News
US P/C sector suffers record Q3 loss
US property/casualty insurers suffered a record $21.3bn in insured property loss claims from eight catastrophes in the third quarter according to preliminary estimates by ISO’s Property Claim Services (PCS) unit.
FM Global hires new production underwriter
Anna Spink has joined commercial property insurer Affiliated FM as a production underwriter to assist with the rapid expansion of its products and services in the UK.
Amlin appoints new credit underwriting director
Amlin Credit has appointed Damien Dawson as underwriting director.
New research shows UK asbestos cost
The Actuarial Profession has published new research showing that the total future UK cost of asbestos-related diseases is in the region of £8-20bn. The UK insurance industry is expected to face half this cost (£4-10bn).
Lawyer slams UK cost of PI
The UK’s “gold plating” of the EU’s Insurance Mediation Directive could add substantially to brokers' and other intermediaries' professional indemnity costs, warned law firm Reynolds Porter Chamberlain today.
XL pays out $47m and stops contingent commissions
Bermuda-based XL Capital has reported that it paid out $47m in contingent commission payments through 30 September, including $29m to Marsh & McLennan.
Marsh to collect $230m in restitution move
Embattled broker Marsh & McLennan has said it plans to put about $230m of contingency fees into an account that may become part of a restitution agreement. The company said the amount represents what insurers owed it as of 30 September.
FSCS names default firms
The Financial Services Compensation Scheme is encouraging consumers to advise it if they have suffered through dealings with any of 43 the firms declared in default by the scheme.
Ace gets new executive vice president
Ace European Group has appointed Edward Levin as executive vice president, accident & health and personal lines.
XL feels hurricane hit in Q3 2004
The reinsurance division of XL Capital showed an underwriting loss for the third quarter of $78.3 million for the general operations which compares with a loss of $74.5 million in the 2003 third quarter. Net premium written decreased 24% to $511.4…
NAIC takes further steps to address Spitzer charges
The National Association of Insurance Commissioners (NAIC) has formed the NAIC Executive Task Force on Broker as the latest development to gather facts and coordinate activities to address alleged criminal misconduct and violations of existing insurance…
New development director at Xchanging
Paulus Deuticke has been appointed to the position of development director at Xchanging.
New insurer enters the retirement fray
Retirement Insurance, a new insurance provider marketing general insurance products to those in or approaching retirement, opens its doors to business today
HBOS Insurance wins Argos account
St Andrew's Group, part of HBOS General Insurance, has won the Argos store card account for creditor insurance.
Darlington-based BIB makes board appointment
Financial Advisors and Insurance intermediary BIB Darlington has promoted Robert Wilson to the board of directors.
MMA launches technical underwriting unit
MMA Insurance is establishing a specialist technical underwriting unit within its operation as a dedicated technical referral point for brokers and intermediaries.
Folgate nears 40 with another acquisition
The Folgate Partnership has announced it’s 38th acquisition; Pib Foster Insurance, based in Wimborne, Dorset.
Marsh brings in Nash at Maidstone
Marsh has increased its Maidstone business development team with the appointment of David Nash as a development executive.
RMS brings out latest version of modeling system
Risk Management Solutions (RMS), has announced the launch of RiskLink and RiskBrowser 4.5, the latest versions of its catastrophe modeling systems.
GSK president joins insurer's board
FM Global has elected David Pulman, GlaxoSmithKline’s president of global manufacturing and supply, to its board of directors.
Broker Direct in new Zurich deal
Broker Direct and Zurich have reached an agreement to provide shareholding brokers access to both their high and mid net worth products from November.
Highway buys telebroker
Motor insurer Highway has strengthened its retail division by acquiring telebroker Direct Motorline.
CII launches course directory
A new training directory has been launched by the Chartered Insurance Institute containing details of over 450 face-to-face training courses on offer next year.
Rights Issue for Beazley to acquire US insurer
Lloyd’s insurer Beazley has announced a Rights Issue to support the acquisition of US insurer, Omaha Property and Casualty Insurance Company, and to fund capital requirements.