News
S&P assigns new rating for HCC subsidiaries
Standard & Poor's (S&P) has assigned an 'AA' financial strength ratings to American Contractors Indemnity (ACIC) and HCC Reinsurance (HCC Re), both subsidiaries of property/casualty specialty writer HCC Insurance Holdings (HCC). The outlook is stable.
Lloyd's expands US operations with new West Coast office
Lloyd’s of London is opening a West Coast office in the US to develop its business in the region.
NU in £120m buy to boost motor offering
Norwich Union Insurance has acquired HPI - independent provider of vehicle information - from Phoenix Equity Partners for £120m.
Hiscox IFA book taken over by Link
R3 Group has announced its latest acquisition with its subsidiary Calibre HomeSolutions taking over a home insurance scheme for the National Federation of Independent Financial Advisers.
Second annual increase for Sovereign’s creditors
Sovereign Marine and General Insurance Company has announced a second successive annual percentage payment increase, from 35% to 40%, to all creditors.
RMS warns of Hurricane Charley bill
Risk Management Solutions (RMS), has warned that insured losses in the US could exceed $10bn if Hurricane Charley is as bad as is currently feared.
Travellers Protection Services renews contract with The Benefits Alliance
Norwich-based Travellers Protection Services has been reappointed for the seventh year in a row to provide travel cover for The Benefits Alliance, which has BT, Whitbread, Hewlett Packard and the BBC are among its members.
US legal spat set to cost RSA millions claims newspaper
Royal & Sun Alliance may face liabilities of as much as $512m after losing the first round of a US legal battle over protection policies on loans to trainee truck drivers, according to a report in The Times newspaper. The insurer is set to appeal.
NU lures brokers with e-commerce offers
Norwich Union has launched enhancements and exclusive offers for brokers who trade household business via the company’s e-broking website.
Barker joins Wildnet
Simon Barker is the new UK sales director at Wildnet, which provides business process solutions to the insurance and reinsurance industry.
FSA issues "hard" capital adequacy statement in wake of RSA comments
The Financial Services Authority has today published a statement following comments made by Royal & Sun Alliance in its interim results published yesterday morning, confirming it will introduce what it calls a hard capital adequacy test.
Interim management present in 80% of FTSE 250 companies
Four out of five FTSE 250 companies are employing interim managers, an increase of 15% since last ye...
Absence rethink needed
Traditional beliefs about sickness absence are totally unfounded, according to a new study from Unum...
EPL essential in face of rising tribunal cases
Businesses have been told they face "massive" financial exposures unless they put an insurance strat...
Medicash marketing boost
Health cash plan provider Medicash has launched an outdoor advertising campaign in the Northwest as part of a regionalised strategy to boost membership and encourage renewals.
Towergate acquires military specialist
Towergate has announced the acquisition of military insurance specialist Forces Direct, as part of its plan to double the group’s size over the next two years.
A M Best raises Lloyd's rating
A.M. Best has upgraded the financial strength rating of Lloyd's to A (Excellent) from A- (Excellent). At the same time, A.M. Best has assigned an issuer credit rating of "a" to Lloyd's. The outlook is stable.
Hannover Re announces half-year profit
Hannover Re has announced that it is ‘highly satisfied’ with its results for the first half of 2004.
AWAC expands New York office
Allied World Assurance Holdings has announced that its subsidiary, Allied World Assurance Company US (AWAC US), has expanded the capabilities of its New York office to underwrite excess liability and errors and omissions coverages.
RSA: International business results
Royal & Sun Alliance's Scandinavian operation produced a COR of 92.9% in the first half of the year, nearly 4 points better than the first half of 2003, mainly the company said due to better commercial lines performance.
RSA: liabilities - the latest position
Royal & Sun Alliance provided an update on its business transformation plan — and its outstanding liabilities — as part of its interim results. The group claimed it had made significant progress this year in restructuring operations through disposal,…
Aon to pay damages to Pinnacle
USP Strategies, a Pinnacle Insurance Holdings plc company, has been awarded significant damages and indemnity costs from Aon Warranty Group by a High Court judge.
RSA records a net loss of £83m
Royal & Sun Alliance Insurance Group has posted afirst-half net loss after it sold assets to bolster capital and lost money on investments. The net loss was £83m compared to a restated profit of £97m in the same period a year-earlier.
RSA: UK general insurance interim results
Royal & Sun Alliance's general insurance business has recorded a first half profit of £277m (2003:£338m) with a COR of 99.7% (2003: 99.3%), including the US result. The UK operation had a combined ratio of 93.6% (2003: 97.1%).