News
Croydon granted wish for captive insurer
One of Greater London's local authorities has been given permission to create its own captive insure...
Groupama doubles return for parent
Groupama Insurances is definitely not for sale, managing director Franaois Xavier Boisseau declared ...
Kiln set to cut Cat exposure
Kiln has attributed a slump in its profit before tax of £29.4m to the worst year on record for natur...
Swinton makes record profits
Personal lines specialist Swinton has hailed growth in its household book after the broker reported record trading profits of £29.6m for 2005.
Cyclone Larry damage $250m and rising
Insured losses from Cyclone Larry, which hit north eastern Australia last week, are continuing to rise, with insurers reporting that about 12,500 claims worth A$250m have been received.
Arguments over pre-accident values causing delays for motor insurers
The lack of consistent, auditable and transparent processes for identifying the pre-accident value of written-off vehicles is prolonging an atmosphere of conflict between insurers and policyholders. EurotaxGlass’s, the company behind the Glassmatix…
London market skills project begins phase two
Quantica Training, in partnership with London East/Central Learning Skills Council Central, and supported by the Financial Services Skills Council, has embarked on the second phase of their “Bridge the Gap” project to develop skills and employer…
PXRE loses 33% of business — expects worse to come
Bermudian reinsurer PXRE has admitted to losing a significant portion of its book of business to downgrade-clause cancellations and fears more lost business to come.
Sterling appoints new managing director
John Blundell has been appointed managing director of Sterling Insurance Company and Sterling Life. He also joins the board of Sterling Insurance Group.
Uninsurable losses may arise out of TCF
The Financial Services Authority’s “Treating Customers Fairly” campaign could leave financial services companies facing substantial uninsurable claims for which they have no legal liability, warned law firm Reynolds Porter Chamberlain.
Highway splits management to avoid conflicts
The board of Highway Insurance Holdings has decided to stop running its Board Meeting in tandem with that of its FSA regulated subsidiary, Highway Insurance Company Limited. This decision has been taken because of the changed nature of Highway’s…
Zurich settles bid-rigging probe for $153m (£87.58m)
Zurich Financial Services has come to an agreement with New York Attorney General Eliot Spitzer and State Insurance Department Superintendent Howard Mills to resolve allegations of bid-rigging and improper "finite reinsurance" transactions.
Sickness levels hit insurance productivity
Most insurance industry managers admit to being unproductive for at least 20% of their working time due to poor health.
AM Best claims US insurers narrow funding gap for reserves
US property/casualty insurers narrowed the funding gap in their asbestos and environmental loss reserves during 2004, principally for asbestos liabilities, as a result of 2004¡¦s pretax charge of nearly $6bn, according to a special report published by AM…
Biba demands stronger stance on uninsured driving from government
The British Insurance Brokers’ Association has called on the Government to “add teeth” to the Road Safety Bill that will be debated in Parliament tomorrow.
QBE to launch aviation syndicate at Lloyd's
QBE has announced it plans to launch a new aviation syndicate within its Limit managing agency at Lloyd’s, to commence underwriting from 1 October this year.
AM Best affirms Lancashire after due diligence on new underwriters
AM Best has affirmed the financial strength rating (FSR) of A- (Excellent) and the issuer credit rating (ICR) of "a-" of Bermudian start-up (re)insurer Lancashire Insurance Company. Concurrently, AM Best has affirmed the ICR of "bbb-" of Lancashire…
Law firms merge to create £75m giant
Law firms Halliwells and James Chapman & Co have announced plans to merge and create a legal insurance giant.
Olympus Re to work without a rating after downgrade
AM Best has downgraded the financial strength rating (FSR) to B- (Fair) from B+ (Very Good) and the issuer credit rating to "bb-" from "bbb-" of Bermudian reinsurer Olympus Re and removed both ratings from under review. The ratings have been assigned a…
Lloyd's and Markel woo Italian brokers
Lloyd’s of London and Markel International, have taken London to Italy when they embarked on a series of Italian roadshows, introducing Italian producers to the opportunities that lie in the Lloyd’s Franchise and at Markel.
Omega bucks Lloyd’s trend with healthy profit for 2005
Omega Underwriting, the Lloyd’s managing agent and Bermudian start-up (re)insurer has unveiled 2005 profits of £6.8m, with no material impact from hurricanes Katrina, Rita and Wilma.
FSA changes application process
The Financial Services Authority has announced changes to its application process so that mortgage, general insurance and investment firms can now build their own application pack tailored to their type of business. The regulator has also redeveloped its…
Max Re Capital review could delay results
Max Re Capital has admitted that the audit and risk management committee of its board of directors has started a review of three finite risk retrocessional contracts written in 2001 and 2003 to determine whether the company properly accounted for them.
Benfield sells employee benefits arm to SBJ
Benfield Group has announced the sale, subject to the approval of the UK Financial Services Authority, of the Orbit group of companies to SBJ Group Limited. The proceeds of the sale will be approximately £4.5m.