News
China's Sunshine buys unopened New York hotel
Sunshine Insurance is set to pay $230m (£151m) for luxury New York property the Baccarat Hotel.
MMC CEO Glaser hails 'outstanding performance' of broking arm Marsh
Marsh & McLennan’s risk and insurance services business has reported revenue of $6.9bn (£4.5bn) in 2014, an increase of 5%, or 3% underlying revenue growth.
Towergate's Lyons hails creditor deal as ‘vote of confidence’ in the broker
Alastair Lyons, Towergate interim CEO, has hailed the deal reached with secured and unsecured creditors as “a vote of confidence” in Towergate and its future strategic plans.
Towergate confirms unsecured bondholders to purchase majority share
Towergate has confirmed that it has reached an agreement to be acquired by its senior unsecured creditors.
Towergate approves creditor takeover
Towergate has formally agreed a deal with its bondholders that will see the company taken over by its unsecured creditors, according to a Reuters report.
Aon posts 3% increase in revenue in Q4
Aon posted a 3% increase in revenue to $3.3bn (£2.16bn) in the final quarter of 2014, primarily driven by 6% organic revenue growth. organic revenue grow by 6% to $3.3bn (£2.16bn) in the final quarter of 2014, the broker’s results published today…
Pen Underwriting acquires Evolution
Pen Underwriting has bought Kent-based Evolution Underwriting Group for an undisclosed amount.
Nationale Suisse sells Belgian subsidiaries
Nationale Suisse has agreed to sell its subsidiary National Suisse Belgium and two underwriting agencies as part of its planned withdrawal from the Belgian market.
Premium rate phone ban to cost insurers £90,000 per year
The proposed ban on insurance companies using premium rate telephone numbers for customers could cost insurers as much as £90,000 a year in lost revenue, according to calculations by technology firm Callstream.
IUA and LMA prepare guidance on Insurance Act changes
The International Underwriting Association and Lloyd’s Market Authority are working with legal specialists to prepare guidance on the impact of the incoming Insurance Act on their members.
Profits rise at Aspen as COR heads south
Aspen Insurance Holdings recorded a year-on-year improvement in net income after tax to $355.8m (£232.4m) for the year ending 31 December 2014, compared to $329.3m in 2013.
Ireland performance was ‘too good to be true’ says RSA CEO Hester
RSA’s performance in Ireland was “too good to be true” and should have been recognised earlier, according to group CEO Stephen Hester.
Post Office insurance boss Havenhand moves to National Accident Helpline
The Post Office’s head of insurance Paul Havenhand has left the business to take up the role of commercial director at National Accident Helpline.
Cedants less likely to transfer business to reinsurers, says AM Best
Europe’s 20 largest cedants are benefitting from lower reinsurance rates and stronger bargaining power according to ratings agency AM Best.
Former DLA Piper lawyer joins Minter Ellison for Asia role
Australian law firm Minter Ellison has hired Will Harrison to lead its Asia and Western Australia insurance practice.
Seacurus expands piracy cover for South East Asia
Niche marine broker addresses rising risks in South East Asia with enhanced piracy cover.
Markel to offer reinsurance on Lloyd's China platform
Markel International is to offer treaty and facultative reinsurance on Markel's Syndicate 3000 at the Lloyd's China platform in Shanghai.
Lexis Nexis database contains 57% of UK no claims history
The Lexis Nexis’ no claims discount database has grown to contain 57% of the UK insurance industry’s no claims history following contributions from a range of insurers.
MGA start-up gambling on growth of HNW homeowner market
Large numbers of homeowners with significant assets are failing to purchase appropriate insurance cover, according to the chairman of a newly launched managing general agency targeting the high net worth market.
Aviva heralds 'fundamentally dishonest' crash for cash victory where fraud was not pleaded
Aviva has heralded a case that exposed phantom passengers and where the evidence led the judge to find the claim ‘fundamentally dishonest’, even though fraud was not specifically pleaded, as a clear warning to fraudsters.
Aviation rate rises ‘more muted’ than initially hoped, says Beazley boss
Intense competition in the aviation market - particularly in the area of war risks - has prevented the industry securing the rate rises necessary following a spate of costly plane losses, according to Beazley’s chief underwriting officer Neil Maidment.
Number of investors seeking Quindell class action tops 500
The number of disgruntled investors seeking to take legal action against insurance claims outsourcer Quindell has grown to 500 and counting, according to law firm Your Legal Friend.
Tysers appoints Lancashire's Blakeborough as COO
Lloyd’s broker, Tyser & Co has appointed Stuart Blakeborough as chief operating officer.
Ex-government minister Mark Hoban named Flood Re chairman
Former Financial Secretary to the Treasury Mark Hoban has been appointed to the role of chairman of Flood Re.