News
BBN book relaunched and rebranded today
The high net worth portfolio of Berry Birch and Noble was relaunched today as Private Insurance Portfolio.
Seven-day MID target is workable say brokers
More than half of UK brokers believe the Motor Insurance Database will remain workable when the deadline for delivering updated records is cut from 14 to seven days, according to research by Highway.
Odyssey Re admits material weakness after finite restatement
In a delayed filing of its 2005 annual report, global reinsurer Odyssey Re has admitted that it “did not maintain effective internal controls over the accounting for complex reinsurance transactions, which constitutes a material weakness”.
Lloyd's to open Shanghai company
Lloyd’s is to set up its new Chinese onshore reinsurance operation in Shanghai, it was announced today.
Argent acquired
Lark Group has acquired Argent Insurance Brokers, an intermediary based in Sandhurst, Berkshire.
Multiassistance expands into Northern Ireland
Multiassistance, a property repair and improvement company, is to expand into Northern Ireland from 10th April.
THB begins operational change project after £1.5m IT spend
Broker THB Group is to embark on a programme of major organisational change this year and to begin the process has appointed Mark Veale as group change programme manager.
Swiss Re report slams combined ratio
A study has claimed that insurers' received wisdom regarding the use of the combined ratio as a measure of profitability is flawed and that it should be replaced. According to Swiss Re’s latest sigma study, over the last decade the contribution of…
PXRE's troubles deepen
PXRE has reported a net loss of $446.5m for the fourth quarter of 2005, which was substantially down...
Hiscox launches new US operation
Hiscox has announced the opening of Hiscox USA, an underwriting operation offering cover for small- ...
Benfield reports healthy profits despite stormy 2005
Benfield has announced that despite difficult market conditions, it made a profit of £34.8m over 200...
AWAC files $400m New York IPO
Ending months of rumours, Bermudian specialty (re)insurer Allied World Assurance Holdings (AWAC) has...
Run-off market continues to grow, reports ARC
At least 23% of the reserves held in non-life business in the UK are now related to the run-off mark...
AIG cuts links to Starr
American International Group (AIG) has announced the termination of the agency relationship between ...
Munich Re claims record profit
Munich Re Group has achieved a record profit of over EUR2.7bn (roughly $3.3bn) in 2005. The company...
Tropical Cyclone Larry hits NE Australia
Northeast Australia has been hit by Tropical Cyclone Larry, which has caused widespread devastation....
Life on the A- precipice
Mark Geoghegan examines life perched on the perilous edge of de facto ratings oblivion, and wonders what is so wrong with a 'B' rating for short-tail business
St Paul Travelers deny Zurich takeover
St Paul Travelers has rebuffed suggestions that it is in takeover talks with Zurich. The company is...
Odyssey under review after 10-K delay
AM Best has placed the financial strength rating and the issuer credit and debt ratings of the opera...
Run-off ruling hits CIGNA
CIGNA Corporation has reported that it has received an adverse ruling from a London arbitration pane...
Quanta receives further downgrades
AM Best has downgraded Quanta's financial strength ratings (FSR) to B++ (Very Good) from A- (Excelle...
Hannover Re announces 'break even' 2005 results
Hannover Re has said that it achieved a 'break even' result for 2005, despite what it described as "...
Lancashire 'A' rating in review after key underwriter departure
Bermudian start-up (re)insurer Lancashire has had its financial strength rating of A- (excellent) an...
FSA lets industry off the hook on contract certainty regulation
The Financial Services Authority (FSA) will not increase its regulatory powers over the insurance in...