News
SCA loses $3.1bn credit default swap dispute with Merrill Lynch
Beleagured monoline insurer Security Capital Assurance has received another blow when it lost its case against Merrill Lynch over a $3.1bn dispute over credit default swaps.
Brit buys £7m stake in UK technology firm
Brit Insurance, the UK-based international general insurance and reinsurance group, has announced it is buying a 38% stake in finance technology firm Xbridge for £7m, writes Rosie Spindler.
Phillippines reinsurer eyes tie-up with Singapore counterpart
(BESTWIRE) National Reinsurance Corp. of the Philippines, the country's only reinsurer, said it took a step toward a regional tie-up with a Singapore company in a bid to expand in the Pacific region.
Markel International Sweden officially opens for business
Markel International, the international property and casualty insurer, has opened its Swedish office dealing with Nordic and Baltic operations.
Moody's puts Willis debt on negative watch, citing 'aggressive' funding
Rating agency Moody's has put the ratings of Willis Group Holdings and its subsidiaries, including the Baa2 backed senior unsecured debt rating of Willis North America, under review for possible downgrade.
Insured losses from late-May US storms $850m - ISO
(BestWire) — Insured losses are expected to reach $850m from late-May storms that hit seven Midwest states, according to the Insurance Services Office.
EC3 insurance charity walk announced
The insurance charities annual charity day is being held this year on Friday 20 June.
RBS CEO confident of getting full price for insurance business
Royal Bank of Scotland has told reporters it is confident of selling its insurance arm for the price it had in mind at the start of its auction.
Brit buys 38% stake in broker
Brit Insurance has invested £7m in a 38% stake in online insurance broker Xbridge.
Marsh increases construction claims team
Marsh has acquired the assets of Nielsen-Wurster's construction claims and dispute resolution business.
Pacific Life buys Scottish Re's international arm for $71.2m
Pacific Life Insurance Company, the parent company of Pacific Life, said it will buy the international life reinsurance arm of beleagured life reinsurer Scottish Re for $71.2m.
Detica signs deal with Lloyd's to upgrade capital modelling infrastructure
Detica Group, the information intelligence specialist has signed an agreement with Lloyd’s to upgrade its capital modelling infrastructure. The move is part of Lloyd's strategic capital systems upgrade programme.
Risk Stop launches EL certificate register
Risk Stop, the risk management specialist, has launched an Employers' Liability Certificate Register which it believes is unique in the market place.
Aon appoints chief commercial officer for Middle East region
Aon risk serviceshas appointed Christof Bentele as chief commercial officer of Aon Middle East, with immediate effect.
Chubb launches media liability product
Chubb Insurance has launched Masterpro a one-stop-shop package covering the needs of individuals and organisations with content exposures.
ARC board appoints new deputy chairman
The board of ARC, the UK trade body for legacy management professionals has appointed Paul Corver as deputy chairman of the association.
Insurers widen access to home insurance in the North-east
The Association of British Insurers (AB has teamed up with insurer RSA and brokers Marsh to bring together housing providers from councils and housing associations at an event in the North east today, with the aim of widening access to home contents…
More M&A expected for P&C market - analysts
Investors can expect a heightened amount of M&A in the property & catastrophe insurance market, analysts from Keefe, Bruyette & Woods have said.
Aon Re parts company with MD
Aon Re has parted company with one of its managing directors, the company confirmed.
Pacific Life buy into reinsurance
Pacific Life has announced it is to buy Scottish Re’s International Life Reinsurance segment for $71.2m.
UIB opens reinsurance operations in Brazil
United Insurance Brokers group (UIB) has announced the unveiling of a new reinsurance broking operation in Brazil, called UIB Consultoria e Participações do Brasil
Stackhouse Poland acquires again
Stackhouse Poland has acquired David Fangen Holdings, which includes David Fangen (based in London) and W Burch and Son (High Wycombe).
AIG defends CEO Sullivan after WSJ report
AIG has defended its chief executive Martin Sullivan after the Wall Street Journal reported that major shareholders were teaming up against him today.
XLCA and XLFA downgraded three notches to BBB-
Ratings agency Standard & Poor's (S&P) has lowered its financial strength ratings on XL Capital Assurance (XLCA) and XL Financial Assurance Ltd. (XLFA) to 'BBB-' from 'A-'. S&P said the ratings remain on credit watch with negative implications