News
FSA rejects external ombudsman appeals procedure
The Financial Services Authority and the Financial Ombudsman Service have rejected the idea of an external appeals procedure. The announcement was made with the published updated procedures for handling complaints to the ombudsman service today.
Primary Broker Services boosts North-East operation
Commercial insurance provider Primary Broker Services has announced the expansion of its Harrogate operation and the appointment of two new business underwriters to support its growth in the North-East.
Support grows for fraud initiative
The CPP Group today signed up to support the Government Immobilise mobile phone initiative and predicted less mobile phone insurance fraud.
Zurich pledges reduced rates
Zurich Professional claims its revised professional indemnity insurance rates for accountants will offer premium savings of up to a third.
Buffett to meet regulators over AIG inquiry
Warren Buffett is to meet with investigators looking at a deal between a subsidiary of Mr Buffett’s Berkshire Hathaway and troubled (re)insurer American International Group (AIG).
Former Aon chair takes on new challenge
Affinity Solutions, the affinity partnership consultancy, has appointed recently retired chairman and managing director of Aon’s affinity division, Peter Friend, as its chairman.
AM Best leaves Hannover Re ratings unchanged
AM Best has commented that Hannover Re’s ratings remain unchanged following the announcement of its consolidated 2004 year-end post-tax profit of €309m ($422m).
Greenberg to retire as Zarb moves in at AIG
Non-executive chairman Maurice Greenberg will formally retire from AIG tomorrow or Thursday and leave the company on 31 March. Frank Zarb will take on the chairman's duties as lead director of AIG's board.
Earthquake: minimal insurance losses forecast
Reinsurance broker Benfield predicted minimal insurance losses from yesterday’s Asian earthquake – which is estimated to have claimed up to 2000 lives so far.
New OD at Ace
Ace European Group has appointed Isabel Gouveia-Lima as operations director.
Hannover Re profits hit by nat cat losses
An unusually high burden of major losses from natural catastrophe events in the third quarter of 2004 prevented Hannover Re from generating a new record result, according to the company.
Vehicle inspection pilot aids fraud fight
Allianz Cornhill is launching a vehicle inspection programme on its private motor book following a pilot of Toad Group’s new Vehicle Inspection Service.
Equitas settles largest remaining exposure
Equitas said it has settled its largest remaining direct asbestos exposure. The policies of McDermott International subsidiary The Babcock & Wilcox Company, which is undergoing Chapter 11 reorganization, were paid off for $415m (£221m) in trust to a…
RSA ups the ante in EL reform push
Royal and Sun Alliance has called for the pace of reform of the UK’s Employers’ Liability market to be stepped-up.
Heath Lambert appoints deputy chairman
Heath Lambert has appointed Martin Bewsey as deputy-chairman of its property portfolio division.
Reinsurance market unaffected by BP Texas loss
Oil giant BP has confirmed to Reinsurance that the explosion and subsequent fire at its Texas City refinery on 23 March will be fully retained within the oil giant’s wholly-owned captive, Jupiter Insurance.
80% of London businesses ready for terrorist attack
London businesses are confident they are ready for a terrorist attack with 86% saying they have taken steps to prepare for a major incident on London, according to a survey by KPMG and the CBI.
Tucker made CEO as Prudential axe falls on Bloomer
Prudential has replaced chief executive Jonathan Bloomer, appointing HBOS finance chief Mark Tucker in his place.
Plexus Law wins Crawford subsidence contract
Crawford & Company UK has selected Plexus Law to provide specialist subsidence recovery services in a two year sole supply contract.
Scor returns to profit
Troubled French reinsurer Scor has announced that it made a return to profit in 2004 following several years of losses.
HSA and Healthsure merge
Andover-based HSA Group and Manchester-based HealthSure have announced the completion of arrangements for merging the two businesses.
Fitch upgrades SCOR
Fitch Ratings has upgraded SCOR group of companies to Insurer Financial Strength (IFS) 'BBB' from 'BB+'. The rating outlook remains stable.
Allianz teams up with CMI to boost skills
Allianz Cornhill has formed a partnership with the Chartered Management Institute in order to help e...
IFS expands reach with Pro Share buy
The Institute of Financial Services has acquired Pro Share UK, a company that specialises in 'share ...