News
Aviva sells Asia insurance businesses to Mitsui Sumitomo
Aviva, the UK based insurance company, has entered into an agreement to sell its general insurance operations in Asia to Mitsui Sumitomo Insurance Co (MSI), the second largest general insurer in Japan, for £249 million (US$450 million) in cash. It says…
NU bars Amicus from offices in offshoring spat
Norwich Union has today barred Amicus which represents nearly 10,000 of its workforce from its sites in Norwich and York on the back of a Union Offshoring Survey that showed 99.9% of staff fear further job cuts at the company.
Zurich readies claims team for Frances
Zurich North America said it activated its catastrophe response function, on Friday and mobilized its hurricane response team to be despatched to Florida when Hurricane Frances had passed.
Marine acquisition for Towergate
Towergate Underwriting has announced the acquisition of specialist marine insurance brokers, Mardons.
Aon Travel restructure continues with Howard appointment
James Howard has joined Aon Travel, Aon's specialist travel insurance broking unit, as account manager.
Amlin reports profits up by 17%
Lloyd's insurer Amlin has announced pre-tax profits increased by 17.2% to £74.2m in the six months to 30 June 2004
Jelf clinches £7m mortgage deal
Bath Building Society has renewed its strong business relationship with Bath Financial Planning, part of The Jelf Group.
BMA issues new regulation report
The Bahrain Monetary Agency (BMA) has issued a consultation paper, setting out proposed rules and guidance on reporting requirements for insurers and enforcement measures.
Survey claims EL premiums still rising
Research by the British Chambers of Commerce has claimed that the cost of employers’ liability compulsory insurance continues to rise, despite businesses responding to risk assessment requirements.
CII conference to tackle FSA claims handling regulations
The newly-launched Faculty of Claims is to host a session at the UK Insurance and Financial Services Conference later this month to address the complex issues facing claims handlers in light of new regulation.
American law firm recruits English insurance lawyers
International law firm Debevoise & Plimpton has recruited two English insurance transactional lawyers, Jeremy Hill and Vivienne de Chermont.
Industry handles second hurricane in US
Florida has taken the impact of a second hurricane which has caused extensive damage and flooding over coastal areas of the state although is now downgraded to a tropical storm as it moves further north. The State Emergency Operations Centre in Florida…
Chaucer agrees five-year claims deal
Lloyd’s motor insurer Chaucer Insurance has signed a five-year licence agreement for the Claims Outcome AdvisorTM product from Insurance Services Office.
Belmont and Bishop create largest independent broker in Kent
Belmont Insurance Holdings, parent company of Belmont International brokers, has acquired Bishops, creating what it claims is the largest independent insurance broker in Kent, controlling over £60m worth of premium income.
Product post filled at Folgate
The Folgate Partnership has appointed Lawrence O’Keeffe as product development manager.
Scor planning to move forward
Following their consolidation over the last few years Scor have set out two key objectives for their three year ‘Moving Forward’ plan (2004-7). They are looking to provide clients with an “A” level of security over this period and they also want to…
Primary Insurers hit hardest by US Hurricane says Fitch
International rating agency, Fitch Ratings, has said the damage caused by Hurricane Frances is likely to be a material loss to the insurance industry and a major loss to primary insurance companies.
Japan prepares for Typhoon Songda
Kyushu, the southernmost main island of Japan, is bracing itself for the arrival of Typhoon Songda early on Tuesday.
Aspen UK adds aviation team
Aspen Insurance Holdings says its subsidiary Aspen Insurance UK is to start an aviation insurance account from 2005. Aspen’s aviation team will be led by Nick Bonnar, responsible for Aspen’s London Market Speciality lines, and will join the marine…
DTI planning to shut down liability firm after investigation
The Secretary of State for Trade and Industry has presented a petition in the High Court to wind up in the public interest Chafford Insurance Consultants Limited following investigations by the DTI’s Companies Investigations Branch.
RSA launches mid-size commercial proposition
Royal and Sun Alliance’s commercial division has launched a new broker proposition targeted at those bringing in up to £250 000 of premium income.
Converium completes $420m capital raising
Converium has reached agreement with a syndicate of banks on underwriting a capital increase of CHF 533 million (approximately $420 million), subject to conditions. Credit Suisse First Boston and JP Morgan are leading the underwriting. The capital…
Florida braces for Frances
Florida is getting ready for the arrival of Hurricane Frances, the second major hurricane to impact the State in the space of a month.
Chubb to re-launch mid-market commercial package
Chubb Insurance has upgraded its packaged commercial product, including eight additional covers offered free to most customers.