News
Helphire outlines plans to cut costs
Helphire has issued a trading statement outlining the cost-cutting measures to be implemented under the leadership of new chief executive officer Mark Adams who was appointed on 13 November.
AIG Investments to lay off 6% of global workforce
The investment division of American International Group has laid off approximately 6% of its worldwide work force, the company said.
Amlin launches initiative to raise private capital
Lloyd's adviser and members' agent, Argenta Private Capital (APCL), has launched an initiative to provide additional underwriting capacity from Lloyd's members to leading specialist non-life insurer, Amlin and the way in which the transaction has…
Swedish reinsurer Compre in run-off deal
Swedish (re)insurers Compre Holdings Ltd and Länsförsäkringar AB have reached an agreement whereby Compre Holdings buys Länsförsäkringar ABs reinsurance subsidiaries in run-off, Stockholm Reinsurance Company Limited and Wasa International Insurance…
Senior HomeServe player leaves the business
HomeServe has announced that Ian Carlisle, CEO emergency services, has decided to leave the Group in 2009.
Ex-Gen Re boss jailed for "cooking the books" in AIG fraud
A former insurance executive was sentenced to two years in prison on Tuesday for a scheme that prosecutors said allowed the American International Group to manipulate its financial statements through a sham reinsurance deal eight years ago.
XL has no need to seek additional capital at this time: CEO
XL's chief executive Michael McGavick has again sought to scotch rumours that the beleagured Bermudian (re)insurer may be on the brink of collapse.
Willis releases aviation report
Willis has said it expects aviation insurance prices to rise and the insurance market to harden further through the end of 2008 and into 2009.
IIB responds to FSA commission disclosure report
The Institute of Insurance Brokers has welcomed the Financial Service Authority's feedback regarding transparency and commission disclosure in the commercial market, it said today.
US P/C industry pulls in small profit - ISO
The US property/casualty insurance industry's net income after taxes through nine-months 2008 amounted to $4.1bn, down 91.8% from $50bn through nine-months 2007, a joint report from ISO Property Services, the Property Casualty Industry (PCI) and the…
Administrators increase HIH payments
The administrators of the English scheme of arrangement for HIH Casualty & General Insurance have announced an increase of 6 percent in the scheme payment percentage to insurance creditors.
Brown & Brown make another acquisition
Brown & Brown, the acquisitive US broker, said that it has acquired the assets of Indiana-based broker R.E. Sutton & Associates.
Isle of Man Finance hires new business development manager
Isle of Man Finance is pleased to announce the appointment of John Batty as Business Development Manager for the Insurance sector on the island.
ABI pledges support for industry solution
The Association of British Insurers has welcomed the decision by the Financial Services Authority on commission disclosure in the commercial insurance market.
JLT warns industry about Madoff fallout
Jardine Lloyd Thompson today warned that Bernard Madoff's alleged $50bn (£32bn) fraud could potentially have a huge impact on the insurance market.
Allianz Engineering wins supermarket contract
Morrisons has selected Allianz Engineering to provide its inspection services, the insurer announced today.
Brit appoints executive committee member
Brit Insurance has appointed Matthew Wilson, the chief executive officer of its global markets business, to the its executive management committee from 1 January 2009.
Chaucer increases capacity for institutional healthcare team
Chaucer Syndicate 1084 has increased the capacity for its institutional healthcare team is increasing its capacity from $15m to 25m per risk.
FSA opts for market solution to commission disclosure
The Financial Services Authority (FSA) has decided against mandating compulsory commission disclosure, preferring instead to allow the market to come to its own solution.
Biba welcomes FSA decision not to mandate commission disclosure
The British Insurance Brokers' Association has welcomed the Financial Service Authority's decision not to mandate the disclosure of commission in the commercial insurance sector
FSA: the industry has until 2010/11 to work out commission disclosure
The Financial Services Authority has given the broking market a two year window to prove an industry led solution with regard commission disclosure can work.
Marsh receives further Chinese branch office approval
Marsh, the world's leading insurance broker and risk advisor, said today that it has received regulatory approval to set up a branch office in Dalian, the largest city in Liaoning province.
Airmic slams dithering FSA over broker commission outcome
The Association of Insurance and Risk Managers has expressed disappointment by the time it is taking to produce the guidance on broker remuneration transparency, which was originally due to be published this year. There is a pressing need for clarity and…
Amlin completes SPS transaction
Amlin, the Lloyd's (re)insurer, said that it has completed its first special purpose syndicate, established to write a 15% quota share contract of the excess of loss reinsurance account of Amlin's Syndicate 2001.