News
Ace targets private firms with enhanced D&O cover
In a move targeted at small and medium size private companies, ACE European Group has extended its Directors and Officers (D&O) coverage to provide protection for the company itself, in addition to executives and business owners.
Yorkshire company launches new insurance scheme
A Yorkshire Insurance-broker is expanding its operations, with the launch of a new insurance policy for care homes nationwide.
Atkinson Smith acquire new scheme
Broker Atkinson Smith has expanded its operations nationally with the acquisition DMS Self-build, a specialist scheme for insuring self-build projects.
Biba attracts 2800 to conference and names 2008 venue
The British Insurance Brokers’ Association conference was the most successful one ever, according to a Biba spokeswoman.
Insurers win fight to limit Ombudsman redress payments to £100k
The High Court has today confirmed that the Financial Ombudsman Service does not have the power to make a binding award requiring a redress payment in excess of £100,000.
Liability specialist Sigma promotes North East manager
Sigma Claims Solutions, a specialist liability adjusting company, has recently promoted Greig Birrell to the newly created position of regional manager (North East).
THB and Arag aim for £1m premium after tie up
Broker THB Risk Solutions and legal expenses insurer Arag have announced a strategic alliance that will see Arag’s products distributed to THB’s network of 1,200 retail broker partners.
Catlin sees continued downward pressure on rates in 2007
Bermuda-based Lloyd’s and international specialty (re)insurer Catlin has issued a trading statement highlighting increased competition for business across classes, but stating overall satisfaction with rating adequacy and the potential margins on offer.
Ace D&O expanded to cover companies and individuals
In a move targeted at small and medium size private companies, Ace Europe has extended its directors and officers' coverage to provide protection for the company itself, in addition to executives and business owners.
Admiral admits takeover interest for Confused.com
Motor insurer Admiral has been forced into making a public statement about its aggregator business Confused.com. The company has received a number of approaches for the business and made an announcement to the stock exchange this morning, after the Daily…
QBE to merge London syndicate and company casualty books
Following the decision to amalgamate its professional indemnity units in April 2007 QBE European Operations is has announced the formation of a casualty division under the joint leadership of newly appointed managing directors Ash Bathia and David…
Ferma still calling for more broker remuneration transparency
The Federation of European Risk Management Associations has told the European Commission that the level of transparency of broker commissions is still “not entirely satisfactory,” more than two years since Ferma proposed a code of practice for brokers.
Silverstein and insurers agree $2bn 9/11 settlement
A groundbreaking $2bn settlement of claims arising from the destruction of the New York World Trade Center on 11 September 2001 has been reached between its leaseholder and seven insurance companies.
BIBA on film
silent tribute to the opening day of the British Insurance Brokers’ Association annual conference, providing a little insight into what it is all about – networking, networking, networking. Watch it now at: http://www.postonline.co.uk/public/showPage…
Charman loses appeal against £48m divorce settlement
John Charman has lost his appeal to overturn the £48m divorce settlement awarded to his ex-wife.
III puts latest 9/11 paid loss at $37bn
The Insurance Information Institute has released updated estimates of the amount insurers have paid (adjusted in 2006 dollars) in property, life, and liability claims for losses related to the events of Sept. 11, 2001 in New York, Virginia and…
RSA bids £584m for Codan shares
Royal & Sun Alliance has made a £584m offer to the remaining shareholders of Scandinavian insurer Codan in which it holds a 72% stake. However, reports have indicated some pension fund investors are unhappy at the price offered by RSA for the equity.
Amlin: Rates have peaked, global competition strong
Lloyd’s and Bermuda specialty (re)insurer Amlin has said that US Catastrophe pricing is down from the extremes provoked by the devastating hurricane losses of 2005 and that competition in international reinsurance markets is strong.
Scor reveals net income of €76m
French reinsurer Scor has announced profits of €76m ($102.1m) for the first quarter of 2007.
No offer update as D&G profits rise 11.3%
Domestic and General has reported record financial results for the 2006 with revenues up 10% to £304.6m and operating profit before investment return up 11.3% to £23.6m.
D&G's deputy head steps down from board
Takeover target Domestic and General has announced that its deputy CEO is stepping down from the board to concentrate on building the firm's international business. John Ritchie, who is also formerly group finance director, will step down from the board…
Investment bank merger creates heavyweight for insurance M&A market
Fox-Pitt, Kelton and Cochran Caronia Waller have agreed to merge and create a leading global specialist investment bank focused on the financial services industry. Following completion of the transaction, the combined firm will be known as Fox-Pitt,…
Biba: report on EU regulation launched
European Union insurance mediation streamlining has had mixed results, according to a new report commissioned by the City of London Corporation launched at today’s British Insurance Brokers’ Association (BIBA) conference in London.
Iprism hopes for £100m premium through commercial portal
Underwriting agency Iprism has unveiled an SME comparative quote facility for UK brokers.