News
Leitch to leave Zurich next spring
Sandy Leitch, chief executive officer of insurer Zurich's operations in the UK, Ireland, South Africa and the Asia Pacific region, will leave the company next spring.
Hewitt agrees sweeping changes to sales of extended warranties
Consumers will have to receive more information about extended warranties on domestic electrical goods before they buy and greater rights to cancel agreements, Secretary of State for Trade and Industry Patricia Hewitt announced today.
Chaucer completes review of syndicate 1204
Lloyd's insurer Chaucer will place professional indemnity syndicate 1204 into run-off next year having completed a review of the business it acquired from Kiln.
FSCS considering Lords appeal over Independent pay-out
The Financial Services Compensation Scheme is considering its position following today's judgement by the Court of Appeal in the case of Geologistics Limited.
Brit positive going forward
Brit Insurance Holdings said today in a trading statement that underwriting conditions in its target areas continue to be "exceptionally positive".
FSCS faces £60m payout in Indepenent Insurance case
The government's Financial Services Compensation Scheme faces a potential bill of up to £60m to cover legal costs of corporate policy holders of insolvent insurers following a Court of Appeal decision relating to the collpase of Independent Insurance.
Heath Lambert completes restructuring
Broker Heath Lambert Group has completed the financial restructuring that it announced in November.
Swiss Re reports average year for catastrophes
The past year has been an average one for global catastrophes, according to a preliminary estimate from Swiss Re.
Cox buys Marsh motor book
Cox Insurance's broking division has bought a book of rural/commercial motor business from Marsh's Private Client Services, responsible for gross written premiums in excess of £8m.
BFIS continues to grow
Bermuda-based Ram Re has joined the Bermuda Foundation for Insurance Studies (BFIS) as a pledged member, and will donate $50 000 to it over the next five years.
FSCS declares 23 firms in default
The Financial Services Compensation Scheme has this month declared 23 financial services firms in default, including Alcester-based Stone House Insurance Services and Courtlets Insurance Brokers in Oldham.
Amlin syndicate 2001 set for £1bn in 2004
Lloyd's insurer Amlin has confirmed it will have underwriting capacity of £1bn in 2004 for syndicate 2001.
Catlin to launch German subsidiary
Catlin Group has announced the formation of a German subsidiary, Catlin GmbH, which will be based in Cologne.
Scott calls for sea-change in insurance industry attitudes
Dr Sandy Scott, director general of the Chartered Insurance Institute has laid out his vision for the future of training and competence in the insurance industry.
Fitch maintains negative outlook on reinsurance market
Concerns over reserve adequacy have led Fitch to maintain a negative outlook on the reinsurance market, the rating agency said today as part of its outlook for 2004.
St Paul restructures professional indemnity team
The St Paul has restructured its professional indemnity team and rebranded it as St Paul Professions.
Jackman steps down at Skills Council
The Sector Skills Council for Financial Services (in development) has announced that David Jackman is to become special advisor to the board, having acted as chief executive during the start-up phase.
HBOS reports
Halifax Bank of Scotland today reported sales of insurance in the household, creditor and motor sectors indicate a healthy increase in premiums for the full year.
CTC launches Italian joint venture
UK-based Charles Taylor Consulting and Italy-based RINA Industry have established a joint venture company, Crescendo Holdings, with an authorised capital of € 1.4m (£1m).
Moody's downgrades Scor
Rating agency Moody's Investors Services has downgraded troubled French reinsurer Scor's insurance financial strength rating from Baa2 (adequate) to Baa3 (adequate), with a developing outlook.
Windsor reports growth in profits
Listed broker Windsor today reported a 21% increase in pretax profit to £4.04m for the 12 months ended 30 September. Brokerage and fees for the year under review increased by 4% to £18.04m.
New director takes the helm as Groupama confirms distribution strategy
Groupama Insurances has appointed Amanda Blanc into the new role of distribution and customer services director. The moves comes as Groupama confirmed that it is close to finalising work on a new distribution strategy – a project that has involved the…
Cox facing £4.5m impact of Tribune
Cox Insurance Holdings has announced it may have an indirect exposure to the closure of Tribune Risk and Insurance Services; currently estimating an impact on pretax profits of around £4.5m.
Zurich takes over Broker Direct account from Allianz Cornhill
Zurich will provide capacity for the main private motor book of Broker Direct, after its previous underwriter, Allianz Cornhill subsidiary Trafalgar, opted to pull out of the six-year arrangement.