News
Asian terrorism is a unique threat
Lloyd's has said that businesses that operate in Southeast Asia need to learn about the "specific" a...
Fraud trial - Former insurance directors convicted in AIG fraud case
Five former insurance executives have been convicted of fraud after an accounting scandal involving ...
Independent trial makes brief reappearance at Southwark Crown Court
Representatives for Michael Bright, Dennis Lomas and Philip Condon reconvened at Southwark Crown Court today for the first stage of their confiscation hearing.
Helphire CEO heralds closer insurer relations
Helphire this morning reported hire cases increased by 41%, turnover increased by 45% and operating profit by 16% to £23.5m for the six months to 31 December 2007. Profit before tax increased by 7% to £19.4m and eight new insurer contracts signed in the…
Willis group CEO contract extended again
Willis has extended the employment agreement with its chairman and chief executive officer Joseph Plumeri.
Kiln syndicates deliver "strong" performances
R J Kiln has released the final result for its managed syndicates for the 2005 year of account, updated forecasts for the 2006 year of account and initial forecasts for the 2007 year of account.
Open GI launches wholesale broking solution
Open GI has developed a new solution to allow wholesalers to transact volume personal lines business.
Lincolnshire earthquake could cause insured losses of up to £30m
The earthquake that shook the UK On Wednesday could cause insured losses of up to £30m, according to Risk Management Solutions.
Xchanging to offer Acord messaging to all insurers
Underwriters can now receive internationally recognised electronic messages rather than London specific ones.
Aon in major regional recruitment drive
Aon has announced a number of key appointments to its Commercial insurance operation, a part of the Aon Corporate division. The changes follow the recent appointment of Robert Brown as chief executive officer of Aon Corporate.
Omega drops capacity
Omega’s Syndicate 958 has decreased capacity by £25m for the 2008 year of account to £249m.
Tradex acquires black cab specialist
Tradex Insurance has acquired the business of Westminster Motor Insurance Association.
AIG full year net income tumbles 55%
AIG’s full year net income tumbled more than 55% after the insurance giant wrote down $11.47bn in subprime-related losses.
Swiss Re reports 9% decrease in FY net income
Swiss Re reported a 9% decrease in net income to 4.2bn Swiss francs.
Kaupthing Singer & Friedlander Premium Finance up for sale
The premium finance subsidiary of Kaupthing is up for sale, along with all of the asset finance division.
PB Week: An earthquake and results season
With reports that the earthquake which struck the UK in the early hours of Wednesday morning will cost insurers at least £10m, Charlie Thomas asks: “Did anyone else miss the big shake?”
Arc extends product range
Arc Legal Assistance has launched its first standalone employment protection insurance product to provide cover to employers - in response to increasing legislation designed to protect employees.
Arc launches SME employment protection insurance product
Arc Legal Assistance (Arc), the bespoke legal costs insurance provider, has launched its first standalone employment protection insurance (EPI) product to provide cover to small and medium-sized enterprise (SME) employers, responding to increasing…
Swiss Re hit by US lawsuit
Swiss Re has been hit with a lawsuit in the US, alleging that it made “false and misleading statements” about its financial condition specifically relating to the monster SFr1.1bn writedown of two credit default swap contracts in November.
Aon outlines industry challenges
In a keynote speech at the Insurance Institute of London, Peter Harmer, Aon's UK chief executive, countered criticism that the insurance industry is becoming less relevant.
Best maintains stable 2008 reinsurance outlook
Rating agency AM Best is maintaining a stable outlook in 2008 for the global reinsurance sector for the second consecutive year. Best said the affirmation of the sector’s outlook reflects generally strong balance sheets, continued improvements in…
Subprime worry sees Scottish Re downgraded again
Rating agency AM Best has downgraded the financial strength ratings of teh primary operating insurance subsidiaries of Life reinsurer Scottish Re to B (Fair) from B+ (Good) and its issuer credit ratings (ICR) to “bb” from “bbb-” of Best also downgraded…
Spiller in line for $7m payoff from Guy Carp departure
Ousted chief executive of Guy Carpenter David Spiller is in line for a cash and equity pay off worth $7m, Reinsurance magazine understands.
Highway reports 27% rise in profits
Highway has reported pre-tax profits of £24.3m for 2007 – an increase of 27% on the previous year.