News
Motor Insurers' hotline
Two thirds of police calls to the Motor Insurers' Bureau hotline have resulted in cars being seized....
Allianz in 'bread and butter' business bid
Allianz Cornhill is aiming to increase its SME business book by another £100m in gross written premi...
Flood decision 'a backward step' says RSA
In response to recent reports on possible Department for Environment, Food, and Rural Affairs budget cuts, insurance giant Royal & Sun Alliance has said: "Any cut in flood defence budget is a backward step and could lead to homeowners and businesses…
Towergate has acquired GHBC
Acquisitive broker Towergate has acquired Hemel Hemstead based broker GHBC. The broker has one office and specialises in property owners, financial lines and listed property business.
ABI reveals anger at flood cuts
The Association of British Insurers has reacted to the news that government flood defence spending is likely to be cut, and is demanding the problem be given the resources needed to prevent disasters.
Flood defence spending in jeopardy as Defra cuts revealed
News reports today have claimed the Department for Environment, Food and Rural Affairs has been told to cut its budget by nearly £200m over the next six months, putting planned investment in flood defences in crisis. According to a report in The Guardian…
Mondial supports Which? regulation demands
Travel insurance provider Mondial has said it supports the call for industry standardisation following the findings of the recent Which? consumer report.
XL Capital plans reinsurance platform in Europe
XL Capital has announced plans to develop a new, integrated European platform for its reinsurance operations.
Endurance Specialty buys up cat cover from Shackleton Re
Endurance Specialty Holdings has announced that its subsidiary, Endurance Specialty Insurance, had acquired $235m of multi-year, collateralized catastrophe reinsurance from Shackleton Re. This new reinsurance is designed to enhance Endurance's ability to…
CNA posts increased Q2 2006 profits
CNA Financial Corporation has announced second quarter of 2006 results. Net operating income from continuing operations for the second quarter of 2006 of $305m as compared with $272m for the same period in 2005. The second quarter of 2005 included a …
Insurecom makes a profit
Insurecom made a pre-tax profit of £203 000 for January-June, the broker software house has announced.
RSA acquires Irish insurer
Royal and Sun Alliance Insurance Group has acquired Irish insurer EGI Holdings for €25.2m (£17.3m) payable in cash.
MMA launches Gibraltar based insurer
MMA Group has launched Gateway Insurance Company, a new general insurer based in Gibraltar, as revealed by Post Magazine last month, which will underwrite personal lines business.
Financial promotions: Good progress overall but firms must do more
The Financial Services Authority (FSA) today published a report detailing its financial promotions work over the last two years, including an evaluation of industry progress and an outline of future plans in this area.
RBS Insurance counter-fraud manager to head up IFB
The Insurance Fraud Bureau has announced the appointment of Sue Jones as head of unit with effect from 23rd October. Ms Jones will be leaving her role as head of counter fraud at Royal Bank of Scotland Insurance, to take up the position.
RenRe to settle with SEC
RenaissanceRe Holdings has reported $154.8m in second quarter 2006 operating income compared to $170.4m in the second quarter of 2005, and has announced that it is negotiating a deal with the SEC over a forthcoming lawsuit.
Lloyd's broker adds Spanish buy
Broking group Hyperion today announced its first acquisition since its recent successful equity placing that raised £5.1m of new capital to fund its ongoing growth plans.
Halifax sees slight dip in premium income
Halifax Bank of Scotland has reported profit before tax increased by 22% to £163m for the first six months of 2006. Overall Premium income fell slightly by 2% to £919m with growth in household sales offset by falls in payment protection.
Scottish Re on credit watch
Standard & Poor's Ratings Services said today that it placed its 'BBB- counterparty credit rating on Scottish Re Group on CreditWatch with negative implications.
JLT boss Burke pleased with 'modest improvement'
Broker JLT this morning reported 'modest improvement' in its half year results to 31 June 2006.
JLT sets asside £65m to plug pensions gap
Jardine Lloyd Thompson has entered into a period of consultation with its staff concerning proposed changes to its UK Pension Scheme.
Why aren't more tempted to follow Kiln's lead?
When Lloyd's (re)insurer Kiln unveiled plans for a 25% increase in capacity for the 2007 year, it was bucking the trend set by its London peers. Armed with more detailed reasoning behind the decision, Mark Geoghegan reports
Aon extends Mahoney contract
Aon has extended the personal employment contract of Dennis Mahoney, the chairman and chief executiv...
Tower Group ends PXRE contracts
Tower Group has announced that it has concluded, through commutation agreements, PXRE's participatio...