News
Aon cuts workforce by 10% in restructure
Global broker Aon is looking to introduce a "one town, one office" regional model, as part of a rest...
EIG embarks on supplier review
Church insurer Ecclesiastical Insurance Group is looking to reduce the number of adjusters it curren...
Smoke on the water
Loss adjuster Charles Taylor Consulting has been assessing the damage to Southend Pier, caused by la...
Anker shortlisted for award
Guy Anker, left, chief reporter on Post Magazine, has been shortlisted for the Periodical Training ...
NU targets RAC integration
Norwich Union has set a target date of the end of this year to fully integrate RAC into its stable. ...
Axa chief: climate change action call
Axa UK chief executive Peter Hubbard has issued a call to arms for stakeholders and society to addr...
Spitzer fallout sees UK brokers cash in
UK brokers could benefit from the fallout of New York Attorney General Eliot Spitzer's inquiries in...
Moody's rating upgrade for Allianz Cornhill
Moody's Investors Service has upgraded Allianz Cornhill's Insurance Financial Strength Rating to A1 from A2. The rating has a stable outlook. This rating action concludes the review for possible upgrade initiated on 7 July 2005.
Analyst KBW hires european insurance specialists
Keefe, Bruyette & Woods (KBW), the U.S. based investment bank, has made two appointments to its European Research Department in London, covering insurance.
Lunch-time English classes in the City
The opportunity to take lunch-time English language course will start in the City in January. The courses are aimed at those working in insurance and reinsurance industry and are supported by the International Underwriting Association (IUA).
S&P places IPC on CreditWatch
Standard & Poor's Rating Services (S&P) has assigned its 'BBB+' counterparty credit rating to IPC Holdings and placed the rating on CreditWatch with negative implications.
Kiln sees 12.5% rate rise, edges Katrina loss upwards
Following hurricanes Katrina and Rita, Lloyd’s (re)insurer Kiln says it is seeing good rate rises in many of its core classes of business, most notably in its property catastrophe reinsurance, property and marine portfolios and now expects average rate…
Highway Retail adds over 60,000 policies with new acquisition
Motor insurer Highway’s retail division has claimed to have entered the UK top 12 general insurance intermediaries following the acquisition of MRB Insurance Brokers Limited, which trades as 1st Quote.
Goshawk hit by £220,000 FSA fine
Goshawk has announced that Goshawk Syndicate Management Limited (GSML), a wholly-owned subsidiary of the Company that was previously responsible for the management of Syndicate 102 at Lloyd's, has been fined £220,000 by the Financial Services Authority …
Max Re clarifies share sale
Max Re Capital has announced that it has entered into an agreement to sell 11 000 000 of its common shares in an underwritten public offering at a price to the public of $23.50 per share.
Wellington to further increase 2006 capacity to £800m
Following further review of current market conditions Wellington Underwriting Agencies is increasing the 2006 capacity of its Lloyd’s Syndicate 2020 to £800m — up from £730m for the 2005 year of account.
Aspen share offering raises $400m
Aspen Insurance Holdings has announced that it has closed its previously announced public offering of 17 551 558 ordinary shares at $23.00 per share, raising aggregate net proceeds of approximately $400m.
S&P affirms Converium at BBB+, outlook stable
Standard & Poor's Ratings Services has affirmed its 'BBB+' long-term counterparty credit and insurer financial strength ratings of Converium. At the same time, S&P affirmed all ratings on the guaranteed operating entities of the Converium group …
Towergate snaps up Norfolk broker
The Towergate Partnership has announced its 104th acquisition - David Brake Insurance Consultants, based in Norfolk.
Integro hires duo in San Francisco
Integro has hired two executives to serve in its San Francisco office. Michael J Korn has been appointed managing principal, Property Practice, and Ted Doolittle has been appointed principal, Executive Risk Practice.
FSCS declarations open the way for consumers to claim compensation
The Financial Services Compensation Scheme (FSCS) has recently declared 18 firms in default.
FSA: new push on reinsurance transparency
The Financial Services Authority has proposed new rules that may require greater disclosure by insurers of their use of financial reinsurance. Earlier this year, the FSA wrote to firms asking about their use of financial reinsurance. The FSA said the…
Max Re Capital taps market for $250-$300m
Max Re Capital has joined the increasingly long list of companies that are raising new capital in the aftermath of Hurricane Katrina by issuing shares.
Arch edges Katrina loss upwards
Arch Capital Group has announced that it expects 2005 net third quarter operating earnings to be negatively impacted by $173m due to hurricane Katrina — exceeding its previous maximum probable loss estimate, which was of the range $110m-$160m.