News
Insurer recruits 250 to help UK growth
Fortis Insurance is set to recruit more than 250 employees in Gloucester after getting the green lig...
Appointment at Hill Dickinson
Denise Dowen has been made an environmental partner at Hill Dickinson. Prior to joining the firm, Ms...
Project reaches milestone
The crash repair industry's Publicly Available Specifications project reached a milestone last week ...
Appointment at Davies Lavery
Pauline Rainey, from Barlow Lyde and Gilbert, has joined Davies Lavery as medical relationship manag...
UIA aiming to drive business online
UIA Insurance has launched its new website enabling customers to purchase its general insurance products online. UIA, a mutual company that provides a range of socially responsible insurance products to the not-for-profit sector, has improved the…
Quanta downgrade triggers credit facility default
AM Best has downgraded Bermudian (re)insurer Quanta’s financial strength rating from B++ (Very Good) to B (Fair), an action that has triggered a default under Quanta's credit facility.
Spanish Football Federation to run World Cup €14.6m prize indemnity risk uninsured
Spanish insurance industry publisher Inese has reported that the Royal Spanish Football Federation (RFEF) has decided not to buy prize indemnity insurance and to run its €14.6m in World Cup player and management bonus incentives uninsured after failing…
Alex Forbes CEO resigns as sell-off talks start
Broker Alexander Forbes' group chief executive Rael Gordon has resigned, and it is in discussions with potential private equity buyers of the company, with options for its International Risk Services business that may see it spun-off in a management led…
Alexander Forbes admits sale plan
Broker Alexander Forbes has announced today on the South African Stock Exchange that it is in talks which could lead to a sale of the company.
Better insurance deals offered to top law firms
West of England law firms need to step up their management of day to day business risks in the run up to their professional indemnity insurance renewals, as insurers are starting to offer preferential long term packages to the best managed solicitors.
Smart & Cook adds another buy
Harrogate-based national insurance broker Smart & Cook has completed the purchase of Bath broker Kallender Jeffries, its 51st acquisition.
Wellington to hit target on cat exposures, continues Aspen exit
Lloyd’s insurer Wellington has reported accelerating average rate increases and said that it expected to have written all its targeted aggregate catatrophe exposures by 1st July.
Catlin sees 28% increase for loss-affected business, modest slide elsewhere
In an AGM statement Bermudian (re)insurer Catlin Group conformed the divergent (re)insurance market, reporting a weighted average premium increase of 28% for hurricane-affected areas, but a 1% premium discount for other areas.
Swiss Re announces new Nat cat programme
Swiss Re has announced the placement of a natural catastrophe protection programme called Successor, the follow-up vehicle to the PIONEER and Arbor programmes, which has allowed it to place $950m in protection.
Rainbow helps create national standard for carpet cleaning
An initiative to create a British Standard for carpet cleaning is being sponsored by restoration specialists Rainbow International.
Absolute bought by Blue Cube
Blue Cube Group, a provider of intelligent protection security solutions, has acquired Sussex based cognitive interviewing business Absolute to create a new business combining security and fraud solutions primarily targeting the insurance and financial…
Japanese majors post strong 05-06 non-life results
Fitch Ratings today said major Japanese non-life insurers posted strong underwriting results for the fiscal year ending March 2006 (FYE06), following a drop in earnings in FYE05 as a result of natural disasters.
Fitch releases new capital model methodology
Fitch Ratings has released an enhanced methodology for incorporating a review of an insurer's in-house capital model into its ratings. According to the agency it believes that such models can often promote a superior understanding of risks in addition to…
Davis appointed deputy at Competition Commission
Minister of State for Trade, Investment and Foreign Affairs, Ian McCartney, today announced the appointment of Peter Davis as the new deputy chair to the Competition Commission.
Equitas admits disappointment over US liability claims and asbestos reserves
Lloyd's run off vehicle Equitas today announced that its retained surplus fell by £18m from £476 m to £458m for the year ending 31st March 2006. Its solvency margin (retained surplus stated as a percentage of net claims outstanding) also fell marginally,…
Fortis to recruit over 250 new staff as its moves to new office
Fortis has secured agreement to develop a new office in Gloucester, which will see it recruit more than 250 staff over the next two years.
IUA launches e-claims pilot
Members of the International Underwriting Association have begun a pilot project to test a new electronic claims system for the London Market. The scheme will allow companies to assess new technology designed to make the submission of claims information…
FSA appoints new small business boss
The Financial Services Authority has today appointed Mark Rothery as chairman of the smaller businesses practitioner panel. He succeeds Ruthven Gemmell who - having served a two year term as chairman - stands down and assumes the role of deputy chairman…
NIG hires new regional boss
NIG has appointed Peter Lycholat as head of operations north. He will have overall responsibility for NIG’s Glasgow, Ashington, Manchester, Liverpool and Leeds regions.