News
FSCS offers olive branch to Whiteley's customers
The Financial Services Compensation Scheme is stepping in to assist customers of Whiteley Insurance Consultants.
Hiscox puts Paris chief in place for European push
Hiscox plc has announced today the appointment of Marc van der Veer as managing director for the group's retail operations in continental Europe.
Report claims P/C industry facing good 2005 but stormclouds ahead
The property-casualty industry can look forward to another year of underwriting profits, assuming normal catastrophic losses of $13-14bn, according to a new study by Conning Research and Consulting. However, the analysis suggests that 2006 may not be as…
Moody’s changes Converium rating outlook
Moody's Investors Service has announced that it has assigned a negative outlook to the Baa1 insurance financial strength rating (IFSR) of Converium AG and the Baa1 IFSR of Converium, as well as to the 8.25% subordinated notes due 2032 issued by Converium…
AM Best leaves Converium ratings unchanged
AM Best has said that all ratings of Converium remain unchanged following the publication of the company’s first quarter 2005 results.
Heavy retro commutation discount and other exceptionals knock Converium’s Q1 results
A heavily discounted commutation combined with a large winter storm loss helped Converium slump to a consolidated Q1 net loss of $61.8m and a pre-tax operating loss of US$47.8m. This compared to a net profit of $65.7m and a pre-tax operating income of …
Markel claims market first
Markel International has today launched a new Limited Liability Partnership (LLP) Members’ Management Liability product, designed to protect the members of LLPs against commercial risks.
Broker acquired by Protectagroup
Protectagroup, one of Wales’s largest independent insurance brokers, has acquired Welsh-based broker The Broker Gateway & Vanguard Insurance, in a deal worth £350,000.
Asbestos bill facing increased opposition
Legislation to establish a $140bn asbestos compensation fund faces a lack of support even if it musters enough backing to be voted out of the Senate Judiciary Committee this week, a Democratic opponent has claimed.
Cunningham Lindsey distances itself from GAB takeover talk
The head of loss adjuster Cunningham Lindsey's parent company has issued an abject denial in response to remours linking his firm with a takeover bid for rival GAB Robins.
Munich Re releases Q1 2005 figures
Munich Re has announced that its first quarter figures for 2005 have placed it on course with a quarterly profit of €688m, with significantly higher results in primary insurance and reinsurance and further strengthening of earnings potential through…
LCL hired as integer run-off manager
The LCL Group has been appointed to manage Integer, the insurance mutual which provided stop-loss insurance cover to Lloyd's Names.
NU: Hodges steps up as Wallace steps down
Norwich Union has confirmed that intermediary business director Ken Wallace will finally retire in September this year.
Moscow Re wins Russian award
Moscow Re has been awarded the “Golden Salamander” trophy in the category of “Best Reinsurance Company” at Russia’s National Insurance Awards.
Carole Nash signs £1m deal with Misys
Following a major IT review, Carole Nash has entered into a two-year development contract with Misys worth over £1m.
AIG stock trades investigated by FBI
Federal prosecutors are investigating whether the chief executive of American International Group broke the law by engaging in stock trades to boost the insurance giant's share price shortly before his departure in March, according to the New York Times.
AM Best rates St Paul Travelers
AM Best has affirmed the financial strength rating of A (Excellent) and assigned an issuer credit rating of “a” to St. Paul Travelers Insurance Company (United Kingdom). Both ratings have a stable outlook.
Windsor reports reduction in fees and brokerage
Listed broker Windsor today reported a pre-tax profit of £1.51m for the six months ended 31 March 2005, which it described as “a good first half despite challenging market conditions".
HLN creates Yorkshire Business Unit
Heath Lambert National has formed a Yorkshire Business Unit, to build on its strong local relationships in Hull, Leeds and Sheffield.
LIME launches new GI Introducer Facility
The Tenet Group’s Lifetime Insurance & Mortgage Experts, (LIME) is augmenting its general insurance (GI) proposition with the launch of a new GI Introducer facility.
Sorrow at passing of Benson AKA "Lucky" the dog
It is with very much sadness that More Than announces that Benson, the dog that plays the role of Lucky in the company's adverts, passed away yesterday. Benson, aged 12, had played the part of Lucky since the company's launch in June 2001, and died…
Berkshire Hathaway to buy medical liability Insurer
General Electric and Berkshire Hathaway have announced that GE Insurance Solutions has entered into a letter of intent for the sale of Medical Protective Corporation, professional liability insurers for physicians and dentists, to National Indemnity, a…
Integro launches with $300m backing
Ex-Marsh executive Bob Clements has announced the launch of his new brokerage, Integro, after raising $300m for the start up.
IFRS hits Wellington for £700k
Lloyd's insurer Wellington Underwriting has restated net income for the 2004 year of account, after applying international financial reporting standards.