News
Guardian chairman's role vacant, Haynes takes international helm
Guardian Holdings, has announced that Gerrard Lee-Inniss will be resigning as president of Guardian General Limited with effect from 1 April 2005 in order to pursue personal business opportunities outside of the insurance industry. The new President of…
Legal and General welcomes tribunal's decision
The Financial Services and Markets Tribunal has today delivered its judgment in the case between the Financial Services Authority and Legal & General Assurance Society.
AM Best withdraws Ace Insurance rating
AM Best has withdrawn the financial strength rating of A (Excellent) of ACE Insurance (Belgium) and has assigned an NR-3 (Rating Procedure Inapplicable) following the scheduled transfer of all assets and liabilities from ACE Insurance to ACE European…
Heath Lambert recruits former Capita and Direct Line boss in affinity drive
Heath Lambert has appointed Capita Insurance Services account director Nick Dunn. He joins as divisional director of business development for its personal lines arm, Heath Lambert Insurance Services.At Capita he had responsibility for the affinity and…
Willis finds some liability sectors remain firm
The downturn in liability rates has not been as dramatic as in other lines according to a new report from broker Willis.
PCS expands services
ISO's Property Claim Services (PCS) unit has expanded its services to include loss estimates for potential catastrophic terrorism losses. PCS today announced it will assign catastrophe serial numbers to potential terrorism events likely to have caused at…
Composite finds new marketing partner
Composite Legal Expenses has signed a five year deal with Solutio Europe to offer a wide range of assistance products to the UK broking, affinity group and schemes markets.
Ace completes transfer to create European insurance giant
Ace European Group has confirmed that on 1 January 2005, ACE Insurance S.A. N.V. successfully transferred its insurance and reinsurance portfolio into Ace European Group Limited.
IUA publishes tax rates for new EU countries
Information on the taxation of insurance contracts within the 10 new European Union member states has been published for the first time by the International Underwriting Association.
Smart & Cook chairman dies
Geoff Cook chairman of Smart & Cook has died suddenly. The founder of the growing broker chain will be sadly missed by all those who knew him, and the loss of Mr Cook is also a loss for the broking industry as a whole.
Axa ratings affirmed says Fitch
Fitch Ratings has affirmed the Insurer Financial Strength ratings of the major insurance entities of the Axa group at 'AA'. The long-term and short-term ratings of Axa are also affirmed at 'A+' and 'F1' respectively. The outlook on the group's ratings…
US tort costs keep rising
US tort costs reached a record $246bn in 2003, or approximately $845 per person, according to the US Tort Costs: 2004 Update from the Tillinghast business of Towers Perrin.
Omni begins risk management division
Insurance services group Omni Whittington has launched a risk management company following the recent recruitment of a specialist team from Axiom Consulting.
Tiner sets enforcement priority
The day the Financial Services Authority finally assumed control of regulating the general insurance sector, there were almost 1000 applications for authorisation still being processed.
Distribution review for Groupama Healthcare
As part of its plans to develop its specialist Healthcare business, Groupama Insurances has begun a review of the distribution and customer servicing capabilities of Groupama Healthcare.
Mondial hires Smith for Warranty push
Mondial Assistance is expanding its warranty division with the appointment of a new business development Manager. Jeremy Smith brings 24 years motor industry experience to the team, which has experienced continued growth over the last year with warranty…
Outsourced operations facing VAT timebomb
Insurance companies who outsource part or all of their back office operations could be faced with a substantial tax bill, if an advisory opinion given yesterday (12 Jan 2005) to the European Court of Justice is upheld.
Helphire launches prestige service
The Helphire Group has launched into the prestige vehicle accident management market with a new partnership deal with UK car retailer Reg Vardy.
CEA regrets lack of EU harmonisation on 5th motor directive
On 12 January, the European Parliament voted (in a second reading) in favour of the draft 5th motor liability directive. This outcome was supported by the EU Member States the same day and is now pending its formal adoption by the EU Council.
Europe overtakes US for new outsourcing contracts
Europe has overtaken the US as the world’s leading market for new outsourcing contracts, according to the latest Quarterly Index from TPI, the international sourcing advisory firm.
WSJ: Marsh offered to pay $600m to settle allegations
Marsh & McLennan offered to pay $600 million to settleallegations of contract bid-rigging made by New York Attorney General Eliot Spitzer, the Wall Street Journal said in its ``Heard on the Street'' column today.
AIR issues multiple catastrophe white paper
The 2004 hurricane season demonstrated the financially destructive potential of several moderate hurricanes occurring within a single year. To help insurers and reinsurers analyze and prepare for future multiple-catastrophe years, AIR Worldwide…
Leasehold Reform Act bans nominated insurance notes
Labour MP David Crausby welcomed changes in the law due to be enacted on Feb 28 banning landlords from dictating insurance requirements to leaseholders.
Royal & Sun Alliance estimates £30m for storms in UK and Scandinavia
Royal & Sun Alliance Insurance Group has estimate that the claims arising from the recent storms and floods in the UK and Scandinavia will reach £30m.