News
Lexington appoints new CEO after Kelley resignation
AIG has named Peter Eastwood as president and chief executive officer of Lexington Insurance Company, a unit of AIG Commercial Insurance and the nation's leading Surplus Lines carrier.
Law firm unveils new look cat loss team
Plexus Law, part of the Parabis Group, has unveiled a new look catastrophic loss team to be headed up by Kathryn Oldfield.
AIG General China still sees growth in Chinese non-life market
(BESTWIRE) Despite the problems associated with the current global economic downturn, the new chairman of American International Group Inc.'s China nonlife insurance unit said he is confident the rapid growth of China's economy will lead to profitable…
D&O writers bracing for high stakes litigation
D&O underwriters, as well as errors and omissions insurance providers who have financial institutions as clients, are now bracing for a new wave of claims driven by mega-bankruptcies and government-takeovers that have wiped out billions of private…
Swiss Re predicts severe recession in 2009 in industrialised economies; emerging markets better
Swiss Re's economists predict a severe recession until mid 2009 in industrialised economies, including the United States and Europe. In emerging markets, slower growth is expected but not a full-blown recession. In 2008, the insurance industry…
Aon to create 100 new jobs in Dublin
Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan has announced that Aon is to establish a new global centre of excellence in Dublin. The investment is expected to create approximately 100 jobs, with the support of the Government…
Escape of water claims on rise, say Lockton
Statistics compiled by Lockton reveal that property claims arising from escape of water have trebled over the past twelve months, accounting for 45% of the total logged by the insurance broker.
New East Midlands insurance centre to create over 60 jobs
Rok has opened a new insurance claims centre in Mansfield which the property repair and maintenance specialist hopes will handle around 70 000 claims a year.
Pembroke appoints technology and media underwriter
Pembroke Managing Agency has appointed Shaun Cooper as Technology and Media Underwriter.
UK becomes second largest insurance market claims report
Figures released from International Financial Services London today claim that the UK insurance market overtook Japan in 2007 to become the second largest global centre for insurance after the US with 11% of global premium income.
FSA warns travel firms to act now or risk losing insurance business
The Financial Services Authority has warned travel firms who currently sell insurance alongside a holiday or other related travel - known as Connected Travel Insurance (CTI) - to apply for authorisation now or risk losing this business when CTI…
Ace risk management subsidiary sets up new practice
Ace's risk management subsidiary ESIS said that it has created a new environmental consulting practice.
AM Best assigns ratings to ZEP-RE
Kenyan reinsurer ZEP-Re has been given a financial strenght rating of B (Fair) and an issuer credit rating of "bb+" to ZEP-RE (PTA Reinsurance Company) (ZEP-RE). The outlook for both ratings is stable.
Former Marsh SME boss joins QBE
QBE has appointed Chris Wallace as head of UK development to oversee the coordination and delivery of QBE's national product offering.
Axis Capital makes acquisition
Bermudian reinsurer Axis Captital said that it has agreed to acquire the business and operations of managing general agent Dexta Corporation Pty Ltd ("Dexta") from its shareholders, Ironbridge Capital, Dexta Holdings NV and other minority shareholders.
XL Re wins Brazilian license
XL Re, the global reinsurance operations of Bermudian (re)insurer XL Capital Ltd today said that it has received regulatory approval to serve the Brazilian insurance market as a local reinsurer incorporated in Brazil and regulated by Brazilian…
Heritage CEO resigns
The board of Heritage Managing Agency, a member of Bermuda-based Argo Group has announced that its chief executive officer, Richard Pexton, has resigned, effective immediately.
Lloyd's welcomes NAIC proposal
Today Lloyd's welcomed news that the National Association of Insurance Commissioners (NAIC) has adopted its Reinsurance Regulatory Modernization Framework Proposal as a conceptual framework.
Allianz Engineering wins major contract
Building supplier Hanson UK has selected Allianz Engineering to provide its inspection services, the insurer announced today.
Oval report increase in annual turnover after releasing financial results
Oval has released its results, showing its profit before tax has increased by 16% to £4.6m. the company said it was pleased with its progress after its group revenues increased by 38% from £60m to £83m.
Gocompare boosts motor panel
Price comparison site Gocompare has added nine more brands to its car insurance panel.
KGM offers extended non-comprehensive motor cover
KGM Motor Insurance has launched TPF&T Plus, a new enhanced third party fire and theft policy.
Indian Overseas Bank in product distribution deal with Sompo
Public sector lender Indian Overseas Bank (IOB) today signed an agreement with Universal Sompo General Insurance Company of Japan for distributing products of the non-life insurer, the Business Standard has reported.
Kwik Fit Insurance to launch commercial assault with Moorhouse Brands
Kwik Fit Insurance is expanding into commercial lines with own-brand small to medium-sized enterprise products after joining forces with Moorhouse Brands, a trading subsidiary of Welsh broker Moorhouse.