News
Swinton acquires
East Anglia-based broker Waveney Insurance Brokers has transferred most of its personal lines business to Swinton.
NU to transfer 500 staff to outsourcer
Norwich Union is transferring 500 jobs through an outsourcing deal with document services supplier Williams Lea in a deal worth £225m over 10 years.
Moody’s confirms Converium ratings
Moody's has announced that it has confirmed the insurance financial strength ratings of Converium and Converium Ruckversicherung (Deutschland) at Baa1 with a stable outlook.
Zurich urges D&O take-up
Zurich is pressing small and medium size enterprises to ensure they have adequate directors’ and officers’ cover, after a survey found many had no protection against being sued.
West Country broker in recruitment drive
Regency Insurance Brokers says it is expecting one of its busiest years since its creation in the 1980s due to new client wins and the expansion of the business.
Oak Underwriting founder passes on MD reigns
Oak Underwriting has appointed Robert Trott as managing director from the 1 November. For the last ten years he has been a regional manager for Chubb Europe.
Duo join Heath Lambert credit and surety team
Broker Heath Lambert has announced the appointments of Steve Parsons and Jean-Pierre Lonsdale to the national sales team of its credit and surety division.
Former Cox CEO Utley takes on new role
Former Cox chief executive Neil Utley has been appointed non-executive director at of personal injury firm Donns. He will provide strategic management consultancy to the 300-strong law firm based in Manchester.
Biba rejects recent criticism of FSA Commingling
The British Insurance Brokers' Association (Biba) has rubbished recent reports criticising the Financial Services Authority's (FSA) commingling rules.
Cornhill boss calls on market to hold its nerve
Allianz Cornhill general manager, commercial, Chris Hanks, has hit out at suggestions the market has already entered a soft cycle.
Scottish Re announces ING Re deal
Scottish Re Group has announced that it has agreed to acquire the individual life reinsurance business of ING Re. The transaction is expected to close by the end of 2004.
CEA creates Solvency II group
The Comité Européen des Assurances has created a steering group to look at Solvency II, the EU project aiming at a fundamental review of European insurers’ solvency requirements.
Ace appoints computer network underwriter
Ace Europe has announced the appointment of Shaun Cooper as computer network underwriter within the company’s technical lines division.
Broker body confident FSA will not follow Spitzer line
The British Insurance Brokers' Association has expressed concern about the action against Marsh in the US.
Gallagher appointed Highway claims director
Motor insurer Highway has promoted Peter Gallagher to the position of claims director. Mr Gallagher will join the board of Highway Company Limited and Highway Insurance Agency.
Financial services £11bn victim of crime
Financial services is hardest hit be economic crime — costing the sector up to £11bn a year — according to a survey by accountants RSM Robson Rhodes, endorsed by the Home Office and supported by amongst others, the Confederation of British Industry.
JLT statement on Spitzer
Jardine Lloyd Thompson, commenting on Friday on the complaint filed in New York by the Attorney General against Marsh & McLennan.
Ace and AIG join Marsh in suspending agreements
Bermuda-based Ace has said it will stop paying brokers for steering business its way following the Spitzer probe of the insurance industry and AIG has said it is also likely to do so. Marsh suspended such agreements on Friday.
Marsh suspends agreements
Marsh said on Friday it had immediately suspended its practice of market services agreements with insurance carriers.
California to follow Sptizer on kick backs
California Insurance Commisioner John Garamendi said on Friday the state plans to file civil lawsuits against some insurers as part of its investigations of kick back in the insurance industry.
Beale succeeds Brandt at GE Insurance
Inga Beale, leader of GE Insurance Solutions' continental European operations, has been appointed president and chairman of the board of management at the Munich-based legal entity GE Frankona Rückversicherungs.
JLT shares hit by Spitzer move
Shares in broker Jardine Lloyd Thompson dipped by up to 8% following the move by New York Attorney General Elliot Spitzer to sue Marsh & McLennan. This morning they wre down 5% to 422p.
NU ties up new affinity deal
Norwich Union has been chosen by the West Bromwich Building Society to be its exclusive provider of household insurance to its customers. The insurer will underwrite the building society’s household insurance for three years from 1 October.
Carole Nash swoops for new finance officer
Intermediary Carole Nash Insurance Consultants has appointed Allister Hill as chief financial officer.