News
Fitch publishes new ratings methodology
Fitch Ratings has published its methodology for rating insurance linked securities. This methodology represents the final version of a methodology first published as an exposure draft.
Paris Re writes more at 1/1 for flat premium
Paris Re has described the 1/1 renewals as satisfactory in terms of pricing and said they were in line with expectations, whilst increasing its non-property writings to offset business lost to unattractive terms and conditions and increased retentions.
CCV expand North-west presence
Cullum Capital Ventures has announced its latest acquisition, Chorlton Cloughley Group. Based in Stockport, the business specilaises in the contractors sector and has a gross written premium of £9m.
Oxygen opens in Glasgow and expands into M&A
Oxygen Insurance Brokers has announced the opening of a new office in Glasgow by its UK corporate risks practice.
Beazley sets up new political risks arm
Beazley Group has established a new division, the political and contingency group, to focus on these risks.
Foolproof insurance launched to combat foolish moments
Kwik-Fit Insurance is offering ‘foolproof’ policies that cover customers for those little accidents that can be a big pain.
Knowles leaves NU for CII post
The Chartered Insurance Institute has appointed Peter Knowles as the head of business development in the general insurance market team.
Liberty syndicates announces restructure
Liberty Syndicates has announced that it has restructured its operations following the arrival of new chief executive Nick Metcalf.
Appel replaces Devine at Aon Re Global
Following the departure of Ted Devine as president of the newly formed Aon Risk Services, Aon has announced that Andrew Appel, previously chief executive of Aon Consulting, has assumed the role of chief executive of Aon Re Global, Aon’s reinsurance arm.
Caribbean Cat fund wins renewal reduction for 08
The World Bank backed Caribbean Catastrophe Risk Insurance Facility has announced a 10% decrease in renewal premiums for 2008 and a lowering of its attachment point to one-in-15 year events.
Heath Lambert continues its expansion in the south
Heath Lambert has appointed Sharlie Bird head of ofice for its Reading and Southampton offices, and to drive forward Heath Lambert’s continued expansion in the south.
Aon moves to a global platform with Risk Services
Global broker Aon has announced the firm is integrating its worldwide risk and insurance brokerage operations into a single global business, Aon Risk Services, with more than 26 000 colleagues in 120 countries and more than $5bn in revenues
Bupa on course to create national health insurer in Australia
The council of MBF Australia, Australia’s second largest health fund, today approved amendments to MBF’s constitution, allowing its policyholders to now vote on the proposed merger with Bupa Australia.
Broker issues profit warning
Broking group Culver has today announced that it will report a "significant loss for the second half of 2007".
Welsh broker in Lloyd's move
Listed broking group Culver has announced the acquisitions of 81% of the issued share capital of aviation specialist broker AMS Corporate Risks and the whole of the issued share capital of Lloyd’s broker LPH Pitman.
Lloyd's insurer in £1 acquisition
Lloyd's insurer Chaucer has agreed to purchase Quanta's 15% shareholding in Pembroke JV for a consideration of £1.
Reinsurance FY results round-up
This week Ace, the Bermudian (re)insurer, reported a 12% rise in full-year net income to $2.57bn, up from $2.30bn. However, combined ratio for the year fell to 87.9% from 88.1%, while net written premiums for the year fell marginally to $11.98bn from $12…
Endurance says full year net income rises to $521m
Endurance, the Bermudian specialist (re)insurer, reported full year net income of $521.1 million, up from $498.1 million in 2006.
Broker in MBO
The directors of Warwick-based Quantum Underwriting Solutions have acquired the business from chairman and founder Stefan Wissenbach for an undisclosed sum.
Broker acquisitions, a trip to Wembley and a party - read the latest PB Week
It was another fast moving week for the PB editorial team -here are the highlights!
Omega in play, private equity mooted
Omega Insurance, the Lloyd’s-based specialist (re) insurer, has confirmed that it is “in discussions with a number of parties who have expressed an interest” in acquiring the group.
Aspen reports 29% increase in annual net income
Aspen Insurance has reported a record net income of an $489m marking an increase of 29.3% on 2006.
Munich Re appoints head of healthcare from SLH
Munich Re has appointed Philip Wright as its new head of UK healthcare.
Cunningham Lindsey appoints London market director
Cunningham Lindsey UK has appointed Stephen Raine to its board as London market director.