News
PICC licenses AIR’s cat modeling for earthquake risk in China
AIR Worldwide Corporation (AIR) has announced that PICC Property and Casualty Company (PICC) has licensed CLASIC/2 and CATRADER, AIR’s catastrophe risk management systems, to manage earthquake risk to residential, commercial, and industrial exposures in…
Scor comes out blazing in 1st quarter
French reinsurer Scor has revealed blistering 1st-quarter growth and increased profits, boosted by increased non-life premium income and higher investment returns.
Nigel Forrest takes on Birmingham Institute presidency
The Birmingham Insurance Institute BII held its AGM recently and inaugurated a new president, Mr Nigel Forrest of Teceris.
TUC welcomes talks to speed up asbestos compensation
The TUC has welcomed the announcement from Work and Pensions Secretary John Hutton MP that he is to look at ways of speeding up compensation for mesothelioma victims and their families.
Imagine names President and CEO
Specialist Bermuda-headquartered (re)insurer, Imagine Group has announced the appointment of Gregory Morrison as its president and chief executive officer, pending approval of the Bermuda Department of Immigration.
Lancashire happy despite missing plan income target
Class of 2005 Bermudian start-up, Lancashire, has reported favourable underwriting conditions in across most of its chosen specialist short-tail business segments, although it said will undershoot on the income projections it produced at the time of its…
Chanchu weakens
Typhoon Chanchu has been downgraded to a category two hurricane and is no longer in danger of hitting Hong Kong.
Oval restructures its divisions
Broking consolidator Oval has abolished its separate insurance broking and financial services operating boards, and appointed its first ever group managing director, who will be in charge of both divisions.
Teceris partner joins Hamilton Bond
Robert Binning, partner for Teceris West Midlands, is to join Hamilton Bond, claims consultants and chartered loss adjusters.
Record turnover for law firm Weightmans
Insurance specialist law firm Weightmans has announced record turnover of £37.5 million for the 2005 / 2006 financial year.
System failures drop in London Market says survey
The number of computer system failures suffered by London Market insurers has fallen significantly in the last 12 months, according to a survey by the International Underwriting Association.
Beazley appoints group analyst
Beazley Group has announced the appointment of Ian Hoy as group analyst, working closely with Beazley’s senior executive team in the development of strategic initiatives across Beazley’s international network.
Alexander Forbes sponsors Global Challenge yacht race
Alexander Forbes’s Marine department has become a sponsor of the Global Challenge 2008/9, the gruelling round-the-world yacht race. The brainchild of former solo round-the-world yachtsman Sir Chay Blyth, the race involves 12 identical boats sailing…
Fitch still negative on troubled PXRE
Fitch Ratings has said that its existing ratings of Bermudian reinsurer PXRE will remain on rating watch negative following several recent announcements by the reinsurer.
Biba recommends new Toba wording for commission disclosure
The British Insurance Brokers’ Association has urged its members to adopt a new wording in their Terms of Business Arrangements with commercial customers to remind them they have the right to request details of the brokers' commission.
Anti-fraud TV campaign launched by Irish insurers
The Irish Insurance Federation has launched a new phase in its insurance fraud campaign, with a TV advertising campaign and the roll out of new technology to enable insurers to check claimants’ insurance claims history.
Allianz Cornhill profits fall and combined ratio rises
Allianz Cornhill's first quarter results have seen its profits fall to £48.7m (2005: £50.5m) as its combined ratio rose to 96.6% (2005: 94.7%).
FSA manager joins Gallagher
Broker Arthur J Gallagher (UK) has appointed Sarah Dalgarno as director of compliance and risk management.
Validus goes for 75% Q/S with new Petrel Re sidecar
Class of 2005 start-up, Validus Re has announced that it has done a two-year sidecar collateralised quota share retrocession deal with Petrel Re, a new Bermuda reinsurance company set up by the First Reserve Corporation private equity group.
Saga extends motor deal until 2010
Saga, the Folkestone-based provider of products and services to the over-50s, has extended an outsourcing contract with motor insurance claims management specialist WNS Assistance until the end of 2010.
Report claims travel brokers may be forced to quit
Price cutting and increased regulation in the travel insurance market may force some firms to give up or specialise in niche products, the leading financial research company Defaqto predicts.
Oval acquires Sheffield broker
Oval has bought the majority of the corporate insurance business of Sheafmoor Brokers in Sheffield, with plans to expand this part of its operation.
Hiscox launches new SME policy
Hiscox has launched an SME office insurance policy that provides a level of cover not offered by the ‘one-size-fits-all’ pre-packaged policies currently prevalent in the market place.
New compensation scheme to save industry £1bn
A fast-track compensation scheme launched today could save the insurance industry up to £1bn a year in legal costs, according to its creators.