News
German insurers looking for reinsurance fundamentals
The three principal drivers of reinsurance-buying decisions are price, a reinsurer’s financial rating and the types of coverage and exclusions offered, according to a study of the German insurance market sponsored by GE Insurance Solutions.
NIG picks Venus for regional role
NIG has appointed Tony Venus as regional manager of its London office who will assume immediate responsibility for achieving profitable development of NIG’s broker business within the region.
Goss re-brands branch offices
Goss Group has brought all the insurance broking and financial services companies under the Goss & Co banner.
Zurich calls off sale
Zurich Financial Services said itself and Hellman & Friedman have jointly agreed not to proceed with the sale of Zurich's wholly owned US-based Universal Underwriters Group, citing regulatory matters.
Quinn Direct to be title sponsor for British Masters Golf
The British Masters has unveiled Quinn Direct Insurance as its new title sponsor for an initial period of three years and renames the event The Quinn Direct British Masters.
XL Re America appoints new COO
XL Reinsurance America has appointed John Welch, as president and chief operating officer. He will report to James H. Veghte, chairman and chief executive officer of XLRA, and chief executive of XL’s reinsurance general operations. Mr. Welch will also…
AIG close to settling Spitzer affair, claims WSJ
American International Group (AIG) may pay up to $1.5bn to settle civil investigations by state and federal authorities into an accounting scandal, according to The Wall Street Journal, which has cited unnamed sources close to the affair.
New insurance service for P&O Travel
Endsleigh has joined forces with P&O Travel to launch a new travel insurance offering. The new partnership gives P&O Travel clients access to a complete travel insurance service, offering a range of Endsleigh travel insurance products and a specialist…
Broker Network profits up 97%
The Broker Network has announced a 97% rise in operating profits before taxation and amortisation, to £1.5m, for the six month period up to 31 October 2005. In addition, turnover has increased by 56% to £5,852,000, while the group operating margin before…
Broker Assistance appoints operations director
Motor claims specialist Broker Assistance has appointed Steve Rigby as its Operations Director.
New underwriting agency for London market
A new specialist lines underwriting agency has opened in the London market with the launch of Amalfi Underwriting Limited. Amalfi will underwrite $25m of premium income in its first year of operation and has appointed Peter Smith as director of…
Everest Re ups hurricane losses
Everest Re Group has increased its total pretax loss estimate from Hurricanes Katrina, Rita and Wilma to $1.2bn from $1bn, net of reinstatements.
Webline acquired by Capita
Outsourcing provider, Capita, has bought quotation portal, Webline, for an undisclosed sum.
Budget appoints InsureandGo
Budget Group has appointed travel experts InsureandGo to the group’s travel insurance offering.
EC spares motor insurers further directives from Brussels
The European Commission has issued a report addressed to the European Parliament and the Council on two motor insurance issues – compensation bodies and third-party liability cover for trailers.
Aon: non-US reinsurance rates hold steady
Following one of the worst hurricane seasons, broker Aon's reinsurance division has said it expects high rate rises on renewals only for areas affected by US wind exposed risks. At a renewals briefing, Aon Re UK said that after a year of unprecedented…
CII unveils two new faculties as it splits business development function
The Chartered Insurance Institute aims to introduce a more focussed approach to the way it does business with its key markets by establishing two specialist teams within its business development function. The teams will concentrate on the financial…
First Assist ATE product "validated" in advance of Costs Office decision
Withy King Solicitors has settled a First Assist “Pursuit” insurance premium claim at £105,000, three weeks prior to a detailed assessment hearing which was listed in the Supreme Court Costs Office (SCCO).
FX provider cuts out wait for international drafts
Foreign exchange company Travelex, has launched Desktop Drafts, an internet-based product designed for insurance companies to print international drafts at the premises of any of their overseas offices in less than two hours, instead of having to rely on…
Levene repeats call for US to abolish protectionist regulations
Barriers to trade must be removed to permit foreign reinsurers to lend more support in the event of another mega-disaster such as Hurricane Katrina, Lloyd’s Chairman Lord Levene told New York business leaders today.
QBE ratings affirmed
A.M. Best has affirmed the financial strength rating of A (Excellent) and issuer credit rating of “a+” of QBE Insurance International Australia and QBE Reinsurance (Europe).
Despite raft of new entants, Benfield predicts reinsurance capacity constraints in 2006
Reinsurance broker Benfield Group this morning said that depsite significant new capital entering the reinsurance market last year, its impact on year end renewals was muted.
Cooper Gay in marine kidnap for ransom launch
Intermediaries Cooper Gay and Seacurus have teamed up to launch Crew Seacure, a new marine kidnap for ransom insurance policy.
And relax ..
The difference between pressure and stress lies in how you recognise and deal with it. John Perry explains how staff and managers can help themselves and others deal with stress in the workplace