News
“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.
FSA Arrow visits branded
The FSA’s Arrow Visits are meeting the expectations of the financial services industry from a process point of view, but the application of the process by the FSA has been met with a lack of confidence, according to the first independent research into…
Oval makes further acquisition
Oval has acquired Leicester based Williams & Williams. It is the company’s eighth acquisition and substantially increases its presence in the Midlands.
Alea exec switches to Aegis
Aegis London, the UK-based subsidiary of Associated Electric & Gas Insurance Services has appointed Paul Guiry as Finance Director.
Evolution launches standalone liability insurance
Broker-only specialist Evolution Underwriting has started underwriting employers’ public and general liability insurance on a standalone basis under the product title Liability Protector. Prior to this, the company underwrote liability insurance as part…
Delay in VAT sensible says adviser
As the insurance industry breathes a sigh of relief, leading business and financial adviser, Grant Thornton welcomes the Government announcement concerning a delay in the implementation of new VAT rules for the industry.