News
Marsh to launch national public sector practice
Marsh is set to expand its reach into the UK public sector next year with the launch of its new national Public Sector Practice on 1 January 2006. This will focus on developing Marsh’s business with local authorities, development agencies, police and…
BNP Paribas arranges €110m of natural catastrophe protection
BNP Paribas, as sole bookrunner, has arranged €110m of catastrophe bonds for Aiolos, a Cayman Island exempted company. The company worked very closely with Munich American Capital Markets in structuring and managing the transaction, with Risk Management…
Alea sells off parts of US business
Alea Group Holdings has announced that it has entered into an agreement to sell the renewal rights to certain portions of its US primary programme business written by Alea Alternative Risk (AAR) to subsidiaries of AmTrust Group.
AXIS raises $200m from common stock issue
Bermudian (re)insurer AXIS Capital has announced that it has closed the previously announced public offering of 6.8m common shares at $29.42 per share, raising aggregate net proceeds of approximately $200m.
Lloyd's deal complete
Imagine Insurance has completed the acquisition of all of the outstanding shares of Lloyd’s managing agency, Abacus Syndicates, and its associated service company, Abacus Underwriting Agencies.
Thatcham: whiplash-busting seats gaining ground
Motor research centre Thatcham has revealed that vehicle manufacturers recorded a 6% improvement for fitting of so called 'good' rated seats. The findings mean that almost one in four new cars now offer good protection in low speed crashes - helping…
AXIS taps Wall Street for a further $250m
Bermudian (re)insurer AXIS Capital Holdings has announced that it has agreed to sell $250m of preferred shares. AXIS says it intends to use the net proceeds for funding its insurance and reinsurance segments. A week ago the company announced that it was…
GAB bosses reunite
Former GAB Robins boss Arthur Rackstraw has accepted the post of managing director of Aquilo Inspection & Reinstatement Services Ltd. He resigned from former GAB subsidiary Sergon in January 2005 following its acquisition by Homeserve.
FSA: begin planning for MiFID
The Financial Services Authority has moved to encourage senior management at regulated firms to begin preparing for the implementation of the European Union's Markets in Financial Instruments Directive (MiFID), which is likely to come into force on 1…
RBSI head joins Cox in affinity drive
Cox Insurance today announced the appointment of RBS head of corporate partnerships David Birch as sales director. The insurer said he would oversee Cox’s stated objective, to strengthen its position as a major provider of affinity solutions in the UK.
Illium syndicate enters commercial motor
Lloyd’s liability insurer Illium Syndicate 4040 is launching a new UK commercial motor division for 2006. The Commercial Motor Underwriting team will be headed up by John Shepherd.
Amlin reveals $52m Wilma hit
Lloyd’s insurer Amlin this morning releases a trading update, including an improved forecast for Syndicate 2001 for the 2003 year of account and an initial loss estimate for Hurricane Wilma of US$52m.
Munich Re places €110m European windstorm cat bond
Giant reinsurer, Munich Re has announced the private placement of €110m of risk-linked securities to provide immediate protection against severe Western European windstorms.
Ratings agencies mark Swiss Re for possible downgrade
Fitch Ratings has placed Swiss Re on Rating Watch Negative and GE Insurance Solutions (GE Insurance) on Rating Watch Positive.
Former Cox boss takes up CEO post as GoshawK board resigns en masse
Former Cox director Michael Dawson has taken over Goshawk as chief executive as part of a wholesale shake up.
US Senate passes TRIA extension bill
The US Senate has passed a bill to continue a program of federal guarantees to cover losses from terrorist attacks, pushing the program nearer to extension before it expires at the end of 2005.
Moody’s looks at Swiss Re ratings after GE deal
Moody's has announced that it had placed the Aa2 insurance financial strength and senior debt ratings of Swiss Reinsurance Company as well as its' A1 subordinated debt rating on review for possible downgrade.
ABI backs new capital adequacy regime
Following the publication today of the Financial Services Authority's (FSA) Insurance Sector Briefing ('ICAS: one year on'), Peter Vipond, director of financial regulation and taxation at the Association of British Insurers (ABI) has backed the regulator…
Scottish Provident launches guide to making claims
Protection specialist Scottish Provident has produced a series of practical guides and checklists for policyholders and financial advisers, explaining the claims process and what happens at each stage. Guides will be issued to policyholders at claim time.
Broker JPM hails paperless office
The office of a West Midlands insurance intermediary will soon become a paperless environment in what the company believes is a first for its industry within the commercial sector.
New Number One reinsurer in the world – Swiss Re buys GE insurance business
Swiss Re has announced it has agreed to acquire GE Insurance Solutions, the fifth largest reinsurer worldwide, from General Electric Company (GE) in a $6.8bn transaction. The deal means that, as calculated in Reinsurance’s Top 50 tables, Swiss Re has now…
Cooper Gay appoints Barton as deputy MD
Cooper Gay has appointed Steve Barton as deputy managing director within its marine & aviation division.
Crawford buys 25% stake in Chinese adjuster
Crawford & Company has said it will obtain full managerial control of the Chinese firm Tino Insurance Surveyors in China, after acquiring a 25 percent shareholding in the company.
FSA to probe conflicts of interest in London Market brokerages
The Financial Services Authority will be contacting the CEOs of London Market brokers "within the next couple of days" on the issue of conflicts of interest.