News
RBSI reports NIG up 10% in SME in 2005
Royal Bank of Scotland Insurance saw its income increase 8% to 5489m pounds in 2005, with a 1% drop in household policies countered by a 4%increase in motor and 10% in SME commercial.
Chaucer windstorm losses show no change
Lloyd's insurer Chaucer has forecast its 2005 performance range will be between a 5% loss and 5% profit, despite last year's major windstorm activity. The company, which manages syndicate 1084 and nuclear syndicate 1176 today gave an update on current…
Fitch withdraws Indy's DD rating
Fitch Ratings has affirmed UK-based Independent Insurance Company Ltd's 'DD' Insurer Financial Strength rating and simultaneously withdrawn the rating due to a lack of sufficient information to maintain a rating.
Swiss Re EGM finalises GEIS purchase
An Extraordinary General Meeting of Swiss Re shareholders has approved the company’s creation of additional equity capital related to the financing of the GE Insurance Solutions acquisition.
Board changes at Montpelier Re
Montpelier Re Holdings has announced that John D. Gillespie, Kamil M. Salame and William L. Spiegel have advised the Company of their intention to resign as members of the Board of Directors with effect from the conclusion of the 2006 Annual General…
Fitch rates Taiwanese insurer Nan Shan
Fitch Ratings has assigned a National Insurer Financial Strength rating of 'AA+' to Taiwan-based Nan Shan Life Insurance. The outlook for the rating is Stable.
IIB calls for a fundamental review of serious FOS and FSCS issues
The Institute of Insurance Brokers has responded to the Financial Services Authority’s latest consultation document on the subject of Compensation Scheme and Ombudsman Service Limits by calling for a number of serious issues to be properly addressed,…
Hyperion Insurance completes equity placing
Hyperion Insurance Group has successfully completed an equity placing with venture capital provider BP Marsh, which raised £5.1m of new capital to fund its ongoing growth plan. BP Marsh's holding in Hyperion, as at 31 July 2005, is £8m.
TUC launches Action Mesothelioma Day
The Trades Union Congress has launched Action Mesothelioma Day, with an awareness campaign to highlight the dangers of asbestos it claims could still be lurking in up to 1.5 million shops, factories and offices across the UK.
AA insurance returns to two wheels
AA Insurance has returned to insurance following a thorough review of the AA's insurance business, which has also seen the AA enter the life, pet and commercial insurance sectors.
QuestGates to acquire Mayne Partnership
Loss adjuster QuestGates is to acquire specialist liability adjusters The Mayne Partnership, merging the company’s three offices, in Birmingham, Macclesfield and Worcester, into QuestGates’ existing operations.
Allianz launches Portfolio Plus cover
Allianz Cornhill Personal Lines has extended its relationship with Home & Legacy, to insure properties of mid-high net worth. Portfolio Plus, the new product available through Allianz Cornhill brokers, covers private and grade listed properties, up to…
Sole Traders confused over Employer Liability law
One year on from the change in Employers' Liability legislation, 73% of UK sole traders admit to not being aware of the update in the law and its implication for sole traders, reveals research by Royal & SunAlliance (R&SA). The research also shows that…
S&P lowers PXRE ratings
Standard & Poor's (S&P) has lowered its counterparty credit and financial strength ratings on Bermuda-based PXRE Reinsurance and US-based PXRE Reinsurance (collectively referred to as PXRE) to 'BBB-' from 'BBB+'.
Allianz and Capita in insurance tie up
Allianz Cornhill Legal Protection with Capita Insurance Services, to underwrite their conditional fee insurance under their Feeguardplus 2 Scheme.
Xchanging boosted by Microsoft tie up
Xchanging, the global business processing services company, has announced a 3-year, 7.5m pound investment programme and a partnership with Microsoft, in the continuing development of Genius, its general insurance business processing solution.
Lloyds heralds online and direct growth
Lloyds TSB has reported that its general insurance business saw a 22 per cent growth in profits, supported by improvements to both the claims and combined ratios, in 2005.
Wellington in $190m cash call
Wellington Underwriting this morning said its estimated consolidated loss before tax for the 12 months ending 31 December 2005 will be between £25m and £30m, against market consensus expectations for a loss of £48 million.
UIA launches new pet insurance product
UIA Insurance (UIA) has launched a new pet insurance product. This offering will be available from 1 March 2006 to members of UNISON, CWU, USDAW, AMICUS and NASUWT trade unions.
CBG adds new offices with broker deal
Community Broking Group has bought Swinburne James, a provider of general insurance broking services, and Swinburne James FS, a provider of financial services, through the acquisition of Everfirst Services, their holding company.
QBE Lloyd's see slight drop in profit as overall group GI GWP jumps 7%
QBE's Lloyd's division saw a downturn in 2004, as the rest of the general insurance group recorded improvements, it reported today.
URS increases its single line limits
Underwriting Risk Services, the specialist yacht, marine trades and fine art insurer, has received authorisation to substantially increase its single line limits on its leading specialist lines.
GEIS paper warns of US coast risks
The enormous growth in coastal population and development is dramatically increasing the potential for insured losses, according to a new paper from GE Insurance Solutions.
White Rock sets up new Bermuda company
White Rock, the Aon-owned specialist in protected cell companies and rent-a-captives, has added a segregated accounts company, White Rock Insurance (SAC) Bermuda (White Rock Bermuda), to its family.