News
Alea completes European renewal rights sale
Alea Group has announced that its subsidiary Alea Europe has completed the sale of the renewal rights of part of its reinsurance business to SCOR. The sale covers its property and casualty treaty portfolio, which constitutes the majority of Alea Europe’s…
National Financial Services Academy for Norwich
The city of Norwich has further established its claim to be a leading centre for the financial services having been named as one of three UK locations for the new National Financial Services Academy. City College Norwich was one of 27 colleges to bid to…
Brit in broker PI tie up
Lloyd's isnurer Brit has teamed up Holman Professional Indemnity, a division of Lloyd’s broker Holman's, to launch a new facility for brokers’ own professional indemnity insurance.
St Paul Travelers to provide underwriting capacity for SLE Worldwide
St. Paul Travelers has announced that it is taking over the provision of property-casualty underwriting capacity for SLE Worldwide with effect from 1 January 2006. SLE Worldwide is a specialist, London-based underwriting agency providing insurance for…
Allianz Cornhill achieves Investors in People 'Profile' standard
Allianz Cornhill Insurance has been awarded Investors in People accreditation against the new Profile Standard – becoming one of the first companies in the UK to do so. The Investors in People Profile is a framework of good practice that goes beyond the…
Capital still eying Bermuda reinsurance market, claims report
Despite record 2005 hurricane losses, the Bermuda reinsurance market remains attractive to capital according to the latest Bermuda Reinsurance Quarterly Report from Benfield’s Industry Analysis and Research Team entitled ‘Capital Carousel’.
Goshawk Mark III gets started
The reincarnation of failed Bermuda reinsurer Rosemont Re, Ariel Reinsurance has commenced underwriting following a $1bn capital injection.
Ariel Re opens with an A- from AM Best
Ariel Reinsurance has started underwriting as a Class 4 Bermuda licensed reinsurer following $1bn funding from its parent company, Ariel Holdings and the awarding of an A- (Excellent) rating from AM Best.
Converium restates accounts
Converium has announced the results of its restatement of accounts following an external review into its practices. It also announced that for the third quarter of 2005, the company reported a net loss of $6.9m and for the nine months ended September 30,…
Willis welcomes TRIA extension
Joe Plumeri, chairman and CEO of Willis has welcomed US congressional action to extend the Terrorism Risk Insurance Act (TRIA) for a further two years.
Beazley syndicates given clean bill of health
A.M. Best has affirmed the Best’s Syndicate Rating of A (Excellent) and the issuer credit rating (ICR) of “a+” of Lloyd’s Syndicate 623 and Lloyd’s Syndicate 2623 which are both managed by Beazley Furlonge Limited.
Hiscox Bermuda given A- rating by AM Best
A.M. Best has assigned a financial strength rating of A- (Excellent) and an issuer credit rating (ICR) of “a-” to Hiscox Insurance Company (Bermuda) a newly capitalised Bermudan insurer. The outlook on both ratings is stable.
Independent trio charged
The Serious Fraud Office has brought proceedings against three former directors of Independent Insurance. They appeared in the City of London Magistrates' Court today, charged with conspiracy to defraud.
FSA calls for networks to improve control over appointed representatives
The Financial Services Authority (FSA) has called for retail networks to improve their supervision of Appointed Representatives (ARs). An FSA survey found a number of potential shortcomings in areas such as the level of compliance resource in Principal…
Lancashire starts underwriting with A- from AM Best
AM Best Company has formally granted new Bermudian reinsurance start-up Lancashire Insurance Company a Financial Strength Rating of A- (Excellent).
Harbor Point opens with $1.5bn, looks for US acquisition
Stone Point Capital has announced the completion of fundraising of new Bermudian start-up Harbor Point Limited and the closing of the acquisition of the ongoing assumed reinsurance business of Chubb Re.
Swiss Re ties up Admiral deal
Motor insurance specialist Admiral has agreed a quota share reinsurance contract with Swiss Re. The deal will see the Swiss company reinsure 5% of the UK private motor premium written via Admiral Insurance Services Limited during 2006.
Capita forms new arm for major affinity push
Capita subsidiary BDML Connect has launched a new subsidiary, BDML Insurance Solutions (BDMLIS), which will focus on niche areas of the affinity insurance market.
Agency Underwriting launches fast track claim service
Agency Underwriting (AUL) has launched a new service, aimed at cutting time taken to resolve claims of less than £1,000. The fast track service was launched this month.
Lloyd's underwriter slams direct market for Katrina failures
The direct market’s failure to act decisively to restore pricing discipline post Katrina is “Jurassic”, according to Martin Reith, CEO of Ascot Underwriting.
Homeserve in £14m Improveline acquisition
Homeserve has announced the acquisition of Recommend Limited, which trades as Improveline for an initial cash consideration of £14.0 million on a debt free and cash free basis.
Ace foresees big profits and growth in 2006
Bermudian (re)insurance group Ace has issued guidance to investors for the 2006 year, which sees 6%-8% growth in property and casualty premiums and an expected combined ratio of 88%-90%.
Spitzer releases report on Greenberg allegations
New York Attorney General Eliot Spitzer has released a formal report on the alleged abuses carried out by former AIG CEO Maurice ‘Hank’ Greenberg and other executors of the estate of the late Cornelius Vander Starr.
IPC chairman to go in reshuffle
Bermudian catastrophe reinsurer IPC Holdings has announced the retirement of its chairman Joseph C. H. Johnson, with effect December 31, 2005. Mr. Johnson will also be retiring from the board of IPCRe.