News
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.
RIMS survey highlights premium falls
Commercial insurance premiums took a sharp downward turn in the third quarter of 2005, according to the RIMS Benchmark Survey of corporate risk managers.
Hurricane Wilma predicted to reach Florida by weekend
On the evening of Wednesday 19 October, Hurricane Wilma reached a top speed of 160 mph, topping the threshold for a Category 5 storm, writes Lauren Cole. The hurricane was earlier that day predicted to cause devastation to south-west America, at that…
Exeter capped liabilities on shared care
Specialist Private Medical Insurer, Exeter Friendly Society has announced that it has capped the liabilities on its co-payment plan, Shared Care. Exeter made these changes following feedback from both intermediaries and its members.
Marsh chief: collaborate to create client value
Marsh's Europe and Middle East ceo and president, Bruce Carnegie-Brown, has urged the insurance industry to collaborate to increase client value. Speaking at the Insurance Institute of London's London Market Address, Mr Carnegie-Brown said three…
IIB calls foul over FSA proposal
The Institute of Insurance Brokers said today it was "extremely alarmed about proposals the Financial Services Authority is making, which, if adopted, would have the effect of depriving consumers of vital information when dealing directly with insurers."
Wilma heading north
Officials in Mexico, Cuba and Florida have started evacuating thousands of people from areas threatened by Hurricane Wilma, the strongest hurricane ever recorded.
Globale Re run-off troubles continue
The year 2004 was the latest in a series of difficult business years for Globale Re, which has been in run-off since 2002.
Aviva to sponser world record breaking attempt
Aviva, the parent of Norwich Union, is to sponsor Dee Caffari in ‘The Aviva Challenge’. Her bid is to sail solo, non-stop around the world and if she succeeds, Ms Caffari will become the first woman to achieve this feat, setting a new world record.
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