News
Spiller new CEO of Guy Carpenter
Marsh & McLennan Companies, (MMC) has announced that David Spiller, president of Guy Carpenter, MMC's global risk and reinsurance specialty business, has been appointed to the position of chief executive of Guy Carpenter, effective July 1.
Axa acquires Winterthur in £5.4bn deal
Axa has agreed to acquire Winterthur for CHF12.3bn (Euro 7.9Bn) (£5.4bn) "This transaction is a unique opportunity to reinforce our leading position in our core European market and to increase our presence in high growth markets, notably in Central and…
Heath Lambert recruits Maskell to head up sports
Adrian Maskell has joined Heath Lambert as a director of the Sports Leisure and Entertainment division.
Prime Minister makes promise on Barker v Corus
Tony Blair said he is hoping to change the ruling in the case of Barker versus Corus that will stop widows receiving full compensation for their husband's deaths from asbestos. Last month's Law Lords ruling will affect thousands of widows, whose husbands…
Seven insurers sign up to new Room solution
Seven major insurers are to use Room’s new risk exposure management solution Exact Advantage, the company confirmed today.
Equity signs 3 year affinity deal with Skipton building society
Equity Insurance Group today has announced it has entered into an affinity agreement with Skipton Building Society to offer Skipton branded insurance products to their customers.
Swinton hails its acquisition model
Swinton has predicted "a steady level of acquisition activity during 2006", having recently acquired a series of broker businesses. The value of purchases made by Swinton in the past 6 months has reached over £16m gross premium income and covers 50 000…
RBSI boasts of increased income despite competition
Royal Bank of Scotland this morning hailed the performance of its insurance division in the first quarter of 2006.
S&P downgrades Swiss Re, Fitch maintains watch negative
Standard & Poor's Ratings Services has lowered its long-term counterparty credit and insurer financial strength ratings on Swiss Re and its core entities to 'AA-' from 'AA'. Fellow rating agency Fitch has also maintained its negative stance on the giant…
Insure & Go becomes main sponsor of Southend United
Travel insurer Insure and Go has announced it has become the main sponsor of Southend United Football Club.
Towergate-linked acquisition vehicle on verge of first signing
The recently launched acquisition vehicle, CCV - Cullum Capital Ventures - headed by Towergate chairman Peter Cullum, has said it will announce its first deal within the next week.
IIB calls for evaluation of product-based FSCS levy
The Institute of Insurance Brokers has called upon the Financial Services Authority to include a product-based Financial Services Compensation scheme levy in its forthcoming consultation paper.
Crawfords hires two for global technical services
Loss adjuster Crawford & Company has announced two new senior appointments within its global technical services division.
MPPI price war continues with new product launch
British Insurance in conjunction with Assurant Solutions has launched a new direct to consumer age banded MPPI product that provides the cheapest 12-month cover available on the market according to leading information provider Defaqto.
Swiss Re finally absorbs GEIS
Swiss Re has finally completed the acquisition of GE Insurance Solutions, which will be integrated into Swiss Re over the next 18 months.
Marsh research shows risk management reduces EL costs
New research from broking giant Marsh has revealed that a majority of employers believe risk management strategies have had a positive effect on reducing employers’ liability premiums and associated claims.
Howden launches scheme for asbestos inspectors
Howden has has launched an exclusive professional indemnity insurance scheme for accredited asbestos inspectors that includes coverages not available under any other policy in the marketplace.
Lloyd's CEO Ward unveils first staff shake up, and hints at more to come
Lloyd's chief executive Richard Ward this morning unveiled a series of internal changes which he claims will "ensure executive resources are focussed on the key delivery areas of the strategic plan".
$5bn Axa bid talk gets tongues wagging
Speculation over the weekend that Axa is about to launch a £5bn bid for Swiss group Winterthur met with a sceptical response from one analyst this morning. Keefe, Bruyette and Woods' William Hawkins issued a statement, claiming it was 'not unusual' for…
Financial Services Compensation Scheme
For IFAs and Insurance Brokers the FSCS is a totally illogical and punitive financial imposition, because they cannot pass on the cost of levies to the point of sale – unlike the product providers who factor these costs into product/premium pricing. For…
Financial Services Compensation Scheme Funding Review
For IFAs and Insurance Brokers the FSCS is a totally illogical and punitive financial imposition, because they cannot pass on the cost of levies to the point of sale – unlike the product providers who factor these costs into product/premium pricing. For…
Zurich hires new team for big ticket business
Zurich Global Corporate UK has created a new business management team with the appointment of three new business manager leaders.
High court upholds process for solvent schemes of arrangement
The English High Court has upheld a challenge to the voting process for solvent Schemes of Arrangement proposed by a group of 16 insurance companies that underwrote insurance and reinsurance business in pooling arrangements known as the WFUM Pools. In…
Partner Re founder joins XL board
Bermudian reinsurer XL Capital has announced that Herbert Haag has joined its Board of Directors.