News
Fitch affirms Lloyd's rating following Central Fund award
Rating agency Fitch has affirmed Lloyd's ratings following its announcement of a partial award in arbitration proceedings relating to the Lloyd's Central Fund. The outlook on the Insurer Financial Strength (IFS) and Long-term ratings remains stable.
Smart and Cook appoint new chair
Smart and Cook has announced the appointment of David Owen as its new non-executive chairman, following the recent death of company founder Geoff Cook.
Ombudsman shake up sees new chair appointed
The Financial Services Authority today announced the appointment of Sir Christopher Kelly KCB as the new chairman of the board of the Financial Ombudsman Service. The board runs the single ombudsman scheme set up by the FSA under the Financial Services…
Lloyd's favoured in central fund dispute but case rumbles on
Lloyd’s dispute with six reinsurers of its new central fund is in the balance after arbitration proceedings found that one of the carriers, Swiss Re, was entitled to "avoid the policy".
US P/C market premiums down, claims CIAB survey
More than 80 percent of small and large commercial property/casualty accounts and 90 percent of medium accounts found their insurance premiums either stable or down by as much as 20 percent during the fourth quarter of 2004, according to survey data…
Arthur J Gallagher merges operations
Arthur J Gallagher has announced the merger of its two United States reinsurance brokerage subsidiaries, Arthur J Gallagher Intermediaries in New York and John P Woods in New Jersey, effective immediately.
Re AC steps closer to relaunch
Reinsurance Australia Corporation (Re AC) has announced that the Australian Prudential Regulation Authority (APRA) has removed the directions which were imposed on Re AC when the Company went into run-off in 2000. This follows the completion of APRA’s…
Guy Carpenter publishes marine and energy review
Reinsurance broker Guy Carpenter has released itscomprehensive Marine & Energy Reinsurance Review Report 2005, which identifies key influences driving decision-making in the marine and energy reinsurance marketplace.
Jelf results show turnover rising
Broker the Jelf Group today announced its inaugural set of preliminary results as a listed company on the Alternative Investment Market, with turnover increasing by 26%.
West country broker boasts healthier operating margins
West country and Wales based corporate broker Jelf Group has announced its inaugural set of preliminary results as a listed company on AIM. The results are for the year ended 30 September 2004.
Chadbourne and Parke boost London office
International law firm, Chadbourne & Parke, has appointed Adrian Mecz, Christopher Cardona, Michelle George, John Barlow and Mark Pring as partners in the London office.
Hanbury beats Merry in Lloyd's election
Two appointments to the Council of Lloyd’s have been made following the recent Council elections.
Equitas warning over US asbestos law
Equitas has warned that the proposed Fairness in Asbestos Injury Resolution act, which is being debated in the US Senate at the moment, might drive the company into bankruptcy.
RAC to provide private care to accident victims
Thousands injured in all types of accidents may be able to access free private medical treatment following the launch of a new nationwide rehabilitation service from RAC.
Replacement suppliers merge
Media and photography supplier, Powerplay Direct has merged with computer, home electrical and mobile phone replacement specialists Vox Solutions.
Kerry London increases London Market presence
Kerry London (KL), the West London based privately owned insurance broking group, has announced the purchase of Euclidian Direct (EDL) from Capital Insurance Holdings.
Kelsey joins Highway for actuarial role
Motor insurer Highway has expanded its management team with the appointment of Richard Kelsey as internal actuary.
SVB hires Roffey to head up run-off business
Lloyd's insurer SVB has appointed Mike Roffey as head of its discontinued business unit to manage the run-off of liability reinsurance, healthcare and third party liability risks.
Corporate PMI popularity dwindling, says Aon
Employers are turning their backs on private medical insurance, according to an Aon Consulting survey.
Swiss Re completes profit securitisation
Swiss Re has announced that it has successfully completed its first securitisation of future profits from a portfolio of US life insurance policies. The $245m issue benefits Swiss Re by transferring insurance risk to the capital markets, thereby…
Ballardie quits Aspen for TMG underwriting role
Adrian Ballardie will join Tokio Marine Global as chief underwriting officer, having spent just ten months as chief risk officer with Aspen Re, it was announced today. Mr Ballardie will join TMG on Monday 24th January.
Reinsurance Australia Corporation bids to return from run-off
Reinsurance Australia Corporation is planning to return to the market as an active general insurance company.
XL Tsunami losses estimated at $75m
XL Capital has announced that, based on initial loss reports and preliminary estimates, it expects pre-tax net losses arising from the tsunami that struck South Asia on December 26, 2004 of approximately $75 million. Approximately two-thirds of these…
NU signs parts deal with BMW for claims
BMW and Norwich Union Insurance have signed an agreement for the use of BMW original equipment (OE) parts on all BMW repairs for insurance claims underwritten by the insurer.