News
Fitch still negative on troubled PXRE
Fitch Ratings has said that its existing ratings of Bermudian reinsurer PXRE will remain on rating watch negative following several recent announcements by the reinsurer.
Biba recommends new Toba wording for commission disclosure
The British Insurance Brokers’ Association has urged its members to adopt a new wording in their Terms of Business Arrangements with commercial customers to remind them they have the right to request details of the brokers' commission.
Anti-fraud TV campaign launched by Irish insurers
The Irish Insurance Federation has launched a new phase in its insurance fraud campaign, with a TV advertising campaign and the roll out of new technology to enable insurers to check claimants’ insurance claims history.
Allianz Cornhill profits fall and combined ratio rises
Allianz Cornhill's first quarter results have seen its profits fall to £48.7m (2005: £50.5m) as its combined ratio rose to 96.6% (2005: 94.7%).
FSA manager joins Gallagher
Broker Arthur J Gallagher (UK) has appointed Sarah Dalgarno as director of compliance and risk management.
Validus goes for 75% Q/S with new Petrel Re sidecar
Class of 2005 start-up, Validus Re has announced that it has done a two-year sidecar collateralised quota share retrocession deal with Petrel Re, a new Bermuda reinsurance company set up by the First Reserve Corporation private equity group.
Saga extends motor deal until 2010
Saga, the Folkestone-based provider of products and services to the over-50s, has extended an outsourcing contract with motor insurance claims management specialist WNS Assistance until the end of 2010.
Report claims travel brokers may be forced to quit
Price cutting and increased regulation in the travel insurance market may force some firms to give up or specialise in niche products, the leading financial research company Defaqto predicts.
Oval acquires Sheffield broker
Oval has bought the majority of the corporate insurance business of Sheafmoor Brokers in Sheffield, with plans to expand this part of its operation.
Hiscox launches new SME policy
Hiscox has launched an SME office insurance policy that provides a level of cover not offered by the ‘one-size-fits-all’ pre-packaged policies currently prevalent in the market place.
New compensation scheme to save industry £1bn
A fast-track compensation scheme launched today could save the insurance industry up to £1bn a year in legal costs, according to its creators.
Hannover Re happy with Q1 performance
Hannover Re has expressed what it described as ‘considerable satisfaction’ with its start to the new financial year. "With our quarterly result we have taken a first major step towards achieving our defined profit target for 2006", chief executive…
Damage management firms merge
Business Continuity Network, the damage management company serving the insurance industry, is increasing its national coverage. Currently with bases in Southampton and Shenstone near Birmingham it has merged with HTM, a damage management company based in…
Dame Tanni Grey-Thompson to open CII Conference
Dame Tanni Grey-Thompson will be one of the speakers at this year’s UK Insurance and Financial Services Conference, the Chartered Insurance Institute has announced.
Cross-border deals eclipse domestic M&A says report
By Sandhya Paul Cross-border deals in Europe eclipsed domestic transactions and accounted for the majority of M&A activity in the financial services sector during 2005.
New cat risk analysis ups capital needs claims Fitch
Insurers with catastrophe exposures are facing a possible 10% increase in their overall capital requirements, according to a new report from Fitch Ratings.
FSCS declares 23 in default
The Financial Services Compensation Scheme has declared the following firms in default. They are listed by region.
Actuarial body appoints Farr as chairman
The Association of Consulting Actuaries has elected Ian Farr FFA as its new chairman. Mr Farr is one of Watson Wyatt's most experienced and senior actuaries and is scheme actuary to a number of pension plans including some of the largest in the UK. He…
Cunningham Lindsey reveals £5m cost saving
A recent survey, conducted by Cunningham Lindsey venture FraudLine amongst a cross section of 12 of its subscribing local authorities, revealed that on average the number of public liability insurance claims received in 2005 was reduced by 27%, compared…
Post Magazine deputy editor voted GI writer of the year
Post Magazine deputy editor Lynn Rouse was named general insurance writer of the year (trade) at the Headline Money Awards last night.
AIG Q1 2006 income hit by losses
American International Group (AIG) has announced that its net income for the first three months of 2006 came to $3.2bn, down on the $3.8bn it posted for the same time period of 2005.
RSA commercial hit by drop in NWP, but UK profit up
Royal and Sun Alliance this morning reported that core net written premiums for the first three months of the year had remained stable at £1.4bn across the group. Its UK underwriting profit was up £35m, up 6% on the previous year.
CastlePoint Re wins A- start-up rating
AM Best has assigned a financial strength rating (FSR) of A- (Excellent) and an issuer credit rating of “a-” to Bermudian start-up reinsurer CastlePoint Re. The outlook for both ratings is stable.
Ace Europe launches new corporate service
Ace Europe today launched Ace businessclass premier, a new package of bespoke accident, health and travel insurance, services and risk consultancy, specifically for large corporate organisations.