News
Fourth Quarter RIMS Benchmark Survey shows soft market losing steam
Insurance premiums for businesses continued a five-year trend of falling rates during the fourth quarter of 2008, but recent data suggest a reversal of this trend may soon be underway. Rates for property, general liability, and directors' and officers' …
2008 highest year for US insured losses since 2005 - ISO
US property/casualty insurers are expected to pay homeowners and businesses $25.2 billion for 2008 property losses from 37 catastrophes - the fourth highest cost in a decade and the highest frequency in a decade, according to preliminary analysis by ISO…
ABI urges the government to act on latest insured driving plans
The Association of British Insurers has welcolmed today's announcement by the government of the introduction of an offence to make it illegal to keep an uninsured vehicle, rather than just to drive when uninsured,
Replacement goods firms goes into administration
Replacment goods supplier Empire Direct has gone into administration.
PPI market withdrawals welcomed by FSA
The Financial Services Authority has welcomed the move by Alliance & Leicester, Barclays, The Co-Operative Bank, Lloyds Banking Group and RBS/Natwest to stop selling single premium payment protection insurance with unsecured personal loans by the end of…
US non-life market faces turbulent times - Dowling
(BestWire) - The U.S. insurance market will see interesting times over the next 18 months as it deals with both the financial crisis and the remaking of troubled giant American International Group Inc, according to Vincent J. Dowling, founder of equity…
Citadel acquires Gallagher's US reinsurance runoff business
Citadel Risk Management, the provider of active and runoff insurance and reinsurance services, has acquired Arthur J. Gallagher's US reinsurance runoff processes. Terms of the transaction were not disclosed.
Road safety minister: new measures will leave uninsured drivers with "nowhere to hide"
New powers to tackle uninsured drivers who cost law-abiding motorists £400m each year were set out by road safety minister Jim Fitzpatrick today.
Chaucer announces management shake-up
Chaucer has made changes to the management of its syndicate 1084.
ABI hails code success
Association of British Insurers' guidance on insurance claims has helped halve long-term protection complaints to the Financial Ombudsman Service (FOS) since it was introduced in January 2008 according to new figures. The guidance was established in an…
Two more companies given Brazilian reinsurance license
The stream of reinsurance licenses given by the Brazilian regulator Susep continued to flow when it was announced that two more (re)insurers had been given licenses.
High Wycombe brokers announce merger
High Wycombe insurance broking firms J Bennett & Son (Insurance Brokers) Ltd and D G Carr & Co are to merge from 1 February 2009.
Atlas Partners strengthens its numbers
Atlas Partners, the insurance-focused corporate finance advisory practice, has appointed managing director Jonathan Walker and senior adviser Ian Nelson.
Towergate and Paymentshield team up for distribution deal
Leading distribution network Home of Choice has appointed Paymentshield as the sole supplier of its buildings and contents insurance and mortgage payment protection insurance.
Amlin Bermuda appoints chief financial officer
Amlin Bermuda, Amlin's wholly-owned reinsurance business, has appointed Elizabeth Murphy as chief financial officer, reporting to managing director, Stuart MacKellar.
RMS flood data made publicly available for first time
RISK Management Solutions flood mapping data is to be made publicly available for the first time following a partnership between Landmark and RMS.
China Pacific reports 30% jump in FY premiums
(BESTWIRE) China Pacific Insurance Group Co. Ltd. [90336] reported premium income of 93.9bn yuan (US$13.7bn) in 2008's full year, up 26.5% from 74.2bn yuan a year earlier.
Biba warns businesses against insurance cutbacks
The British Insurance Brokers' Association has warned small businesses against cutting back on insurance cover during the economic recession.
Heath Lambert creates service for MTA insurance brokers
Heath Lambert has teamed up with the Manufacturing Technologies Association to provide a new service for MTA members.
IUA outlines plans for 2009
Speeding up claims payment and representing the London company market's interests are top priorities for the International Underwriting Association in its 2009 business plan.
UBS buys AIG's commodity index business
The fire sale for AIG's businesses continued this week when Swiss Bank UBS said that it had bought the troubled US insurer's commodity index business for $150m.
Scor planning $200m catastrophe bond - reports
Scor, the French reinsurance giant, is currently marketing a $200m catastrophe bond to potential investors, according to reports.
APC continues national expansion
Commercial insurance underwriting agency APC has recruited a fourth broker development manager as part of its aggressive regional expansion across England into Northern Ireland and Wales.
Lockton adds to North American property team
Lockton has appointed Adam Watson as executive director to complement and strengthen its nine-strong Global Risks team's North American Property business in the US.