News
Marsh receives further Chinese branch office approval
Marsh, the world's leading insurance broker and risk advisor, said today that it has received regulatory approval to set up a branch office in Dalian, the largest city in Liaoning province.
Airmic slams dithering FSA over broker commission outcome
The Association of Insurance and Risk Managers has expressed disappointment by the time it is taking to produce the guidance on broker remuneration transparency, which was originally due to be published this year. There is a pressing need for clarity and…
Amlin completes SPS transaction
Amlin, the Lloyd's (re)insurer, said that it has completed its first special purpose syndicate, established to write a 15% quota share contract of the excess of loss reinsurance account of Amlin's Syndicate 2001.
Lloyd's approves new Munich Re backed syndicate
Beaufort today said Syndicate 1318 has received Lloyd's approval to begin underwriting for the 2009 year of account.
Lancashire announces promotions
Bermuda-based specialty (re)insurer Lancashire Holdings today announced the following promotions in the underwriting team at the group and operating company levels.
Ace raids AIG to boost environmental arm ahead of directive
Ace Europe has strengthened its environmental risk team with the appointment of Chris Strong as environmental risk underwriter. This appointment comes in advance of the forthcoming implementation of the EU Environmental Liability Directive in the UK.
Zurich awards £200m five year contract
Zurich Insurance has extended its contract with Rok Insurance Services for a minimum contract period of five years. The contract is expected to provide £200m of revenue over the five year term.
JLT Re launches treaty reinsurance operation
JLT Re, a trading division of JLT Reinsurance Brokers Limited, is pleased to announce the launch of its newly formed treaty reinsurance operation in Bermuda, to be headed by Antony Ainsworth formerly Partner, JLT Re (North America) Inc.
Marsh hails BCM team capture
Marsh has appointed Rod Ratsma as managing consultant in its UK business continuity management team.
Zurich unveils name change
Zurich Financial Services Group announced today that Zurich Insurance Ireland, the group's Ireland-based European general insurance risk carrier, will be changing its name and incorporation status to Zurich Insurance Public Limited Company with effect…
XL disappointed by S&P downgrade
Bermudian (re)insurer XL said that it is disappointed by the decision by Standard & Poor's to downgrade its counterparty credit and financial strength ratings to 'A' from 'A+'.
Bermudians say have no exposure to Madoff funds
XL and Flagstone Re have both said that they have no exposure to funds run by disgraced fund manager Bernard Madoff, who is alleged to have committed a $50bn fraud involving paying investors back with current investors' money- called a 'ponzi' scheme.
Swiss Re says Madoff exposure less than 3m CHF
Swiss Re, the Swiss reinsurance giant, said that it has less than 3m CHF of "immaterial indirect" exposure to funds run by disgraced fund manager Bernard Madoff through its hedge fund investments.
AIG completes RMBS sale to US government
Stricken US insurer AIG said that it has completed a deal to sell its residential mortgage-backed securities (RMBS) interests to the US government via a newly set-up limited liability company Maiden Lane II.
Scottish Widows to support charity through sales of policies
Scottish Widows will be donating one pound to the British Heart Foundation for every Scottish Widows Protection For Life policy sold throughout December.
IIB responds to commission disclosure decision
The Institute of Insurance Brokers(IIB) has welcomed the long-awaited feedback statement from the Financial Services Authority (FSA) regarding transparency and commission disclosure in the commercial market.
US (re)insurer to delist from NYSE
Hartville, the US (re)insurer, said that it intends to voluntarily deregister its common stock under the Securities Exchange Act of 1934 and cease filing reports with the Securities and Exchange Commission prior to the end of 2008. In addition, the…
Buncefield report published on third anniversary of blast
The cost of the Buncefield explosion could cost £1bn, according to the Major Incident Investigation Board report, which was published on Friday.
David Rasche wins business award for SSP
SSP executive chairman David Rasche was named Business Leader of the Year at the Yorkshire Post Business Awards on Friday.
Broker Network in recruitment drive after relocation
Broker Network is to recruit 70 new members of staff having moved to new headquarters.
Swiftcover signs three year deal
Swiftcover has renewed its three-year contract with Auto Windscreens.
Aspen UK given Australian authorization
Aspen Insurance Holdings Limited, the Bermudian (re)insurer, said that its subsidiary, Aspen Insurance UK Limited, has been authorized by the Australian Prudential Regulation Authority to operate as a branch insurer to underwrite general insurance…
Lockon Re takes senior exec from Collins
Lockton Re said it has appointed John Daum as executive director based in New York, the insurabroker's first US-based reinsurance Associate.
Product recalls up 20% to new high, claims law firm
The number of product recalls in the UK has jumped to a new high, up 20% over the last year to 230 (to 31 October 2008) compared to 192 in the previous year, according to annual research by Reynolds Porter Chamberlain LLP.