News
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.
AM Best comments on Alea announcement
AM Best has said that the financial strength rating of A- (Excellent) of Alea Group (Bermuda) and its rated subsidiaries remains unaffected following the publication of the company’s 2004 trading statement.
FSA settles Hogarth case
The Financial Services Authority has settled proceedings under the Financial Services and Markets Act 2000 against Hogarth Underwriting Agencies and William Dewsall, the company’s managing director.
Alea shares tumble on news of liability reserve strengthening
Shares in Alea Group Holdings had fallen more than 7% by 11am today, after the company said reserve strengthening would add between five and seven per cent to its half year combined ratio. The addition is believed to be as much as $80m with Alea's…
Findlayson takes on partnership role at Groupama
Groupama Insurances has announced the senior management appointment of Derek Findlayson, who will be joining the Group from Axa as head of partnership solutions.
Insurance Act amended on Bermuda
The Insurance Amendment Act 2004 has come into effect for the insurance industry on Bermuda.
Motor fraud database launched
A national database to expose fraudulent motor insurance claims has been launched.
Path to success: reinsurance broker
Stuart Hayes, account handler and broker at Willis, reflects on his career to date
CBI predicts industry job cuts
Financial services companies expect to cut jobs at the fastest rate for two years, according to a ne...
Axa and Searchlight sign up for third term
UK insurer Axa has retained training specialist Searchlight Solutions for a third year to provide tr...
Proposed VAT charges may limit appeal of outsourcing
UK insurance companies that outsource any of their back-office operations could face a substantial t...
Broker Footman James appoints managing director
Broker Footman James, part of the Open and Direct Insurance Group, has made Paul Matthews managing d...
Sirius boosts presence with new web product
Financial services software specialist Sirius is aiming to boost its market share with the launch of...
Appointment at Monument
Monument, Primary Group's Lloyd's and international markets broker, has made several promotions with...
Markerstudy moves offices
Markerstudy has moved its offices from Sidcup to new premises in Sundridge, near Sevenoaks, Kent, an...
Appointment at AA Insurance
Kevin Sinclair has become director of AA Insurance. He will report to chief executive Tim Parker. Mr...
Appointment at Carvill
Independent reinsurance intermediary Carvill has made Patrick Figorito senior vice-president. Mr Fig...
Reinsurer puts costs at £19m
Partner Re has estimated that claims relating to its exposure to the tsunami in South-east Asia are ...
Appointment at Plexus Law
Plexus Law has recruited two new employees in order to further enhance its professional indemnity te...
The IUA publishes information on insurance contracts
The International Underwriting Association has published information on the taxation of insurance co...