News
Zurich London rating under threat
A.M. Best has placed the financial strength rating of Zurich Specialties London under review with negative implications.
Lloyd's sets terms of debt
Lloyd’s has set the terms for the issue of £500m subordinated debt.
Injury lawyers warn against growing small claims court role
The Association of Personal Injury Lawyers offered its approval Lord Falconer's report on the compensation culture today, but warned against the government increasing the small claims court limit for personal injury cases.
NU supports government's plans to overhaul compensation system
Norwich Union has welcomed the government's plans to combat the compensation culture.
ABI hails Falconer stance
The Association of British Insurer today hailed a speech by Lord Falconer and the government’s response to the report from the Better Regulation Task Force (Better Routes to Redress) as a significant breakthrough in ministerial thinking on the issue of…
Government confirms plans to deal with compensation culture
Claims management companies offering ‘no win no fee’ deals have one last chance to get their house in order, Constitutional Affairs Secretary Lord Falconer said today. The comments echo those of David Arculus, chair of the highly influential Better…
Axis Capital announces changes
Axis Capital Holdings has announced a realignment of its organizational structure to alter the operations of its insurance businesses and its reinsurance businesses globally. As from January 1, 2005, the Company will implement two distinct global…
Axa and Cunningham Lindsey combat building under-insurance
Axa has teamed up with Cunningham Lindsey Risk Solutions to provide a new professional building valuation service, which will help brokers to ensure that their clients’ building sum insured is set at an appropriate level.
AM Best affirms Munich Re ratings
AM Best has affirmed the financial strength rating of A+ (Superior) of Munich Re and its core subsidiaries. The outlook remains stable. The announcement follows the publication of Munich Re’s latest financial results for the year so far.
CII recruits Lord Hunt for standards role
Lord David Hunt of Wirral has taken over as chairman of the Chartered Insurance Institute's Professional Standards Board, replacing John Lyons who led development of the institute's new code of ethics and conduct..
Cosh set to replace Percy as chairman of Kiln
Lloyd's insurer Kiln has announced Professor Ian Percy will be retiring as chairman with effect from 4 March 2005 and as a director from 31 March 2005. Nick Cosh joined the board of Kiln plc as a director with effect from today (9 November 2004) and will…
Marsh to cut 280 UK jobs
Marsh is to axe 280 UK jobs in the UK, the broker revealed today.
Arag UK boss Hurley resurfaces at law firm
National law firm Shoosmiths has announced the appointment of former Arag UK managing director Paul Hurley as business development manager.
McLarens plans network of offices in UK
Mclarens Young International has announced staff changes to its London and Paris offices to aid its expansion in the UK.
Lloyd's broker appoints former Aon boss as chairman designate
Agnew Higgins Pickering & Company, the independently managed Lloyd’s broker, today announced the forthcoming retirement in June 2005 of chairman Tony Pickering.
RMI granted FSA approval
The Retail Motor Industry Federation has been granted full approval by the Financial Services Authority under the new insurance regulation.
Benfield sells premium finance arm
Singer & Friedlander Insurance Finance has acquired Benfield Premium Finance.
Moody’s assigns debt ratings to Axis Capital
Moody's Investors Service has assigned first-time ratings to Axis Capital Holdings ($2.4 billion universal shelf registration; provisional senior unsecured debt at (P)Baa1) and to its principal insurance and reinsurance subsidiaries (insurance financial…
Marsh to axe 3000 jobs
Embattled US broking giant Marsh & McLennan plans to cut 3000 jobs, or 5% of its workforce, worldwide, following a plunge in profits. It said that three quarters of the job losses are expected to be in its risk and insurance business. It added that 280…
Hiscox calls for greater fire safety awareness
Hiscox has joined forces with Colvin Fire Prevention Trust to urge Yorkshire homeowners to brush up on fire safety.
Willis buys top 50 UK broker
Willis has agreed to acquire UK regional insurance broking and group benefits consultancy business Opus from European buyout firm Bridgepoint Capital. Opus has annual general insurance and group benefits revenues of approximately £13 million ($24 million…
GAB forms new alliance
Loss adjuster GAB Robins and Agrical Limited have formed a strategic alliance to provide an integrated approach for both property and agricultural adjusting. Both companies will retain total independence.
Munich Re posts latest results, bolsters subsidiary
Munich Re has announced that it made a profit of €365m in the third quarter of 2004, taking the company to a profit of €1.5bn for the first nine months of the year, up substantially on the loss of €0.5bn it made over the same period of 2003.
Post-Spitzer turmoil continues at Marsh as two quit
The after-effects of the Spitzer investigation into alleged illegal practices in the insurance industry have continued, with two more executives at Marsh being forced to quit.