News
FSA: perimeter visits paint positive picture
The Financial Services Authority has reported a 'positive' outcome to its recent nationwide investigation into the level of unauthorised general insurance business being conducted. The FSA visited more than 1700 brokers and secondary intermediaries…
Perkins Slade merges with Stanford & Wood
Birmingham-based brokerage Perkins Slade has merged with Stanford & Wood in a move to expand the business. Ceo David Slade said: "The ethos of our companies is perfectly matched and I am excited about the new dimensions which Alan Stanford and Lynn…
US looks at nat cat insurance coverage
Just months after a string of hurricanes devastated the Gulf Coast and Florida with billions of dollars in damages, four state insurance regulators have begun an effort to devise a national catastrophe insurance program that would greatly reduce the need…
Fitch affirms CIIH ratings
Fitch Ratings has affirmed China Insurance International Holding's (CIIH) long-term rating at 'BBB-' (BBB minus). At the same time, the agency has affirmed the senior debt rating of 'BBB-' (BBB minus) assigned to the guaranteed issue by the wholly owned…
London Market premiums fall 15% in 2004
Gross premiums on the London Market fell 15% in 2004 to £21.7bn according to UK industry trade body IFSL. This follows five consecutive years of growth during which premiums increased by more than 80%. In 2004 Lloyd’s generated 54% of known London Market…
Wellington losses helped by favourable 2004 developments
Wellington Underwriting has updated its estimate of the impact of losses sustained from hurricanes Katrina, Rita and Wilma in 2005.
HBOS GI to deploy new call centre software
Halifax General Insurance Services has selected Verint’s Ultra software system for its five contact centres in the UK and Ireland. The Verint solution will be delivered in conjunction with partner BT.
EU announces business initiative awards
The European Union has launched a new competition to recognise and reward outstanding initiatives that have supported entrepreneurship in villages, towns and cities across Europe.
Insurance industry the only good news at FSCS
The Financial Services Compensation Scheme has said it expects no further levy on insurers or brokers this financial year, having made "significant" recoveries from a number of estates.
Rubicon launches new motor product for Naafi Financial
Outsourced solutions provider Rubicon has launched a new car product for Naafi Financial. Using a panel of insurers to provide competitive quotes to as broad a range of personnel as possible, Rubicon has developed cover that is tailored to meet the…
Moorhouse launches premium finance facility
Commercial broker Moorhouse Group has launched a new single rate premium finance facility that it claims does not discriminate against smaller brokers.
New Don Kramer company to be called Ariel Re
Reinsurance magazine can reveal that Don Kramer’s new $1bn Bermudian reinsurance operation is to be called Ariel Re and will retain a significant proportion of the infrastructure and staff of the remains of Rosemont Re, from which it has been formed.
Moody’s report looks at impact of Wilma
Moody’s has published a new report that concludes that the add-on losses of Hurricane Wilma - one of the most recent destructive hurricanes to hit the United States - will place incremental pressure on property & casualty insurers and reinsurers, but it…
PI insurers warned about market 'gold rush'
Professional indemnity insurers risk becoming caught up in Parmalat style negligence claims unless they ensure accountancy firms follow strict risk management procedures as they rush to expand practices in the fast-growing economies of Brazil, Russia,…
Mystery shopping reveals payment protection mayhem
The Financial Services Authority’s own mystery shopping exercise into the selling of payment protection insurance has revealed a massive gulf between how the product is supposed to be sold and how it is sold in practice.
Arch reveals $40m-$60m Wilma impact
Bermudian (re)insurer Arch Capital has announced today that it expects after-tax earnings for the 2005 fourth quarter to be negatively impacted by the effects of Hurricane Wilma in the range of $40m to $60m based on industry insured losses of $8bn to …
Brit puts Wilma bill at £37.5m
Brit Insurance has announced that claims arising from Hurricane Wilma, net of reinsurance recoveries and reinstatements, are an estimated £37.5m. The Group’s estimate of claims arising from Hurricanes Katrina (including New Orleans Flood), Rita and Wilma…
Lloyd's donates £75 000 in Remembrance
Lloyd’s marked Remembrance Day today by hosting its annual Wreath Laying Ceremony in the Lloyd’s Underwriting Room. The Lutine Bell was rung and underwriters, brokers and staff at Lloyd’s observed a two-minute silence.
Fitch affirms Hannover Re ratings
Fitch Ratings has affirmed Hannover Re’s and E+S Rueckversicherung AG's Insurer Financial Strength (IFS) ratings of 'A+'. At the same time, Fitch has affirmed Hannover Re's Long-term rating of 'A+'. The Outlook on these ratings is Stable.
Misys develops premium finance solution
Misys has joined forces with Close Premium Finance to develop a fully integrated solution that will make arranging premium finance easier for brokers.
Aon MD gets Cass role
Alan Punter, managing director at Aon has been appointed a visiting professor in insurance and risk management at the Cass Business School. The award recognises Dr Punter’s past contribution to the school’s teaching and his standing within the insurance…
Moody’s lowers Montpelier Re’s ratings
Moody's Investors Service has announced that it has lowered the credit ratings of Montpelier Reinsurance Holdings (senior debt to Baa3 from Baa2), and the insurance financial strength rating of Montpelier Reinsurance to Baa1 from A3. These rating actions…
Crawford’s handles major university fire loss
Crawford & Company, an independent provider of claims management solutions, is handling a major loss claim at the University of Southampton after a serious fire broke out in one of the research units in the University’s Mountbatten Building on the…
Chicken farmers can lay off risk
Broker Heath Lambert is offering poultry growers cover against avian flu. The broker’s specialist London Market operation, FSJ, has a facility that provides all risks of mortality cover, which can be extended to cover the financial consequences of an…