News
CII claims Certificate in Insurance exams success
The Chartered Insurance Institute (CII)'s Certificate in Insurance examinations, held for the first time in April, have been an instant success with candidates achieving a near 100% pass rate in two of the six subjects and an average 80% pass rate…
FSA sends out minded to authorise letters as mortgage deadline looms
he Financial Services Authority has started to send out minded to authorise letters to firms conducting mortgage or general insurance business. The first MTA dispatch consisted of more than 1000 letters — although the majority relate to mortgages.
MMA joins Lloyds TSB panel
Intermediary-only insurer MMA is to join the household panel of Lloyds TSB Insurance with effect from 1 May.
Hiscox announcement on WTC jury verdict
The jury in Phase I of the Silverstein/WTC coverage trial returned a verdict yesterday, Thursday 29th April 2004.
Goshawk consigned to history in rebranding
Goshawk has rebranded its Bermuda based reinsurance subsidiary, Goshawk Re, as Rosemont Reinsurance with effect from today.
Partial verdict in WTC trial
After almost ten days of deliberations the jury in the ongoing World Trade Centre (WTC) trial has delivered a partial verdict on the case.
Highway and Cox shares slide
Shares in Highway Insurance Holdings slipped 4 pence this morning in the wake of the announcement of the termination of take-over talks with Cox.
New look for Groupama launched
Groupama Insurances will adopt a brand new logo and corporate style from 1 May.
Lloyd's: FSA confirms prudential demands
The FSA today finally confirmed its proposed new rules on how much capital Lloyd's insurers will need to set aside to write new busines, due to come into force at the end of this year.
XL Lloyd's chief quits
XL Capital's London Market chief executive officer, Nicholas J Metcalf, has resigned from the company to pursue other business interests.
Cox pulls out of Highway takeover talks
Shares of Highway Insurance Holdings fell by as much as 10% after Cox Insurance Holdings said talks to buy the motor insurer had ended because it wasn't in the "best interests" of Cox's shareholders.
NU switches on electronics solution
Norwich Union has launched a guide to the electronics sector aimed at brokers.
Chaucer takes on Zurich specialist healthcare trio
Chaucer Syndicates has recruited Nigel Malcolm from Zurich Specialities to underwrite its institutional healthcare account on Syndicate 1084.
Highway issues Cox statement
The Board of Directors of Highway has issued a statement in which it says it has concluded that a transaction with Cox Insurance Holdings would not be in the best interests of its shareholders. "Asa consequence" it said "discussions with Cox have been…
Swinton profits increase to over £15m
High street broker Swinton has announced profits before tax of £15.1m for the year ending December 31st 2003, against £4.8m in 2002, a rise of 215%.
Towergate earmarks £45m for acquisition programme
Towergate has raised £85 million financing facilities including a £45 million war chest for its acquisition programme from RBS, Lloyds TSB and Barclays.
SMEs have fewer flexible benefits
Employees of small and medium-sized companies are not reaping the benefits of the flexible working d...
Motaquote's training initiative up for award
Winners and Losers: Post Magazine's monthly round-up of job cuts and gains
S&P rates RGA
Standard & Poor's Ratings Services (S&P) has assigned its AA- (very strong) counterparty credit and financial strength ratings to RGA International Reinsurance. The outlook is stable.
Lloyd's broker sells non core arm
Lloyd’s broker RFIB Group has agreed terms to sell its pensions and benefits consultancy business to FPS Group Limited.
Ace UK set for growing role within global company
Ratings agency A.M. Best has given a financial strength rating of A (Excellent) to ACE INA UK and the insurer's Belgian operation, declaring both operations are core to the group's strategy.
Irish insurer's future uncertain after parent is acquired
A.M. Best has placed the financial strength rating of A- (Excellent) of Carraig Insurance Limited (Ireland) under review with negative implications following the announcement of the takeover of its parent, Aventis, by Sanofi-Synthèlabo, a French…
Saga sees 32% growth in insurance arm
Saga has recorded profit before tax of £81.6m (up 62.5%) on turnover of £382.7m in the 12 months to 31 January 2004. The group’s insurance and financial services division, Saga’s largest contributor to earnings, accounted for 89.1% of total group profit…
Willis reports modest rate increases in some lines
International broker Willis today reported that revenues grew 20% to $665m (with 9% organic growth) during the first three months of 2004. Net income for the quarter ended 31 March 31was $148m, or $0.87, compared with $117m, a year ago.