, today gave the market an update on the progress being made with TCF ahead of its next report in July.
Capita chairman resigns
Rod Aldridge, chairman of outsourcing firm Capita, is stepping down over claims his £1m loan to Labour resulted in the group getting government contracts.
Goodhealth appoints director of global claims
Goodhealth Worldwide, the international health insurance provider, has appointed Kieran Watts director of global claims and procurement.
Hannover Re announces “breakeven” 2005 results
Hannover Re has said that it achieved a “breakeven” result for 2005, despite what it described as “an unparalleled burden of natural catastrophe losses” for international reinsurers.
Lloyd’s private investors receive a 60% gain
Private investors backing Lloyd's insurance syndicates selected by Hampden Agencies Limited have benefited from a total return on capital of +62.8%. Hampden's Members' Agent Pooling Arrangement No.7200 is one of the firm's unit trust-like vehicles for…
Jelf completes Goss Group deal
Jelf Group has announced the completion of its £10m acquisition of broking consolidator the Goss Group.