News
Smart & Cook chairman dies
Geoff Cook chairman of Smart & Cook has died suddenly. The founder of the growing broker chain will be sadly missed by all those who knew him, and the loss of Mr Cook is also a loss for the broking industry as a whole.
Axa ratings affirmed says Fitch
Fitch Ratings has affirmed the Insurer Financial Strength ratings of the major insurance entities of the Axa group at 'AA'. The long-term and short-term ratings of Axa are also affirmed at 'A+' and 'F1' respectively. The outlook on the group's ratings…
US tort costs keep rising
US tort costs reached a record $246bn in 2003, or approximately $845 per person, according to the US Tort Costs: 2004 Update from the Tillinghast business of Towers Perrin.
Omni begins risk management division
Insurance services group Omni Whittington has launched a risk management company following the recent recruitment of a specialist team from Axiom Consulting.
Tiner sets enforcement priority
The day the Financial Services Authority finally assumed control of regulating the general insurance sector, there were almost 1000 applications for authorisation still being processed.
Distribution review for Groupama Healthcare
As part of its plans to develop its specialist Healthcare business, Groupama Insurances has begun a review of the distribution and customer servicing capabilities of Groupama Healthcare.
Mondial hires Smith for Warranty push
Mondial Assistance is expanding its warranty division with the appointment of a new business development Manager. Jeremy Smith brings 24 years motor industry experience to the team, which has experienced continued growth over the last year with warranty…
Outsourced operations facing VAT timebomb
Insurance companies who outsource part or all of their back office operations could be faced with a substantial tax bill, if an advisory opinion given yesterday (12 Jan 2005) to the European Court of Justice is upheld.
Helphire launches prestige service
The Helphire Group has launched into the prestige vehicle accident management market with a new partnership deal with UK car retailer Reg Vardy.
CEA regrets lack of EU harmonisation on 5th motor directive
On 12 January, the European Parliament voted (in a second reading) in favour of the draft 5th motor liability directive. This outcome was supported by the EU Member States the same day and is now pending its formal adoption by the EU Council.
Europe overtakes US for new outsourcing contracts
Europe has overtaken the US as the world’s leading market for new outsourcing contracts, according to the latest Quarterly Index from TPI, the international sourcing advisory firm.
WSJ: Marsh offered to pay $600m to settle allegations
Marsh & McLennan offered to pay $600 million to settleallegations of contract bid-rigging made by New York Attorney General Eliot Spitzer, the Wall Street Journal said in its ``Heard on the Street'' column today.
AIR issues multiple catastrophe white paper
The 2004 hurricane season demonstrated the financially destructive potential of several moderate hurricanes occurring within a single year. To help insurers and reinsurers analyze and prepare for future multiple-catastrophe years, AIR Worldwide…
Leasehold Reform Act bans nominated insurance notes
Labour MP David Crausby welcomed changes in the law due to be enacted on Feb 28 banning landlords from dictating insurance requirements to leaseholders.
Royal & Sun Alliance estimates £30m for storms in UK and Scandinavia
Royal & Sun Alliance Insurance Group has estimate that the claims arising from the recent storms and floods in the UK and Scandinavia will reach £30m.
FSCS declares 16 firms in default
The Financial Services Compensation Scheme has declared 16 firms in default, and is encouraging creditors to make contact.
Lloyd's bodies agree partial TOBA solution
The Lloyd’s Market Association has announced an interim solution for Terms Of Business Agreements (TOBAs) following negotiations with the London Market Insurance Brokers’ Committee (LMBC).
Highway appoints deputy underwriting director
Highway has appointed David Murray as deputy underwriting director, reporting to underwriting director Chris Hill.
Markel announces senior promotions
Markel Corporation has appointed executive vice president and chief administrative officer of Markel International, Richard Whitt, to the position of senior vice president and chief financial officer of Markel Corporation effective May 2005.
Levene highlights need for effective “early warning systems”
A record year of natural disaster losses and Eliot Spitzer’s investigations into payment practices highlighted the urgent need for the insurance industry to tackle its reputation and practices during 2005, Lord Levene, Chairman of Lloyd’s warned insurers…
Japanese earthquake reinsurance limit to rise
The Japanese government is planning to raise its limit for earthquake reinsurance payments by 11.11% to ¥5trn from the fiscal year 2005 to better prepare for a large-scale disaster.
Partner Re produces tsunami estimate
PartnerRe has estimated that claims relating to its exposure to the earthquake and resulting tsunami in Southeast Asia on December 26, 2004 are expected to be between $25-$35m.
CII deal widens footprint by 2000
The Chartered Insurance Institute will this year introduce online examinations at more than 2000 cen...
Biba encourages Young Broker of the Year entries
The British Insurance Brokers' Association has started to invite nominations for the 2005 Biba Young...