News
Fortis roll out new MNW home product
Fortis has launched House Guard Prestige, its new home insurance product for the mid-net-worth market. House Guard Prestige will be sold through the intermediary channel, specifically targeting the 1.3 million homeowners (12.5% of the market) who require…
Fortis to underwrite Alliance and Leicester travel product
Fortis has been chosen to underwrite Alliance and Leicester’s first online standalone travel insurance offering.
Insurer enters the mid-net-worth market
Fortis has launched into the mid-net-worth market with House Guard Prestige.
Consortium formed for RBSI bid say sources
A private-equity consortium is being formed to explore a bid for Royal Bank of Scotland's insurance assets, according to a report in the Financial Times.
IPC Holdings Q1 net income up; gross written premiums off 16%
IPC Holdings, the Bermudian (re)insurer, said that gross written premiums for the first three months of the year dropped 16% to $197.9 million, compared to $236.2 million in the first quarter of 2007.
British Property Federation calls for government to invest in flood defences
The British Property Federation has called for the government to take responsibility for avoiding a flooding fiasco for property owners in a letter being sent today to Sir Michael Pitt.
WR Berkley's Q1 remains flat
W. R. Berkley, the US insurer, said that first quarter net income was flat at $188m the same as it was in the first quarter of 2007. Operating income for the first quarter of 2008 fell to $153 million from $184 million for the corresponding quarter of…
Arch Capital Q1 net income drops $9.2m
Arch Capital, the Bermudian (re)insurer, said that first quarter net income fell to $189.4m from $198.6m the year before.
AIG set to announce NIG deal say sources
AIG is understood to be poised to announce the acquisition of broker-only insurer NIG in the next five days, possibly as early as tomorrow morning.
Aon UK CEO Harmer to be named as Market Reform Group chairman - sources
Aon UK chief executive Peter Harmer will be named as the new chairman of the Market Reform Group, Reinsurance understands.
Willis appoints new executive vice president
Willis Group Holdings has announced the appointment of Dorien Smithson to executive vice president, Willis Americas.
Lockton builds energy business
Lockton has appointed Peter Leahy as managing director of its energy division in London.
Chase IT appoints new business development head
Chase IT Services has appointed Andy Nightingale as head of business development.
Guy Carp senior vice-president Rich goes in round of job cuts- sources
One of Guy Carpenter’s senior vice-presidents has been named as another high-profile casualty of the reinsurance broker’s job cuts, Reinsurance understands.
Transatlantic reports solid 1Q, takes small investment write-down
Transatlantic Re has reported net premiums written for the first quarter of 2008 up 5.2% to $1,035.6m compared to $984.2m in the first quarter of 2007.
Insurers criticised for lack of cover on downloaded music
Many of the UK’s big name insurers are still not paying out for claims on the loss of downloaded music – despite the fact that digital sales now form a massive chunk of the UK’s music purchases according to financial data comparison site Moneynet.co.uk.
RMS hires head of risk markets
Risk Management Solutions has appointed John Stroughair to head the risk markets group of RMS Consulting.
Japanese renewal rates down 5-10% - Guy Carpenter
Reinsurance rates across each line in Japan generally decreased from 5 - 10%, according to report from Guy Carpenter.
Allstate budgets $240m less for Cat spend in 2008
Giant US insurer Allstate has revealed that is has budgeted $240m less to pay for its 2008 catastrophe reinsurance coverage in 2008.
Arista boosts Manchester team
Arista Insurance has appointed a broker development manager and senior underwriter at its recently established Manchester branch.
Silverbeck Rymer launches FNOL product
Following twelve months of development and £2m worth of investment, law firm Silverbeck Rymer has announced the launch of an innovative First Notification of Loss service.
Amlin sees US Cat rates 10-12% down year-on-year
Lloyd’s (re)insurer Amlin has said that it has seen price reductions of between 10% and 12% on its US Catastrophe book, although it said that prospective margins were still acceptable.
Chinese insurers total premium jumps 51.6%
BESTWIRE---Chinese insurers racked up a 51.6% gain in aggregate premiums for the first quarter of 2008, with life insurers far outpacing nonlife insurers in growth.
White Mountains' FolksAmerica unit names three new CUOs
White Mountains Re, the Bermuda-based reinsurance unit of White Mountains Insurance Group appointed three new leaders to its Folksamerica Reinsurance Company underwriting teams.