News
FSA looks to develop Islamic finance
The Financial Services Authority has published a paper setting out its role in the development of the UK as the major European financial centre for Islamic financial products and services.
S&P: Catlin ratings unaffected by subprime
Ratings agency Standard & Poor's (S&P) has said that that the counterparty credit and insurer financial strength ratings and outlook on core entities of Catlin Group Ltd are unaffected by the announcement that Catlin expects to incur a $75m charge in the…
Catlin takes $75m subprime write down
Specialist (re)insurer Catlin has revealed that it expects to take a total charge during 2007 of US$75m against the value of its sub-prime related investments.
Central Insurance Services moves offices
Aberdeen-based Central Insurance Services has relocated to a new £3m custom-built headquarters. The company’s 70 staff have moved from the city’s Albert Street to a 15,000 sq ft building in Arnhall Business Park in Westhill.
BGL boosts expansion plans
BGL Group has appointed two new directors and two associate directors to help deliver its ambitious expansion plans.
FirstAssist launches motorist solution
FirstAssist Insurance Services, the specialist personal lines provider, has launched LicenceCover, a solution for motorists who are unable to drive as a result of unexpected events such as accident, illness, medical disqualification or a licence ban as a…
Broker Network shares up 12.97% on news of bid
Broker Network shares have jumped 12.97% this morning on the news it had accepted a bid from Towergate.
Montpelier launches US direct property Fac operation
Montpelier Re has announced the launch of a direct property facultative (DPF) division underwritten by its Lloyd’s syndicate 5151 US coverholder Montpelier Underwriting Inc (MUI).
Towergate to buy Broker Network
The Broker Network announced it had received a takevoer offer from Towergate, an offer the board of directors of the network will recommend to its shareholders.
Scottish Re faces claim from rescue investors
Troubled life reinsurer Scottish Re has revealed accounting errors that have given rise to a written request from the investors that rescued the firm in 2006 to ask for a independent committee to be set up to decide on financial compensation.
Oxfam: Natural disasters quadrupled in 20 years
Natural disasters have quadrupled over the last two decades, from an average of 120 a year in the early 1980s to as many as 500 today, according to a new report published by international charity Oxfam.
Brit strengthens US business
Brit Insurance Holdings has appointed appointment of Clive Moore as North American professional indemnity underwriter. He takes up his new position on 28 November 2007.
Willis appoints new European CEO
Flavio Piccolomini, former chief executive of broker Willis’ Italian operations, Willis Italia Spa, has been appointed chief executive for Willis Continental Europe, including the Nordic region.
RI3K reviews pricing policy
Responding to market criticisms over its pricing, RI3K is publishing a simplified pricing tariff.
Aurigen launches $500m Canadian life reinsurer start up
Bermuda-domiciled Aurigen Re Capital has announced that it has completed initial capitalization by securing C$500m of equity to support the start up of a life reinsurance business unit in Canada.
Axa launches Tradesmen and Professionals packages
Axa has launched Tradesmen and Professionals, two new products designed specifically for small businesses without premises to insure.
Lomas reaches appeal decision
Dennis Lomas, the former finance director of Independent Insurance, has decided not to appeal the Southwark Crown Court sentence .
Pittman quits Halifax to head up supplier
Jim Pittman, presently head of household claims at HBOS General Insurance is due to take over as managing director of VFM, the claims management and risk consultancy business from January.
Europa ties up deal to boost commercial business
Online SME comparative quote facility Iprism has boosted its penetration into broker distribution via Europa’s network of 1500 brokers.
Howden stengthens board with duo
Howden has strengthened its UK board with the appointments of Charlie Langdale and Mike Lobb subject to the approval of the Financial Services Authority.
Brit renews Augsburg aviation cover
UK (re)insurer Bri has renewed of its binding authority with Augsburg Re, effective 1st January 2008. The agreement, now entering its sixth year, enables Augsburg Re to underwrite aviation non-proportional reinsurance for and on behalf of Lloyd’s…
Axa to pilot medical testing in pharmacies
Axa will pilot medical screening in pharmacies for its protection products with access to techniques, which will include needle-free skin tests, saliva tests and hair analysis.
Axa in major product push
Axa today launched tradesmen and professionals, two new products designed specifically for small businesses without premises to insure.
Eversheds unveils new partner
Eversheds has strengthened its insurance and reinsurance practice with the appointment of Patrick Devine as partner.