News
Amlin: Bermuda operation rated
Amlin has confirmed that its new Bermuda reinsurance operation has been assigned a financial strength rating of A- (Excellent) with a stable outlook by rating agency AM Best.
JLT Re to start trading 1/1
UK based (re)insurance broker, JLT has announced that JLT Reinsurance Brokers has received approval from the FSA to commence trading from 1st January 2006. Alan Griffin has been appointed chairman and chief Executive with immediate effect, reporting to…
Product recalls rise by 16%
The number of product recalls in the UK has shot up 16% over the last year according to research by Reynolds Porter Chamberlain, the City law firm.
New chief executive for Atrium
Atrium Underwriting plc has announced today that Nick Marsh is moving into a new role as director of corporate underwriting. He will also be director of underwriting review for the wholly owned managing agency subsidiary, Atrium Underwriters Limited.
FSCS declares 17 in default
The Financial Services Compensation Scheme has declared 17 firms in default, giving clients the right to claim up to £48 000 compensation.
“Precautionary” IPCRe notice to put AWAC in control of volatile Cat business
Bermudian (re)insurer Allied World Assurance Company (AWAC) has clarified its position to Reinsurance Magazine following the announcement from IPC Holdings that AWAC had put IPC on notice to cancel the underwriting agency agreement between the two…
ABI launches compensation reform blue-print
The Association of British Insurers has claimed that the time taken to settle the average personal injury compensation claim would fall from three years to just six months under proposals it has announced today
Aspen completes $389m fundraising
Bermudian (re)insurer Aspen Insurance Holdings has announced that it has completed the sale of 8.3m ordinary shares at a price to the public of $24 per share, to raise approximately $195m and of 4m Perpetual Preferred Income Equity Replacement Securities…
Cook to quit as CFO of Axis Capital
AXIS Capital Holdings announced that its chief financial officer, Andrew Cook, will step down, effective April 1, 2006, for personal reasons. The company has commenced an executive search for his replacement.
S&P takes Lloyd’s off negative watch
Standard & Poor's has affirmed its 'A' long-term insurer financial strength rating on the UK-based Lloyd's insurance market and its 'A' long-term counterparty credit rating and 'BBB+' long-term junior subordinated debt rating on The Society of Lloyd's…
Brokers claim lack of understanding over mortgage PPI
In the first survey of mortgage brokers and intermediaries on their attitude towards mortgage payment protection insurance (MPPI) since the FSA revealed the results of its thematic review, Assurant Solutions and CETA have uncovered some mixed results.
Lancashire starts trading on AIM after $1bn capital raising
Lancashire Holdings, the reinsurer launched by former Ascot underwriter Richard Brindle has raised approximately US$1bn in new capital.
Endurance promotes key staff
Bermudian (re)insurer Endurance Specialty Holdings has announced today that David S. Cash would be promoted to the position of chief underwriting officer and Daniel M. Izard would be promoted to the position of president of Endurance Specialty Insurance,…
MASS launches new accident management and PI diploma
The Motor Accident Solicitors Society (MASS) has launched a new diploma in Accident Management and Personal Injury, which is fully accredited by the College of Law in London.
Names' agent re-launches private investment fund
Lloyd's members' agent CBS has re-launched its collective investment fund Insurance Capital Partners.
John B Collins to open Florida office
US reinsurance broker John B Collins has announced it will open a new office in Tampa, Florida on January 3rd 2006. The office will serve clients in the Gulf Coast states.
Axa anounces loss adjuster contract
Following an internal review AXA Insurance has decided to renew its current liability adjusting arrangement with its sole provider Cunningham Lindsey. The renewal commences on the 8th January 2006 and will run for a minimum three year period with…
Ricksons opens Leeds office
Law firm Ricksons Solicitors has opened a new office in the heart of Leeds city centre.
ABI: new compensation reform proposals
The Association of British Insurers will tomorrow publish wide-ranging proposals for a major reform of the UK's compensation system for personal injury claims, including moves to promote rehabilitation.
Brit updates legal and claims adjuster panels
Brit Insurance, has completed its second full review of service providers. Cunningham Lindsey, Crawfords, Beachcroft Wansbroughs and Reynolds Porter Chamberlain, all appointed two years ago in the first review, have been re-appointed. These four remain…
Buncefield blast causes share suspension
Internet retailer ASOS PLC confirmed that its warehouse in Hemel Hempstead, was damaged by the explosions that took place at the Buncefield fuel depot yesterday morning.
AWAC to cancel IPCRe agency agreement in 2007
Bermudian reinsurer IPC Holdings has announced that its underwriting services subsidiary (IPCUSL) has received notice of the intent of fellow Bermudian reinsurer Allied World Assurance Company (AWAC), to cancel the underwriting agency agreement between…
Aon warns of bird flu shipping risk
Shipping and cargo companies transporting goods and passengers around the world need to be more aware of their role in the possible spread of a flu pandemic, warns Aon in its latest Marine Insurance Market Review.
Lark Group acquires Tolson Messenger
Lark Group has acquired Tolson Messenger, a general broker based in Colchester . The combined group will provide insurance broking services and financial advice to corporate and personal clients and have annual revenues of around £14m.