News
AXA Re P&C downgraded
A.M. Best Co. has downgraded the financial strength rating of AXA Re Property and Insurance Company (AX Re P&C; New York, NY) from A- (Excellent) to B++ (Very Good). The rating outlook remains negative.
US property and casualty industry makes £5bn profit
The US property/casualty industry recorded an underwriting profit of nearly $9bn (£5bn) during the first six months of 2004, a substantial gain from the comparable period of 2003, according to a report by AM Best Co.
Chaucer interim profits rise 32%
Lloyd's insurer Chaucer Holdings has announced a record performance with profits increasing 32% to 19.8m for its interim results for the first six months to 30 June 2004
Dual Corporate Risks signs agreement with Arch Europe
Underwriting agency Dual Corporate Risks has announced a partnership with Arch Insurance Company (Europe) to underwrite SME directors and officers as well as professional indemnity risks on its behalf.
Parents claiming for joyriders' damage
Parents regularly lie in insurance claims to conceal damage caused by minors driving vehicles, according to fraud experts.
Zurich announces new loss adjuster panel
Zurich has announced a new loss adjuster process model, which the insurer believes will deliver a high quality loss adjusting service.
RAC buys out Axa
RAC has agreed to buy out Axa’s interest in RAC Financial Services and to acquire the renewal rights of Axa Direct.
SVB results take hit from provision
Lloyd's insurer SVB Holdings has announced a £117.5m loss in its 2004 interim results for the first half of 2004.
Aon announces formation of Aon Re Nordic
Aon has announced a consolidation of its Nordic reinsurance operations with the launch of Aon Re Nordic.
Senior Heath Lambert figure to retire
Heath Lambert Group today announced the retirement of one of the company’s long-serving executives and a senior industry figure.
A.M. Best affirms ratings of Lloyd’s Syndicate 382
A.M. Best Co. has affirmed the Best’s Syndicate Rating of A (Excellent) and the issuer credit rating of “a+” of Lloyd’s Syndicate 382, which is managed by UK’s Hardy Underwriting Agencies.
Eversheds teams with Spanish reinsurance and insurance specialist.
International law firm Eversheds’ Spanish associate firm, Lupicinio Eversheds, has teamed up with Spanish reinsurance and insurance specialists Gervás, Salas & Asociados.
BLG targets aviation with Singapore office
Law firm Barlow Lyde & Gilbert is opening an office in Singapore to serve local aviation insurer clients.
Atrium ups its capacity share
Atrium Underwriting has acquired £25m of capacity on its two managed syndicates, 570 and 609, in the first two capacity auctions of the 2004 Lloyd’s auction season, at a cost of £2.8m. Following these acquisitions, Atrium now owns £83m of its managed…
AXA UK acquire Barclays director
AXA UK has appointed Bob Dench as a non-executive director.
RMS releases Ivan damage estimates
Risk Management Solutions (RMS), has predicted that insured losses from Hurricane Ivan in the US are likely to range from $2 to $7bn.
Munich Re and Indeminity Company to provide capacity for Converium
Converium has agreed with National Indemnity Company and Munich Re that, with effect from 16 September 2004, the latter two companies and their associates will provide security for Converium's full share of all risks underwritten by Global Aerospace on…
Moody’s delivers new Converium warning
Moody's Investors Service has announced that it has placed the IFSRs of Converium and Converium Rueckversicherung (Deutschland) on review for possible downgrade.
Allianz focuses on sales
Allianz Cornhill's new sales and distribution strategy will rely heavily on a training programme it ...
Path to success: Regional Management
At 33, Jonathan Webb is Marsh's youngest head of office. Here, he reflects on his career to date
Fusion: new location will attract more young workers
Fusion has stated that the relocation of its Midlands regional office from Solihull to Birmingham ci...
CII awards Ashworth Mairs accreditation
Loss adjuster Ashworth Mairs Group has been awarded continuing professional development accreditatio...
Twenty-year claims low for London Club
The London P&I Club has announced that its level of claims for the 2003/4 year of account was down by fourteen per cent on the previous year.
Ivan approaches US Gulf coast
Risk Management Solutions (RMS) has said that insured losses in the US could range from $4 to $10bn if Hurricane Ivan follows the latest meteorological forecasts.