News
Lloyd's auctions on despite market uncertainty
Lloyd's admitted it was under pressure from managing agents to cancel or delay the market's annual auctions, due to begin today, because of losses arising from hurricane Katrina.
Admiral seeking growth overseas
Motor insurer Admiral said it "continues to investigate opportunities outside the UK", after reporting record interim profits and strong growth in turnover.
Wellington hurricane losses equal to entire '04 season
Lloyd's insurer Wellington Underwriting has estimated a net loss of $75m (£40.7m) from hurricane Katrina, which is comparable to the losses it incurred from the entire 2004 hurricane season.
Katrina: Newspaper damage estimates are
Sunday newspaper figures estimating insurer losses for Hurricane Katrina are wildly misleading because “information is scant” according to Joe McMahon, managing director of loss adjustor Bateman Chapman.
Ace's latest loss protection product unveiled
Leading insurer ACE European Group has launched Computerguard, the latest in its suite of loss protection products to cover financial losses relating to IT hardware and system problems.
Admiral expected to post £50m+ profit in tomorrow's interims
Motor insurer Admiral will announce results for the six months ended 30 June 2005 on Tuesday 6 September 2005. The consensus market expectation is for the Group to report a 2005 interim core profit of £56.6 million.
Child arsonists targeted by new crackdown
Zurich Municipal and Cunningham Lindsey have launched a ‘name and shame’ initiative to deter graffiti, vandalism and arson in schools.
McLarens Young incorporates in Japan
McLarens Young International has announced the formation of a new company; McLarens Young Japan YK, with its first office in Japan.
Katrina damage estimates climb
Estimated insured losses from Hurricane Katrina's direct impact have increased to $20-$35bn, according to Risk Management Solutions (RMS).
Japan riding out typhoon claims, says Fitch
Fitch Ratings has said that the financial positions of Japan's major non-life insurers have withstood the increase in claims seen in FYE05 related to domestic typhoons and earthquakes.
Brokers continue with personal lines despite high cost issue
Whilst half of UK brokers believe it is not cost effective to handle small books of personal lines business in-house only 4% are currently outsourcing, according to research conducted for underwriting agency PlusOne.
LCL completes Bermudan run-off acquisition
Run-off specialist LCL Group has reached agreement for the acquisition of the Bermuda–registered Associated International Insurance (Bermuda) Limited.
Amlin forecasts Katrina loss as $110m as it unveils record first half profit
Lloyd’s insurer Amlin this morning reported half year profit before tax of £134.1m, up 56% over first half of 2004. However, it warned that its net losses attributed to Hurricane Katrina had been provisionally estimated at $110m.
Insurance consultancy announces launch
Newly created ISG (Independent Services Group Limited) has just launched, aiming to provide a variety of specialist services to the London and international insurance and reinsurance markets.
RMS hikes Katrina loss estimate to $100bn
Risk Management Solutions has claimed that the economic loss from Hurricane Katrina and subsequent flooding in New Orleans is expected to exceed $100 billion.
Katrina: AM Best positive, but sees some downgrades
AM Best has stated that it expects that virtually all rated companies will be able to meet their commitments arising form hurricane Katrina, despite the projected magnitude of the potential losses, although it said that “a few individual companies’…
Hannover Re hit by Katrina
Hurricane Katrina is possibly set to become the most expensive ever natural disaster suffered by insurers in industry history, according to Hannover Re. Estimates of the total insured losses currently amount up to $30bn.
DLA hires expert in solvent schemes
International law firm DLA Piper Rudnick Gray Cary has appointed Helen Jenkinson to its insurance and risk solutions team.
Heath Lambert appoints corporate rescue specialist Hamill
The Board of broker Heath Lambert Group has appointed Keith Hamill as non-executive Chairman. Mr Hamill has wide senior management experience across a range of industries in the private equity and public sectors. He is currently Chairman of Travelodge,…
RBSI claims Direct Line/Churchill integration complete
Royal Bank of Scotland Insurance has announced the integration of the Direct Line and Churchill businesses has been successfully completed.
Moody’s doubts P/C rating action over Katrina
Moody's Investors Service has stated that despite the apparent severity of Hurricane Katrina, it does not anticipate taking extensive rating actions on property & casualty insurers.
Broker Drakefield appoints new chairman and FD
Broker Drakefield Insurance Services, has made two new board appointments. Bob Morton has joined as non-executive director and M.E.Barry has been appointed finance director.
London Market Faculty makes contract certainty move
A new Certificate from the Chartered Insurance Institute (CII) has been launched to help individuals and organisations meet the FSA’s contract certainty challenge.
RSA publishes guide to The Courts Act
Royal & SunAlliance has published management guidelines to assist businesses in addressing the changes in legislation to personal injury claims.