News
Appointment at Alexander Forbes
Alexander Forbes has expanded its corporate risks and international business in Birmingham with the ...
Appointment at Europ Assistance
Charles Walckenaer has been appointed managing director of Europ Assistance UK and Ireland. Mr Walck...
Lancashire IPO underwriters exercise options
In a sign that its London AIM market debut has been well received by investors, Bermudian start-up Lancashire has announced that it has received notice from Merrill Lynch, acting on behalf of the managers to the placing that it has exercised rights to…
Allianz Cornhill produces interactive risk management guide
Allianz Cornhill Commercial has produced an interactive CD which offers motor trade policyholders guidance on reducing the risks they face. The CD allows brokers to download an electronic copy of the Allianz Cornhill risk management guide.
$1bn Validus Re opens for business
New Bermudian start-up Validus Re has announced its formal launch. The company has raised an initial $1bn in equity capital and has received a rating of A- (Excellent) from AM Best.
Yes car credit blames insurance as it folds
Provident Financial's Yes Car Credit business has closed, with the company blaming reduced sales of insurance products following Financial Services Authority regulation, and competition from motor dealers for sub-prime finance customers.
Lloyd's chief announcement set for New Year
The search for a new chief executive at Lloyd's is down to the final eight candidates.
2006 positive news for insurers, says Swiss Re
Swiss Re has predicted positive underwriting results for the primary non-life and life sectors in 2006. Non-life primary premium rates are, the reinsurer said, expected to grow above inflation in 2006.
SSP restructures board
SSP has announced a restructuring of its board, effective from 1 January 2006. It follows the recent acquisition of Sectornet.
ABI appoints chief economist
The Association of British Insurers has appointed Rebecca Driver as director of research and chief economist.
Finance industry anti-terror excercise highlights areas of concern
The Tripartite Authorities - Her Majesty's Treasury, the Financial Services Authority and the Bank of England - are today publishing the results of a survey of the UK financial sector's ability to cope with major operational disruption, such as a…
Converium names new CEO
Inga Kristine Beale has been appointed as the new CEO of Converium. A British citizen, she is currently CEO and chairman of the Board of Management of GE Frankona, as well as the leader of GE Insurance Solutions' Property & Casualty reinsurance business…
Amlin: Bermuda operation rated
Amlin has confirmed that its new Bermuda reinsurance operation has been assigned a financial strength rating of A- (Excellent) with a stable outlook by rating agency AM Best.
JLT Re to start trading 1/1
UK based (re)insurance broker, JLT has announced that JLT Reinsurance Brokers has received approval from the FSA to commence trading from 1st January 2006. Alan Griffin has been appointed chairman and chief Executive with immediate effect, reporting to…
Product recalls rise by 16%
The number of product recalls in the UK has shot up 16% over the last year according to research by Reynolds Porter Chamberlain, the City law firm.
New chief executive for Atrium
Atrium Underwriting plc has announced today that Nick Marsh is moving into a new role as director of corporate underwriting. He will also be director of underwriting review for the wholly owned managing agency subsidiary, Atrium Underwriters Limited.
FSCS declares 17 in default
The Financial Services Compensation Scheme has declared 17 firms in default, giving clients the right to claim up to £48 000 compensation.
“Precautionary” IPCRe notice to put AWAC in control of volatile Cat business
Bermudian (re)insurer Allied World Assurance Company (AWAC) has clarified its position to Reinsurance Magazine following the announcement from IPC Holdings that AWAC had put IPC on notice to cancel the underwriting agency agreement between the two…
ABI launches compensation reform blue-print
The Association of British Insurers has claimed that the time taken to settle the average personal injury compensation claim would fall from three years to just six months under proposals it has announced today
Aspen completes $389m fundraising
Bermudian (re)insurer Aspen Insurance Holdings has announced that it has completed the sale of 8.3m ordinary shares at a price to the public of $24 per share, to raise approximately $195m and of 4m Perpetual Preferred Income Equity Replacement Securities…
Cook to quit as CFO of Axis Capital
AXIS Capital Holdings announced that its chief financial officer, Andrew Cook, will step down, effective April 1, 2006, for personal reasons. The company has commenced an executive search for his replacement.
S&P takes Lloyd’s off negative watch
Standard & Poor's has affirmed its 'A' long-term insurer financial strength rating on the UK-based Lloyd's insurance market and its 'A' long-term counterparty credit rating and 'BBB+' long-term junior subordinated debt rating on The Society of Lloyd's…
Brokers claim lack of understanding over mortgage PPI
In the first survey of mortgage brokers and intermediaries on their attitude towards mortgage payment protection insurance (MPPI) since the FSA revealed the results of its thematic review, Assurant Solutions and CETA have uncovered some mixed results.
Lancashire starts trading on AIM after $1bn capital raising
Lancashire Holdings, the reinsurer launched by former Ascot underwriter Richard Brindle has raised approximately US$1bn in new capital.