News
Industry blasts MoJ for 'cynical' and 'politically motivated' failure
Industry experts have hit out at the government over its personal injury reform report and questione...
AM Best downgrades Scottish Re's financial strength rating to C-
Ratings agency A.M. Best has downgraded Scottish Re's financial strength rating to C- (Weak) from C+ (Marginal) and issuer credit ratings (ICR) to “cc” from “b-” of the primary operating insurance subsidiaries of Scottish Re.
Groupama fills regulation post
Groupama Insurances has appointed David Ragan as group compliance officer, following the retirement of Colin Darnell.
Small businesses continue to boom despite credit crunch, according to survey
Despite the credit crunch more than half (52%) of small business owners in the UK say they have no intention of limiting their expansion plans, a survey reveals.
Aon attacks ‘toothless’ Ministry of Justice personal injury reforms
Aon has attacked the Ministry of Justice's personal injury reforms as being ‘toothless’.
Mapfre Re ups GWP and net profits by 10% in first half
Spanish reinsurer Mapfre Re increased gross written premiums by 10.3% to €860m ($1.35bn) in the first half of 2008.
Sterling Insurance Group's rating downgraded
Sterling Insurance Group’s insurer financial strength rating has been downgraded from A- to BBB+.
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".