News
New brand identity for Equity Insurance Group
Equity Insurance Group has announced the successful launch of the company’s new brand identity. The group, previously known as Cox Insurance Holdings, was delisted and deregistered in August 2005 by a consortium including the management team and private…
JLT Re starts up
Jardine Lloyd Thompson Group has announced that JLT Re commenced trading on 1 January 2006.
Aioi Europe run-off book goes to Bermudian buyer
The Enstar Group and its affiliates, Castlewood Holdings and Shinsei Bank have agreed the purchase of a run-off book owned by Aioi Insurance Company of Europe Limited, a London-based subsidiary of Aioi Insurance Company.
Takaful Re starts operations at DIFC
Takaful Re has been licensed by Dubai Financial Services Authority (DFSA) to operate from the Dubai International Financial Centre (DIFC).
Willis to offer loss recovery insurance
Willis has announced it is to offer loss recovery insurance from underwriting agency Lorega to clients of the commercial network operation. Lorega will provide its loss recovery insurance cover and access to its network of independent Chartered Loss…
PI specialist Magian closes to new business
Magian Mutual, the professional indemnity insurer established by PI Direct in 2003 has closed to new business, as of 31 December 2005, in favour of using capacity from Lloyd's managing agent, Heritage.
Former RAC financial services boss given Cornhill management role
Allianz Cornhill has appointed Nick Hall as general manager, Allianz Cornhill Personal with immediate effect.
Creechurch announces details of first islamic syndicate
Creechurch Underwriting has officially announced the formation of the first Lloyd’s Syndicate to be managed in accordance with Islamic Shari’ah principles. Stephen Gargrave will be the Active Underwriter of Takaful Syndicate 3786, which will commence…
LMA appoints technical executive
The Lloyd’s Market Association has appointed Allison Goddard as Technical Executive. Ms Goddard is responsible for leading on business process reform initiatives on behalf of LMA members.
Henry Moore heist mob used stolen lifters
The thieves who stole the massive bronze Henry Moore sculpture last week used a stolen hi-ab crane to professionally lift the £3M sculpture onto their stolen truck, according to the National Plant and Equipment Theft Register.
Crawford seeks to standardise global practices
Thomas Crawford, president and CEO of Crawford & Company, announced today that Jeffrey T. Bowman, president, International Operations, has been named chief operating officer of its gobal property and casualty services, effective January 1.
S&P takes Converium off negative watch after restatements
Standard & Poor's Ratings Services has affirmed its 'BBB+' long-term counterparty credit and insurer financial strength ratings on Switzerland-based reinsurer Converium AG and the guaranteed operating entities of the Converium group (Converium).
Lloyd’s underwriter sells more than half his shares for $1.69m
Lloyd’s (re)insurer Atrium has reported that Kevin Wilkins, active underwriter of its syndicate 570, has sold 500,000 ordinary shares in the company at a price of £1.93 ($3.38) per share.
Glacier Re ups capital by a further $50m
Swiss-based reinsurer Glacier Re has announced that it has issued $34m and €14m ($16.5m) of subordinated notes to boost its capirtal base for 2006.
UK agrees passporting with Gibraltar
The governments of Gibraltar and the United Kingdom yesterday evening reached an agreement over the passporting of investment services and the exchange of information.
Moody’s rates Amlin Bermuda a notch below its parent
Moody's has assigned an A2 insurance financial strength rating (IFSR) to new reinsurance start-up Amlin Bermuda with a stable outlook. At the same time, Moody's affirmed with a stable outlook the A1 IFSR on Amlin's Lloyd's syndicate 2001 and the Baa3…
Towry Law acquired by JS&P
Brokerage Towry Law has been bought for £37m by JS&P Holdings, a fee-based wealth management, financial planning and employee benefit firm owned by private equity funds managed by Palamon Capital Partners. The transaction is subject to UK regulatory…
SCOR to take €18m Wilma charge
French reinsurer SCOR has revealed that it estimates the total impact of Hurricane Wilma on its net income to be €18m, net of retrocessions, reinstatement premiums and after tax.
Insurance customers urged to replace E111
Travel insurers arranging cover for travel to Europe in the New Year and early 2006 are being urged by the Department of Health to ensure their customers apply for their EHIC (European Health Insurance Card) as the old E111 form becomes invalid on 1st…
Ecclesiastical gets upgraded
Insurer Ecclesiastical has had its rating upgraded to an 'A-' grade rating by agency Standard & Poor's. Ecclesiastical already had an 'A-' grade rating from A M Best.
US R/I figures show Bermuda surging ahead of Europe
The US Department of Commerce’s latest annual survey of the transactions of. insurers resident in the US with overseas (re)insurers has shown Bermuda continued to gain ground at the expense of UK and other European reinsurers.
Lloyd's rating stable despite concern over risk concentration
Fitch Ratings has affirmed Lloyd's Insurer Financial Strength rating at 'A'. At the same time, Fitch has affirmed ratings for the Society of Lloyd's and its subordinated debt issue, details of which are listed below. The Outlooks on the IFS and Long-term…
Aon joins marine safety association
Aon has become the first insurance broker to join the Society of International Gas Tanker & Terminal Operations (SIGTTO). Aon plans to use active participation at SIGTTO regional meetings to enhance members’ understanding of risk and insurance issues,…
Insurers' customer service spend outstrips prospecting: Report
A new report from mail and messaging specialist Pitney Bowes has claimed that – for the first time – insurers are now devoting more marketing budget to existing customers than to prospecting activity.