News
SVB in liability launch
Novae Underwriting, a new specialist liability service company, has been created by SVB Holdings.
The Regency Group restructures
Broker The Regency Group has announced a management restructure, including the move of the company’s founder Kerry Michael to a non-executive role.
CBG acquires Cloughley Insurance Services
The Community Broking Group is set to acquire broker Cloughley Insurance Services Limited on 1 March 2004.
Nearly 100 people attend Heath Lambert conference
Heath Lambert warned property managers about impending FSA regulation, at a conference held at Lloyd’s last week.
Axa manager departure
Groupama has recruited another Axa manager, just weeks after two other similar appointments. Andy Heap, who was Axa’s Premier Partners channel manager, has been appointed Groupama’s head of customer propositions.
Sides reach agreement in TAG test cases
The Claimants and the defendants in The Accident Group test cases have successfully mediated an agreement in relation to the compliance issues - the recoverability of solicitors' costs - surrounding the TAG panel solicitors' costs.
Dickson Manchester to merge with Rattner Mackenzie
HCC Insurance Holdings intends to merge its wholesale broker subsidiary Dickson Manchester with its other Lloyd’s intermediary Rattner Mackenzie.
First complex risk placed at Lloyd's via Kinnect
Broker Willis has placed the first complex open market risk on platform Kinnect with Lloyd’s insurer Amlin.
P&I Clubs have stable outlook despite losses
P&I Clubs are still failing to write an underwriting profit although the situation is improving according to a review of the market by Standard and Poors. Rowena Potter, credit analyst S&P says the market’s combined ratio has improved over the last three…
Bermingham rejoins Crawford in global risks drive
Loss adjuster Crawford & Company has recruited Paul Bermingham as director of its Global Risk Administration division.
Review of Gibraltar's financial services launched
An independent review of the Financial Services Commission in Gibraltar was announced today by His Excellency the Governor Sir Francis Richards acting with the approval of the Foreign Secretary.
IUA premiums show small increase
The latest statistics from the International Underwriting Association have shown a positive cash flow of more than £2.5bn in the London insurance company market for 2003- an increase of more than £0.5bn on the previous year and nearly ten times greater…
AM Best leaves Swiss Re ratings unchanged
AM Best has announced that Swiss Re’s financial strength rating of A+ (superior) remains unchanged following the company’s announcement that it is to buy CNA Financial’s life insurance book of business.
GE Commercial expands capacity
ERC subsidiary GE Commercial Insurance has announced that it has increased its capacity to write umbrella and follow form excess coverage underwritten by its specialty excess & surplus lines individual risk unit.
Watson Wyatt warns over terrorist exclusions
Many companies who have insured their employees' lives may find they are not covered should they be affected by a 9/11-style terrorist attack, according to research by Watson Wyatt.
Moody’s places Unum ratings on review
Rating agency Moody’s has placed the credit ratings of UnumProvident Corporation and the insurance financial strength ratings of Unum Life Insurance Company of America and its insurance subsidiaries on review for a possible downgrade.
Compensation claims hitting local authority budgets
Local authorities' bottom lines are feeling the pinch as spurious compensation claims continue to increase. A new report published this week by the Local Government Association (LGA) and Zurich Municipal shows that 68% of councils have experienced an…
OFT grants Pool Re exemption
The Office of Fair Trading has provisionally concluded that the arrangements entered into by the Pool Reinsurance Company regarding terrorism reinsurance for commercial property satisfy the conditions for exemption under competition law.
Cigna to cut 3000 jobs
US health insurer Cigna said it planned to cut 3000 jobs this year as it announced increased profits for the fourth quarter.
Halifax selects Crawford for fraud work
Halifax General Insurance Services has selected Crawford & Company’s Counter Fraud Solutions division to assist its internal Special Investigations Team.
Ace unveils record profits
Bermuda-based Ace has announced record profits for both the fourth quarter of 2003 and the year as a whole.
Aviva predicts surge in profit
Aviva has said it expects its 2003 operating profit will be about £1.9bn, ahead of market predictions of £1.7bn, in a trading statement this morning. It said the forecast was based on strong second half performance at both its general and life business.
Blong joins Benfield
Professor Russell Blong has joined reinsurance intermediary Benfield’s team of natural hazards experts in Australia.
Careers Clinic
This month, our recruitment experts offer advice on the etiquette of resignation and the best way of juggling the search for a new job with your current employment