News
BMS vice-president leaves
The man who helped oversee the launch of disaster recovery giant BMS CAT in the UK has left the comp...
Appointment at Duck Creek
Duck Creek Technologies Europe has enlisted three new senior executives: Tony O'Halloran, Martin Hou...
Enstar closes in on RSA legacy unit deal
JC Flowers-backed Enstar Group is understood to be close to acquiring two of Royal and Sun Alliance'...
Max Re reports near-$100m rise in FY net income
Max Re, the Bermuda and Dublin-based reinsurer, reported full year net income of $303.2m, up from $216.9m in 2006.
MDU brings in Hannover Re for 25% share
UK medical defence organisation the Medical Defence Union (MDU) has confirmed that it will be sharing the insurance policy it markets to its members between two providers from April. The cover was previously written 100% by Swiss reinsurer Converium’s UK…
US mortgage insurer reveals huge Q4 loss
The largest US mortgage insurer MGIC has reported a loss of $1.47bn or £750m for the fourth quarter of 2007 compared to a profit of $121.5m in Q4 2006.
Lloyd's applies for Brazilian licence
Lloyd’s of London said today it is in the process of making a formal application to be an admitted reinsurer in Brazil.
Post pick of the week
Post Editor Jonathan Swift provides a run down of the major news in this week's issue of Post Magazine including: Fears the government has done a u-turn over flood defence spending; a new matchmaking offering for brokers looking to buy or sell; the…
PwC: Euro run off market market falls slightly, but becoming a major boardroom issue
The year 2008 is already shaping up to be a year of change in the European discontinued insurance markets, according to a new survey issued today by Pricewaterhouse Coopers. Nearly two thirds of the businesses (63%) surveyed for the report stated that…
Smart and Cook opens Dundee office
Commercial broker Smart and Cook has opened its third Scottish office in Dundee.
Towers Perrin expands reinsurance team
Towers Perrin has boosted its London-based reinsurance broker team with two senior hires through the appointment of Paul McCarter as managing director of claims, and Liz Lotz as a catastrophe management consultant.
Government and ABI confirm floods position
Ministers from three government departments, chaired by floods recovery minister John Healey, met the Association of British Insurers again yesterday at the Treasury to take stock of continuing repair efforts after last summer's flooding.
Axa buys ING Seguros for $1.5bn
AXA announced it has bought ING's Mexican insurance subsidiary ING Seguros, for $1.5 bn.
Ecclesiastical names new board member
Sir Philip Mawer has rejoined the board of Ecclesiastical Insurance as a non-executive director with effect from 4 February 2008. He previously served from 1996-2002.
Buffett offers monline bond insurers olive branch
Warren Buffett offered monoline bond insurers an olive branch on Tuesday when he revealed in a TV interview with CNBC that he had offered to insure $800bn of municipal bonds guaranteed by Ambac, MBIA and FGIC.
Crash annual turnover hits £7m
Northern Irish accident management company Crash has announced a 60% increase in annual turnover to £7.1m following a successful television advertising campaign.
Validus absorbs Talbot and doubles profit in 2007
Net 2007 premiums written at Bermudian class of 2005 (re)insurer Validus increased by 92.5% to $918.4m from $477.1m, due to the absorption of Lloyd’s specialist insurer Talbot which added $285.2m, as well as growth from Validus Re.
Primary adds to portfolio
Primary General has launched a new contractors policy. This follows in the footsteps of the tradesman policy which was released towards the end of 2007.
EC rejects insurer's claim
The case taken by health insurer Bupa, challenging the European Commission's approval of a risk equalisation scheme in Ireland, has been dismissed.
Manx insurance sector premium exceeds $1bn
The Isle of Man Insurance and Pensions Authority issued four new insurance licenses and one protected cell licence in 2007.
Scor reports 1% volume decrease and disciplined market at 1/1
European reinsurer Scor has reported a decrease of 1% in its non-life treaty reinsurance volume over the year-end renewals.
Bupa loses Irish court battle
Bupa has suffered a major blow regarding its former business in Ireland , after the European Commission dismissed its challenge of the Irish government’s risk equalisation scheme.
Lloyd's broker ESR in administration
Troubled Lloyd’s broker ESR has gone into administration following a fraud investigation into its trade credit division.
Event organisers continue to ignore cancellation insurance
Nearly two thirds (62%) of event organisers do not buy cancellation insurance for their event despite a year of unprecedented weather disruption in 2007, which led to widespread cancellation and postponements of events across the UK.