News
Uninsurable losses may arise out of TCF
The Financial Services Authority’s “Treating Customers Fairly” campaign could leave financial services companies facing substantial uninsurable claims for which they have no legal liability, warned law firm Reynolds Porter Chamberlain.
Highway splits management to avoid conflicts
The board of Highway Insurance Holdings has decided to stop running its Board Meeting in tandem with that of its FSA regulated subsidiary, Highway Insurance Company Limited. This decision has been taken because of the changed nature of Highway’s…
Zurich settles bid-rigging probe for $153m (£87.58m)
Zurich Financial Services has come to an agreement with New York Attorney General Eliot Spitzer and State Insurance Department Superintendent Howard Mills to resolve allegations of bid-rigging and improper "finite reinsurance" transactions.
Sickness levels hit insurance productivity
Most insurance industry managers admit to being unproductive for at least 20% of their working time due to poor health.
AM Best claims US insurers narrow funding gap for reserves
US property/casualty insurers narrowed the funding gap in their asbestos and environmental loss reserves during 2004, principally for asbestos liabilities, as a result of 2004¡¦s pretax charge of nearly $6bn, according to a special report published by AM…
Biba demands stronger stance on uninsured driving from government
The British Insurance Brokers’ Association has called on the Government to “add teeth” to the Road Safety Bill that will be debated in Parliament tomorrow.
QBE to launch aviation syndicate at Lloyd's
QBE has announced it plans to launch a new aviation syndicate within its Limit managing agency at Lloyd’s, to commence underwriting from 1 October this year.
AM Best affirms Lancashire after due diligence on new underwriters
AM Best has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of "a-" of Bermudian start-up (re)insurer Lancashire Insurance Company. Concurrently, AM Best has affirmed the ICR of "bbb-" of Lancashire…
Law firms merge to create £75m giant
Law firms Halliwells and James Chapman & Co have announced plans to merge and create a legal insurance giant.
Olympus Re to work without a rating after downgrade
AM Best has downgraded the financial strength rating (FSR) to B- (Fair) from B+ (Very Good) and the issuer credit rating to "bb-" from "bbb-" of Bermudian reinsurer Olympus Re and removed both ratings from under review. The ratings have been assigned a…
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.