News
Eurozone woes dictate global credit outlook
The intensification of the Eurozone crisis in H211 triggered an overall rise in the proportion of negative rating outlooks assigned by the agency, according to Fitch Rating’s latest bi-annual global credit outlook report.
Flooding, fraud and asbestos: ABI outlines 2012 priorities
The Association of British Insurers has outlined the key priorities for 2012 to reduce insurance costs including seeking a free market flood model and dealing effectively with asbestos claims.
Japenese life insurers to provide 100 billion yen loan to Tokyo Electric
Four major Japanese life insurers including major shareholders Nippon Life Insurance Co and Dai-ichi Life Insurance Co are planning to provide a 100 billion yen ($1.30bn) syndicated loan to Tokyo Electric Power Co as early as April, according to Reuters.
VRS Vericlaim snaps up ex-Cunningham Lindsey director Burnett
Loss adjuster VRS Vericlaim has made what is expected to be the first of several 2012 recruitment coups with the appointment of former Cunningham Lindsey regional director Michael Burnett.
XL expands political risk and trade credit team
XL Group is expanding its global political risk and trade credit team with four new appointments based in London.
CCV completes first two deals of 2012
Lyon Insurance Services in Anglesey and Crown Insurance Brokers in Birmingham have been fully acquired and both will join existing CCV businesses.
Tawa, Skuld and Paraline complete Whittington deal
A consortium comprised of Tawa, Skuld, and Paraline Group has completed on the acquisition of Whittington Insurance Market.
Zurich's 2011 cat losses may trigger aggregate reinsurance
Zurich Financial Services expects the impact of the floods in Thailand and the increased cost of the earthquakes in New Zealand in the fourth quarter of 2011 to range between $200 and $250m (€189.9m).
Gcube increases offshore capacity to $100m
Renewables specialist Gcube has increased its underwriting capacity by $50m (€37.9m) for offshore renewable energy projects.
Power Place boss Ball departs
Chief executive of Power Place, Simon Ball, has departed after only eight months in the job.
Cunningham Lindsey merges loss adjusting and claims management services teams
Following a wide ranging review of the business, which resulted in a number of cutbacks at the end of last year, Cunningham Lindsey said it is now introducing some strategic changes, which will streamline and create more flexibility in the structure of…
Towergate explains Allianz deal
Towergate’s CEO of commercial underwriting has explained to Post why RSA, Aviva, Ageas and NIG who were previously on the panel, have been dropped.
Perils estimates €300m windstorm Joachim loss
Independent Zurich-based firm, Perils, today disclosed an initial loss estimate of €300m for windstorm Joachim, which occurred in Western Europe from 15-17 December 2011.
UK faces 100 climate change risks
A government report claims the UK is one of the best-prepared nations for the implications of climate change but lists the top 100 risks the country faces.
Whittington London market deal done
The consortium of Tawa, Skuld, and Paraline Group, has completed the acquisition of Whittington Insurance Markets, the London-market operations of Whittington Group.
Renaissance Re adds $45m Thai losses
Renaissance Re estimates the flooding in Thailand will cost it $45m (£29m) from its fourth quarter 2011 results but it said revisions of the New Zealand earthquake and the Tohoku earthquake losses are not expected to be significant.
THB’s Murphy heralds AmWINS deal
AmWINS takeover of the THB Group has been completed with Frank Murphy, chief executive of THB Group, becoming CEO of the AmWINS international division too.
Zurich’s Thai flood and NZ quake losses trigger aggregate reinsurance
Zurich has said it expects the impact of the floods in Thailand and the increased cost of the earthquakes in New Zealand in the fourth quarter 2011 to range between $200m - $250m (£160m).
RSA confirms around 120 jobs at risk
RSA has confirmed that around 120 roles are at risk of redundancy following a review of the UK business.
JLT announces Nottingham hub
JLT Specialty will open a UK regional office in Nottingham in the spring.
Rival insurers remain committed to in-house adjusters despite Aviva move
UK insurers have affirmed their commitment to in-house loss adjusters, following the news that Aviva has transferred 80 of its claims staff to a G4S subsidiary.
Nationwide slashes claims force after RBSI deal
Up to 100 employees at Nationwide’s claims handlings service face the axe as a result of the building society renegotiating its household insurance contract with RBS Insurance.
JLT Specialty plans three further regional offices in 2012
Bosses at JLT Specialty have vowed to open at least three more regional offices this year, in a bid to strengthen relationships with corporate clients across the UK.
New Coverbox boss van der Merwe aims to beat telematics rivals on pricing
The new boss of telematics insurance provider Coverbox has outlined plans to better match premiums to its customers’ driving habits, insisting the current ‘pay-as-you-drive’ players are not making best use of the available technology.