News
Aon announces major outsourcing initiative
Aon is set to dicuss plans to outsource its client operations division with several commercial entities. According to Aon, claims servicing within Aon’s retail insurance divisions will remain unaffected by these proposals. COD employs 600 people and is…
Capita acquires broker's arm
Capita Insurance Services has acquired Aon Claims Management, which is the delegated claims operation of Aon UK, for an undisclosed sum.
Lloyd’s Council appoints new deputy chairman
The Lloyd’s Council has appointed Ewen Gilmour, chief executive of Chaucer syndicates to the position of deputy chairman of Lloyd’s.
New setback for FAIR Act
The Fairness in Asbestos Injury Resolution (FAIR) Act has been hit by a new setback in the US Congress.
Stormy 2006 ahead, claims Hurricane chief
The 2006 Atlantic hurricane season could be worse than the 2005 season, according to Max Mayfield, director of the US-based National Hurricane Center.
Munich Re reports 3% rate increase at 1/1 renewals
Munich Re has reported “highly satisfactory” 1/1 renewals and an overall 3% increase in rates.
Omega's Bermuda operation seeks rating after beginning trading
Omega Underwriting Holdings today announced its newly formed subsidiary in Bermuda, Omega Specialty Insurance Company Limited, has now to trade following authorisation by the Bermuda Monetary Authority as a Class 3 insurer. Omega Specialty is capitalised…
S&P expects Alea to meet policyholder obligations in full
Standard & Poor's has affirmed its 'BBB' long-term counterparty credit and insurer financial strength ratings on all Alea group operating entities: Alea Europe, Alea Bermuda., Alea Global Risk., Alea Jersey, Alea London., Alea North America, and Alea…
Marsh & Company joins forces with Brokerbility
Broker Marsh & Company has joined forces with the newly formed Brokerbility Group, which intends to become one of the top ten independent brokerages in the UK.
Willis signs up Welsh broker
Aberystwyth broker Rees Astley has joined the Willis Commercial Network. .
Arch Re comes through 2005 unscathed, reveals Flatiron details
Bermudian (re)insurer Arch Capital Group has reported net income of $256.5m for the year ended December 31, 2005, compared to $316.9m for the 2004 year. The Company's combined ratio was 95.8% for the 2005 calendar year compared to 92.1% for the 2004 year.
Swiss Re sees 13% overall reduction in US premiums
Swiss Re has blamed a 13% decline in US premiums on reductions in liability business.while premium volume was unchanged for European treaty business.
Chaucer and Alea strike technology deals
Total Objects has announced two new clients for its Global XL Pro solution - an advanced reinsurance management system - Chaucer and Alea.
RBS arm in new affinity offering
Royal Bank of Scotland subsidiary UKI Partnerships is introducing a scheme across its portfolio of motor manufacturer clients that allows customers seven days free comprehensive motor insurance when they buy a car from retailers and dealerships.
GAB Robins strengthens london market team
GAB Robins has recruited Andy Cathersides to its newly formed London Market Business Unit. Mr Cathersides will report directly to Trevor Cameron, Managing Director of the LMBU.
Former GAB liability boss joins rival
Argent Liability Adjusters have recruited Steve Hall to be the manager of their Manchester office.
Recall insurance demand surges
The number of reported European recalls of dangerous and faulty consumer goods more than doubled last year, according to the latest European Commission figures analysed by PricewaterhouseCoopers LLP. There has also been a significant increase in the…
Oxygen adds senior Aon duo to broking "dream team"
Oxygen has today announced that two senior executives from Aon are to join its Lloyd’s accredited broking operation, Oxygen Insurance Brokers.
Max Re Capital reports Q4 2005 loss
Max Re Capital has reported a net loss for the three months ended December 31, 2005 of $11.4m, compared to net income of $87.1m for the three months ended December 31, 2004.
Motor insurance giant joins multi car price discount war
Direct Line has followed rival Admiral in offering discounts for anyone insuring more than one car.
Fortis in Premiership tie up
Fortis broking subsidiary Outright has been appointed by Aston Villa football club to launch its first range of general insurance products to the Aston Villa fan base.
KBW bullish on Zurich profit forecasts
Analyst Keefe Bruyette and Woods has projected Zurich Financial Services's fourth quarter results will report net attributable earnings of $419mn (£239m) (4Q04: $730mn; consensus: $419mn-1.1bn) and a business operating profit (ZFS basis) of $688mn (4Q04:…
Lancashire poaches Everest underwriter for retro account
Bermudian class of 2005 start-up Lancashire Holdings has announced the intended appointment of Bryan Bumsted as retrocession underwriter and VP. The appointment will take effect upon final approval from the Bermuda Department of Immigration
Hurricanes and legacy push Fairfax into $498m net loss
Canadian (re)insurance group Fairfax Financial Holdings has revealed a net loss of $497.9m for the 2005 year, after absorbing losses from Hurricanes Katrina, Rita and Wilma $715.5m, and after recording $465.5m in pre-tax charges resulting from actions…