News
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.
UnumProvident opens tour for customers
Visiting chief executive officer of UnumProvident corporation in the US, Tom Watjen, has opened UnumProvident UK's Customer Path Tour, a way for intermediaries and customers to gain insight into the services of the disability insurer, based in Dorking.
Board changes at Cunningham Lindsey
The board of Cunningham Lindsey United Kingdom has announced a number of new appointments at board level.
Lancashire set for London IPO and 1/1 start-up
Lancashire holdings, the class of 2005 Bermudian (re)insurer set up by former Lloyd’s underwriter Richard Brindle is set to float on the AIM market in London next week.
Ace unveils Wilma losses
Ace has announced that estimated net after-tax losses for the ACE Group of Companies from Hurricane Wilma will amount to approximately $250m, net of tax and reinstatement premiums.
XL gets $3.2bn equity issue home with ease
Bermudian (re)insurer XL Capital has announced that the underwriters of its equity fundraising have exercised their option to purchase an additional 5,076,900 ordinary shares in connection with XL's previously announced plans to sell 33,846,000 of…
Equitas settlement progress “significantly slower than hoped”
Equitas has reported much slower than expected progress on settling inwards liabilities in its half-year summary financial statement.
Carole Nash joins Countrywide network
Broker Carole Nash has joined Misys Countrywide network as part of plans to grow the business.
Imagine’s capital gets $50m boost
Imagine Insurance Company (Imagine), a specialist reinsurer and insurer, has announced an increase in its capital and underwriting capacity, as well as the affirmation of its A- (Excellent) rating by AM Best.
American Re upgraded by Moody’s
Moody's Investors Service has upgraded the insurance financial strength rating of American Re-Insurance Company (ARIC) to Aa3 from A2, and upgraded the senior debt rating of American Re Corporation (ARC) to A2 from A3. The rating action concludes a…
Arig opens Singapore branch
Arab Insurance Group (Arig) has announced the launch of a branch operation in Singapore.
Swiss Re funds GEIS takeover with securities offering
Swiss Re has announced the launch of a CHF 1.0bn mandatory convertible securities offering due 2008.
S&P raises the bar on insurers with 20% long-tail R/I charge
Standard & Poor's has revealed that from 2006 it aims to introduce a charge in its risk-based capital model for insurers to combat excessive reliance on reinsurance.
Mutual bodies respond to Myners Report
The Association of Mutual Insurers together with the Association of Friendly Societies, has published Corporate Governance for Mutual Insurers – in response to requests contained in last year’s Myners Report.