News
FSA – Principles-based regulation - looking to the future!
In a recent speech by John Tiner, chief executive officer, FSA at the FSA Insurance Sector Conference, Mr.Tiner covered the followed points.
FSA frees up rules for unit-linked investments
The Financial Services Authority (FSA) has set out proposed changes to its ‘Permitted Links’ rules that govern which assets the £650 billion unit-linked insurance sector can invest in.
Axis buys media liability specialist from Aon
Bermudian (re)insurer Axis has announced that it has agreed to acquire the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specialising in professional liability lines of business, from Aon Underwriting…
Heath Lambert launches trade associations scheme
Heath Lambert has launched a new scheme designed for trade associations and their members, which will deliver directors’ and officers’, employment practices liability, and fidelity/crime insurance protection.
Securah changes name to GISecure
Securah has announced that from today the new company name will be GISecure.
Heath Lambert Group launches scheme for trade associations
Mike Owen, group marketing director at Heath Lambert, commented: “Our scheme has been designed to offer a simple, cost-effective way for directors, officers and senior managers to put in place protection against the very real exposures they, and their…
JLT aims to buy Pavilion in £6.6m deal
The boards of JLT Corporate Risks Limited, a wholly owned subsidiary of Jardine Lloyd Thompson Group, and Pavilion Insurance Network announced that they have reached agreement on the terms of a recommended cash offer for the whole of the issued and to be…
Heritage reports bumper year despite Rock loss
Fledgling Lloyd’s insurer Heritage has reported bumper 2006 annual profits.
Equitas sale sees Lloyd's rating upgraded to A+
Fitch Ratings has today upgraded Lloyd's Insurer Financial Strength rating by one notch to 'A+'. At the same time, the agency has upgraded the Society of Lloyd's Issuer Default rating by one notch to 'A'.
Giles moves into Cardiff and Chester and recruits non executive chairman
Giles Insurance has opened two new offices in Cardiff and Chester taking its network across the UK to 26.
Lancashire gets new CEO as Brindle takes back seat
Class of 2005 Bermudian (re)insurance start-up, Lancashire has appointed Simon Burton as chief executive and chief underwriting officer of Lancashire Insurance Company, the Group's Bermuda underwriting platform. Burton will also be Deputy CEO of its…
$5.7bn reinsurance deal completes Berkshire's Equitas buyout
Equitas has completed its reinsurance transaction with National Indemnity Company, a member of the Berkshire Hathaway group. As a result National Indemnity Company now reinsures all Equitas’ liabilities; provides a further $5.7 billion of reinsurance…
Protection market ignoring special risk cases
The Insurance Surgery has claimed that many IFAs are failing to maximise the profit attainable on special risk cases.
Equity strikes new deal with MCE
Equity Red Star had strengthened its ten-year strategic partnership with MCE Insurance by tailoring the products it provides to the broker.
Towergate promotes to boost regional broking arm
Towergate has promoted GHBC senior managers to strengthen its retail broking division
Aviva and Allianz buy into broker Jelf
Allianz Cornhill and Aviva have both bought stakes worth 10.1% in total in consolidator Jelf. The broker's share price has risen 6pence to 267 on the news.
D&G trading update in line with expectations
The board of Domestic & General has issued a trading update for the year to 31 March 2007.
Crowther leaves BP Marsh for executive role at Dual
Dual International, part of the Hyperion Insurance Group, has announced the appointment of Stephen Crowther as its executive chairman.
RSA initiates Tupe deal for staff after PI restructure
Royal & SunAlliance has unveiled the new structure for its professional indemnity business, after the £38m acquisition of Martello last year. The changes include the outsourcing of 40 jobs and the transfer of a significant book to the insurer's…
Plant theft falls for first time in over a decade
Plant theft is down for the first time in 12 years, according to a new report by The National Plant and Equipment Register.
Bupa launches online system for intermediaries
Bupa Group Risk has launched a new online system that enables intermediaries to generate a quote and purchase cover within 30 minutes.
New head of national division for Heath Lambert
Harvie Carswell has joined Heath Lambert Group’s national division as head of the Group’s Swindon and London operations. Mr Carswell joins the Heath Lambert national team from Marsh, where he held a number of senior positions, most notably as head of the…
AA Insurance buys Admiral travel insurance provider
Contracts* have been exchanged for purchase by AA Insurance Services Limited of Drakefield Insurance Services Limited, which offers travel insurance online through the Go Travel Insurance and 1 Stop Travel Insurance brands.
IPO raises $111m for CastlePoint
CastlePoint Holdings has floated on the Nasdaq Global Market with an initial public offering (IPO) of 7 682 238 common shares, at $14.50 per share.