News
Heath Lambert recruits two new directors
Heath Lambert has recruited two new directors within its reinsurance division. Roland Vella and Chri...
Biba backs commission campaign
The British Insurance Brokers' Association this week lent its support to two European regulatory cam...
Fitch downgrades XL Capital
Fitch Ratings has downgraded ratings of XL Capital (XL) and its property/casualty reinsurance subsidiaries by one notch.
New Bermuda reinsurer to pick up Chubb business
Stone Point Capital has announced the formation of Harbor Point, a global reinsurance company to be based in Bermuda.
Florida clears up after Wilma
Florida has begun to clear up the devastation left by Hurricane Wilma as it swept across the US state killing at least six people.
Marsh CEO to head up industry body
Bruce Carnegie-Brown, chief executive of Marsh UK & Europe, has been elected president of the Institute of Financial Services.
XL third quarter figures point to overall loss for the year
XL Capital has announced, based on current loss reports and estimates, it expects pre-tax net losses arising from Hurricanes Katrina and Rita will be approximately $1.16bn (£652m) and $263.6 million, respectively.
Ace hurricane losses hit third quarter figures
ACE has reported a net loss for the third quarter endedSeptember 30, 2005 of $112 million (£62m) or $(0.43) per common share after payment of preferred dividends, compared with net income of $4 million or $(0.03) per share for the same quarter last year.
Primary launch follows Forbes fallout
The Primary Group is to establish a new professional indemnity arm to be manned by dozens of staff that have quit Alexander Forbes.
US group swoops for Lloyd's insurer Illium
US insurance group HCC Insurance Holdings' is to purchase 80% of the outstanding shares that it does not own in Lloyd's insurer Illium.
$6-$10bn in damage from Wilma's Florida surge
Insured losses in the U.S. from Hurricane Wilma are likely to range from $6 to $10 billion, according to Risk Management Solutions. This estimate, based on current information on landfall location and wind speeds, is comprised of onshore damage resulting…
Former Marsh boss tipped to head start up
Jeffrey Greenberg, former chairman and chief executive of Marsh & McLennan, to set to launch a new insurance venture in Bermuda with capital from a private-equity firm he and partners are establishing.
EU action applauded by Biba
The British Insurance Brokers’ Association today welcomed the European Commission’s decision to launch proceedings against the 10 EU member states yet to implement the Insurance Mediation Directive.
Aviation specialist appoints partner
Aviation legal specialist Gide Loyrette Nouel has appointed Neil McGilchrist as partner. Mr McGilchrist was previously a partner and chairman of Beaumont & Son, one of the world's leading niche aviation law firms. Beaumont & Son was the winner of Global…
Over-65s turned down for travel insurance
The UK’s 9.5 million over-65s struggle to find travel insurers willing to take their business and then face having to pay over the odds for adequate cover, the British Insurance Brokers’ Association (Biba) has warned. Biba said the problems older…
A new voice for RMI body repairers
The Retail Motor Industry Federation's (RMI) Bodyshop Services Division has been streamlined to ensure a more powerful voice for its members.
Goshawk sells up to former Ace chairman Kramer
Goshawk and Rosemont Re have agreed heads of terms with Don Kramer, formerly vice chairman of Ace, on behalf of a consortium of private equity investors who are intending to incorporate a new Bermuda reinsurer with capital of not less than $750m.
Atrium ups Katrina loss and abandons 2006 capacity cuts
Atrium has increased its estimate of net pre-tax losses from Hurricane Katrina to £19m ($33.6m) from the last published estimate of £15m ($26.5m). Atrium also unveiled an initial £3m pre-tax loss estimate for Hurricane Rita
Commercial Express appoints CMGL for claims
Commercial Express, the specialist landlord/buy-to-let insurance provider, has chosen CMGL as its new claims handlers.
CII: FSA approved persons proposals are flawed
The Chartered Insurance Institute (CII) says it opposes Financial Services Authority (FSA) proposals to remove customer controlled functions from the regulatory regime. The CII emphasised the need for direct regulation of individuals dealing with…
Allstate takes $3.68bn Katrina hit, may buy more reinsurance
Giant US primary personal lines insurer, Allstate has unveiled a pre-tax Hurricane Katrina claims of $3.68bn. The company said that based on historical recorded tropical storm activity, a catastrophe modeler had estimated that the likelihood of a…
Wilma’s threat recedes?
The oil market was relieved at the perhaps receding threat from Hurricane Wilma as according to forecasters, Wilma is expected to miss the Gulf of Mexico oil and gas facilities. This includes U.S. oil production sites in the Gulf of Mexico and inland…
AIG board makes changes
American International Group (AIG) has announced that its Board of Directors has adopted two additional corporate governance guidelines.
Cobra unveils new group structure
Broking group Cobra today announced a new operating structure to capitalize on future growth. The company said it is close to two deals with a further nine in the pipeline.