News
Kwelm creditor payments agreed
Creditors of the insolvent London-based KWELM insurance companies will receive an average additional 7% payout across the five companies, according to the tenth annual report for 2003, issued today. This increases their total payments to date to between…
Manchester brokers announce three-way merger
Manchester-based Stanmore Insurance Brokers has merged with two other local firms, Doherty Turner and Royle, Tyrer Insurance Brokers.
New MD appointed at Heath Lambert credit & surety
Broker Heath Lambert has announced that Martin Holland has been promoted to managing director of the credit and surety operation, in Swindon.
Allianz Cornhill confirmed as insurer in tragic Glasgow factory blast
Allianz Cornhill has confirmed it is an insurer of the Stockline Plastics Factory in Glasgow which was destroyed by a massive explosion yesterday.
Levene predicts Spanish premium growth
Lloyd's has announced the appointment of David Battman as Consejero Delegado (Managing Director) of Lloyd’s España, its first full-time representative in the Spanish market.
Virgin teams up with RBS Insurance to enter GI market
Virgin Money has launched into car, home, travel and pet insurance in partnership with UK Insurance, part of Royal Bank of Scotland Insurance. The first launch under 100% Virgin ownership.
2004 sees sluggish start for airline insurance says Aon
2004 has seen a sluggish start for the airline insurance market with just 7% of annual renewals in the first quarter and increasing consolidation according to Aon’s Airline Insurance Market Review.
Saga highlights corporate governance with non-exec appointment
The Saga Insurance Company has appointed Roger Davies as a non executive director. Mr Davies was previously with GE Financial Insurance and GE Insurance, where he held board level responsibilities for risk management, actuarial and regulatory affairs.
RSA set for 15% fall
Royal & Sun Alliance is expected to report a 15% decline in first quarter profits following the loss of income from closed or sold-off units.
Insurers standing firm on rates says Numis
Analyst Numis insurance has predicted increased investor interest in insurance because of strong underwriting earnings despite an uncertain economic environment.
New appointment at BFIS
The Bermuda Foundation For Insurance Studies (BFIS) has announced the appointment of Christopher Sposato as president and chairman of the Steering Committee.
Advent Capital reports profit
Advent Capital has reported a pre tax profit of £18.1m for the 2003 financial year.
Munich Re makes risk pricing pledge
The question of hard and soft markets has no part to play in the pricing of risk according to Karl Wittman, member of the board at Munich Re.
Trio join Cunningham Lindsey Middle East offices
Cunningham Lindsey has made hree appointments at its Middle East offices.
Arab market shows growth trend
The Arab insurance and reinsurance sector must face up to the challenges of an increasingly globalised market, according to Abraham Matossian, president of Association des Companies d’Assurances au Liban.
Phillipson joins Hardy Underwriting
Specialist insurer Hardy Underwriting has announced that its new financial institutions underwriting team is complete following the appointment of Tom Phillipson.
The Broker Network acquires WEM Insurance Brokers
The Broker Network (TBN) has acquired WEM Insurance Brokers.
Fried Frank warns that directors are open to personal liability claims
Directors and officers of UK and European companies face an increasing personal risk of litigation or regulatory action, according to international law firm Fried, Frank, Harris, Shriver & Jacobson.
Profit boost for Lloyd's insurer Talbot
Talbot Holdings Lloyd's operation has recorded a 66% increase in pre-tax profits for 2003.
NCCI rated by S&P
Standard & Poor’s Ratings (S&P) has assigned ‘A-’‘(strong) long-term counterparty credit and insurer financial strength ratings to the National Company for Cooperative Insurance (NCCI) in Saudi Arabia. The outlook is stable.
THB in partnership with the Independent Buying Consortium
Lloyd’s wholesale and retail broker THB Group has joined forces with procurement company, the Independent Buying Consortium, in a partnership that will help its 1000 strong agency base reduce their costs and improve margins considerably.
Swiss Re calls for nanotechnology research
Swiss Re has called for more research on the possible effects of the growing use of nanotechnology.
Broker Network shares rise on sale
Shares in Broker Network Holdings rose in the wake of the company 's listing on the Alternative Investment Market (AIM) today and its acquisition of WEM Insurance Brokers.
Profits up at Windsor
The Windsor Group has announced pre-tax profits for the six months to 31 March 2004 of £1.37m, up 17% from the first half of 2003.