News
Fitch leaves AIG ratings on negative watch
Fitch Ratings has said that its ratings on American International Group (AIG) and its ratings on AIG subsidiaries, including American General Finance Company (AGF) and International Lease Finance Corporation (ILFC), remain on Rating Watch Negative.
Montpelier Re director quits
Bermdian reinsurer Montpelier Re has announced that G. Thompson Hutton has resigned as a director of the company with immediate effect, following his appointment as president and chief executive of fellow Bermudian reinsurer White Mountains Re.
SVB announces new insurer plan
Lloyd's insurer SVB today announced plans to bring forward proposals designed to achieve its stated strategic aim of establishing and capitalising a new, wholly-owned FSA-regulated insurance company isolated from its damaging legacy underwriting. The…
AIG adds $870m to asbestos and environmental reserves
US insurance giant AIG has added $870m to its asbestos and environmental (A&E) reserves as part of an overall reserve-sweetening package of $1.69bn.
FMW sees fee income up 10% in 2005
Commercial broker FMW Risk Services today reported it had recorded a gross written premium of £27m and a brokerage/fee income of £4.621m in 2005.
AIG settles with Spitzer and SEC for $1.6bn
US State and federal regulators have announced agreements that resolve pending litigation and investigations of fraud, bid-rigging and improper accounting by American International Group (AIG).
DAS renews road rescue contract with Britannia Rescue
DAS Legal Expenses has renewed its existing contract with Britannia Rescue to provide the customer-facing elements of its motor assistance products following a six-way tender.
MVRA appoints law specialists to advise members
In a move designed to enhance its service provision to members, MVRA has appointed Lloyds Employment Law Consultancy to provide an advisory service for members. Under the terms of the agreement Lloyds consultants will be available round the clock to…
Cooper Gay appoints Kirk Bitu as senior vice president
Cooper Gay & Cashman (Minneapolis) and Cooper Gay Group (London) have announced the appointment of Kirk Bitu as a senior vice president. Mr Bitu will be in charge of actuarial and financial modeling at Cooper Gay & Cashman.
AM Best affirms Wilton Re ratings
AM Best has affirmed the financial strength rating of A- (Excellent) and issuer credit rating of "a-" of Wilton Reinsurance Bermuda and Wilton Reassurance Company (together known as Wilton Re). All ratings have a stable outlook.
Hurricanes blast Endurance to $208m operating loss in 2005
Bermudian (re)insurer Endurance Specialty Holdings has unveiled a net operating loss of $208.3million for the year ending 31st December 2005 versus operating income of $348.4m a year earlier.
Willis begins results season with $127m profit slide
Willis has announced its fourth quarter 2005 and full year results reporting a drop in net income from $427m (£245m) in 2004 to $300m (£172m) to the year ended 31 December 2005. The fall was attributed to first quarter charges for regulatory settlements…
Allianz Cornhill accredited for EiC
Allianz Cornhill has received a prior learning accreditation from the Chartered Insurance Institute ...
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FIB: regional masterclasses
The Faculty of Insurance Broking is set to deliver a regional programme of Engineering Insurance Mas...
CII selects seven-strong board to drive faculty
The Chartered Insurance Institute has formally launched its new Faculty of Underwriting, following t...
IFS launches online booking
The Institute of Financial Services has launched a new service that enables students to book their e...
Sirius sees sales drop
In a pre-close trading statement for 2005, Sirius has admitted sales of its traditional broking solu...
What the papers said this week
The Independent A company that organised a motivational training day for workers at a top accountan...
Royal and Sun Alliance to be sole provider
Royal and Sun Alliance is to be the sole provider of capacity for Saturn's £18m professional indemni...
LCL Insurance Services retained by Alea
LCL Insurance Services has been retained by Alea to provide advice and support for the run-off of Al...
Moorhouse underwriter shake-up
Welsh broker Moorhouse has purchased failed underwriting agency Shakespeare Underwriting for an undi...
Appointments at CMGL
CMGL has made a number of appointments to its new corporate risk solutions unit. The new team is led...
Appointment at Aon
Aon has appointed Olivia Dickson and Paul Manduca as non-executive directors. Ms Dickson is a member...