News
£100m boost for Aviva
Aviva said it will exceed the cost savings target of £80m per annum forecasted after its purchase of RAC this year.
Ace USA offers new D&O product
Ace USA, the US based retail operating division of the Ace Group of Companies, has created a policy designed to protect personal assets of directors and officers in situations where indemnification is unavailable or when traditional insurance programs…
Aon launches M&A warranty alternative
Aon Limited has today unveiled an innovative insurance product called Warranty Replacement and Acquisition Protection, to replace the usual giving of warranties by a seller to a buyer in a merger and acquisition.
Fitch changes German outlook
Fitch Ratings has changed its Outlook on German life insurers to Stable from Negative, reflecting amongst other positive factors a recovery in capital adequacy and the flexibility in profit participation, although the long-term macroeconomic conditions…
Police step in over fraud allegations at Besso
London Market broker Besso is under investigation by the City of London Police after the company discovered irregularities in some of its client funds accounts.
AIG subsidiary brings in new excess liability coverage product
AIG Excess Casualty, a division of American Home Assurance, a member company of American International Group (AIG), has introduced xsInResponse, a new product that provides excess liability coverage for risks previously covered by an insurance carrier…
PruHealth reverse PMI premium increase
New research from PruHealth, the innovative private medical insurer, shows that the average private medical insurance premium has risen by a massive 37 per cent since 1999. That compares with Retail Price Index inflation of just 12 per cent during the…
Room targets insurance start-ups
A new IT service that claims it can reduce time, risk and costs associated with creating new insurance companies in London, Bermuda and Dublin is being launched by Room Solutions, a specialist supplier of IT systems to the commercial insurance sector,…
Max Re bucks trend with 3Q profit forecast
Max Re has announced that it expects to report net income for the nine months ended September 30, 2005 between $10 m and $20m. The Bermudian reinsurer said that the results include an estimated negative impact on earnings of $90m from Hurricane Katrina,…
Katrina and Rita blow IPC 3Q losses sky-high
IPC Holdings has said that it anticipates that the net impact from these events on its net income from Hurricanes Rita and Katrina in the third quarter will be in the range of $650m to $750m.
Tillinghurst publishes new Katrina loss estimate
Hurricane Katrina is expected to result in $40bn to $55bn in private insurance payments, according to a new white paper developed by the Tillinghast and Reinsurance businesses of Towers Perrin.
Mobile phone insurance called into question
Nearly 2,000 mobile phones are stolen in the UK every day making it important for customers to consider insurance. But the British Insurance Brokers’ Association warns that mobile phone insurance policies can prove expensive and may be difficult to claim…
Accountants’ and auditors’ PI premiums continue to fall
The results of the latest Willis Index survey of the UK professional indemnity insurance industry for the third quarter of 2005 show the market continuing to maintain competitive, especially in the small to medium firm sector. Average premium reductions…
Glencairn appoints former Marsh director
Broker Glencairn has appointed Paul Chalk as Head of IT.
Marine club warns brokers against filing claims by e-mail
FILING demurrage claims electronically could be costing shipbrokers significant sums of money, according to International Transport Intermediaries Club (ITIC).
Chubb third quarter losses top £300m
Insurer Chubb has estimated its total losses from third quarter catastrophes, primarily Hurricane Katrina, to be approximately $600m before tax (£340m). This amount includes estimated losses and loss expenses net of reinsurance recoverable, reinsurance…
Ex-barristers join BLG reinsurance team
Barlow Lyde & Gilbert has appointed two new members to its reinsurance team. Leigh Williams, who joins this month, and Tim Kenefick, who will arrive in January 2006, were both barristers at leading insurance and reinsurance law chambers 7 King’s Bench…
Former Gen Re CEO gets Wells Notice
Berkshire Hathaway has said the former chief executive of its General Re unit could face action from the US securities watchdog as part of an investigation into nontraditional insurance products.
Willis makes South African acquisition
Willis Group Holdings has agreed to acquire the business andassets of Reinsurance Consultants and Intermediaries the reinsurance division of South African insurance broker Glenrand.
Medico-legal firm planning ATE insurer launch from Gibraltar
The Board of LitComp Plc, a national supplier of medico-legal and psychological reports, has conditionally agreed to acquire the entire issued share capital of Fairmont Holdings Limited, the holding company of Elite Insurance Company Limited. Elite has…
Run off association announces new structure and board
The Association of Run-Off Companies has held its first AGM as a limited company, following which various changes to its board were announced.
Marsh wins Beijing Olympics account
Marsh, the world’s leading risk and insurance services firm, has been selected to provide insurance consulting and risk management services for the 2008 Summer Olympic Games in Beijing.
Ecclesiastical to rationalise loss adjuster panel
Ecclesiastical is looking to reduce the number of loss adjusters it currently works with through a review of its panel. Chief claims manager David Bonehill said: "As a specialist insurer we want to work more closely with a smaller number of key adjusters…
Battered Goshawk may sell Rosemont Re
Bermudian reinsurer Goshawk has doubled its net Katrina loss from a range of $25m to $30m to a revised total of $60m and revealed that it is seeking a major new capital injection or an outright sale of Rosemont Re, without which Rosemont’s ability to…