News
Carole Nash buys AA motorcycle book
Broker Carole Nash Insurance Consultants has acquired the AA’s entire motorcycle insurance business.
XL Capital hit by Q4 2003 loss
XL Capital has reported that it made a loss of $314.8m in the last quarter of 2003, down substantially on the $214.1m profit made over the same period of 2002.
Countrywide merges with Build Assured
Durley Group Holdings, the parent company of Countrywide Property Inspections, has by the issue of new shares acquired Hillcrest (Yorkshire), which trades as Build Assured.
S&P warns Axa UK of possible downgrade
Rating agency Standard & Poor's has revised its outlook on Axa’s UK-based general insurance arm Axa Insurance to negative from stable. At the same time, S&P affirmed Axa Insurance’s 'A+' long-term counterparty credit and insurer financial strength rating.
Ace promotes Burton
Bermuda-based Ace has announced that Simon Burton has been appointed president of Ace Financial Solutions International (Ace FSI).
European insurers facing €100bn capital black hole
The European life sector is facing a €100bn capital shortfall, according to a new report from strategy consultants Mercer Oliver Wyman.
Riskworks acquires Bell Rossiter
Cheshire based insurance broking and risk management company, Riskworks International, has acquired the commercial business interests of Bell Rossiter.
SVB in liability launch
Novae Underwriting, a new specialist liability service company, has been created by SVB Holdings.
The Regency Group restructures
Broker The Regency Group has announced a management restructure, including the move of the company’s founder Kerry Michael to a non-executive role.
CBG acquires Cloughley Insurance Services
The Community Broking Group is set to acquire broker Cloughley Insurance Services Limited on 1 March 2004.
Nearly 100 people attend Heath Lambert conference
Heath Lambert warned property managers about impending FSA regulation, at a conference held at Lloyd’s last week.
Axa manager departure
Groupama has recruited another Axa manager, just weeks after two other similar appointments. Andy Heap, who was Axa’s Premier Partners channel manager, has been appointed Groupama’s head of customer propositions.
Sides reach agreement in TAG test cases
The Claimants and the defendants in The Accident Group test cases have successfully mediated an agreement in relation to the compliance issues - the recoverability of solicitors' costs - surrounding the TAG panel solicitors' costs.
Dickson Manchester to merge with Rattner Mackenzie
HCC Insurance Holdings intends to merge its wholesale broker subsidiary Dickson Manchester with its other Lloyd’s intermediary Rattner Mackenzie.
First complex risk placed at Lloyd's via Kinnect
Broker Willis has placed the first complex open market risk on platform Kinnect with Lloyd’s insurer Amlin.
P&I Clubs have stable outlook despite losses
P&I Clubs are still failing to write an underwriting profit although the situation is improving according to a review of the market by Standard and Poors. Rowena Potter, credit analyst S&P says the market’s combined ratio has improved over the last three…
Bermingham rejoins Crawford in global risks drive
Loss adjuster Crawford & Company has recruited Paul Bermingham as director of its Global Risk Administration division.
Review of Gibraltar's financial services launched
An independent review of the Financial Services Commission in Gibraltar was announced today by His Excellency the Governor Sir Francis Richards acting with the approval of the Foreign Secretary.
IUA premiums show small increase
The latest statistics from the International Underwriting Association have shown a positive cash flow of more than £2.5bn in the London insurance company market for 2003- an increase of more than £0.5bn on the previous year and nearly ten times greater…
AM Best leaves Swiss Re ratings unchanged
AM Best has announced that Swiss Re’s financial strength rating of A+ (superior) remains unchanged following the company’s announcement that it is to buy CNA Financial’s life insurance book of business.
GE Commercial expands capacity
ERC subsidiary GE Commercial Insurance has announced that it has increased its capacity to write umbrella and follow form excess coverage underwritten by its specialty excess & surplus lines individual risk unit.
Watson Wyatt warns over terrorist exclusions
Many companies who have insured their employees' lives may find they are not covered should they be affected by a 9/11-style terrorist attack, according to research by Watson Wyatt.
Moody’s places Unum ratings on review
Rating agency Moody’s has placed the credit ratings of UnumProvident Corporation and the insurance financial strength ratings of Unum Life Insurance Company of America and its insurance subsidiaries on review for a possible downgrade.
Compensation claims hitting local authority budgets
Local authorities' bottom lines are feeling the pinch as spurious compensation claims continue to increase. A new report published this week by the Local Government Association (LGA) and Zurich Municipal shows that 68% of councils have experienced an…