News
Law report: Appeal decision turns on wording
Law reports contributed by law firm Berrymans Lace Mawer.
Market moves: Towergate leads Christmas recruiting while Giles and others add seasonal cheer
This week in recruitment belonged to Towergate Underwriting, which welcomed five new staff all appointed to work with regional brokers.
Markel hoping to capitalise on Alterra Lloyd's business
US-based Markel Corporation is hoping to build on the London operations of Alterra after securing an acquisition deal worth $3.1bn.
Markerstudy acquires accident management company
Markerstudy Group has completed a second acquisition in less than a month with the purchase of accident management company Vision Vehicle Solutions.
Crawford expands commercial workforce with 16 hires
Crawford Global Technical Services UK has boosted its aviation division with six new hires.
Markel to buy Alterra in $3.1bn deal
Markel is to acquire Bermudian insurer and reinsurer Alterra for a combination of stock and cash totalling $3.1bn.
CHOs warned to adapt and learn from Drive Assist demise
The collapse of 'insurer-friendly' Drive Assist should serve as a wake-up call to fellow credit hire organisations that have failed to adapt to the challenging conditions of the motor insurance sector, according to market observers.
Capita secures government fuel scheme deal
Capita Insurance Services has won a seven-year fuel scheme contract with the Department of Energy and Climate Change.
UK motor profits could take fresh hit as reinsurers mitigate exposure to PPOs
The prevalence of periodic payment orders is expected to undermine underwriting profitability in the motor market in 2013, as reinsurers become increasingly reluctant to take on a rising number of variables.
DAS promotes sales employee to new account manager role
The DAS Group has appointed Michael Petchey, pictured, to the newly created role of broker account manager.
Global insurance rates firming 'slowed in Q4', says Marsh
Global insurance rates continued to firm in the last quarter of 2012, but at a slower rate than in the previous quarter, according to Marsh's global market briefing.
Aquiline boosts Lloyd's foothold with cut-price acquisition of Equity Red Star
Aquiline Capital Partners' acquisition of Equity Red Star for £87m – a far cry from the £570m IAG paid for Equity Insurance Group in 2006 – marks the New York-based firm's latest foray into the Lloyd's market.
JLT chairman joins Chesterfield Group
Lloyd's broker the Chesterfield Group has appointed David Menzies to grow its accident and health account in the US and internationally, as part of an on-going growth strategy.
Industry cat losses to hit $65m in 2012, says Swiss Re
Insured losses from natural catastrophes and man-made disasters will reach approximately $65m in 2012, according to Swiss Re.
LMA teams up with IUA to run cross-market aviation committee
The Lloyd's Market Association will share the running of a cross-market aviation committee with the International Underwriting Association.
Industry welcomes discount rate court victory
Insurance lawyers have welcomed a High Court ruling dismissing a challenge on the current discount rate to determine damages in a catastrophic personal injury claim.
Lloyd's reveals Superstorm Sandy claims could hit $2.5bn
Lloyd's has announced today that its estimated net claims before tax from Superstorm Sandy are between $2bn and $2.5bn.
Lloyd's: Sandy net claims could reach $2.5bn
Net claims from Superstorm Sandy could hit Lloyd's for $2bn (£1.25bn) to $2.5bn (£1.55bn) it was announced this morning.
Aviva ends legal battle over Spanish JV Aseval
Aviva has reached a settlement with Bankia regarding their Spanish joint venture, Aseval. The agreement marks the end of legal proceedings between the two firms.
Cooper Gay recruits ex-Aon director as part of Asia push
Cooper Gay has appointed David Yip as head of treaty for Cooper Gay Hong Kong as part of an expansion drive in Asia.
Cooper Gay makes new hire to expand Chinese footprint
Cooper Gay has appointed David Yip, pictured, as head of treaty for Cooper Gay Hong Kong as part of an expansion drive in Asia.
Allianz fined $12.4m by SEC for improper payments in Indonesia
The Securities and Exchange Commission has charged Allianz SE with violating the books and records and internal control provisions of the Foreign Corrupt Practices Act for improper payments to government officials in Indonesia during a seven-year period.
Mitsui Sumitomo adds to underwriting team
Mitsui Sumitomo at Lloyd's has strengthened its underwriting team with two new appointments.
Analysts approve of Aviva's JV Aseval sale
Analysts have praised Aviva for continuing to execute its disposal programme by selling its entire stake in Spanish JV Aseval to Bankia.