News
CBG directors purchase shares after securing an increase in funds
CBG Group directors Mike Askew and Laurie Turnbull have purchased shares in the company.
Assured Guaranty buys rival FSA Holdings for $722m
Assured Guaranty, the US credit insurer, said it has agreed to purchase Financial Security Assurance Holdings, the parent of financial guaranty insurance company, Financial Security Assurance from financial services group Dexia for $722m.
Arch Capital's Canadian chief moves over to new role
Arch Capital, the Bermudian (re)insurer, said that Michael Baxter will move from being head of the group's Canadian operations and become worldwide chief underwriting officer for Arch Insurance Group's onshore energy (technical risk) and CAR/EAR…
Brown & Brown in asset allocation of rival
US broker Brown & Brown, said it has bought the assets of smaller rival Agency Associates for an undisclosed sum.
Cooper Gay clarifies it has not acquired Benfield's entire areospace team
Cooper Gay has clarified that it has acquired 10 members of Benfield's London based wholesale and direct aviation team, but not its entire aerospace team.
Mammoth fire shuts down Durban oil refinery - Guy Carpenter
An oil refinery in the South African city of Durban has been shutdown for months after a large fire broke out on 13 November, Guy Carpenter has reported.
Tysers hires North American and international manager
International insurance broker Tysers has appointed Neil Hitchcock as production and marketing manager for its North American and International specialty division.
Scor Q3 third quarter net income drops 71%
Scor, the French (re)insurance giant, saw its third quarter net income drop by 71% after asset writedowns took their toll on the company.
Financial crisis will cause a 'secular change in rates' - Novae CEO
The financial crisis will cause a 'secular' change in rates, Novae chief executive Matthew Fosh said today.
AIG subsidiary American General Finance closes 178 branches
(BestWire) - American International Group, the stricken US insurance giant, has closed 178 branches and cut approximately 380 jobs at American General Finance Inc., a consumer finance unit, the company said.
Novae reports £45m hurricane losses in Q3
Novae has reported group gross written premium for the first three quarters of the year of £267.8m compared to £240.9m for the same period in 2007.
JLT calls for more focus on risk management
JLT has called for a greater focus on information and strategic relationships within the insurance and risk industry, particularly in the current challenging economic climate.
Beazley appoints new CFO from Zurich
Beazley has appointed Martin Bride as group finance director.
Beazley appoints new finance director
Beazley said it has appointed Martin Bride as the Lloyd's (re)insurer's group finance director.
MMA appoints personal lines boss
Broker-only insurer MMA has appointed Martin Scarrett to the newly created role of head of personal lines underwriting.
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Zurich operating profit drops 15%
Zurich Financial Services has said all its core business areas are delivering solid operating performances despite the impact of "particularly adverse circumstances" in the third quarter.
Broker comparison site extends to SMEs
Commercial broker Moorhouse has expanded its online insurance comparison website Constructaquote.com to offer small to medium sized enterprise cover across a wide range of sectors.
Industry bodies join forces for Sovency II adoption
A host of industries bodies have joined forces to call for the Solvency II Framework Directive for Europe's insurers to be adopted without delay and in as complete a form as possible.
ABI slams point of sale PPI ban
The Association of British Insurers says the Competition Commission's proposal to stop point of sale payment protection insurance selling is "devastating news for borrowers".
Catlin anticipates a "significant improvement" in underwriting conditions
Catlin, the Lloyd's (re)insurer, said that it anticipates a "significant improvement" in underwriting conditions.
Paris Re reports Q3 net income rise as FX gains offset underwriting losses
Paris Re, the French (re)insurer, said that third quarter net income rose to $27.4m from $13m a year earlier, as large currency gains linked to the strengthening dollar against the pound and euro overcame US hurricane-related underwriting losses.
Allianz promises to take rating action to meet targets
Allianz has reported an operating profit of £140.8m for year end 2008, compared to £97.4m in 2007 in its it released its Q3 results for 2008. Gross written premium increased slightly to £1153.7m (£1142.2m: 2007), while the insurers combined ratio…
Chaucer sees positive results despite tough climate
Chaucer saw its premium income increase nearly 17% from the same time last year despite increased risks from hurricanes Gustav and Ike, the company announced today.