News
Max, IPC shares tumble on merger news
Shares in Bermudian (re)insurers Max Capital and IPC Holdings tumbled on the NASDAQ after companies said they had agreed on a merger.
Aon CEO in support of AIG
Aon's chief executive has said that his broker will continue to support stricken insurer AIG, which received another bailout from the Federal Reserve Bank on Monday.
Guy Carpenter acquires US reinsurance broking giant
Guy Carpenter has agreed to acquire John B Collins Associates (Collins), a privately-held company which claims to be the seventh largest reinsurance intermediary in the world for an undisclosed sum.
NU signs £700m outsource contract
Three hundred Norwich Union staff working at two of the insurer's data centres have transferred to a new employer after NU signed a 10-year £700m data centre services contract with HP-owned EDS.
Helpucover offers car value protection
Helpucover.co.uk has increased its portfolio of products with the launch of its Car Value Protection cover.
Ecclesiastical appoints regional director
Jonathan Harker has been appointed regional director for Ecclesiastical's southern region, based at their Gloucester head office.
US Government confirms new bail-out measures for AIG
The Federal Bank of New York has confirmed supportive measures for stricken US insurer AIG.
AIG reports $99.3bn annual loss
American International Group has reported a net loss of $99.3bn (£69.82bn) in 2008 compared to net income of $6.2bn for full year 2007.
AIG confirms placing of AIA and ALICO into trusts
AIG said that that it will put two of its biggest units in special purpose vehicles.
AIG forms new general insurance holding company
AIG said that it is intends to form a general insurance holding company, including its Commercial Insurance Group, Foreign General unit, and other property and casualty operations, to be called AIU Holdings, Inc., with a board of directors, management…
AIG reports $61bn fourth quarter net loss
AIG, the embattled US insurer, reported net losses of $61.7bn for the fourth quarter of the year.
Former Axa boss Hubbard returns
Law firm Keoghs has appointed Peter Hubbard as non-executive director.
Chubb looks to Ace for new senior underwriter
Chubb Insurance has appointed Neil Marking as senior accident and health underwriter for the London region at Chubb Insurance Europe, with immediate effect.
US government seen committing a further $30bn to AIG
The US government are stepping in one again to help stricken insurer AIG, CNBC has reported.
Swiss Re rights issue unlikely in 2009
It is unlikely that troubled Swiss reinsurer Swiss Re may raise money in a rights issue unless it absorbs over 9bn CHF of asset losses in 2009, said analysts at Deutsche Bank.
XL appoints new offshore energy underwriter
XL Insurance, the global insurance operations of XL Capital said it has appointed Elliot Lyes as offshore energy underwriter with global responsibility for XL Insurance's Offshore Operational account.
Marsh creates global claims role
Marsh has appointed Paul O'Keefe to the newly created role of global claims leader for its global energy practice.
AM Best upgrades RSA
AM Best has upgraded the financial strength ratings (FSR) to A (excellent) from A- (excellent) and the issuer credit ratings (ICR) to "a" from "a-" of the rated UK operating subsidiaries of RSA Insurance Group.
IPC and Max Capital to merge
Bermudian (re)insuers IPC Holdings and Max Capital said they are to merge in the first big deal of the year.
Novae in Midlands regional push
Novae Insurance has appointed Bronwen Horn as development underwriter in Birmingham to spearhead its presence in the Midlands market.
Private Equity house up for sale
Candover Investments, the quoted private-equity group, has in effect been put up for sale today as it unveiled huge write-downs in its portfolio of 18 companies and cancels its dividend – according to weekend reports.
Age restriction would lead to higher insurance costs, says ABI
Customer could face higher insurance premiums if the Equalities Bill restricts the use of age in assessing risk, the ABI has warned.
Amlin hails "robust performance" as pre tax profit falls
Lloyd's insurer Amlin saw its profit before tax sink to £121.6m (2007: £445.0 million) in 2008 on gross written premiums of £1034m (£2007: £1044.7m).
Amlin FY pretax profits drop
Amlin, the Lloyd's of London (re)insurer, said that full-year pretax profits dropped to £121.6m from £445 the year earlier, hit by investment losses.