News
Administrators appointed for Rubicon
Andrew Pepper, Peter Saville and Fraser Gray, partners in Kroll’s Corporate Advisory & Restructuring Group, have been appointed joint administrators to The Rubicon Corporation, the business process outsourcing company for the insurance industry. In…
Primary Group acquire Traveller Protection Services
Primary Group Limited has acquired Travellers Protection Services Ltd (TPS), a Norwich-based Insurance Intermediary specialising in both indirect (‘affinity’) and direct sales of travel and other insurance products. The purchase price is undisclosed.
Lloyd's pulls plug on multi-million pound Kinnect
Lloyd's has decided to withdraw funding for the Kinnect programme following a review. In a statement the Lloyd's Franchise Board said it had decided that the platform was not optimal in ensuring more efficient business processes for the Lloyd's and…
Shakespeare Underwriting calls in administrators
Insurance Age has learnt that Shakespeare Underwriting – with offices in Caerphilly, Romford and Rugby - has called in the administrators. Insurance Age understands that a rescue package is however presently being sought.
Hank Greenberg wins legal skirmish with AIG
Maurice (Hank) Greenberg, the former chairman of American International Group (AIG), who was accused of accounting fraud in 2005, has won the right to see an AIG report used to blame him for the insurer’s $3.9bn restatement last year.
Omega CEO gets 1.5m share incentive
Lloyd’s and Bermuda (re)insurer Omega has granted its CEO Richard Tolliday nil-cost options on 1.5m ordinary shares under a long-term incentive plan.
XL pulls out of Sovereign political risk venture
political risk specialist Sovereign Risk Insurance Ltd , a joint venture between Bermudian (re)insurers ACE and XL has announced that from Februaury 1 the company will become wholly owned by ACE and write business solely for ACE.
Martin appointed COO at AIG
American International Group, (AIG) has named Rodney O. Martin, Jr. chief operating officer of AIG's worldwide life insurance business.
AM Best affirms Glacier Re
AM Best has affirmed the financial strength rating of A- (Excellent) and the issuer credit rating of “a-”of Glacier Reinsurance AG (Glacier Re) (Switzerland). The outlook for both ratings remains stable.
IPCRe unveils $105m Wilma hit
Bermudian catastrophe reinsurer IPCRe has marginally increased its Hurricane Katrina and Rita loss estimates and unveiled a net reserve of $105m for Hurricane Wilma
Government provides £11m anti-arson funding boost
Vulnerable people living in England¡¦s poorest communities stand to benefit most from £11.4 million of Government funding over the next two years for community fire safety.
One in three brokers set to buy in 2006
Consolidation among UK insurance brokers looks set to continue in 2006, but prices could rise sharply as the number of firms seeking to acquire outstrips the number of brokers up for sale by a factor of 10 to one.
Link and Zenith appoint household product manager
Zenith Services UK has announced that Richard Daws has been appointed as its household product manager. In his new role, Mr Daws will be responsible for managing and growing Link and Zenith’s household product range and managing its key household broker…
Lloyd’s announces election results
Five appointments to the Council of Lloyd's have been made following the Council elections which closed on 20 January, 2006.
Brit claims 75% contract certainty achieved
Brit Insurance said today it achieved contract certainty on over 75% of its January 1, 2006 outwards reinsurance placements, so significantly exceeding the current target of 30%. The insurer claimed this was measured in accordance with the Market Reform…
Former Spurs stopper gets maximum payout
Ex-Tottenham Hotspur footballer, Dean Richards, has claimed a record £2 million in compensation for an illness that has ended his career. This is the highest amount ever paid to an individual player in the UK.
Chubb expands high net worth motor book
Chubb Insurance has launched an EDI multi-vehicle prestige car policy for brokers to reduce administration and increase accessibility.
Swiss Re signs off on first credit reinsurance securitisation
Swiss Re has successfully completed its first credit reinsurance securitisation. The €252m issue benefits Swiss Re by transferring credit insurance risk to the capital markets, thereby increasing Swiss Re’s capital efficiency.
Highway appoints new Head of Accident Damage
Motor insurer Highway has appointed Peter Goodright as its new head of Accident Damage Operations. He will oversee the claims functions of the business and look after the management of Highway’s service providers.
DAS to shut Glasgow office in business re-shuffle
Legal protection insurer DAS has closed its Glasgow office in a move described as a new approach to servicing brokers. This new structure sees the country split into two sales regions, North and South. There are a total of ten teams, typically with an…
Buncefield focuses attention on BI Insurance
The recent fire at the Buncefield oil depot in Hemel Hempstead, which caused many nearby businesses to stop trading temporarily, will force small and medium sized companies to take their business continuity planning more seriously, broker Alexander…
Fitch rates Old Mutual notes for Skandia purchase
Fitch Ratings has assigned Old Mutual's £300m issue of dated subordinated notes a final rating of 'BBB+'.
FSCS plans to give insurers back £42m
The Financial Services Compensation Scheme has announced its intention to refund a surplus of £42m to relevant firms in the general insurance contribution group A3 before the end of the financial year 2005/06.
Broker sells HNW business to managers
Berry Birch and Noble, via its subsidiary, BB Insurance Brokers, has disposed of its high net worth business for a consideration of 275 000 pounds.