News
Costa Rica Insurance monopoly to be broken 'by September'
The Costa Rican authorities have confirmed that its current insurance market monopoly will be opened up to competition 'by September at the latest', according to the president of the Costa Rican financial regulator, Conassif.
Aegis London strengthens team
Aegis London has made two appointments to newly created roles within the company.
Tokio Marine and Philadelphia Consolidated agree $4.7bn takeover
Tokio Marine have announced that they have entered into a definitive agreement under which Tokio will acquire all outstanding shares of specialty P&C insurer Philadelphia Consolidated for $61.50 per share in cash — a 73% premium to the company’s 22nd…
Montpelier first half net income drops 64%; Q2 off 13%
Montpelier Re, the Bermudian (re)insurer, said that first half net income dropped 64% compared to 2007.
Platinum Q2 net income up $12m
Platinum Underwriters, the Bermudian (re)insurer, said that second quarter net income rose to $102.3m from $90.6m in the corresponding period last year.
Highway partners with ClaimWatch to drive up claims service standards
Vehicle repair suppliers providing the highest quality of claims service to policyholders are to be rewarded under a new initiative being launched by broker-only motor insurer Highway.
Private Equity firm snaps up SSP
SSP Holdings have been acquired by private equity firm Hellman and Friedman at a value of approximately £198m.
AIG ups political risk line size to $120m
AIG Global Trade & Political Risk (AIG Global) has announced it has increased capacity to support political risk insurance (PRI) policies with limits up to $120m per risk, from $100m per risk.
Arig 1st half profits fall on investment slowdown
Arab Insurance Group (Arig) has announced half-year net profits of $11.4m compared to $18.6m a year earlier.
Total US premium ceded to offshore reinsurers up 6.8%
In 2007, total U.S. premium ceded to offshore reinsurers was $58.4bn, up from $54.7bn in 2006, an increase of 6.8%, a survey from the Reinsurance Association of America said.
Co-op Financial Services shares £6.5m with members
The Co-operative Financial Services has revealed that its customers who are members of The Co-operative Group have shared a 'record' £6.5m in dividend payments.
Provident and Zurich team up for affinity win
GM UK has appointed Provident Insurance, in partnership with Zurich Financial Services, to provide its Vauxhall, Saab, Chevrolet, Cadillac and Hummer brands with a customer insurance programme for an initial period of three years from 1st January 2009.
Provident Insurance team up with GM UK and Zurich for customer insurance
GM UK has appointed Provident Insurance, in partnership with Zurich Financial Services, to provide its Vauxhall, Saab, Chevrolet, Cadillac and Hummer brands with a customer insurance programme in mainland United Kingdom for an initial period of three…
Confused boosts motor panel
Comparison site Confused has added another four partners to its motor insurance panel.
Everest Q2 net income nearly halves
Everest Re, the Bermudian (re)insurer, said that net income for the first six months of year nearly halved, falling to $231.0m from $580.5m in the first six months of 2007.
Arch Europe seen as destination for Heritage senior staff
Arch Europe has been rumoured as being the destination for Heritage’s newly-departed senior staff, Reinsurance Magazine can reveal.
Law firm disappointed MoJ went for 'cheap wins'
Law firm Browne Jacobson has called the proposed Minsitry of Justice reforms "too limited" and that it "shows potential loopholes".
Allianz boss slams "politically motivated" MoJ outcome
Allianz divisional claims manager (technical) Roy Hebburn, has decribed the The Ministry of Justice personal injury response as "deeply disappointing".
Keelan Westall unveils new roles
Keelan Westall has promoted Simon Clegg and Mark Costello from business developers to sales managers for the north and south of the UK respectively.
DAS: MoJ response is "excellent news" for ATE insurers
DAS Legal Expenses has added its voice to those in favour ofthe consultation on case track limits and the reform of the personal injury claims process.
Apil disappointed MoJ makes no mention of claimant rehab
The Association of Personal Injury Lawyers has welcomed the Ministry of Justice’s response to personal injury reform. It particularly hailed the decision to maintain the small claims limit for personal injury claims at £1000 and its "drive to encourage a…
ABI's Haddrill: trade unions must not be allowed to block change
The government’s long-awaited proposals for reform of personal injury compensation fail to grasp the need for radical reform, the Association of British Insurers and the EEF, the manufacturers’ organisation, said today. Both organisations had made…
Doucette to leave Max Capital
Max Capital, the Bermuda-based (re)insurer, said that chief underwriting officer and president of the group's reinsurance operations, John Doucette is to leave the company to pursue "other options".
Guy Carpenter appoints new CEO for Italy
Guy Carpenter & Company, the reinsurance broking arm of Marsh & McLennan, said that it has appointed Massimo Reina as CEO of Guy Carpenter Srl, Milan, with responsibilities for the Italian territory.