News
Coversure opens new broker
Coversure Insurance Services, the Huntingdon based insurance franchise operation, is opening a new brokerage, bringing the total number of businesses operating under the Coversure banner to 83.
RSA settles US lawsuit
Royal & Sun Alliance has sealed an agreement with PNC Bank for the latter to abandon its lawsuit on US claims. The move will cut the insurer's liability by about $129m.
Greenberg stays silent in AIG probe
Maurice ''Hank'' Greenberg, the former chief executive of American International Group (AIG), has declined to answer questions posed by government investigators looking into transactions at the insurance company he once headed.
California treasurer urges AIG pension action
California Treasurer Phil Angelides has called on the California Public Employees’ Retirement System (CalPERS) and California State Teachers’ Retirement System (CalSTRS) to take all possible actions to recover losses to funds caused by the ongoing…
Novae hires marketing assistance
Novae Underwriting has agreed a deal with Font Marketing for the provision of marketing support for their partnership brokers.
Tesco Personal Finance posts profits of £202m
Tesco has announced underlying pre-tax profits of £2.03bn, up 20.5% on 2004.
Madden to head up GE arm
Tim Madden has joined GE Insurance Solutions to head up its North American brokered reinsurance business. He will report to Ken Brandt, business leader of North America and Asia Pacific reinsurance, and will be headquartered in the company's Barrington,…
FSCS confirms 38 more firms in default
The Financial Services Compensation Scheme has announced 38 firms in default.
US property premiums to continue to fall
US property premiums are expected to continue to fall, according to the latest report by broker Aon. It said that although the third quarter of 2004 saw the highest quarterly insured losses ever in the US following a season of multiple hurricanes, buyers…
Buffett questioned over AIG probe
Billionaire investor Warren Buffett has been questioned by regulators about his involvement with American International Group (AIG).
Spitzer settlement gives Willis ratings boost
Willis has had its senior debt ratings upgraded by Moody's from negative to stable, following last Friday's announcement it had settle with the Spitzer enquiry.
Kinnect customers grow to 15
Kinnect - the electronic platform which securely exchanges risk data and wordings between brokers and underwriters - has furthered its expansion in the Lloyd’s market by enlisting five new customers.
SSP acquires insurer system
Software Solutions Partners has announced the acquisition of European INSURE/90’s insurer systems business from Computer Sciences Corporation.
Royal and Sun Alliance maps arson risks
Royal and Sun Alliance has unveiled arson as a new addition to its Geographical Risk Assessment mapping system.
Barclays to make push into general insurance
Barclays is set to shake up the general insurance industry by expanding its general insurance offerings.
US asbestos litigation fraud alleged
United States Chamber of Commerce president and chief executive Thomas Donohue has asked the Justice Department to investigate alleged new evidence of fraud that has emerged in asbestos and silica litigation.
New management team at Herbert Smith
A new management team has taken office at city law firm Herbert Smith following the retirement of senior partner Richard Bond and leadership changes in the firm’s main practice areas. The moves coincided with the firm’s conversion to a limited liability…
Marsh UK reveals 750 redundancies as part of new plan
Marsh today announced the details of its new model for conducting business in the UK which includes 750 possible redundancies and centralising business functions.
FSCS sets 2005/06 levy at £160.7m
Financial Services Compensation Scheme has set its initial 2005/06 levy at £160.7m, a reduction of some £42m on forecasts made in January and a reduction of £77m on 2004/05 levy amounts.
Willis resolves commissions enquiry without a fight and $50m
Willis Group Holdings has reached a comprehensiveagreement with the New York Attorney General and the Superintendent of Insurance for New York to resolve issues raised by the industry-wide investigation into contingent commissions.
Cunninghams in ROI tie up with Aston
Cunningham Lindsey UK and Aston & Associates, based in the Republic of Ireland, are in the final stages of agreeing terms on a reciprocal arrangement for personal, commercial and casualty adjusting work.
AM Best rates Central Re
AM Best has affirmed the financial strength rating of A- (Excellent) and assigned an issuer credit rating of “a-” to Taiwan-based Central Reinsurance. The outlook for both ratings is stable.
March Japan quake third most expensive
The earthquake that hit the Japanese city of Fukuoka in northern Kyushu on 20 March 2005 was the third most expensive for earthquake insurance in Japanese history, according to the General Insurance Association (GIA) of Japan.
Munich Re sets up new foundation
Munich Re has set up the Munich Re Foundation to look at some of the major challenges facing the risk industry.