News
Amlin produces vintage 06 performance
Amlin has announced record results for 2006 including a market-leading combined ratio of 72%. The insurer's figures reported to the stock exchange this morning, saw gross written premium up 12% to £1,113.8 million (2005: £993.5 million), a 10%…
JLT reports slight profit increase
Broker Jardine Lloyd Thompson today announced and increase in underlying profit before tax of 3.8% to £76.5m for the year ended 31st December 2006 on fees and commissions of £459.5m (up 1.2%).
Broker Direct acquires HBA
Broker Direct has acquired the entire share capital of HBA Limited, an established City of London insurance broking practice, which, under the new BD ownership, has gained provisional Lloyd’s accreditation, an achievement of which everyone is extremely…
Broker Jelf forms partnership with Lloyd & Whyte
Broker Jelf Group and the Lloyd & Whyte Group have today announced formation of a strategic alliance which aims to leverage respective areas of expertise across both groups.
Heath Lambert achieves £121m UK operating revenue
Broker Heath Lambert has announced key trading highlights ahead of its results for the year ended 31 December 2006.
Broker offers policy discounts for eco-friendly homes
Independent Insurance Services, has launched a home insurance policy with discounts for eco-friendly homes. Offered through EDI, the policy is underwritten by specialist insurer Ecclesiastical.
Greenberg elected to new role
Ace has announced that the board of directors has elected the chief executive officer, Evan Greenberg, to the position of chairman of the board, effective at the time of the Annual General Meeting in May 2007.
FSA simplifies training and competence rules for retail business
The Financial Services Authority (FSA) has set out proposals for a shorter and more outcome-focused Training and Competence (T&C) Sourcebook that will apply only to retail firms and business.
Industry looking up for AM Best
A leading rating agency has upgraded its view for the global reinsurance industry from negative to neutral.
Arch unveils $1bn buyback facility
Bermudian (re)insurer Arch has authorised the purchase of up to $1bn of the company's common shares through a buyback programme running up to February 2009.
Aviva shares fall in wake of results
Shares in the UK's largest insurer Aviva fell today in the wake of the company announcing a rise in profits that fell short of analysts expectations.
Groupama expands healthcare trading relationships
Groupama Healthcare has confirmed plans to expand its trading relationships and widen its appeal to specialist health insurance intermediaries in 2007.
Stuart Alexander acquires two brokers
Stuart Alexander has completed the purchase of two insurance brokers, Helm Group UK Plc and JTC.
Zaveri appointed underwriter at Arista
The commercial lines underwriting organisation Arista has appointed Hasmita Zaveri as underwriter. Zaveri will report to Andy Wright, Regional Manager at Arista’s Redhill office.
Marsh sees Rumanian D&O boom
Changes to Romanian corporate law, making it compulsory for companies to purchase directors’ & officers’ liability insurance (D&O), are creating a surge in demand for cover according to Marsh, the world’s leading risk and insurance services firm. Romania…
Thomas, Carroll in Willis acquisition
One of Wales’ largest general insurance brokers and financial services companies – Thomas, Carroll Group – has announced its expansion into health and safety and employment law services by acquiring the senior management team from Willis Health and…
Record Swiss Re numbers fund GE buyout and buybacks
Swiss Re has reported net income of CHF4.6bn ($3.77bn)aided by a P&C combined ratio of 90.4% which resulted in a return on equity of 16.3%. The world number one reinsurer also unveiled capital management plans that will see it buy back GE’s remaining…
Lloyd's opens Malay operation
Lloyd's has announced the opening of a new subsidiary in Malaysia, Lloyd’s Labuan Limited.
Listed broker out of the red with 2006 profit
Listed intermediary Culver today reported a group profit of £52 000 for the year ending 31 December 2006 (2005 - £496 000 loss). The insurance broking business increased its turnover by 8 per cent to £2 632 000 (2005 - £2 445 000). The profit of the…
RBSI profits stagnate as COR creeps up
Royal Bank of Scotland Insurance's operating profits rose by just £22m in 2006, hitting £750m, with a deterioration in its loss ratio affecting the result.
Converium finally regains ‘A’ rating
Standard & Poor's has raised Swiss reinsurer Converium’s long-term financial strength rating to "A-“ with a stable outlook. According to Standard & Poor’s the ratings decision reflects the Group’s strengthened management team and sound infrastructure,…
DUAL Corporate Risks snaps up ex QBE manager
DUAL Corporate Risks, an underwriting agency specialising in liability insurance for mid-market companies, has appointed Chris Fletton as director and senior underwriter tof its professional indemnity division.
Consolidator reaches double figures with Essex swoop
Acquisitive broking vehicle Cullum Capital Ventures has completed its tenth acquisition since formation in June of last year. The company’s most recent deal sees Milburn Insurance Services of Chelmsford, Essex join the group.
NU profits break £1000m profit barrier despite drop in UK GI premiums
Norwich Union Insurance this morning reported record profits of £1,075m (2005: £970m) and a COR of 95%, despite a small reduction in general insurance net written premiums to £5,583m (2005: £5,832m).