News
Universal Salvage returns to profit
Universal Salvage has reported increased turnover of 13% to £56.4m (2005: £49.7m) for the year ending April 29 2006. Operating profit, before exceptional items, of £0.9m contrasts last year's loss of £0.9m
Quinn Direct claims top three spot as profit jumps 38%
Quinn Direct made a pre-tax profit of €123m in the six-month period to the end of June 2006. This represents an increase of 38% over the first half of 2005.
RSA wins Towergate and Westinsure personal lines deals
Royal & Sun Alliance has revealed two broker-based home and motor deals, with Westinsure and Towergate.
Brownsword leaves Capita
David Brownsword, who sold his fraud investigation company to Capita in 2004, is to leave the company as part of a restructure.
Ace acheives record £311m profit for Q2
Insurer Ace has reported net income for the second quarter ended June 30, 2006 of $573m (£311m), compared with net income of $467m for the same quarter last year.
AIG continues to shed Starr links
American International Group has ended an agency relationship with American International Marine Agency of New York (AIMA), a subsidiary of CV Starr, another move in the insurer's campaign of separation from its former chairman and chief executive…
Norwich Union to close Liverpool centre; 300+ jobs could go
Norwich Union is to close its customer service centre in Liverpool by the end of October, which could lead to 321 redundancies.
Crawford in talks to buy liability specialist
Crawford and Company is in discussions with regard to the acquisition of liability specialsit SLS.
Lloyds TSB Insurance buys Pearl's GI book
Lloyds TSB Insurance has acquired the new and existing general insurance business of Pearl Group.
Legal Services Bill goes too far says Committee
A joint Lords and Commons Parliamentary Select Committee has today raised concerns over various aspects of the Government’s draft Legal Services Bill, most notably potential damage it might cause to the independence of the legal profession.
FSA censures broker boss
The Financial Services Authority has today published a Statement of Misconduct against Mr Steven Leslie Davis for falling well below acceptable standards in the way that he carried out his duties as a director of his firm. His misconduct led to…
Catastrophes notch up large bill for year so far
Catastrophes caused an estimated $3.7bn in insured property damage during the second quarter of 2006, according to the Insurance Services Office’s Property Claim Services.
Arnoldussen joins Munich Re Board
Munich Reinsurance Company's Supervisory Board has appointed Dr Ludger Arnoldussen to the Board of Management with effect from 1 October 2006. Up to now, he has been Chairman of the Board of Management of Swiss Re Germany AG, Munich.
Everest Re reports ‘record’ Q2 results
Everest Re Group has reported record second quarter 2006 after-tax operating income, which excludes realized capital gains and losses, of $218.7m, a 26.2% increase compared to $173.3m, in the second quarter of 2005. Second quarter 2006 net income…
Broker backs new online motor push
An online insurance provider aimed at offering insurance for motor vehicles that are at least five years old is set for a major marketing push.
PWS CEO Messent steps down
PWS Holdings, the specialist independent international reinsurance broker, has announced that Julian Messent has stepped down from his position as CEO, in order to concentrate on his business production and broking activities. He remains on the board.
New accounting standards have increased transparency: report
More than a third of insurers believe International Financial Reporting Standards have improved transparency and comparability within financial reporting, but further work is required to fully embed the new accounting rules in to their business processes…
London borough adopts fire risk tool
The London Borough of Brent is using the National Risk Assessment Registry, to help manage fire risk in over 100 Brent properties including schools, training centres and other establishments.
Ceta adds Axa protection lines
Broker network Ceta has added life, critical illness and income protection insurance from AXA to its panel.
Backdating stock options could hit D&O, claims Aon
The increased regulatory focus on the practice of executives backdating their stock options could have a major impact on the D&O market, with ramifications not just confined to North America, according to Aon.
Lancashire gives UK firm update
Bermuda-listed Lancashire Holdings said today the UK Financial Services Authority has notified it that it is minded to grant authorisation to a new underwriting company, to be called Lancashire Insurance Co (UK).
Amalfi forms US claims unit
Specialist lines underwriting agency Amalfi has announced it has formed a claims administration operation, Amalfi Claims Management, in the US.
Corporate Manslaughter Bill heads for conclusion
The Home Office has officially announced the final version of the Corporate Manslaughter and Corporate Homicide Bill. The contraversial legislation has produced mixed reactions from unions and business groups. A statement from the Home Office issued…
CII elects new line up for 2006-7
The Chartered Insurance Institute elected its new line-up of officers for the 2006-2007 Institute year at the Annual General Meeting held in London on 19 July 2006. The elections take effect from the hand over of Presidential Office at the CII’s UK…