News
Swinton predicts consumer backlash to offshoring moves
Research commissioned by broker Swinton, revealed that an astonishing 67% of those surveyed said that if they knew that an insurance provider's customer service centre was based offshore, they would not buy a policy from them.
Market adapts to rapidly softening rates
Risk professionals have been surprised by the speed that rates on some lines of business have softened, according to the views expressed at the World Insurance Forum in Bermuda. Peter Garvey, president and CEO, Marsh said there was an expectation of a…
Run off specialist completes IT deployment
Spectrum has announced the completion of Eclipse - the new processing, management and administration solution for Lloyd's Syndicates 1204 and 53 which are currently in run off.
Moody’s issues CNAIC rating
Moody's has assigned an Aa3 (excellent) insurance financial strength rating to Coface North America Insurance Company (CNAIC), a wholly-owned subsidiary of Coface SA. The outlook for the new rating is stable.
Models used for ‘herd mentality’ pricing, says Michaelides
There is a danger of a herd mentality being applied to reinsurance pricing, with everyone relying on the same models and having no independent view of what the price should be ¬– according to Nicholas Michaelides, global director of reinsurance at the…
Reinsurance buyers demand progress on electronic trading
Some of the most influential reinsurance buyers in the market made clear their frustration at the lack of progress in the use of electronic trading. Speaking at the World Insurance Forum, Nicholas Michaelides, global director reinsurance, ACE said he…
Crime-related claims on the up
The average value of crime related insurance claims settlements for the first three months of 2004 increased by just over 17% compared with Q4 of 2003, according to the latest findings from Axa's Business Crime Index.
Ford confirms dealerships will be brokers as contract placed
Ford Credit has appointed Pinnacle Insurance as its 'Proficiency Solutions' insurance training programme for Ford dealer sales personnel, confirming plans to have its dealers regulated to sell general insurance directly with the Financial Services…
Guy Carpenter MD gets Ferguson prize
Global risk and reinsurance specialist Guy Carpenter has announced that managing director Gary G. Venter of the firm’s Instrat unit has been awarded the Casualty Actuarial Society’s Ronald Ferguson Reinsurance Prize.
RSA team joins SVB/Novae
SVB Holdings has appointed Stuart Quinlan to the newly-created post of underwriting development director, with responsibility for regional and London market business, at its specialist liability subsidiary, Novae Underwriting.
XL Capital appoints new head of investor relations
XL Capital has appointed Scott C. Hoy as senior vice president, of investor relations. Mr. Hoy will report to CFO Jerry de St. Paer and will be responsible for managing the company's communications with institutional investors and securities analysts. He…
Equitas results show strengthened reserves
Equitas, which was set up to reinsure and run off the 1992 and prior years’ non-life liabilities of Lloyd’s of London syndicates, has announced its financial resultsfor the year ended 31 March 2004.
Time for action on climate change says ABI
Action to manage climate change risks can help ensure that widespread insurance cover remains readily available according to a report published today by the Association of British Insurers.
Mango awarded pricing prize
Don Mango, vice president of research & development at GE's Employers ReinsuranceCorporation (ERC), has been awarded the 2004 Charles A. Hachemeister Prize by the Casualty Actuarial Society (CAS) for his paper on reinsurance pricing. The announcement of…
ABI/CILA claims protocol launched
The Association of British Insurers/Chartered Institute of Loss Adjusters joint claims protocol has finally been launched, having been given its first public airing at last week's Post Magazine Claims Club meeting.
Aon Travel wins internet broking contract
Aon Travel has won the travel insurance broking business of online insurance provider Essential Travel.
S&P affirms Axis rankings
Standard & Poor's (S&P) has affirmed its 'A' counterparty credit and financial strength ratings on Axis Specialty and its 'A' financial strength ratings on Axis Specialty Europe, Axis Specialty Insurance, Axis Reinsurance, and Axis Surplus Insurance…
RSA issues stress warning
Following its industry seminar for UK risk managers and brokers on 'Understanding and Managing Stress in the Workplace', Royal & Sun Alliance has warned British businesses that ignoring the increasing trend in workplace stress claims would be at their…
Heath Lambert to cut jobs in London move
Heath Lambert is to move part of its risk processing operation from Swindon to its London headquarters.
Arch set to begin UK commercial underwriting
Arch Insurance Europe has announced it will begin underwriting commercial business in the UK this week.
Benfield adds to aviation team
Benfield today announced the appointment of Chris Cook to its aviation insurance team.
Broker consolidator recruits travel head
Broker Oval has appointed Richard Wigmore as director of its personal accident and travel division.
Cooper Gay opens Alabama office
Cooper Gay Group has opened a new office in Birmingham, Alabama, to complement an already existing wholesale insurance network in North America.
Negative outlook for Zurich Specialities London
Standard and Poor’s has given Zurich Specialities London a negative outlook despite an overall operating profit.