News
Contingency market to begin monthly meetings
A new Contingency Working Party has been established by the International Underwriting Association. The aim of the group is to help promote contingency insurance for public events such as sports matches, theatre and music concerts.
2005 hurricanes firm US property market, claims RIMS survey
US property insurance rates increased sharply in the fourth quarter of 2005, according to the RIMS Benchmark Survey.
MacKellar joins Amlin Bermuda
Amlin Bermuda, Amlin’s wholly owned reinsurance business, has appointed Stuart MacKellar as managing director, subject to the necessary work permit being granted by the Immigration Department.
Zenith signs £12m agency deal with Kinetic
Zenith Insurance has won a contract to provide personal lines capacity of up to £12 million to Kinetic Underwriting Concepts.
AXIS director resigns
Bermudian (re)insurer AXIS Capital Holdings has announced that Edward J. Kelly, III has resigned from its Board due to guidelines recommending that CEOs of publicly-traded companies serve on no more than two public boards outside their own board.
ARC Chairman calls for succession planning
Succession planning in the discontinued business sector will ensure the future health of the insurance industry according to ARC chairman.
RTAs pushing up claims costs says report
Personal injury costs continue to be the biggest problem facing motor insurers with the annual claims bill likely to reach £10.7bn according to a new report from independent market analyst Datamonitor.
Alea estimates up to $240m losses
Alea Group Holdings (Bermuda) has announced estimates on the company's 2005 performance following the Group’s transition into run-off in the fourth quarter of 2005, with $200-240m (£113-136m) losses after tax. In addition, it is estimating $95-105m in…
Former McLarens and Capita boss links up with Questgates
Loss adjuster Questgates has extended its coverage of the United Kingdom with the appointment of a representative in Northern Ireland, Larmour Investigations Limited. Although the business will continue to trade under its own name and receive…
Insurance brokerage fuels record bank profits
A growth in property insurance activity undertaken by Hodge Insurance Brokers, has contributed towards record profits at the Welsh brokers’ parent, the Julian Hodge Bank Group. This year has seen Hodge Insurance Brokers increase shareholder’s funds by…
Tenon Recovery appointed Administrators of Shakespeare Underwriting
Administrators Dilip Dattani and Patrick Ellward of Tenon Recovery were appointed over Shakespeare Underwriting on 23 January 2006 and are looking to sell the business. The Administrators will pursue their investigations into the cause of the company’s…
Admiral launches multicar policy
Admiral Insurance has launched its multicar insurance product to cater for the growing number of people with more than one vehicle.
Novae adds to northern team
Novae Underwriting is strengthening its regional underwriting team with the appointment of Paul Cregan as development underwriter – North and Jacqueline Doherty as assistant underwriter.
Lloyd's to up key disaster limits by 42% in 2006
Lloyd's of London is to raise the upper limit on two key Realistic Disaster Scenarios (RDS) from $70bn to $100bn in the light of the record Hurricane losses sustained in 2005.
East Midlands trio create Brokerbility
A group of three commercial brokers in the East Midlands have begun a new venture which could see them merge completely by the end of 2006.
Montpelier Re poaches ACE execs to fill top finance vacancy
Bermudian (re)insurer Montpelier Re’s parent holding company has today announced that effective February 1, 2006, William Pollett has been appointed treasurer and senior vice president and that Neil Greenspan has been appointed chief accounting officer…
Hughes & Co plans 2006 branch expansion drive
Northern Irish broker Hughes & Company has announced extensive plans for 2006 to expand its branch network by 50%.
RMS study estimates future catastrophes for Japan
Risk Management Solutions has released the findings of an in-depth study that provides life and personal accident insurers in Japan with key benchmarks for the potential risk of human casualties from catastrophic events.
Fitch puts CIIH ratings on rating watch negative
Fitch Ratings has placed China Insurance International Holding’s (CIIH) Long-term rating of 'BBB-' (BBB minus) and the senior debt rating of 'BBB-' (BBB minus) assigned to the guaranteed issue of the wholly-owned subsidiary CIIH (BVI) on Rating Watch…
SVB appoints new group compliance head
SVB Holdings, the former owner of Fusion Insurance, has appointed Stephen Heming as head of group compliance and a director of the group’s underwriting agency. Mr Heming joins SVB from Illium Managing Agency where he was compliance officer and company…
Biba launches 'real' non-standard property household insurance
The British Insurance Brokers’ Association (Biba) has launched a non-standard property household insurance scheme, designed to help its members place high risk properties that have suffered from flood and subsidence or whose occupants have criminal…
McCusker appointed COO of XL UK & Ireland
XL Capital has appointed a chief operating officer for the UK and Ireland regions. Eileen McCusker, who has been with the XL group for 15 years, will assume the post immediately.
QBE announces credit reference partnership
QBE Insurance has announced the launch of a strategic partnership between ICC Credit, a UK credit reference agency. QBE said the alliance will offer the UK market credit insurance backed by credit reports from ICC.
Markel International COR rises to 126%
Insurer Markel has reported the 2005 hurricanes impacted its combined ratio to the tune of 12%. Net income was $14.80 (£8.40) per diluted share for the year ended 31 December 2005 compared to $16.41 per diluted share in 2004.