News
Simplyhealth to combine trading divisions
Simplyhealth has announced that it will be combining all its trading divisions – BCWA, Healthsure, HSA, LHF, Totally Active and Vitality Healthcare - into one entity known as Simplyhealth, predicting that the process will be completed over the next two…
Towergate's Cullum outlines US fund-raising plans
Towergate executive chairman Peter Cullum has admitted that the acquisitive broking group is in talks with three US firms as it looks to make its first international acquisition.
Fairfax in £67m cash offer for Advent
US financial company Fairfax has became the latest suitor for a UK-listed Lloyd’s insurer by offering £67m in cash for Advent.
AM Best places XL Capital ratings under review with negative implications
AM Best has placed the financial strength rating of A (Excellent) and issuer credit ratings of A of XL Capital Group and its members under review with negative implications following the company’s recently announced agreement with security capital…
XL prices share, equity security offering
XL Capital, the Bermudian (re)insurer, said that it has agreed to sell 125m ordinary shares (plus up to an additional 18.75m shares issuable upon exercise of the underwriters’ option to purchase additional shares) pursuant to the company’s shelf…
Swiss Re rumoured to be buying Barclays Life
It is believed that Swiss Re is poised to buy Barclays life assurance division.
Fitch upgrades Transsib Re's IFS rating to 'BB-'
Fitch Ratings has today upgraded Russian (re)insurer Transsiberian Reinsurance Corporation's (Transsib Re) international insurer financial strength rating to 'BB-' (BB minus) from 'B+' and National IFS rating to 'A+(rus)' from 'A-(A minus)(rus)'. The…
Bermuda Monetary Authority welcomes XL - SCA announcement
The Bermuda Monetary Authority said it welcomed the agreement between XL Capital and SCA, which will see XL effectively end its reinsurance agreements with the company.
Partner Re reports Q2 investment income losses of nearly $300m
Partner Re, the Bermudian (re)insurer, reported a net loss of $26m in the second quarter of the year, driven down by investment incomes losses of nearly $300m.
XL's chief operating officer Keeling retires
Henry Keeling has retired as XL’s chief operating officer as part of a number of high-profile departures at the Bermudian (re)insurer.
XL Capital strikes deal with SCA
Bermudian (re)insurer XL Capital said that it has come to an agreement with bond insurer Security Capital Assurance which will eliminate $64.7bn of its net exposure to the company.
Burma protestors name and shame insurers
The Burma Campaign UK has today published a new report naming and shaming insurers it claims have facilitated the flow of billions of dollars in to the troubled country.
Former insurance boss given FSA retail markets role
The Financial Services Authority has appointed former Lloyds TSB general insurance head Jon Pain as its new managing director of retail markets.
Tesco snaps up RBS insurance and financial services shareholding
Royal Bank of Scotland has announced plans to sell its 50% shareholding in Tesco Personal Finance to Tesco for £950m. The move could be seen as an admission that the bank is having to look elsewhere to raise money with bid interest in its insurance…
Aon given Qatar license
Aon Middle East has been authorised by the Qatar Financial Centre Regulatory Authority to operate in Qatar.
FSA appoints banking big hitter to replace Briault
The Financial Services Authority (FSA) has appointed a new managing director of Retail Markets to replace Clive Brialt who stepped down following the regulatory inefficiencies surrounding the near-collapse of Northern Rock.
Video - British Insurance Awards 2008
Over 1800 of the great and good attended the British Insurance Awards in July at the Royal Albert Hall. Watch guests arriving at the industry's major awards ceremony along with highlights from the welcome on the night by group editor in chief, Incisive…
Aon given Qatar license
Aon Middle East has been authorised by the Qatar Financial Centre Regulatory Authority (QFCRA) to operate in Qatar.
RSA launches new tradesman product
Insurer RSA has launched a new tradesman product available on-line through imarket and for brokers using Acturis.
Hastings hammered by TCF fine
Beleaguered direct provider Hastings has been fined nearly three quarters of a million pounds for failing to treat its customers fairly.
CETA warns flood insurance for all still in jeopardy
The general relief that has greeted news that insurers will continue to provide flood insurance for the UK’s most vulnerable properties could prove premature, as the deal comes with strings attached warns CETA managing director David Quick.
Hastings fined £735 000
The Financial Services Authority has fined Hastings Insurance Services £735 000 for failing to treat its customers fairly in relation to cancelling around 4550 incorrectly priced car insurance policies.
Bright Grey cuts business protection rates
Bright Grey is offering a 5% reduction on business protection written from Monday 28 July, until 31 October.
QBE bolsters Leeds office with five underwriters
As part of the expansion of its UK distribution network, QBE has recruited five local leading market underwriters to its Leeds team and expanded its product range.