News
Axis ceo to sell shares to finance divorce
Axis Capital Holdings has said its president and chief executive John Charman intends to sell shares in the Bermuda-based insurer from time to time, in order to fund his $91m divorce.
10 arrested in insurance fraud raids
Bedfordshire Police has today arrested 10 people on suspicion of conspiracy to defraud insurance companies as part of a major investigation into an organised criminal enterprise based in Luton. The current investigation is targeting the group’s…
Key London market figures herald agreement
In the latest step in its drive to promote business processing efficiency in the London market, the Market Reform Group has reached agreement with key market bodies on the procedural rules which will underpin the use of the Insurers’ Market Repository.
Tory hits out as ABI warns on flooding
Peter Ainsworth, the Shadow Secretary of State for the Environment, has hit out at Labour's proposed cuts to flood defence spending.
Munich Re posts stable third quarter
Global reinsurer Munich re has posted a combined ratio of 92% for its third-quarter reinsurance operations in 2006 on gross written premiums unchanged from the comparable in 2005 at €5.5bn.
ABI welcomes joint FSA/Treasury insurance plans
A discussion paper published today by HM Treasury and the FSA on the supervision of insurance groups, has met with support from the ABI.
Government promises more competitive regulatory structure
Economic Secretary to the Treasury, Ed Balls, and Financial Services Authority Chief Executive, John Tiner, today announced the UK's proposals to change the approach to insurance supervision which aims to minimise the administrative burden on insurance…
Towergate confirms major deal
Towergate Partnership announced a major addition to its Underwriting Division following the acquisition of Agency Underwriting Limited based in Colchester. AUL controls £24m GWP, with specialisms in underwriting buy-to-let, specialist property owners,…
‘Lucky’ Buffett posts bumper third quarter
The sparse North-Atlantic hurricane season has meant Berkshire Hathaway’s reinsurance businesses made a pure pre-tax underwriting profit of $912m in the third quarter of 2006.
New head of insurance at Hugh James
Law firm Hugh James has appointed Philip Dicken as head of Insurance to drive the development of its products and services for insurers, brokers, captives and others in the sector.
200 jobs created in Liv Vic expansion
Liverpool Victoria, which recently established an insurance operation in Croydon, has announced the immediate creation of 200 jobs based in the Croydon area.
FSA bans ICM for practices which put consumers at risk
The Financial Services Authority (FSA) has cancelled ICM Group's permission to carry on regulated activities after it found that the firm had failed to pass on client premiums to insurers, leaving clients potentially uninsured. In addition, ICM had used…
FSA bans ICM Group
The Financial Services Authority today cancelled ICM Group's permission to carry on regulated activities after it found the firm had failed to pass on client premiums to insurers, leaving clients potentially uninsured. In addition, ICM had used client…
Tait in, Schrauwers out at CMGL
CMGL has appointed Michael Tait to the newly-created position of executive chairman.
RSA director defects to Brit
Brit Insurance has appointed Ray Cox to the newly-created role of underwriting director, UK Division, on 1 December 2006.
Admiral opens Spanish business
Admiral today announced that its operation in Spain, trading under the name of Balumba.es, has opened from its offices based in Seville.
Apil calls for greater FSCS overhaul
The claimant lawyer lobby has called for further changes to the industry's compensation scheme allowing interim payments to be made to mesothelioma sufferers.
NIG appoints new underwriting bosses
NIG has appointed John Inwood as head of complex SME Underwriting and David Cahoon as head of SME packages and home underwriting.
FSA bans broker
The Financial Services Authority has today banned Christopher Edward Whiteley from performing any function in relation to regulated activities after it found that Whiteley Insurance Consultants had left thousands of consumers without proper insurance…
Treasury launches major insurance consultation
The Economic Secretary to the Treasury, Ed Balls MP, has today proposed amendments to the Financial Services and Markets Act 2000 to provide greater certainty to aspects of the transfers of insurance and banking business.
Montpelier Re to lose board member
Bermudian (re)insurer Montpelier Re has announced that Steven Gilbert has advised the Company of his intention to resign as a member of the Board of Directors for personal reasons.
NU in fleet wholesaling deal
Norwich Union has secured a fourth broker wholesaling deal this year for the non – fleet minibus market.
Lloyd's insurer in £113m private equity takeover
Lloyd's insurer Cathedral has agreed a takeover of the business by private equity firm Disciple Holdco. The recommended offer was announced by Cathedral's independent directors, the board of Disciple Holdco and Benfield Advisory, this morning.
Willis confirms merger
Willis Commercial Network has confirmed that two members Sutcliffe Solloway & Co of Grimsby and Weller Russell & Laws, based in Boston and Peterborough have merged.