News
Prosecution says handwritten note implicates Bright
The prosecution turned to Michael Bright’s knowledge or lack thereof over the reinsurance contracts, E, F and H that underpin the second charge he faces, one he faces alone, writes Martin Friel.
Ecclesiastical announces 2007 interim results
Ecclesiastical has revealed its 2007 interim results with gross written premium at £201.8m – up £6.1m on 2006.
Felix to cost less than $200m says RMS
Insured losses from Hurricane Felix , which hit the border of Honduras and Nicaragua, are likely to be less than $200m, according to modelling firm Risk Management Solutions (RMS)
Hurricane Felix makes landfall
Nicaragua is on high alert after Hurricane Felix reached category five strength and made landfall in the northeastern part of the country.
SFO prosecution claims Bright knew of reserve lists
Andrew Baillie QC spent the morning session highlighting contradictions in Michael Bright’s defence regarding his knowledge of reserve lists that had not been put on the system, writes Martin Friel.
Primary Group sells global expatriate PMI subsidiary
Health care provider Aetna has bought Primary Group subsidiary Goodhealth Worldwide, a specialist provider of expatriate private medical insurance.
New mutual begins underwriting after FSA approval
Following authorisation from the UK Financial Services Authority, Fire and Rescue Authority Mutual, managed by a Charles Taylor Consulting company, commenced underwriting on 1 September 2007.
UKGI partners with MMA
UKGI has entered into a new partnership arrangement with MMA Insurance, which will allow UKGI members to gain direct acces to MMA's range of products.
Benfield launches capital markets division
Benfield has announced the launch of a capital markets division within its corporate finance and advisory business, Benfield Advisory.
Scor includes Converium bosses in new structure
Fresh from its acquisition of Converium, French reinsurer Scor has appointed a new group executive committee has been appointed that includes two senior figures from the Swiss target company.
Brit boosted by Global Markets business as UK slumps
Brit saw its domestic UK insurance business profit slump in the first half of 2007 from £30.4m to £8.5m.
Admiral sees profit up 26% as it unveils Italian market move
Admiral Group today announced a profit before tax of £86.3m for the six months to 30 June 2007, an increase of 26% over the same period in 2006. Group turnover, comprising total premiums written, gross other income and investment income, rose 16% to £417…
Groupama expands partnership team
Groupama has expanded its Partnership Business Development team with the appointment of Richard Saunders and Kingsley Oji as account managers.
Axa buys fourth major independent broker
Axa UK has acquired independent commercial broker, The Davis Group, its fourth major deal in eight months.
Allianz to close two centres following review
Allianz Insurance has announced that it is to reorganise its claims division.
Bright rejects suppression of audit claim
Independent was the most “open" insurance company in Europe, its former managing director and chair claimed today. Returning to the stand after the early adjournment on Friday Michael Bright hit back at claims from Prosecution counsel Andrew Ballie QC…
Lockton produces Business resilience product
Lockton has designed an exclusive insurance product called Business Resilience in partnership with Kiln. The scheme is intended for clients with time critical networks who have already invested in security prevention and business continuity planning.
Saga unveils aggregator panel and brand
Saga has unveiled ConfidentCover.com as the name of its widely touted car insurance price comparison site for the over-50s.
AIG acquires travel insurance specialist
AIG has acquired Direct Travel Insurance Services, based in Shoreham by Sea.
New term for FSA's Independent Complaints Commissioner
Sir Anthony Holland has been reappointed as the Independent Complaints Commissioner for the Financial Services Authority (FSA) for a second term, beginning on 3 September 2007.
Cooper Gay acquires CRS teams
Cooper Gay has acquired the reinsurance and terrorism broking teams of CRS. The teams transferred to Cooper Gay on 1 September 2007.
Broker Network unveils buy number 20
Broker Network has completed its twentieth acquisition, Sullivan Garrett.
Guy Carp appoints corporate finance specialist
Reinsurance broker Guy Carpenter has announced that it has appointed Paul Lumbis as managing director of corporate finance, Europe. Mr. Lumbis will be responsible for leading the firm’s European corporate finance business, with a particular emphasis on…
RSA survey supports claims of burgeoning compensation culture
A new insurer survey supports claims there could be a growing litigious culture in Britain With 40% of people admitting that they would be prepared to sue a lawyer or financial adviser if they received bad advice.