News
Towergate appoints new board member
Towergate Partnership has appointed Darryl Clark to the main board of Towergate as company secretary and group risk management director.
Founder steps down as regulator hits Quinn with £2.56m fine
Sean Quinn senior, the founder and chairman of Quinn Insurance, has been fined £2.56m (€3.25m) by the Irish financial regulator.
Arch Capital sees income dip in 2008
Bermudian insurance group Arch Capital saw its third quarter net income fall to $26.4m, compared to $199.7 m in 2007. For the first nine months of 2008 Arch Capital's net income fell to $408.1m, from $597.7m last year.
RMS: Ike the third largest hurricane loss ever after estimate update
Risk Management Solutions has updated its estimate for US onshore and offshore insured losses from Hurricane Ike to $13-21 bn, of which $10-15bn is estimated for wind and storm surge in Texas and Louisiana.
Scor completes deal
Scor has completed the acquisition of 100% of the share capital and voting rights of Prévoyance et Réassurance and its life and health reinsurance subsidiary Prévoyance Ré from the Malakoff Médéric group.
Jubilee adds to team in strategy move
Jubilee Managing Agency has appointed Norman Topche as its new director of reinsurance, to support the company’s plans for strategic expansion, it announced today.
Barbon appoints new head of broking and client services
Commercial property insurance broker Cadogan Keelan Westall - part of the Property and Commercial Division of Barbon Insurance Group - has promoted Michelle Richards to head of broking and client services.
Aon redomiciles one of its companies
White Rock has announced it has redomiciled to Malta.
Montepelier gets thumbs up for Lloyd's managing agency
Montpelier Re has confirmed it has received approval from the Financial Services Authority and Lloyd's to establish a wholly-owned Lloyd’s Managing Agent subsidiary, Montpelier Underwriting Agencies which will assume the management of Montpelier…
Montepelier Re sees $55m operating loss
Montpelier Re has recorded an operating loss of $55m for the third quarter of this year. The company said the loss reflected a combined net financial impact from Hurricanes Gustav and Ike of $130m.
Novae boosts marine team
Novae has appointed Ian Smith to Syndicate 2007 as marine underwriter.
Aon hires chief risk officer
Insurance broker and risk adviser Aon has appointed Pauline Colvin as chief risk officer.
Property and liability premiums still tumbling say risk managers
The latest RIMS Benchmark Survey of policy renewal prices shows that premiums continue to fall. According to north American corporate risk managers there was an 8.5% fall in average property premium in the third quarter. General liability fell 9.6% - the…
Argent expands into Scotland
Specialist liability adjuster Argent, part of the Parabis Group, has opened a new office in Glasgow.
Lockton unveils new northern office
Lockton has moved to a new office at 19 Spring Gardens in Manchester.
Transatlantic records third quarter loss - no sale news
Transatlantic Holdings has recorded a net loss for the third quarter of 2008 of $107.5m, compared to net income of $141.7m in the same quarter last year. Net income for the first nine months of 2008 totalled $97.9m compared to $374.6m in the first nine…
DAS CEO given presidency role
The chief executive of DAS Legal Expenses Insurance, Paul Asplin, has been appointed as the new vice president of RIAD, the International Association of Legal Expenses Insurers.
FSA bans Lancashire broker
The Financial Services Authority (FSA) has banned Lancashire broker Neil McKay after finding that he cancelled contracts of insurance without customers’ knowledge or approval and failed to pass premium payments taken from customers on to other…
Allstate hit by operating loss of $190m
Giant US insurer Allstate has recorded an operating loss of $190m on the back of $1.8bn in disaster losses inlcuding losses from hurricanes Ike and Gustav and falling investments. The company's shares slipped by up to 11% in the wake of the results,…
Cooper Gay names new FSJ chief
Broker Cooper Gay has appointed Chris Butcher as managing director of FSJ Broking, its UK wholesale broking business.
Arch Capital recruits new CFO from ING
Bermuda-based Arch Capital's chief financial officer John Vollaro will leave the role on 1 April next year, but will continue with the company as a senior advisor until 2012. He will be succeeded by John Hele, currently CFO of ING Group.
Willis third quarter results show premium rate decline
Broker Willis Group has reported revenues for the third quarter of $579m compared with $574m for the same period last year - although this 1% growth was largely accounted for by currency fluctuations. The company said organic growth in commissions and…
AIG to freeze some of ex CEO Sullivan's payoff
AIG is to freeze about $19m in compensation payments to Martin Sullivan, the former chief executive of the stricken insurance group, it has been reported.
Brit COO to step down
Brit Insurance Holdings has announced that Kathy Lisson, COO, will step down from the Board at next year's AGM on 12 May 2009.