News
Fusion makes Glasgow appointment
Fusion Insurance has appointed Andrew Fleming to executive manager of its Glasgow office.
Endsleigh signs Arsenal deal
Broker Endsleigh has teamed up with Arsenal Football Club to form a new partnership; Arsenal Insurance Services.
FSCS declares 31 firms in default
The Financial Services Compensation Scheme has declared a further 31 firms in default.
SAB Capital ups stake in Lancashire
Bermuda-based institutional reinsurance investor SAB Capital has revealed that it has increased its holdings of Bermudian (re)insurance start-up, Lancashire Holdings.
RAM Re files for $200m Nasdaq IPO
Ram Holdings, parent of Bermudian financial guarantee proportional reinsurer Ram Re, has filed for an IPO to raise approximately $200m.
Swiss Re embedded value goes up
Swiss Re has announced that the embedded value of its life and health business increased significantly to CHF 20.1bn in 2005, up from CHF 17.1bn in 2004. Operating profit from existing business grew 38% to CHF 1.5bn from CHF 1.1bn in 2004, and returns on…
Highway dubs rehab pilot a success
A trial undertaken by motor insurer Highway has shown that case management led rehabilitation can lead to earlier settlement negotiations and increased accuracy on reserving by helping claimants return to pre-accident employment or to consider practical…
Towergate promotes Nathan and Blanc in restructure
Towergate Partnership has unveiled a restructure to reflect what it claims are its two main core areas of strength: underwriting and retail broking.
Brit makes household appointments
Brit Insurance has made two appointments to its UK household underwriting team. Mary Flatres has joined as head of household and Mervyn Albon as household underwriter.
NIG relaunches logo
Broker-only insurer NIG relaunched its logo today, fronted by promotional purple men scurrying around the City.
Results delay may cause Goshawk share suspension
Goshawk, London-listed parent of Rosemont Re, the Bermudian reinsurer in run-off, has said that it shares are likely to be suspended temporarily next month due to delays in producing its 2005 year-end figures.
Howden appoints deputy chairman
Lloyd’s broker Howden has appointed Mark Pangborn as deputy chairman.
Towergate in Road Haulage buy
Towergate Partnership has acquired (Onesol trading as) Road Haulage Association Insurance Services (RHAIS), the Birmingham based specialist insurance broking operation. The company has an exclusive relationship with the Road Haulage Association (RHA) for…
XL details IPO of FG spin-off, Security Capital
Security Capital Assurance Ltd (SCA) – a newly-created holding company for XL’s financial guarantee insurance and reinsurance businesses conducted through XL Capital Assurance (XLCA) and XL Financial Assurance (XLFA) – has filed details of its proposed…
CIS pre-tax profit more than doubles
Co-operative Financial Services’ general insurance arm reported a operating profit of £66.5m in 2005, up £24m on the previous year. Co-operative insurance services pre-tax profit was £37.1m in 2005 compared with £17.4m in 2004. The claims ratio reduced…
Government reports economic cost of fires down
Fires cost the economy £7.03bn in 2004 according to a new report published today by the Office of the Deputy Prime Minister. More than a third of this (£2.77bn) was incurred in anticipation of fire.
FSA and DTI mull audit exemptions for small brokers
The Financial Services Authority has issued a consultation paper about removing the statutory audit requirements under the Companies Act for small firms and Appointed Representatives (ARs). The regulator claimed this was a further move in its ongoing…
Pavilion profits rise
AIM-listed broker the Pavilion Insurance Network has announced its audited results for the year ended 31 December 2005.
S&P says majority of class of 2005 not 'A' quality
S&P has entered the debate on the credit quality of the class of 2005 reinsurance start-ups, saying on a few might attain an 'A' rating.
Tower confirms Castlepoint Re Bermuda start-up details
US P/C insurer Tower Group,has announced that it has entered into a strategic relationship with CastlePoint Re, a Bermuda-based reinsurance company that it has started up.
Stone Point swoops for Axa Re
French-based global insurer Axa has confirmed that Trident II (re)insurance venture capital fund manager Stone Point Capital has made a binding offer for its reinsurance arm, Axa Re. Should the deal go through the new company will be called Paris Re.
‘One-size-fits-all’ policy in PFI housing projects is failing
Heath Lambert has warned against the dangers of trying to shoe-horn social housing private finance initiative projects in with all other types of project.
EC to launch public consultation into motor insurance
The European Commission has launched a public online consultation on two issues related to motor insurance – the effectiveness of claims representatives in settling claims, and insurance cover for legal expenses.
AIG confirms record Man Utd sponsorship deal
Manchester United have announced a £56.5million shirt sponsorship deal with insurer AIG as predicted in this week's Post Magazine (PM, 6 April, p40)