News
Aon launches advisory team
Aon has announced the launch of a specialist team, Aon Capital Advisory, to offer a range of advisory services for underwriting and insurance related entities.
GAB granted first Chinese licence
GAB Robins claims to have become the first international loss adjusting company to be awarded a licence to provide a full range of services to the Chinese insurance industry by the China Insurance Regulatory Commission.
Travelers shareholders give merger thumbs up
Travelers Property Casualty shareholders have given their approval for the proposed merger of the company with The St Paul.
Aviva cuts chief executive’s pay
Aviva has announced it cut chief executive Richard Harvey’s compensation 23% last year after he received a one-time payment in 2002 related to a merger. The value of his pension rose 24%.
Zurich Municipal wants sprinklers fitted in all schools
Zurich Municipal is renewing its call for sprinklers to be made compulsory in all new or refurbished schools.
Carole Nash launches new claims service
Carole Nash Insurance Consultants has launched a new claims service, which it expects to cut claim settlement times by up to 10 working days
Profits surge at Hiscox
Hiscox has posted pre-tax profits for 2003 of £83.4m compared to £20.7m the previous year.
Broker Network to float on Alternative Investment Market
Broker Network has announced its intention to float on the Alternative Investment Market (“AIM”) of the London Stock Exchange and to raise capital by means of a Placing and Offer.
Equitas reaches $245 agreement with US giant
Lloyd’s run off venture Equitas and US insurer Travelers Property Casualty have reached a comprehensive settlement of all policies existing between Travelers and those underwriters at Lloyd’s reinsured by Equitas.
Colonial creates reinsurance arm
Bermuda-based Colonial Insurance Group is to set up its own reinsurance arm.
Allianz records increase in commercial and personal GWP
Allianz Cornhill today announed an operating profit of £159.1m for the year ended 31 December 2002, with net written premium up 13.35 to £1496m.
Former R&R boss Rodilosso in Folgate move
The Folgate Partnership has recruited former Rarrigini and Rosso chief executive Julie Rodilosso on a consultancy basis.
Fortis boosts distribution with Dobson
Fortis Insurance has announced that Chris Dobson has joined the senior team as distribution and development director.
Swiss Re looks at Taiwan branch
Swiss Re has been given permission to start the licensing process for a branch office in Taiwan.
The St Paul and Travelers settle court case
The St Paul Companies and Travelers have announced that they have settled litigation between themselves and three plaintiffs relating to the proposed merger of The St Paul and Travelers.
Towergate launches Towergate Caring Professions
Towergate Underwriting Group has launched a new business geared to helping intermediaries and provide a wide range of insurance services for all types of medical professionals.
FSA: decision on broker funding of FOS and FSCS
The Financial Services Authority has finally published its proposals on how brokers will fund the Financial Ombudsman Service and the Financial Services Compensation Scheme. To download the full document go to http://www.fsa.gov.uk/pubs/cp/cp04_04.pdf
Sabre announces record profits
Sabre has announced record pre-tax profits for 2003 of £12.7m on increased written premium of £64m.
US had good 2003, says RAA
The Reinsurance Association of America (RAA) has released the results of a new survey showing that a group of 29 US property/casualty reinsurers wrote a total of $30.6bn in net premiums during the 12 months to 31 December 2003.
Claimsplus re-brands as Arval PHH
Motor claims management company, Claimsplus has announced it is adopting the name of its parent company, Arval PHH. This change will take effect from 31 March 2004.
Lost in translation
English is currently the lingua franca of the insurance world, but that may not always be the case. Insurers ignore language learning at their peril, warns Janina Clark
Rehab provider opens regional centre in the midlands
Rehabilitation and injury prevention company IPRS is launching a facility it hopes will make rehabilitation more accessible for employers and Insurers.
Oxendine goes to Hague
Georgia insurance commissioner John Oxendine has been appointed by the National Association of Insurance Commissioners (NAIC) to the post of NAIC liaison at the Hague Conference.
Munich Re announces 2003 loss
Munich Re made a net loss of €434m over 2003, its first net year loss for 97 years.