News
Faraday claims boss begins charity marathon
Chris Hunt, claims manager of Faraday Re, is embarking on a charity fundraising effort throughout the summer, in a bid to raise money for Great Ormond Street Hospital.
South African insurer announces UK deal
South African insurance group Hollard has chosen HomePro Insurance – one of the UK’s leading providers of insurance backed guarantees – as its preferred partner in the UK IBG market, with a view to introducing other leading products to HomePro’s database…
Converium pleased with 1/4 renewal take-up
Recovering reinsurer Converium has announced that at the 1st of April renewals it bound non-life contracts of US$ 272.2m, or 99.5% of the business that was up for renewal.
Moody’s gives Odyssey Re stable outlook
Moody's Investors Service has revised its rating outlook for Odyssey Re Holdings, and its rated insurance operating subsidiaries (insurance financial strength rated A3) to stable from negative. The change in outlook reflects the resolution of issues…
PXRE outlook bleak as 65% of business lost
Reporting 1st-quarter results, Jeffrey Radke, president & CEO of troubled Bermudian reinsurer PXRE was unable to report any progress on the company’s search for strategic alternatives after February's dramatic increase in reserves for Katrina, Rita and…
Bankhall GI sold to Beckett. Williams and Calder join buyout team
Former Country Mutual Insurance Brokers non executive chairman Bob Beckett has bought IFA service provider Bankhall’s general insurance business, it has been revealed.
Two out, one in as new look GAB UK takes shape
Colin Mason, UK finance director, and Derek Coles, formerly managing director, have become the latest senior staff to leave GAB Robins. In a statement the firm said they had left to pursue other interests.
Aon London relocation: Canary Wharf u turn
Aon has revealed that it will not be relocating its London headquarters to the Canary Wharf office complex.
Thompsons orders ABI to prove 40% legal costs claim
Claimant law firm Thompsons Solicitors, has called on the Association of British Insurers to come clean about its statistics that “prove” there are disproportionate costs in personal injury claims.
Ace enters US Life reinsurance fray with Hartford deal
Ace has Group of Insurance and Reinsurance Companies announced today its expansion into the US life reinsurance market with the acquisition of Hart Life Insurance Company from the Hartford Financial Services Group.
Million policy motor insurer strikes new claims deal
Helphire has signed what it described as "a significant contract" for the provision of accident management services to a major insurance company with around one million motor policy holders. The contract is for a five-year term commencing 2 May 2006, and…
Investment returns lift Munich Re 1Q to record high
Munich Re has returned a record operating result of €1,234m for the first quarter, beating a high of €945m in the same quarter last year (Last year’s figures in brackets). The reinsurance segment contributed €841m (€604m) to the consolidated result and…
Sidecars becoming more important, claims Moody’s
According to Moody's Investors Service in a new report, reinsurance side-cars represent an innovative capital and risk management development, and are likely to become increasingly important to the business strategy of insurers and reinsurers, whether in…
SBJ appoints new MD
SBJ Group's, employee benefit consulting subsidiary, SBJ Benefit Consultants, has appointed Eamonn O’Connor as the managing director of its new City division, which began trading this month.
Allianz Cornhill and Sirius launch integrated product
Allianz Cornhill Commercial and Sirius have expanded their existing trading relationship with the launch of their first i-market integrated product.
Loss adjuster launches new tie up
Loss adjuster Agrical has unveiled a joint venture with Mark Shelton, an specialist investigative accountant, to form Agrical Shelton.
Liberty Mutual denies Spitzer allegations
Liberty Mutual Group has issued a statement in response to allegations by the Attorneys General of New York and Connecticut concerning the company’s conduct associated with quotations, commission payments and reinsurance brokering.
Insurers bemoan regulation barriers to M&A success
Almost one third of respondents regard national and foreign regulation as a barrier to acquisition activity according to KPMG International.
Lancashire poaches ops director from IAS
New Bermudian (re)insurer Lancashire Holdings has announced that Colin Alexander will be joining the company in Bermuda as operations director.
Regional broking giant swoops again
Broking consildator Jelf has acquired Swansea-based Brian D Thomas Insurance Services, increasing general insurance premiums (excluding healthcare) managed by the Jelf Group to over £85m. It is its first purchase since the merger with Goss earlier this…
US Securites class action settlements rising
The number of securities class actions filed in the US against foreign companies in 2005 fell by 34%, according to the latest PricewaterhouseCoopers Securities Litigation Study. However, the total value of settlements rose by 113% from $633.7million in…
Liberty Mutual hit by Spitzer lawsuit
New York Attorney General Eliot Spitzer has filed a lawsuit against Liberty Mutual, alleging that the firm participated in a bid-rigging scheme.
Brit extends cricket sponsorship deal
The biggest sponsorship deal in English club cricket history was announced today as Brit Insurance signed a new five-year deal to sponsor Surrey County Cricket Club and the Brit Insurance Oval.
Fortis boss hails another affinity win
Fortis Insurance has successfully secured a three-year deal with Coventry Building Society.