News
Rita loss estimates unveiled
AIR Worldwide Corporation has estimated that Hurricane Rita will result in insured losses between $2.5bn and $5bn, far lower than the bill from Hurricane Katrina.
DUAL opens new Manchester office
The UK underwriting agency DUAL Corporate Risks has launched it new regional office in Manchester today.
DAS suspensions: ratings decision
Standard & Poor's said today that its ratings and outlook for legal expenses insurance underwriter DAS Legal Expenses is not affected despite the suspension of several members of the senior management team, as reported by Post Magazine this week.
Ecclesiastical appoints new chief claims manager
Specialist insurer Ecclesiastical has appointed David Bonehill as Chief Claims Manager. Previously he was Chubb Insurance's UK and Ireland property claims manager.
Groupama signs £14m deal with Premier Underwriting
Groupama Insurances has completed negotiations on a new scheme arrangement that is expected to produce approximately £14 million of new premium income over the next two years. The new deal, with niche intermediary Premier Underwriting concerns the…
Broking becoming 'distinct profession' within insurance
The Faculty of Insurance Broking is raising levels of performance among insurance brokers and helping distinguish them from other intermediaries. By pursuing technical excellence and the highest standards of ethical practice, it is creating a distinct…
Insurance industry calls for ‘change of culture’
Insurance professionals are keen to undertake sweeping reforms to the way they do business in order to improve their standing with consumers and ensure they achieve compliance with the FSA’s regulatory regime.
FSA announces review of general insurance regulation
The Financial Services Authority (FSA) has announced it will conduct a review of the effectiveness of its general insurance regulatory regime.
RMS model shows increased risk of extreme terrorism losses in US
Risk Management Solutions (RMS) has released their fourth annual U.S. Terrorism Risk Model, which incorporates the latest expert views of terrorism risk.
NAIC assists Marsh settlement
More than 30 state insurance regulators in the US, working collaboratively through the National Association of Insurance Commissioners, (NAIC) have announced a multi-state regulatory settlement with the nation’s largest insurance broker, Marsh & McLennan…
CII conference: Scase alerts UK companies to impact of 'dramatic' global upheavals
UK companies face annihilation if they fail to adapt to dramatic upheavals in the global economic market. A revolution in consumer trends and a severe skills shortage threaten to deepen the crisis even further.
A.M. Best lists insurers vulnerable to Hurricane Rita
A.M. Best has begun to assess the potential financial impact Hurricane Rita may have on the general insurance and reinsurance industry.
NU Healthcare partners with Personal Touch
Norwich Union Healthcare (NUHC), as part of a restructure of its direct sales force, has announced a strategic arrangement with Personal Touch Financial Services (PTFS).
MMA expands small business product
Broker only insurer MMA Insurance has added a number of new trades and enhanced the cover available under its successful small business liability product, now called Master Tradesman Plus.
Alea shares plunge on AM Best downgrade. Sale still being considered
AM Best has joined Standard and Poors in downgrading Alea. Its shares dropped 8.5 per cent on the news to 130 pence.
Foster suggests multi-year policy route
Multi-year insurance products could present a way for the industry to protect customers from the effect of wild swings in premiums at different stages of the insurance cycle, a leading broker argued today.
Vega hires new director
Vega Insurance Services, part of the Primary Group, has appointed Stephen Edwards to the newly-created role of IT Manager.
IIB urges Westminster to fight Euro VAT directive
The government must take a “robust stand and do everything possible in its power", to secure an amendment to the Sixth Directive, which will charge VAT to insurance services. According to IIB Director General Andrew Paddick the Government has to find a…
Katrina ‘most costly event’ for global insurance industry, claims S&P
Hurricane Katrina will most likely prove to be the most costly event ever to hit the global insurance industry, according to Standard & Poor’s.
Sirius hails geographic expansion as profit jumps 47%
Insurance software specialist Sirius Financial this morning announced that its operating profit for the first half of the year had increased by 47% to £750 000. Total revenues are ahead at £10.6m, it added.
Axa earnings up despite flat revenues
AXA UK has reported underlying earnings of £118 million for the first half of 2005 – up 19% on H1 2004.
Axa Dubai employee wins Young GI Professional award
Rajagopal Sukumar, ACII Chartered Insurer, a 30 year-old assistant technical manager with AXA Insurance E.C. UAE, based in Dubai, was this year’s winner of the Young General Insurance Professional of the Year award, sponsored by the Sheikh Abdullah…
Hardy may increase 2006 capacity after cancelling Lloyd's de-emption
Lloyd’s insurer Hardy Underwriting this morning gross written premium had increased to £65.58m (2004: £51.69m) for the first half of the year. Profits before tax increased to £7.66m (2004: £5.65m).
CII honours medal winners at graduation ceremony
Miss Ianthi Pilavakis FCII, Chartered Insurance Practitioner, has won the 2005 Rutter Medal as the best qualifying new Fellow of the Chartered Insurance Institute.