News
New group launch challenges concept of traditional loss adjusting
A new group, Merlin Professional Claims Services, has been launched to deliver a range of integrated or stand-alone products and services to help Insurers and Brokers manage every stage in the lifecycle of their household, commercial and complex or…
Aon lifts Afghan broker from Cooper Gay-Heath fallout
Aon Re Global Fac has poached Afghanistan facultative broker Paul Cousins from Heath Lambert, a senior insurance source has told Reinsurance .
Markel International elects chief actuary to the board
Markel International has elected Nicholas Line, its chief actuary to its Markel International Insurance Company and Markel Syndicate Management boards, effective 1 June 2008.
Universal Studios fire expected to cost market around $50m
The fire at Universal Studios is expected to cost insurers around $50m, sources familiar with the situation have told Reinsurance Magazine.
Departed MMC CFO gets $5m
MMC will pay departing chief financial officer Matthew Bartley more than $5m in compensation after the decision was made to part company with him, Reinsurance Magazine can reveal.
Millennium snapped up by Direct Group
Direct Group has acquired Millennium Insurance - a Midlands based provider of general insurance solutions to the mortgage broker and independent financial advisor market - for an undisclosed sum.
Credit crisis has begun according to Coface
Coface has noticed a net deterioration in the payment behaviour of companies: company payment defaults increased by 45% over the first four months of 2008 compared to the same period in 2007.
MMC parts company with CFO
Marsh and McLennan, the owners of brokers Marsh and Guy Carpenter, has split company with Matthew Bartley, its chief financial officer.
XLCA reveals $810m exposure to troubled Alabama county
SCA, a subsidiary of XL's 46%-owned financial insurer XL capital assurance (XLCA) SCA said that it expects to make a $10.6m claim to holders of Jefferson County Alabama's sewer warrants as the county is gripped by a financial crisis. The claim payment is…
NU invests £5.7m in SME broker
Brightside Group has announced the acquisition of Group Direct and its associated companies, and Injury QED.
BGL appoints two new bosses
The BGL Group has confirmed today that it has made two senior level appointments.
RBSI confirms another senior departure
Royal Bank of Scotland has confirmed that Michael Rea has left his role as director of NIG.
Reinsurers' combined ratio deteriorates in Q1- RAA
The Reinsurance Association of America said that policyholders’ combined ratios fell to 95.2% from 89.8% in the first quarter of 2008 compared to the same period last year.
QBE appoints Mageean as property MD
Bernard Mageean has left RSA to join rival insurer QBE as managing director of its property division.
Full cycle EDI Household products from Axa now available on Insurecom
Axa's ABC and Exclusive household insurance products are now available to users of Insurecom.
Charles Taylor appoints international casualty leader
London-based loss adjuster Charles Taylor has appointed Andy Rice as director, international casualty, to support its global property and casualty practice.
THB plans for further growth with office expansion
Specialist insurance broker THB, has unveiled more than 16 000 square feet of additional office space at its London base in Leadenhall Street.
Equity buys Essex broker
Equity has bought Billericay broker, Peter DJ Murray Insurance Consultants.
Access to Axa household products widens
Two of Axa's household insurance products are now available to brokers through software solutions provider Insurecom.
Flagstone in $104m Cat bond deal
As first revealed by Reinsurance in May 2008 Bermudian reinsurer Flagstone Re has announced that it has bought a three-year fully collateralised retrocession on an indemnity basis from Valais Re a Cayman Islands special purpose reinsurer.
Zurich Financial Services CFO joins Ernst and Young
Mick Summersgill has joined Ernst and Young today as a director in the recently created dedicated insurance run-off team.
LV= and Nationwide announce new insurance partnership
Mutual insurance and investment group LV= and Nationwide Building Society have announced a major new partnership.
Marsh granted Saudi Arabian licence
Marsh has finally been licensed to provide full insurance broking and advisory services in Saudi Arabia under the provision of the Insurance Law of 2003, following approval by the Saudi Arabian Monetary Agency.
FSA publishes final regulatory fees and levies for 2008/09
The Financial Services Authority (FSA) has published the final FSA fee rates and Financial Ombudsman Services (FOS) levies for 2008/09.