News
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…
AM Best still negative on RSA despite encouraging earnings
A.M. Best has commented that all ratings of Royal & Sun Alliance Insurance Group and its main subsidiaries are unchanged by the third quarter 2005 reported earnings as they were in line with its expectations. The outlook on all ratings remains negative.
Chubb Europe makes Scandinavian expansion move
Chubb Insurance Company of Europe has opened its first office in Norway.
Adjuster launches liability division
Loss adjuster FitzGerald Consulting has formed a new liability division which will be managed by existing directors Alan Speyer and Alex Murray.
Q3 2005 P/C losses hit record levels
Pummelled by Hurricane Katrina and six other natural catastrophes in the third quarter, US property/casualty insurers paid an all-time record $40.8bn to homeowners and businesses for insured property losses in 14 states, according to preliminary…
Wilma hits Platinum for $135m
Bermudian reinsurer, Platinum Underwriters Holdings has unveiled an initial preliminary loss estimate of approximately $135m from Hurricane Wilma. The estimate is net of reinstatement premiums, tax benefits and retrocessional recoveries.